[ET Net News Agency, 23 February 2021] BOCOM International Research lifted its target
price for Ping An Insurance (02318) to HK$113 from HK$107 and maintained its "buy" rating.
The research house said Ping An's life insurance was dually hit by the epidemic and its
own life insurance reform in 2020, with NBV (new business value) plunging 35%. However,
for 2021, the company expects its NBV to resume positive growth. While its life insurance
reform will further penetrate different business units in 2021, the company expects more
prominent reform effects in 2022.
BOCOM expects NBV to rebound 14% in 2021, and maintain 10%+ growth in 2022-23. (KL)