Ping An of China (601318) Tracking Briefing: Premium growth is slightly weak, investment income seeks to increase significantly

Ping An of China (601318) Tracking Briefing: Premium growth is slightly weak, 成都桑拿网 investment income seeks to increase significantly

The growth rate of life insurance has fallen in the short term, and the growth momentum of property insurance has continued: the company’s original insurance premium income increased by 8% to 156.5 billion in January 2019, of which life insurance and health insurance business continued to grow.

From 6% to 124 million, premium income from property and casualty insurance business grows by 18 per year.

7% to 32.5 billion.

The life insurance business mainly benefited from the growth of the renewal business. The pressure on new orders for short-term personal insurance remained, and the growth of group business was maximized.

The growth of the property and casualty business accelerated and maintained a good momentum.

Life insurance individual new interest rate, structure optimization and advancement of value rate: In January, the company’s life insurance and health insurance personal new business premium income fell by 20%.

Since 2Q18, Ping An Life Insurance has focused on long-term protection products with higher business value, and constantly improved its product system to achieve an increase in the value of new business.

In the first three quarters of 2018, the company’s new business value rate increased and increased4.

3ppts to 42.

1%.

The personal renewal business in January grew by 18 per year.

The growth rate has decreased by 6%, which is mainly affected by the change in the growth rate of new business premium income last year.

In January, the premium income of the life insurance group business increased by 11.

6%, the growth rate increases by 7 per year.

2ppts.

Property insurance business has a good momentum, and the growth rate has increased every year: In January, the company’s property insurance income increased by 18 per year.

7% to 32.5 billion, an increase of 3.
.

1 percentage point.

Among them, auto insurance income increased by at least 10.

6% to 21 billion, an increase over the same period last year.

4ppts to accelerate growth.

Non-motor vehicle insurance, accident and health insurance premium income increased by 35% and 53% respectively for many years, maintaining a better growth momentum.

The first coverage is given a “Buy” rating with a target price of 84.

45 yuan: We are optimistic about the company’s continuous increase in the number of individual customers and the in-depth excavation of customer value to promote the steady increase in personal business value and provide internal driving force for the company’s performance growth.

With the strong 深圳桑拿网 performance of the A-share market, the company’s return on equity investment in 2019 is expected to rise.

We estimate that the company’s revenue for 2018-2010 will be 9,943, 11,460, 1,287.5 billion, and its net profit will be 1062, 1,273, 15, 30 billion.

We estimate the company’s life insurance business based on PEV, the property insurance, banking, securities dealers, trusts, and other asset management businesses based on PB, and the Internet finance and other businesses based on their latest estimates.

Based on the results of the segment assessment, we consider the company’s reasonable market value1.

54 trillion, corresponding to a target price of 84.

45 yuan, the first coverage given a “buy” rating.

Risk Warning: Macroeconomic Risks; Market Fluctuations; Unexpected Premium Growth