For its 1QFY2023 ended March 2023, Ping An managed stronger-than-expected value of new business (VNB) growth. Under revised accounting rules, Ping An’s VNB grew 21.1% y-o-y in 1QFY2023, based on like-for-like comparison adjusted for actuarial assumption changes. If the adjustment is factored in, VNB rose 8.8% y-o-y. “The resilient growth of VNB will contribute to the contractual service margin accumulation and the operating profit improvement in the long term,” says DBS.
Leading Chinese insurer Ping An Insurance Group is one of the largest financial services firms in China. On top of its core insurance business, it holds stakes in other related businesses, notably, 8.3% of HSBC Holdings.
With the economy’s re-opening, Ping An is seen as a potential beneficiary of the changing business environment. “Sectors such as internet, insurance, casinos have shown robust improvements in their fundamentals, surpassing analysts’ expectations,” comments DBS.
