2318.HK - Ping An Insurance (Group) Company of China, Ltd.
| Previous Close | 91.100 |
| Open | 91.500 |
| Bid | 91.600 x 0 |
| Ask | 91.650 x 0 |
| Day's Range | 90.150 - 92.050 |
| 52 Week Range | 78.100 - 101.000 |
| Volume | 27,523,359 |
| Avg. Volume | 24,863,427 |
| Market Cap | 1.671T |
| Beta (5Y Monthly) | 1.48 |
| PE Ratio (TTM) | 13.36 |
| EPS (TTM) | 6.854 |
| Earnings Date | N/A |
| Forward Dividend & Yield | 2.12 (2.33%) |
| Ex-Dividend Date | Sep 04, 2019 |
| 1y Target Est | 99.27 |
- PR Newswire
Ping An Reports Steady YoY Growth of 18.1% in Operating Profit Attributable to Shareholders of the Parent Company in 2019
Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An", the "Company" or the "Group", HKEX: 02318; SSE: 601318) announced today its financial results for the year ended 31 December 2019.
- South China Morning Post
Ping An Insurance eyes more technology investment to spur cross-selling, counter coronavirus impact
Ping An Insurance (Group), China's largest insurer by market value, plans to increase its investment in technology this year to mitigate the impact of coronavirus outbreak after posting a lower-than-expected earnings in 2019."This fight against the outbreak highlights the importance of technology to the transformation of the country and industries," Peter Ma Mingzhe, founding chairman and chief executive, said in a stock exchange filing along with its financial results.Ma said 900,000 life insurance customers renew their insurance policies online during the Lunar New Year holiday as the company's online medical platform helped ease the pressure of front-line staff.The data shows the importance of developing various online tools in the medical, banking and insurance sectors after the Chinese government to lock down many cities in the epicentre of central Hubei province, as well as restricting travels around the country to contain the biggest public health crisis since the Sars (severe acute respiratory syndrome) outbreak in 2003.Ping An is the world's seventh-largest company by capitalisation, according to Forbes. It is the only insurance company among the top 10 largest globally, with the nearest industry rival Allianz SE at 23rd in ranking.The insurance group reported a 39 per cent jump in net profit to 149.41 billion yuan (US$21.28 billion) for the year to December 31, according to its filing. It trailed the 157.31 billion yuan consensus in a Bloomberg survey. Revenue rose 18 per cent to 1.27 trillion yuan.The jump in earnings was aided by several one-time items, it added, including a tax benefit under policy change of 10.45 billion yuan and short-term investment variance of 19.35 billion yuan. Ping An's Hong Kong virtual bank to showcase tech prowess as it harbours ambition to go globalThe focus on technology applications has brought 16 per cent increase in internet users 515.5 million on its platforms, allowing the company to cross sell its products, the company said. Several of its platforms offer financial or medical services including Lufax Holding, OneConnect and Autohome."The Covid-19 outbreak should benefit Ping An and other insurance companies as the incident will lead more people to buy health insurance policies," said Kenny Ng Lai-yin, securities strategist at Everbright Sun Hung Kai.In the 2019 results, Ping An said operating profit from its core insurance business rose 24.7 per cent to 88.95 billion yuan, while income from property and casualty insurance jumped 70.7 per cent to 20.95 billion yuan. Its banking unit gained 13.6 per cent to 28.2 billion yuan and investment income more than doubled to 191.26 billion yuan.The company declared a dividend of 2.05 yuan per share. Its shares rose 0.6 per cent to HK$91.60 in Hong Kong on Thursday.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2020 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2020. South China Morning Post Publishers Ltd. All rights reserved.
- Financial Times
Ping An warns of coronavirus hit to life insurance
Coronavirus has caused a decline in life insurance business for Chinese insurer Ping An but a tenfold increase in registrations for its online health consultation service. At least 55m people remain under quarantine in central China, while manufacturing centres have yet to completely reopen and many people have chosen to stay indoors until the epidemic is under control. “Obviously, with the virus it’s more difficult for [agents] to do face-to-face business,” said James Garner, Ping An’s chief capital markets officer.
- Reuters
Chinese province launches insurance for businesses hit by coronavirus
China's southern province of Hainan has launched the first specially-designed insurance product to cover losses incurred by businesses as a result of the coronavirus outbreak in the country, the banking and insurance regulator said. The scheme has set aside 200 million yuan ($28.7 million) to cover payouts, according to a notice released by the China Banking and Insurance Regulatory Commission (CBIRC) on Sunday. The Hainan government will subsidize 70% of the premium for the 100 key businesses designated eligible to take this insurance.
- Bloomberg
China’s 58 Home Said to Delay U.S. IPO as Virus Hurts Demand
(Bloomberg) -- 58 Home, the maid and home-maintenance service owned by China’s Craigslist equivalent 58.com Inc., has delayed its planned U.S. initial public offering, according to people familiar with the matter, as the coronavirus outbreak cripples customer demand.The company’s pre-IPO financing round -- a private fundraising effort that started late last year -- also hasn’t been completed, said the people, who asked not to be named because the information is private. The IPO had been expected to take place in the first half of the year.Shares of 58.com Inc. fell 4.9% in New York trading, the biggest decline since September.The 58 Home’s move adds to the list of IPO setbacks amid the virus outbreak. Restaurant operator Daikiya Group Holdings Ltd. on Wednesday canceled its first-time share sale in Hong Kong, while Chinese biotech firm InnoCare Pharma Ltd. has postponed investor meetings for its planned listing in the financial hub.Read: Virus Hits World’s No.1 IPO Market as Investor Meetings ScrappedThe virus has killed at least 1,355 people in China as of Thursday. People across the nation have been minimizing personal contact for fear of contracting the disease, hurting 58 Home’s on-demand services including part-time cleaners and home handymen.“Obviously, the virus outbreak has affected home and cleaning services -- that entire sector has almost been brought to a standstill,” 58 Home said in a statement. “Our short-term revenue will be affected.”The firm declined to comment on its IPO and fundraising plans.The company added it is facing a severe shortage of maids, and 30 million people in the home and cleaning-services sectors could lose their jobs if the outbreak continues.Workers StrandedMany workers are still stranded in their hometowns, where they traveled for Lunar New Year celebrations, and haven’t been able to return to major cities after the authorities curtailed travel to try to contain the virus.To ensure the health of maids who work on its platform, 58 Home has been logging their travel history, and offering masks and temperature checks.Locally known as 58 Daojia, the company has been seeking funds to bankroll an expansion into China’s competitive online services arena. It was aiming for a valuation of as much as $2 billion in a U.S. IPO.58 Home is one of China’s leaders in helping people connect online with services from flower delivery to home cleaning. Backed by Tencent Holdings Ltd., it’s vying against deeper-pocketed rivals such as Meituan Dianping and businesses operated by e-commerce leader Alibaba Group Holding Ltd. All are targeting a slice of a market for physical, on-demand services that are being disrupted by online technology.58.com’s unit raised its last private funding round in 2015, garnering $300 million from investors including Alibaba, KKR & Co. and Ping An Group. Parent 58.com holds 68.8% of the company’s equity interest but doesn’t consolidate the unit’s financials in its own results, according to its annual filing.(Updates to add 58.com Inc. share price in third paragraph)To contact the reporters on this story: Lulu Yilun Chen in Hong Kong at ychen447@bloomberg.net;Dong Cao in Beijing at dcao59@bloomberg.netTo contact the editors responsible for this story: Candice Zachariahs at czachariahs2@bloomberg.net, Peter Vercoe, Fion LiFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Barrons.com
Emerging Markets Are the Next Hot Spot for Sustainable Investing
The stereotype that emerging market companies don’t adhere to sustainability is becoming outdated. Many of the leading companies in solar energy, electric vehicle components, or water filtration hail from China or South Korea.
- Simply Wall St.
Here's How P/E Ratios Can Help Us Understand Ping An Insurance (Group) Company of China, Ltd. (HKG:2318)
Today, we'll introduce the concept of the P/E ratio for those who are learning about investing. To keep it practical...
- PR Newswire
Ping An Presents Poverty Alleviation Model at Davos Forum on Sustainable Development
Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or the "Group", HKEx:2318; SSE:601318) presented its smart poverty alleviation model and its environmental, social and governance (ESG) management system at the World Economic Forum Annual Meeting 2020 in Davos.
- Bloomberg
Private Equity's Mountain of Dry Powder Is a Danger Sign
(Bloomberg Opinion) -- Investors keep flocking to private equity in Asia even though returns are declining. They should take heed: Payouts are likely to get worse from here, rather than better.The hunt for yield in a low-interest world has spurred institutional investors from China Investment Corp. to Japan’s Government Pension Investment Fund to join the rush into the alternative asset class. Private equity firms founded by former veterans of Warburg Pincus and KKR & Co. are seeking to raise at least $4.5 billion for new funds investing in China, Cathy Chan of Bloomberg News reported Thursday, in the latest sign of the region’s burgeoning appetite for nonpublic investments.New York-based KKR, meanwhile, is targeting more than $12.5 billion for its fourth Asian fund, which would surpass the record $10.6 billion raised by China’s Hillhouse Capital Group in 2018.(2) At the end of June, private equity firms in Asia were sitting on a record $361 billion of unspent capital, according to London-based market research firm Preqin.The returns haven’t lived up to the hype. Funds focused on Asia generated an internal rate of return of 12.8% last year, down from 15.5% in 2018, according to Preqin. That’s below what investors could have made outside the region: North American funds chalked up an IRR of 16.4% in 2019 while those centered on Europe returned 18%.Even brand-name private equity shops have sputtered. Hillhouse’s $10.6 billion fund saw its IRR slip by 5.16 percentage points between September 2018 and the third quarter of 2019. Over the same period, the MSCI Asia Pacific Index dropped 3.3%, according to data compiled by Bloomberg. KKR’s two existing Asian mega-funds have had varying success.It’s getting harder for private equity firms to realize returns by selling companies on stock markets as the world wakes up to the reality that not all hot technology startups will be IPO winners. That follows disappointing debuts for high-profile names such as Uber Technologies Inc. and Lyft Inc., along with the collapse of WeWork’s U.S. share offering last year.Much of the private-equity action in Asia has focused on China, which has also had its share of setbacks. OneConnect Financial Technology Co., a unit of Ping An Insurance (Group) Co., cut the size of its U.S. IPO by almost half last month, while Oyo Hotels is firing thousands of staff in China and India. Like WeWork and Uber, both companies are backed by Japan’s SoftBank Group Corp.The U.S.-China trade war has also had a damping effect, with some private equity-invested companies finding themselves embroiled in the tensions. Facial recognition startup Megvii Technology Ltd. delayed its IPO in Hong Kong after it was included in a U.S. blacklist cutting off its access to key American technology. Bytedance Inc., owner of the wildly popular video app TikTok, is now a subject of a U.S. national security review, and is weighing the sale of a majority stake in the unit.All that considered, it isn’t surprising that the value of private-equity backed trade sales dropped 14% to $28.5 billion last year, according to data compiled by Bloomberg, while share sales by private equity owners slumped 27% to $6.4 billion, declining for a third year to the lowest since 2013.While the U.S.-China phase one trade deal signed last week offers some hope of an improvement in conditions, money is still likely to keep piling up in Asian private equity. For one thing, there aren’t many better alternatives. Institutional investors need to diversify: They can’t keep all their funds in U.S. equities, even if these have been going gangbusters for years.But that doesn't mean individuals need to follow suit. Private equity investments are more risky because they are illiquid and take years to pay off. Smart investors should see the ever-growing piles of dry powder as a sign of danger rather than success.\--With assistance from Dani Yang and Irene Huang. (Corrects to remove non-annualized MSCI index comparisons in the second chart, deletes reference to KKR fund underperforming the market.)(1) The Hillhouse fund is the largest devoted specificallly to Asian investing. Chinese state-backed, or policy, funds such as a $29 billion vehicle created in October to invest in the semiconductor industry are larger.To contact the author of this story: Nisha Gopalan at ngopalan3@bloomberg.netTo contact the editor responsible for this story: Matthew Brooker at mbrooker1@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Nisha Gopalan is a Bloomberg Opinion columnist covering deals and banking. She previously worked for the Wall Street Journal and Dow Jones as an editor and a reporter.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- PR Newswire
Ping An Technology and Intel to Establish Joint Innovation Laboratory
Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or the "Group", HKEx:2318; SSE:601318) announced that Ping An Technology (Shenzhen) Co., Ltd., (hereafter "Ping An Technology") and Intel Corporation (hereafter "Intel", NASDAQ: INTC) signed a strategic collaboration agreement in Shenzhen, China. The two companies plan to establish a joint laboratory, cooperate on products and technology, and form a joint project team in areas of high-performance computing, including storage, network, cloud, artificial intelligence (AI) and security.
- Bloomberg
China’s 58 Home Seeks U.S. IPO of $2 Billion Online Services Arm
(Bloomberg) -- 58 Home, owned by China’s Craigslist equivalent 58.com Inc., is close to completing a private fundraising en route to a U.S. initial public offering that could value the online services platform at as much as $2 billion, people familiar with the matter said.The business, known locally as 58 Daojia, is seeking funds to bankroll an expansion into China’s competitive online services arena. It’s now wrapping up a pre-IPO financing round at a valuation of more than $1 billion, the people said, requesting not to be named because the matter is private. Once that’s done, 58 Home intends to prepare for a U.S. debut in which it will seek a valuation of between $1.5 billion and $2 billion, one of the people said.Deliberations are at an early stage and details of the potential offering could still change, the people said. Liu Cong, a spokesman for 58.com, declined to comment, while a representative for 58 Home also had no comment. 58.com’s shares rose 2% in New York.58 Home is one of China’s leaders in helping people connect online with services from flower delivery to home-cleaning. Backed by Tencent Holdings Ltd., it’s vying for market share however against deeper-pocketed rivals such as Meituan Dianping and certain businesses operated by e-commerce leader Alibaba Group Holding Ltd. All are eyeing a slice of a market for physical, on-demand services still largely undisrupted by online technology.58.com’s unit raised its last private funding round in 2015, garnering $300 million from investors including Alibaba, KKR and Ping An Group. Parent 58.com holds 68.8% of the company’s equity interest but doesn’t consolidate the unit’s financials in its own results, according to its annual filing.(Updates with shares in third paragraph)\--With assistance from Julia Fioretti and Manuel Baigorri.To contact Bloomberg News staff for this story: Lulu Yilun Chen in Hong Kong at ychen447@bloomberg.net;Dong Cao in Beijing at dcao59@bloomberg.netTo contact the editors responsible for this story: Peter Elstrom at pelstrom@bloomberg.net, ;Fion Li at fli59@bloomberg.net, Edwin ChanFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Simply Wall St.
Is Ping An Insurance (Group) Company of China, Ltd.'s (HKG:2318) CEO Salary Justified?
The CEO of Ping An Insurance (Group) Company of China, Ltd. (HKG:2318) is Peter Ma. This report will, first, examine...
- Barrons.com
Chinese Insurer Ping An Is Betting Big on Tech. Here’s How That Will Boost Its Stock.
Ping An has multiple avenues of growth as it capitalizes on demand in China for insurance and financial products. The company was an early adopter of technology, using artificial intelligence to assess, for example, tiny facial movements to gauge creditworthiness.
- PR Newswire
Ping An is the First Chinese Asset Owner Signatory to Climate Action 100+
Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or the "Group", HKEx:2318; SSE:601318) announced that the Group has joined Climate Action 100+, an investor initiative launched in 2017 to ensure the world's largest corporate greenhouse gas emitters take necessary action on climate change. Ping An is the first Chinese asset owner signatory to Climate Action 100+. The Group's decision to join the initiative highlights the growing momentum in investor environmental stewardship in China and across Asia.
- PR Newswire
Ping An's Co-CEO Jessica Tan Featured in Forbes' "The World's 100 Most Powerful Women 2019" List
Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or the "Group", HKEx: 2318; SSE: 601318) announced that Ping An's Co-CEO Jessica Tan is featured in "The World's 100 Most Powerful Women 2019" list by Forbes Magazine for the first time, ranking 22nd.
- Bloomberg
Insurer Ping An’s Big Tech Adventure Stumbles
(Bloomberg Opinion) -- The world’s second-largest insurer by market value is struggling to reinvent itself as a unicorn hub. Wariness by public investors toward unprofitable companies spells bad news for Ping An Insurance (Group) Co., which has plenty of tech firms it wants to take public at some point.The latest casualty is OneConnect Financial Technology Co., a cloud-based back-end platform for banks and insurers. A planned initial public offering in the U.S. set for Thursday was cut by almost half to just $260 million from a target of $504 million. Ping An didn’t give an official reason. Valuations of the unprofitable fintech company will now fall to half of the $4.4 billion to $5.2 billion range floated when investors were sounded out last week.That’s a blow to Ping An’s “technology-plus-finance” ambitions. Will the insurer lick its wounds or plow ahead? It can have a word with Masayoshi Son, still smarting from the WeWork debacle. His SoftBank Vision Fund bought into OneConnect last year at a valuation of $7.5 billion. All this is a shame, because OneConnect is perhaps the Shenzhen-based company’s strongest spinoff, providing a needed service to financial institutions struggling with legacy computer systems. It operates in a less-competitive space than Ping An’s consumer-focused apps.Ping An Healthcare and Technology Co., the online platform better known as Good Doctor, is a medical portal that competes with Tencent Holdings Ltd.’s WeDoctor. Its Hong Kong post-listing performance has been weak. After languishing for much of the year under its IPO price, the stock has only recently been in the black.Then there’s Lufax, which is more than 40% owned by Ping An and is also struggling. The world’s most valuable financial technology startup just three years ago, Lufax was caught up in Beijing’s clampdown on peer-to-peer lenders and is now reshaping itself as a consumer-finance company. It’s safe to say it won’t be listing anytime soon.Even China’s hottest companies have struggled to raise capital. OneConnect’s travails don’t bode well for another of Ping An’s B2B firms, HealthKonnect. The cloud platform for the healthcare sector was valued at $8.8 billion after a fundraising early last year. Now, the unprofitable startup will have to push any potential IPO plans further down the road. Ping An’s tech ambitions have allowed it to trade at 2.35 times book value versus 1.44 times for rival China Life Insurance Co., though the state firm has outperformed it in the past 12 months. Ping An trails only Berkshire Hathaway Inc. in market value as an insurer globally, but it’s a lot more expensive than Warren Buffett’s firm, which trades at 1.4 times book.The 31-year-old company set up OneConnect only in 2015, and perhaps one day it will be more a tech giant than an insurer. But fintech and “healthtech” made up just 4.1% of third-quarter revenue. Investors should remember that. To contact the author of this story: Nisha Gopalan at ngopalan3@bloomberg.netTo contact the editor responsible for this story: Patrick McDowell at pmcdowell10@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Nisha Gopalan is a Bloomberg Opinion columnist covering deals and banking. She previously worked for the Wall Street Journal and Dow Jones as an editor and a reporter.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
