On the evening of October 27th, Ping An Insurance (601318.SH) revealed three quarterly reports.
During the reporting period, the company achieved main income of 904.629 billion yuan, down 1.36% from the same period last year; net profit from its mother was 81.638 billion yuan, down 20.77% from the same period last year; and non-net profit was 81.726 billion yuan, down 20.85% from the same period last year.
Among them, in the third quarter of 2021, the company's main income in a single quarter was 268.98 billion yuan, down 6.32% from the same period last year; the net profit in a single quarter was 23.633 billion yuan, down 31.22% from the same period last year; the non-net profit in a single quarter was 23.657 billion yuan, down 31.18% from the same period last year; and the debt ratio was 89.59%. Investment income is 77.522 billion yuan.
In terms of business, in the first three quarters, the operating profit of Ping an life insurance and health insurance business reached 73.684 billion yuan, down 2.3% from the same period last year. This is mainly affected by the decline in the growth rate of new business, the fluctuation of insurance policy continuation rate, and the high difference in compensation caused by the reduction of customer claims under COVID-19 's epidemic situation in the same period last year. The value of new business is 35.237 billion yuan, down 17.8% from the same period last year. Ping an Bank said that mainly because of promoting the optimization of the team structure, the decline in the number of agents has a certain negative impact on the value of the new business.
According to the third quarterly report, the number of Ping An Insurance shareholders rose to 1.3 million in the third quarter, an increase of 118000 over the second quarter, second only to Gree Electric Appliances. At the close of trading on the 27th, Ping An Insurance fell 1 per cent to 51.65 yuan per share, with a total market capitalization of 944.2 billion and a 39 per cent decline in share price during the year.
Guoxin Securities pointed out that the risk of real estate assets is expected to decline in the fourth quarter, and inflation expectations may rise, which will continue to be good for the assets of insurance companies and maintain Ping An Insurance's "buy" rating.
Wanlian Securities believes that in the short term, the company's life insurance reform still faces a certain test, the sale of high-value insurance policies has been blocked, the agent's emptiness has not yet been completed, and the company's profit forecast has been lowered. However, the agency also said that the current valuation is low, taking into account the company in the medical ecosystem construction, insurance product innovation and other aspects of the market advantage, maintain the "overweight" rating.