According to the HSBC Research Report, as the disclosure of stock performance in the insurance sector approaches, the bank will focus on: 1) New Business Value (NBV) prospects: With the completion of institutional restructuring, banking insurance channels have become more important, offline interaction has resumed, profit margins have increased, and economic prospects have improved. (2) Agents: The number of personnel is stable, the productivity of agents is increased, and sustainability is improved. (3) Property insurance: Strong auto underwriting performance in 2022 may be offset by worsening competition and an increase in the frequency of claims and average claim costs. (4) IFRS 17: Based on limited information to date, on any potential impact on premiums, (operating) earnings, net profit, shareholders' equity, solvency levels, dividend policies and business strategies.

Based on currently disclosed premium data and advance profits, as well as the latest market trends, the bank updated the new life insurance business value and (operating) profit forecast for 2022-2024. Ping An H/A shares of China are still the sector's first choice: despite a recent rebound, Ping An's price-earnings ratio is very attractive. The stock benefits from improved sentiment in the real estate industry; a positive NBV outlook will be an important catalyst.

The bank's latest target prices and ratings for the relevant shares are: