Goldman Sachs released a report stating that ping an insurance's third-quarter performance roughly met the bank's full-year expectations. The new business value exceeded expectations, with significantly higher life insurance new business value than the bank and market expectations, mainly benefiting from strong growth in new policy sales and margin expansion. The bank believes that the basic operating trend of ping an insurance is improving. In order to drive further revaluation next year, the sales need to have strong momentum, and the economic growth outlook needs to improve.
In addition, the bank raised its forecast for ping an insurance's new business value for 2024 to 2026 by 9% to 13%, to reflect the profit margin expansion driven by cost efficiency improvement and product repricing surpassing expectations; operating profit forecast raised by 2% to 5%, maintaining a target price of HK$52 and a 'buy' rating.