Ping An Insurance (Group) Company of China, Ltd.

SEHK-2318

Basic

Market Cap
HK$739.76B
EV
HK$2,898.61B
Shares Out
18.11B
Revenue
CN¥902.02B
Employees
288,751

Margins

Gross
29.79%
EBITDA
17.28%
Operating
15.74%
Pre-Tax
13.02%
Net
9.31%
FCF
24.16%

Returns (5Yr Avg)

ROA
1.32%
ROTA
13.64%
ROE
12.81%
ROCE
2.34%
ROIC
2.06%

Valuation (TTM)

P/E
—
P/B
—
EV/Sales
—
EV/EBITDA
—
P/FCF
—
EV/Gross Profit
—

Valuation (NTM)

Price Target
HK$52.96
P/E
—
PEG
—
EV/Sales
—
EV/EBITDA
—
P/FCF
—

Financial Health

Cash
CN¥544.1B
Net Debt
CN¥1,674.33B
Debt/Equity
1.79
EBIT/Interest
6.06

Growth (CAGR)

Rev 3Yr
-12.37%
Rev 5Yr
-4.28%
Rev 10Yr
7.04%
Dil EPS 3Yr
-16.97%
Dil EPS 5Yr
-8.19%
Dil EPS 10Yr
9.01%
Rev Fwd 2Yr
5.56%
EBITDA Fwd 2Yr
11.9%
EPS Fwd 2Yr
5.05%
EPS LT Growth Est
9.47%

Dividends

Yield
—
Payout
51.28%
DPS
CN¥2.43
DPS Growth 3Yr
3.37%
DPS Growth 5Yr
7.16%
DPS Growth 10Yr
22.28%
DPS Growth Fwd 2Yr
2.98%

Metric	Dec '14	Dec '15	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21	Dec '22	Dec '23	LTM
Premiums and Annuity Revenues						748,779	757,599	739,933	525,903	536,210	539,610
Total Interest And Dividend Income						103,374	182,834	200,459	107,162	87,382	88,137
Gain (Loss) on Sale of Investments, Total						94,744	41,395	-11,605	-57,069	-51,273	-51,273
Non-Insurance Activities Revenues						231,421	250,753	264,963	274,766	273,358	267,265
Other Revenues, Total						91,153	88,020	79,266	33,881	61,199	58,277
Total Revenues						1,269,471	1,320,601	1,273,016	884,643	906,876	902,016
Total Revenues % Chg.						18.9%	4%	-3.6%	-30.5%	2.5%	-0%
Policy Benefits						578,313	614,751	618,662	426,535	443,909	447,570
Policy Acquisition / Underwriting Costs, Total						114,766	102,021	80,711	—	—	—
Selling General & Admin Expenses, Total						174,870	178,708	174,783	76,401	80,212	79,159
Provision for Bad Debts	—	—	—	—		202	417	242	-23	152	152
Provision For Loan Losses	—	—	—	—		-61,448	-75,131	-86,474	-78,838	-71,941	-66,766
Other Operating Expenses						36,814	36,614	41,450	32,948	48,478	47,377
Non-Insurance Activities Expenses						97,004	98,587	102,011	107,616	117,378	118,970
Reinsurance Income Or Expense	—	—	—	—		—	—	—	—	—	—
Total Operating Expenses						1,063,417	1,106,229	1,104,333	722,315	762,070	759,994
Operating Income						206,054	214,372	168,683	162,328	144,806	142,022
Interest Expense, Total						-20,098	-26,436	-28,082	-22,698	-24,346	-23,419
Currency Exchange Gains (Loss)						779	2,219	1,267	3,144	120	-676
Other Non Operating Income (Expenses)	—	—	—	—		—	-2,391	-2,288	-439	-463	-463
EBT, Excl. Unusual Items						186,735	187,764	139,580	142,335	120,117	117,464
Gain (Loss) on Sale of Assets	—	—	—	—		—	—	—	—	—	—
Asset Writedown	—	—	—	—	—	-1,996	—	—	—	—	8
Other Unusual Items	—	—	—	—		—	—	—	—	—	—
EBT, Incl. Unusual Items						184,739	187,764	139,580	142,335	120,117	117,472
Income Tax Expense						20,374	28,405	17,778	7,518	10,843	9,313
Earnings From Continuing Operations						164,365	159,359	121,802	134,817	109,274	108,159
Minority Interest						-14,958	-16,260	-20,184	-23,809	-23,609	-24,137
Net Income						149,407	143,099	101,618	111,008	85,665	84,022
Net Income to Common Incl Extra Items						149,407	143,099	101,618	111,008	85,665	84,022
Net Income to Common Excl. Extra Items						149,407	143,099	101,618	111,008	85,665	84,022
Total Shares Outstanding						18,222.6	18,210.2	18,132.5	18,107.6	18,107.6	18,107.6
Weighted Avg. Shares Outstanding						17,769	17,675	17,607	17,454	17,717	17,732
Weighted Avg. Shares Outstanding Dil						17,833	17,795	17,771	17,710	18,074	18,093.4
EPS						8.4	8.1	5.8	6.4	4.8	4.7
EPS Diluted						8.4	8	5.7	6.3	4.7	4.6
EBITDA						213,890	222,808	178,062	174,534	158,346	155,895.5
Effective Tax Rate						11%	15.1%	12.7%	5.3%	9%	7.9%