Ping An Insurance (2318) Fair Value & Analysis
Financial Services · HK · Market cap HK$972B (≈ $124B) · ISIN CNE1000003X6
What is Ping An Insurance really worth?
A solid business, trading 37% below our fair value of HK$90.37.
Strengths
Risks
For context
Fair value as of: Aug 30, 2026
From 6 valuation models · updated 6 days ago
Share price −1.5% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price is below even our cautious bear case (HK$67.78). The market is more pessimistic than our downside scenario.
- Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 30, 2026.
How to read this chart
60‑month range HK$25.39 – HK$70.98 · fair‑value band HK$67.78 – HK$112.97 · the HK$57.15 price screens below the HK$90.37 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 30, 2026.
Analysis
Ping An Insurance (2318) currently trades at HK$57.15, while our model-based Fair Value estimate is HK$90.37, implying the stock looks roughly 36.8% undervalued today. The Quality Score stands at 59/100 (solid quality), in the Financial Services sector. Bull case: the Multiples group reads highest at a median of HK$77.38 per share, and 4 of the 6 models we run sit above the HK$57.15 price. Bear case: the Asset-Based group reads lowest at HK$37.03, and 2 of the 6 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Ping An Insurance generated revenue of HK$953B at a net margin of 13.9%. Revenue declined 3.3% year over year. It earns a return on equity of 11.3%. Net debt stands at HK$2.3T. Fundamentals as of Aug 30, 2026
Our scenario range runs from HK$67.78 (bear case) to HK$112.97 (bull case); at HK$57.15, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 21% below its 52-week high and 32% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −35% fair-value upside, at 58%, 2318 screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly HK$2.16 per share, which is 2.4 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 6 models by family
Widest divergence: Multiples (HK$77.38) versus Asset-Based (HK$37.03). Highest evidence: Residual Income (66).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 54 · Market factors (momentum, volatility) 50
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Ping An Insurance (Group) Company of China, Ltd. provides financial products and services in the People's Republic of China. It operates through Life and Health Insurance; Property and Casualty Insurance; Banking; Asset Management; and Finance Enablement segments.
Full company description
Ping An Insurance (Group) Company of China, Ltd. provides financial products and services in the People's Republic of China. It operates through Life and Health Insurance; Property and Casualty Insurance; Banking; Asset Management; and Finance Enablement segments. The company offers life insurance products, including term, whole-life, endowment, annuity, investment-linked, universal life, and health care and medical insurance; property and casualty insurance, such as auto insurance, non-auto insurance, accident, and health insurance. It also undertakes loan and intermediary business with corporate customers and retail customers. In addition, the company provides wealth management and credit card services to individual customers; trust services, brokerage services, trading services, investment banking services, investment management services, finance lease business, and other asset management services; and financial and daily-life services through internet platforms comprising financial transaction information service platform, and health care service platform. Further, it is involved in the real estate investment and management; expressway operation; production and sale of consumer chemicals; logistics and real estate activities; consulting services; warehousing; IT services; infant products; and hospital management. Ping An Insurance (Group) Company of China, Ltd. was incorporated in 1988 and is based in Shenzhen, China.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Ping An Insurance reported revenue of 928B CNY in FY2025 versus 1.1T CNY in FY2021, a compound −3.2%/yr. Reported net income was 131B CNY in FY2025, compounding +6.6%/yr from FY2021.
of which total revenue +3.8 % · buybacks/dilution −0.2 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
Watch 2318: get an alert when its fair value changes →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Ping An Reports 1H 2026 Results
- Is Ping An Insurance Co. of China (PNGAY) a Great Value Stock Right Now?
- Ping An Mobilizes Rapid Response to Typhoon Dolphin
- Ping An Group Upgrades Longevity Management Service System, Unveils 11 Health Longevity Centers Nationwide
Peer Group
Insurance - Life · 96 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Insurance - Life median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Insurance - Life stocks, each showing price versus our Fair Value estimate (as of Aug 30, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| China Life Insurance Company 601628 | ¥37.03 | ¥49.98 | +35% |
| AIA Group 1299 | HK$73.00 | HK$33.57 | −54% |
| Manulife Financial Corporation MFC | C$59.80 | C$38.80 | −35% |
| Aflac Incorporated AFL | $116.52 | $74.34 | −36% |
| Great-West Lifeco Inc GWO | C$90.25 | C$39.53 | −56% |
| MetLife, Inc MET | $96.51 | $68.27 | −29% |
| Life Insurance Corporation LICI | ₹412.15 | ₹392.93 | −5% |
| China Pacific Insurance (Group) Co 601601 | ¥30.20 | ¥57.51 | +90% |
| Samsung Life Insurance Co 032830 | 301,000 KRW | 191,293 KRW | −36% |
| Power Corporation POW | C$94.43 | C$31.01 | −67% |
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