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<Research>BofAS: PING AN (02318.HK) Achieves Solid FY25 Results; TP Kept at HKD74
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BofA Securities released a report on PING AN (02318.HK), which manifested solid FY25 results, with OPAT growing by 10% YoY to RMB134.4 billion. The VNB hiked by 29% YoY, with the VNB margin up from 18.5% in the previous year to 23.4%.

Owing to investment income assumption changes, BofA Securities trimmed the group's 2026 earnings forecast by 0.5% and raised the 2027 earnings forecast by 0.1%.

Related News BofAS: Market Concerns Over CHINA LIFE (02628.HK) 1Q Performance; Rating 'Buy'
The broker maintained a Buy rating for PING AN's H shares and PING AN OF CHINA (601318.SH) A shares, with target prices remaining unchanged at HKD74 and RMB71.7, respectively.
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