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Chinese financial conglomerate spanning life and property insurance, banking, asset management and health-tech.
Chinese financial conglomerate spanning life and property insurance, banking, asset management and health-tech.
Insurance carries the group, with life cover sold by a large tied agent force, alongside Ping An Bank, asset management and a stable of technology units that mostly serve its own customers. It has cut its agent force sharply since 2019 to raise quality. No single owner controls it. These Hong Kong shares and the Shanghai ones are the same company.
In one line: A Chinese financial supermarket combining insurance, banking and health services.
Moat: narrow (scale, distribution, brand). Cross-sells insurance, banking and health services to one customer base via a huge agent and digital network.
Headquarters: Shenzhen, China · Founded: 1988 · Employees: 258,806
Size Ping An (2318.HK) is a Hong Kong Financials company (Multi-Line Insurance) with a market value of $138B, the 13th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$53.15 on 6 Nov 2026.
Performance Over six months the shares fell 16.7%, against +14.5% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue fell 7.6% over the last twelve months (peer median +11.1%); the operating margin is 33.8% (peer median 20.0%).
Valuation It trades at 0.79× book value against a peer median of 2.15× (2nd cheapest of 21).
Price implies The share price implies a return on equity of about 9.7%; Ping An delivers 9.8%, so the price asks less than the business earns today.
Next results Next results expected around 18 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$1.18T | HK$1.13T | HK$1.01T | HK$997B | HK$1.04T |
| Revenue growth | — | +12% | +2% | -4% | — |
| Net income | HK$113B | HK$146B | HK$137B | HK$94.7B | HK$129B |
| Free cash flow | HK$1.02T | HK$730B | HK$768B | HK$538B | HK$742B |
| Capital expenditure | HK$9.88B | HK$9.06B | HK$7.24B | HK$8.63B | HK$10.3B |
| Total debt | HK$2.90T | HK$2.91T | HK$2.42T | HK$2.40T | HK$2.40T |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Ping An 2318.HK | $138B | -17% | -8% | 10% | 0.79× | 9.7% |
| China Life 2628.HK | $134B | -17% | +38% | 41% | 0.93× | 10.0% |
| China Pacific Insurance (Group) 2601.HK | $42.5B | -22% | +9% | 14% | 0.69× | 8.4% |
| AIA 1299.HK | $104B | -10% | +13% | 20% | 2.53× | 18.4% |
| Cm Bank 3968.HK | $165B | +16% | +3% | 13% | 0.99× | 10.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2318.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.2% | +3.4% | 10th lowest of 21 |
| 6-month return | -16.7% | +14.5% | 2nd lowest of 21 |
| Return on equity | 9.8% | 16.8% | 2nd lowest of 21 |
| Price / book | 0.79× | 2.15× | 2nd cheapest of 21 |
| Trailing P/E | 8.5× | 12.7× | 7th cheapest of 21 |
| ROE the price implies | 9.7% | 11.8% | 8th least demanding of 21 |
| ROE delivered | 9.8% | 16.9% | 2nd lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Ping An 2318.HK | Hong Kong | $138B | -17% | -8% | 10% | 0.79× | 9.7% | 9.8% |
| Ping An Insurance (Group) Company of China 601318.SS | China | $136B | -8% | +12% | 14% | 0.96× | 7.4% | n/a |
| China Life Insurance 601628.SS | China | $135B | -3% | +16% | 12% | 1.54× | 13.1% | 11.9% |
| China Life 2628.HK | Hong Kong | $134B | -17% | +38% | 41% | 0.93× | 10.0% | 41.3% |
| Progressive PGR | United States | $132B | +17% | +8% | 33% | 3.82× | 15.8% | 33.2% |
| Zurich Insurance ZURN.SW | Switzerland | $114B | +16% | +19% | 26% | 3.67× | 11.2% | 25.5% |
| AIA 1299.HK | Hong Kong | $104B | -10% | +13% | 20% | 2.53× | 18.4% | 19.6% |
| Axa CS.PA | France | $103B | +13% | +11% | 19% | 2.24× | 17.8% | 19.0% |
| Allianz ALV.DE | Germany | $192B | +19% | +21% | 21% | 2.98× | 16.0% | 21.1% |
| Allstate ALL | United States | $64.4B | +20% | +6% | 46% | 2.04× | 9.9% | 46.1% |
| Fubon Financial Hldg 2881.TW | Taiwan | $62.7B | +66% | +12% | 16% | 1.66× | 7.4% | 16.0% |
| MetLife MET | United States | $62.4B | +27% | +9% | 13% | 2.28× | 16.2% | 13.2% |
| Aflac AFL | United States | $62.2B | +10% | +14% | 17% | 2.06× | 12.5% | 16.9% |
| Great-West Lifeco GWO.TO | Canada | $57.4B | +18% | +4% | 16% | 3.02× | 15.7% | 16.0% |
| Swiss Re SREN.SW | Switzerland | $50.6B | +27% | -12% | 20% | 2.27× | 6.1% | 20.4% |
| People's Insurance Co. (Group) of China 1339.HK | Hong Kong | $46.1B | -2% | +11% | 18% | 0.60× | 5.6% | 18.1% |
| Ms&ad Ins Gp Hldgs 8725.T | Japan | $44.4B | +22% | +21% | 17% | 1.07× | 6.9% | 16.6% |
| China Pacific Insurance (Group) 601601.SS | China | $42.6B | -14% | +4% | 14% | 0.93× | 8.2% | 14.4% |
| Power Corporation of Canada POW.TO | Canada | $40.7B | +16% | +10% | 11% | 2.42× | 15.9% | 11.0% |
| American International AIG | United States | $40.7B | +2% | +1% | 8% | 1.04× | 7.5% | 8.2% |
| Sun Life Financial SLF.TO | Canada | $40.1B | +7% | -1% | 13% | 2.38× | 13.7% | 13.5% |