# Ping An Insurance Group Co of China (601318.SHG)

Canonical: https://gigainvestors.com/s/601318.SHG

Analysis as of: 2026-10-16T07:33:36.822Z. Financial observations: FY2015–FY2026.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: CNY 51.78 per share; close as of 2026-10-15.

Estimated value: low CNY 117.44 per share, central CNY 146.81 per share, high CNY 195.74 per share. Buy at or below the central value CNY 146.81 per share. Valuation as of 2026-10-16T07:33:36.822Z; scenarios are not confidence intervals.

Expected annual return: 17.3% at the stated quote. About 17.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.27×

Chart: Net income; fiscal year observations.

- FY2016: CNY 62B

- FY2017: CNY 89B

- FY2018: CNY 107B

- FY2019: CNY 149B

- FY2020: CNY 143B

- FY2021: CNY 102B

- FY2022: CNY 84B

- FY2023: CNY 86B

- FY2024: CNY 127B

- FY2025: CNY 135B

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 15.0%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 9.6%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 16.3%

- FY2017: 18.8%

- FY2018: 19.3%

- FY2019: 22.2%

- FY2020: 18.8%

- FY2021: 12.5%

- FY2022: 9.6%

- FY2023: 9.5%

- FY2024: 13.6%

- FY2025: 13.5%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 17.9%

- Book return interval: 10 years

- Starting book value per share: CNY 18.40

- Ending book value per share: CNY 55.23

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 19.7%

- FY2017: 29.4%

- FY2018: 28.8%

- FY2019: 28.7%

- FY2020: 19.7%

- FY2021: 12.9%

- FY2022: 12.9%

- FY2023: 7.0%

- FY2024: 9.4%

- FY2025: 12.7%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: 0.5%

- Share growth excluding flagged crisis recapitalisations: -0.0%

- Five-year share growth excluding flagged crisis recapitalisations: 0.5%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.04×

- Book value created per share: CNY 36.83

- Earnings retained per share after dividends and buybacks: CNY 35.31

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 98

- FY2017: 98

- FY2018: 99

- FY2019: 98

- FY2020: 97

- FY2021: 97

- FY2022: 97

- FY2023: 99

- FY2024: 100

- FY2025: 100

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 24% since Dec 2025 · "Ping An interim profit misses estimates as China rate cut erodes insurer's investments" (finance.yahoo.com, Aug 2025) · net income +18.2%

Story as of 2026-10-16T09:59:56.913Z; price observation 2026-10-15.

The price assumes profits shrink 1.3% a year forever

- 2025-08-26: Ping An interim profit misses estimates as China rate cut erodes insurer's investments ([finance.yahoo.com](https://finance.yahoo.com/news/ping-interim-profit-misses-estimates-093000558.html))

### Net income · FY2026

net income +18.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: CNY 89B 

- FY2018: CNY 107B 

- FY2019: CNY 149B 

- FY2020: CNY 143B 

- FY2021: CNY 102B 

- FY2022: CNY 84B 

- FY2023: CNY 86B 

- FY2024: CNY 127B 

- FY2025: CNY 135B 

- FY2026: CNY 159B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance life; annual sales are CNY 1.1 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:36.822Z); FY2025: revenue 1060036000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601318.SHG: 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.

### Why customers stay

It earns 15% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:36.822Z); 10-year return on tangible equity observations [[2016,0.16271785817670667],[2017,0.1882070598773426],[2018,0.1929963270968252],[2019,0.22194838976114184],[2020,0.187656053294167],[2021,0.12508293277367816],[2022,0.0963815778120114],[2023,0.09528804430646566],[2024,0.13634180486754255],[2025,0.13472155166985034]]; median 0.14952983152212462. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:36.822Z); Dividend observations: [[2016,10054000000],[2017,19194000000],[2018,58578000000],[2019,35932000000],[2020,43074000000],[2021,46942000000],[2022,49582000000],[2023,50707000000],[2024,56907000000],[2025,46536000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 17.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601318.SHG SharesStats.PercentInsiders = 17.861 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits shrink 1.3% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:36.822Z); Price 51.78; FX 1; original perpetual distributable cash 5.872201511092286; discount 0.1; growth -0.013406749924532363. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 34.61 per share

- 2016-11: CNY 36.33 per share

- 2016-12: CNY 35.43 per share

- 2017-01: CNY 36.51 per share

- 2017-02: CNY 36.23 per share

- 2017-03: CNY 37.01 per share

- 2017-04: CNY 37.96 per share

- 2017-05: CNY 45.07 per share

- 2017-06: CNY 49.61 per share

- 2017-07: CNY 52.02 per share

- 2017-08: CNY 56.03 per share

- 2017-09: CNY 54.16 per share

- 2017-10: CNY 64.36 per share

- 2017-11: CNY 69.92 per share

- 2017-12: CNY 69.98 per share

- 2018-01: CNY 75.08 per share

- 2018-02: CNY 67.76 per share

- 2018-03: CNY 65.29 per share

- 2018-04: CNY 60.89 per share

- 2018-05: CNY 62.13 per share

- 2018-06: CNY 58.58 per share

- 2018-07: CNY 61.60 per share

- 2018-08: CNY 62.98 per share

- 2018-09: CNY 68.50 per share

- 2018-10: CNY 63.63 per share

- 2018-11: CNY 63.49 per share

- 2018-12: CNY 56.10 per share

- 2019-01: CNY 62.98 per share

- 2019-02: CNY 70.01 per share

- 2019-03: CNY 77.10 per share

- 2019-04: CNY 86.10 per share

- 2019-05: CNY 79.00 per share

- 2019-06: CNY 88.61 per share

- 2019-07: CNY 88.09 per share

- 2019-08: CNY 87.32 per share

- 2019-09: CNY 87.04 per share

- 2019-10: CNY 88.12 per share

- 2019-11: CNY 83.62 per share

- 2019-12: CNY 85.46 per share

- 2020-01: CNY 83.49 per share

- 2020-02: CNY 77.72 per share

- 2020-03: CNY 69.17 per share

- 2020-04: CNY 74.46 per share

- 2020-05: CNY 70.71 per share

- 2020-06: CNY 71.40 per share

- 2020-07: CNY 75.90 per share

- 2020-08: CNY 76.62 per share

- 2020-09: CNY 76.26 per share

- 2020-10: CNY 77.83 per share

- 2020-11: CNY 90.03 per share

- 2020-12: CNY 86.98 per share

- 2021-01: CNY 79.08 per share

- 2021-02: CNY 85.18 per share

- 2021-03: CNY 78.70 per share

- 2021-04: CNY 72.50 per share

- 2021-05: CNY 71.80 per share

- 2021-06: CNY 64.28 per share

- 2021-07: CNY 53.67 per share

- 2021-08: CNY 49.90 per share

- 2021-09: CNY 48.36 per share

- 2021-10: CNY 49.57 per share

- 2021-11: CNY 48.22 per share

- 2021-12: CNY 50.41 per share

- 2022-01: CNY 49.97 per share

- 2022-02: CNY 50.76 per share

- 2022-03: CNY 48.45 per share

- 2022-04: CNY 44.56 per share

- 2022-05: CNY 44.20 per share

- 2022-06: CNY 46.69 per share

- 2022-07: CNY 42.12 per share

- 2022-08: CNY 43.84 per share

- 2022-09: CNY 41.58 per share

- 2022-10: CNY 36.15 per share

- 2022-11: CNY 44.95 per share

- 2022-12: CNY 47.00 per share

- 2023-01: CNY 50.98 per share

- 2023-02: CNY 48.20 per share

- 2023-03: CNY 45.60 per share

- 2023-04: CNY 51.80 per share

- 2023-05: CNY 47.00 per share

- 2023-06: CNY 46.40 per share

- 2023-07: CNY 52.60 per share

- 2023-08: CNY 48.79 per share

- 2023-09: CNY 48.30 per share

- 2023-10: CNY 45.46 per share

- 2023-11: CNY 40.80 per share

- 2023-12: CNY 40.30 per share

- 2024-01: CNY 40.51 per share

- 2024-02: CNY 42.90 per share

- 2024-03: CNY 40.81 per share

- 2024-04: CNY 41.36 per share

- 2024-05: CNY 43.07 per share

- 2024-06: CNY 41.36 per share

- 2024-07: CNY 42.56 per share

- 2024-08: CNY 44.03 per share

- 2024-09: CNY 57.09 per share

- 2024-10: CNY 55.92 per share

- 2024-11: CNY 53.25 per share

- 2024-12: CNY 52.65 per share

- 2025-01: CNY 50.85 per share

- 2025-02: CNY 50.38 per share

- 2025-03: CNY 51.63 per share

- 2025-04: CNY 50.71 per share

- 2025-05: CNY 53.28 per share

- 2025-06: CNY 55.48 per share

- 2025-07: CNY 58.69 per share

- 2025-08: CNY 59.88 per share

- 2025-09: CNY 55.11 per share

- 2025-10: CNY 57.83 per share

- 2025-11: CNY 58.99 per share

- 2025-12: CNY 68.40 per share

- 2026-01: CNY 66.75 per share

- 2026-02: CNY 63.09 per share

- 2026-03: CNY 56.78 per share

- 2026-04: CNY 59.37 per share

- 2026-05: CNY 53.50 per share

- 2026-06: CNY 47.74 per share

- 2026-07: CNY 54.90 per share

- 2026-08: CNY 55.82 per share

- 2026-09: CNY 53.29 per share

- 2026-10: CNY 51.69 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 42.86 per share, central CNY 53.58 per share, high CNY 71.44 per share

- FY2017: low CNY 60.71 per share, central CNY 75.89 per share, high CNY 101.18 per share

- FY2018: low CNY 74.57 per share, central CNY 93.21 per share, high CNY 124.28 per share

- FY2019: low CNY 95.57 per share, central CNY 119.46 per share, high CNY 159.29 per share

- FY2020: low CNY 112.93 per share, central CNY 141.17 per share, high CNY 188.22 per share

- FY2021: low CNY 116.97 per share, central CNY 146.21 per share, high CNY 194.95 per share

- FY2022: low CNY 79.72 per share, central CNY 87.69 per share, high CNY 97.43 per share

- FY2023: low CNY 77.94 per share, central CNY 85.73 per share, high CNY 95.26 per share

- FY2024: low CNY 80.74 per share, central CNY 88.81 per share, high CNY 98.68 per share

- FY2025: low CNY 113.93 per share, central CNY 142.42 per share, high CNY 189.89 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:22.465Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations