China A-share · SSE · 601318
Ping An Insurance (601318) stock analysis: valuation and financials
保险业
¥51.23 -0.9% Price as of Oct 14, 2026
Narrow-moat integrated insurer with 46.2% life concentration; growth has stalled (5y revenue CAGR -2.9%) and leverage is undisclosed. At 5.8x P/E the market already prices stagnation — cheap, but structurally slow.
- Market cap
- ¥927.7B
- P/E
- 5.8x
- EV/Sales
- —
- FCF yield
- —
- 52-week range
- ¥46.41 – ¥70.66
Research as of Oct 14, 2026
Business quality scorecard
- Growth29
- Capital allocation60
- Valuation100
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Customers pay premiums and policy fees to Ping An's life/health and P&C insurers plus banking and asset-management fees; life and health insurance is the largest stream at 46.2% of FY2025 product revenue, though segment profit is not disclosed.
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | ¥1.2T | ¥880.4B | ¥913.8B | ¥1.0T | ¥1.1T |
| Revenue growth | -3.1% | -25.4% | +3.8% | +12.6% | +2.1% |
| Net income | ¥101.6B | ¥111.0B | ¥85.7B | ¥126.6B | ¥134.8B |
Amounts in CNY · What is free cash flow?
Margins Gross margin is not disclosed for this insurance issuer. Net margin 12.8% FY2025 vs 12.3% FY2024, TTM 14.2%; pretax margin 17.7% vs 16.6%. Quarterly net margin swung 0.9% to 19.5%, so margin moves track investment results, not underwriting.
- Cash flow WatchOperating and free cash flow are not disclosed in the available data, so cash conversion versus TTM net income of CNY 159.3B (TTM pretax CNY 224.4B) cannot be verified; capex and share-based compensation are also undisclosed.
- Debt ManageableLeverage is flagged unknown and no debt, net debt, net debt/EBITDA, interest coverage or maturity schedule is disclosed in this dataset, so the debt burden cannot be measured from reported figures.
Management and track record
- Management AdequateExecution mixed: FY2025 revenue 1,051B CNY, +2.1% yoy; net income 134.8B, net margin 12.8%, EPS +6.4%; but 5y revenue CAGR -2.9% and FY2025 net income below FY2020's 143.1B.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
The full report is for members.