According to market insights, Morgan Stanley has published a report projecting robust performance for PING AN (02318) in the third quarter. Notably, the value of new business and after-tax operating profit are expected to continue improving, with net profit showing strong growth driven by the life insurance business. The firm has assigned a “Buy” rating to PING AN, setting a target price of HKD 70.

Morgan Stanley anticipates an 8.1% year-over-year increase in PING AN’s after-tax operating profit for Q3, with a growth rate for the first nine months of the year expected to rise to 5%, under the same benchmark. Furthermore, due to favorable stock market conditions and higher allocations, the net profit for Q3 is projected to increase by as much as 31%, contributing to a 6% year-over-year growth for the first nine months of the year. Additionally, Morgan Stanley expects a significant boost in First-Year Premium (FYP) growth, along with a moderate improvement in profit margins, leading to a 45% increase in new business value for Q3, while the growth for the first nine months of the year is predicted to reach 42%.