Goldman Sachs has slightly raised its target price for PING AN (02318) H-shares by 1.6% to HK$64 from HK$63, while also adjusting its target for A-shares, maintaining a "Buy" rating for both. The bank updated its forecasts for PING AN to reflect Q3 2025 results and revised projections.

After reviewing Q3 2025 performance and recent investment market trends, Goldman Sachs increased its net profit estimates for fiscal years 2025–2027 by 3–19%. This adjustment corresponds to a 2–3% rise in projected shareholder equity at the group level for the same period. Additionally, following strong Q3 sales performance, the bank raised its first-year premium forecasts for 2025–2027 by 5–9% and lifted new business value (VONB) expectations by 5–9%.

PING AN's Q3 results exceeded both Goldman Sachs and market expectations, driven by: 1) significant growth in equity investment returns; 2) robust new policy sales momentum; and 3) a substantial reduction in asset management losses. Goldman Sachs expects a positive market reaction to these developments.

PING AN's post-tax operating profit (OPAT) for Q3 rose 9% year-on-year to RMB 38.5 billion, with life insurance earnings surpassing forecasts and strong growth in sales and new business value.