everytime $PING AN (02318.HK)$When performance reports are released, some media always emphasize “operating profit,” but for insurance companies, operating profit cannot be the guiding principle of stock prices.
(Short-term investment fluctuations due to the return on safe investment in the current period falling short of expectations, and changes in discount due to lower actual interest rates)
In the previous few quarters, investors always said, “There was no increase in safety because there were too many shareholders.” This is actually a more idealistic approach. Not only are the indicators lagging behind, but the accuracy rate is also relatively poor. To judge changes in stock prices, in addition to observing valuations, the most important thing is to judge the direction and intensity of changes in profit. For insurance companies like Ping An, there are many factors that influence changes in stock prices, such as new business value, return on investment, and return on profits from joint venture/joint ventures. Many assumptions are also included, but the vast majority of Ping An's profits come from remaining marginal amortization, and life insurance reform is the focus that Ping An investors should pay the most attention to.
1. Life insurance reform.
Life insurance reform is still a combination of products and channels.
(1) Channel side.
The channel side includes traditional insurance agents, banking insurance, community grids, and part-time agents.
1. Traditional preservation.
The inflection point of Ping An's stock price mainly depends on the inflection point in the value of the new business (provided that the return on investment does not fall sharply).
Previously, insurance policies with high value rates mainly relied on traditional insurance agents for sales. Traditional insurance was the new business price of safety for each phase...