China Ping An AH shares rise over 3% together, policy tailwinds frequently blowing

Gelonghui March 17 | Insurance stocks surged strongly today, with China Ping An A-shares rising 3.6% intraday to 62.66 yuan, and H-shares up 3.45% to 64.4 Hong Kong dollars.

On the news front, the State Administration of Financial Supervision held an expanded meeting on March 16, emphasizing continuous improvement in financial services to the real economy, establishing a sound catastrophe insurance protection system, vigorously developing commercial health insurance and long-term care insurance, and strengthening financial services for new employment groups.

Dongguan Securities pointed out that the 2026 government work report repeatedly mentions insurance development goals, mainly including: promoting measures to develop agricultural insurance; introducing policies to support flexible employment and new employment forms to participate in employee insurance; accelerating the development of commercial health insurance, promoting high-quality development of innovative drugs and medical devices, and better meeting the diverse medical and medication needs of the public; implementing long-term care insurance systems; improving maternity insurance and maternity leave systems; and perfecting the catastrophe insurance protection system. These development goals provide space for insurance companies to expand into “insurance + elderly care” ecosystems, indicating a focus on developing health insurance products covering innovative drugs and rare diseases, and fully leveraging the roles of economic “shock absorbers” and social “stabilizers.”

Regarding China Ping An, Morgan Stanley recently published a research report stating that management’s confidence in the 2026 life insurance sales outlook and core profit growth will be key catalysts, complemented by attractive valuations. Additionally, risk management measures should be a key focus to maintain solvency capital and profit resilience, ensuring the company remains robust amid cyclical fluctuations. The bank believes that China Ping An currently does not need additional financing to support business growth and dividend increases. The bank maintains its forecast of the group’s after-tax operating profit at 130 billion yuan, with a dividend payout of 2.73 yuan; it also maintains a target price of HKD 100 for China Ping An’s Hong Kong shares, with an “Overweight” rating.