27 Aug 2024 CMB International Global Markets | Equity Research | Company Update Ping An (2318 HK) 2Q NBV stabilized against a high base; expect to see Group OPAT turnaround Ping An reported resilient 1H24 results with NBV +11% YoY on a like-for-like basis to RMB 22.3bn, outpacing our forecast / market consensus by 3.6%/9.5%. Agency and bancassurance NBV drove up by 10.8%/17.3% YoY given a better margin to 33.0%/22.5% in 1H24, +10.5pct/+6.8pct on a like-for-like basis. 2Q NBV stabilized at RMB9.43bn against ...