Ping An Insurance (02318) reported a robust performance in the first quarter, with its new business value rising 21% year-on-year to RMB 15.6 billion. This growth outpaced that of its peer, China Pacific Life Insurance, which recorded a 10% increase. The improvement was primarily driven by a 46% year-on-year rise in first-year premiums. The group's operating profit also saw a steady increase of 8% to RMB 40.8 billion, supported by its asset management, life insurance, and banking operations. Citigroup has assigned a "Buy" rating to the company, with a target price of HK$82 for its H-shares.
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