This report is an Equity Research Report on Ping An Insurance (2318 HK) and its performance in February 2022. The report notes that Ping An's life insurance gross written premiums decreased by 4.9% year-over-year, while its property and casualty (P&C) premiums increased by 17.6% year-over-year. The report suggests that the company's P&C growth momentum persisted in February, likely supported by the auto line. The report also notes that large insurers have gained more market share post auto insurance reform and that the company is expected to have steady P&C premium growth in 2022. Despite a challenging environment, the report likes Ping An for its P&C recovery, life business reform, and attractive valuation. The stock trades at 0.43x/0.49x (H/A) 2022E PEV on the report's forecasts. The report recommends maintaining a "BUY" rating on both the H-share (2318 HK) and A-share (601318 CH).