Ping An Nine-Month Operating Profit Rises 8.3% to RMB125,905 Million

Ping An Insurance (Group) Company of China, Ltd. announced its results for the nine months ended September 30, 2026 on October 28, 2026, reporting operating profit attributable to shareholders of the parent company up 8.3% year on year to RMB125,905 million. Basic operating earnings per share grew 9.2% year on year to RMB7.23, and equity attributable to shareholders of the parent company stood at RMB1,044,366 million as of September 30, 2026, up 4.4% year to date.

A note to the announcement states that operating profit refers to operating profit after tax attributable to shareholders of the parent company. Ping An characterized China’s economy as sustaining steady development against pressure in the first nine months of 2026 and said it advanced its tech-enabled “integrated finance + health and senior care” dual-pronged strategy during the period.

Core Financial Business Results

Operating profit of the life and health insurance business rose 5.7% year on year to RMB87,238 million, the company reported. Non-agency channels’ share of Ping An Life’s new business value rose 1.8 percentage points year on year to 36.9%, and the community finance channel’s overall persistency ratio of retained customers improved by 1.6 percentage points. Of agents newly added in the first nine months of 2026, 66.3% hold a junior college or higher degree, up 6.5 percentage points year on year, while long-premium-payment-period products’ share of the agency channel’s new business increased by more than 10 percentage points.

Ping An P&C’s premium income rose 3.5% year on year to RMB265,215 million, with new energy vehicle insurance premium income climbing 21.2%. The unit’s insurance revenue grew 3.8% year on year to RMB263,035 million, and its overall combined ratio improved by 1.4 percentage points year on year to 95.6%.

Ping An Bank’s revenue and net profit rose 2.4% and 2.2% year on year to RMB103,100 million and RMB39,186 million respectively. The bank’s non-performing loan ratio was 1.05% and its provision coverage ratio was 214.75% as of September 30, 2026, while its core tier 1 capital adequacy ratio rose 0.25 percentage points year to date to 9.61%.

The Group’s insurance funds investment portfolio grew 5.2% year to date to RMB6.83 trillion as of September 30, 2026. Ping An reported a 4.8% 10-year average net investment yield and a 4.9% 10-year average comprehensive investment yield for the portfolio, both above the embedded value long-run investment return assumption.

Customers, Health and Senior Care, and AI Operations

Retail customers increased 1.9% year to date to nearly 256 million as of September 30, 2026, and contracts per retail customer grew 0.3% year to date to 2.95. High-value customers increased 3.1% year to date to 41.51 million. The retention rate of customers holding products across three or more lines was 99% in the 12 months ended September 30, 2026.

Ping An realized RMB130.5 billion in health insurance premium income in the first nine months of 2026, including RMB62.9 billion in medical insurance premium income, up 7.1% year on year. Health and senior care services covered nearly 195 thousand corporate clients as of September 30, 2026. First-year premium per new life insurance policy of health care customers, Ping An Home customers, and premium senior care customers increased to 2.6 times, 11.4 times, and 59.0 times respectively. PKU Healthcare Group and Ping An Health recorded revenue of RMB4,356 million and RMB3,508 million respectively in the period.

More than 320 thousand customers had become entitled to Ping An Home services, and the company had unveiled six Zhen Living premium health and senior care communities in five cities, as of September 30, 2026. Ping An launched integrated brain health management services covering Alzheimer’s disease-related early screening, diagnosis, treatment, and ongoing care in September 2026. The company reported that AI Doctor’s precise diagnostics covered over 11.3 thousand diseases with a 96% accuracy rate for AI Doctor-aided diagnosis and treatment, that it partnered with over 38 thousand hospitals in China and over 1,300 medical institutions in 35 countries overseas, and that healthtech patent applications increased 33% year on year.

Under the company’s “Service Year 2026” initiative, Express Service facilitated AI-enabled inquiry, consultation and processing in 90% of Ping An’s business scenarios as of September 30, 2026, cumulatively served users over 150 million times, and resolved 91% of customer requests end-to-end with AI for about 97 million monthly online active customers. AI service representatives provided services about 1,484 million times, accounting for 82% of total customer service volume, and 95% of life insurance policies were underwritten within seconds. Ping An P&C’s claims savings via smart fraud detection grew 9.7% year on year to RMB10.04 billion. Average daily token consumption exceeded 330 billion in September 2026, more than 10 times the level of December 2025, while token output per compute unit increased 509% and cost per token decreased 81%.

Green insurance premium income reached RMB64,196 million in the first nine months of 2026, and funding for rural industrial vitalization through the Ping An Rural Communities Support program totaled RMB40,794 million. Global Emergency Assistance recorded over 110 million entitlements, handled over 2,500 emergency assistance requests, and achieved a satisfaction rating of over 98% in the period.

In its first-half 2026 results announced on August 20, 2026, Ping An reported operating profit after tax attributable to shareholders of the parent company of RMB84,196 million, up 8.3% year on year, and revenue of RMB615,351 million, and said it would pay an interim dividend of RMB0.98 per share in cash, up 3.2% year on year. The insurance funds investment portfolio stood at RMB6.61 trillion as of June 30, 2026, and Express Service coverage stood at 88% of business scenarios at that time.

Looking ahead, Ping An said it will adhere to its business policy of “higher-value growth, service innovation, tech-driven development, and regulatory compliance” and will bolster technology finance, green finance, inclusive finance, pension finance, and digital finance while optimizing its portfolios and strengthening its growth drivers.