Ping An Insurance (Group) Company of China released its unaudited results for the three months ended 31 March 2026, showing solid operating momentum despite softer top-line revenue.
Financial highlights • Operating profit attributable to shareholders rose 7.6% year on year to RMB 40.78 billion, lifting basic operating EPS 7.9% to RMB 2.33. • Net profit attributable to shareholders declined 7.4% to RMB 25.02 billion, mainly reflecting a negative short-term investment variance of RMB 16.75 billion. • Total revenue slipped 7.1% to RMB 238.48 billion. • Equity attributable to shareholders increased 1.8% year-to-date to RMB 1,018.31 billion.
Segment performance Life & Health: Operating profit advanced 6.4% to RMB 29.70 billion. New business value jumped 20.8% to RMB 15.57 billion, supported by a 6.8 percentage-point rise in NBV contribution from bancassurance, community finance and other channels. Property & Casualty: Premium income grew 6.8% to RMB 90.95 billion; insurance revenue rose 3.9% to RMB 84.33 billion. The combined ratio improved to 95.8%, 0.8 percentage points better than a year earlier. New-energy-vehicle cover premiums climbed 16.1%, with underwriting profitability stable. Banking: Ping An Bank generated revenue of RMB 35.28 billion (+4.7%) and net profit of RMB 14.52 billion (+3.0%). The non-performing loan ratio held at 1.05%, while the core tier-1 capital adequacy ratio edged up to 9.51%. Asset Management: Group assets under management reached approximately RMB 9.0 trillion. The insurance funds portfolio delivered an unannualised comprehensive investment yield of 0.2% and a net investment yield of 0.8% amid volatile markets. Finance Enablement: AI-driven tools handled 84% of operational reviews and 82% of customer-service interactions. AI agents supported sales of RMB 30.44 billion during the quarter.
Customer & ecosystem metrics • Retail customers rose to nearly 252 million (+0.2% year to date); high-value customers grew 1.2%. • Monthly online active users on Ping An apps increased 7.7% to about 90 million. • The health & senior-care ecosystem now partners with all of China’s top 100 hospitals and 3A hospitals; QR code pharmacy payments cover 111,000 outlets. Over 290,000 customers have access to home-based senior-care services.
Capital & solvency All major insurance subsidiaries maintained robust capital buffers. As at 31 March 2026, Ping An Life reported a comprehensive solvency margin ratio of 183.3%, while Ping An P&C stood at 217.9%. Group assets totalled RMB 14,169.95 billion, with liabilities of RMB 12,735.66 billion.
Strategic progress Management reaffirmed commitment to the “integrated finance + health and senior care” strategy. The group continued to channel resources toward technology finance, green finance, inclusive finance, pension finance and digital finance. Green insurance premiums reached RMB 19.12 billion in the quarter, and rural revitalisation funding totalled RMB 16.93 billion.
Outlook Ping An expects China’s policy support and ongoing economic resilience to underpin high-quality growth, while it continues to emphasise value growth, service innovation and technology-enabled solutions under disciplined risk and capital management.