Ping An Insurance (Group) Company Of China, Ltd. (601318.SH) released its first-quarter report for 2026. During the period, the company achieved total operating revenue of 218.405 billion yuan, representing a decrease of 6.20% year-on-year. Net profit attributable to shareholders was 25.022 billion yuan, down 7.40% compared to the same period last year.
The life and health insurance business maintained growth momentum, supported by enhanced channel capabilities and multi-dimensional progress in high-quality development. In the first quarter of 2026, the operating profit of the life and health insurance segment reached 29.696 billion yuan, an increase of 6.4% year-on-year. New business value amounted to 15.574 billion yuan, rising 20.8% from a year earlier. Contributions from bancassurance, community financial services, and other channels to Ping An Life’s new business value increased by 6.8 percentage points year-on-year.
The property and casualty insurance business expanded steadily with continued improvement in underwriting quality. Ping An P&C recorded original insurance premium income of 90.951 billion yuan in the first quarter, up 6.8% compared to the prior year period. Insurance service revenue stood at 84.334 billion yuan, growing 3.9% year-on-year. The overall combined ratio was 95.8%, improving by 0.8 percentage points from a year earlier. Premium income from new energy vehicle insurance rose 16.1% year-on-year, while underwriting profitability remained stable.
The banking segment reported growth in both revenue and profit, with stable asset quality and an increase in core tier 1 capital adequacy. Ping An Bank generated operating revenue of 35.277 billion yuan in the first quarter, up 4.7% year-on-year, and realized a net profit of 14.523 billion yuan, increasing 3.0% from the same period last year. As of the end of March 2026, the non-performing loan ratio was 1.05%, with a provision coverage ratio of 219.59%. The core tier 1 capital adequacy ratio reached 9.51%, up 0.15 percentage points from the beginning of the year.
The integrated financial model continued to build a core competitive advantage, driving improvements in customer management efficiency. As of March 31, 2026, Ping An served nearly 252 million individual customers, an increase of 0.2% from the start of the year. The number of high-value customers grew by 1.2% during the same period. The retention rate for customers holding three or more product categories within the group over the past 12 months reached 99%.
Since the launch of the "One Portal" initiative in October 2025, Ping An has introduced a unified app entry and "Quick Services," with AI handling 84% of business inquiries. This enables customers to resolve their needs through a single access point. As of the end of March 2026, monthly active app users over the past 12 months averaged approximately 90 million, representing a year-on-year increase of 7.7%.