For the first three quarters of 2026, Ping An Insurance (Group) Company Of China, Ltd. (ASX: 02318) continued to deepen its "integrated finance + healthcare and elderly care" dual-pillar, technology-driven strategy, steadily consolidating its integrated finance advantages, adhering to a customer-demand-oriented approach, and striving to promote high-quality development. The group's overall operations remained stable.
In the first three quarters of 2026, the group achieved operating profit attributable to shareholders of the parent company of RMB 125.905 billion, up 8.3% year on year; operating revenue of RMB 787.634 billion; net profit attributable to shareholders of the parent company of RMB 96.645 billion; and basic earnings per share of RMB 5.55. As of September 30, 2026, the group's net assets attributable to shareholders of the parent company stood at RMB 1,044.366 billion, up 4.4% from the beginning of the year.
The life and health insurance business developed steadily, with the high-quality strategy gradually advancing. In the first three quarters of 2026, the life and health insurance business recorded operating profit of RMB 87.238 billion, up 5.7% year on year. Channels developed in a diversified and coordinated manner, with non-agent channels contributing 36.9% of new business value, up 1.8 percentage points year on year, continuing to leverage multi-channel advantages. On the product side, the company proactively optimized the duration structure and actively promoted the transition to longer-duration products, with the proportion of long-duration new business in the agent channel rising by more than 10 percentage points year on year, steadily enhancing business value.
The property and casualty insurance business continued to grow in scale, with operating quality and efficiency steadily improving. In the first three quarters of 2026, Ping An P&C recorded original insurance premium income of RMB 265.215 billion, up 3.5% year on year, of which original insurance premium income from new energy vehicle insurance rose 21.2% year on year; insurance service revenue was RMB 263.035 billion, up 3.8% year on year; and the overall combined ratio was 95.6%, improved by 1.4 percentage points year on year, maintaining sound profitability.
Insurance funds delivered solid investment performance. As of September 30, 2026, the insurance funds investment portfolio totaled RMB 6.83 trillion, up 5.2% from the beginning of the year. The average net investment yield over the past 10 years was 4.8%, and the average comprehensive investment yield over the past 10 years was 4.9%, exceeding the long-term investment return assumption embedded in value.
The bank achieved dual growth in revenue and profit, with overall stable asset quality and an improved core tier-one capital adequacy ratio. In the first three quarters of 2026, Ping An Bank achieved operating revenue of RMB 103.100 billion, up 2.4% year on year, and net profit of RMB 39.186 billion, up 2.2% year on year. As of September 30, 2026, the non-performing loan ratio was 1.05%, the provision coverage ratio was 214.75%, and the core tier-one capital adequacy ratio was 9.61%, up 0.25 percentage points from the beginning of the year.
Ping An upgraded its services and comprehensively improved customer experience, designating 2026 as Ping An Service Year. Ping An built fast services that allow tasks to be handled with a single sentence. As of September 30, 2026, AI inquiry and handling covered 90% of the group's business scenarios, with cumulative usage exceeding 150 million person-times, making it a reliable AI assistant for Ping An's approximately 97 million monthly active customers. Ping An actively implemented the national strategies of "Healthy China" and "actively responding to population aging," proactively laying out a new track in brain health protection, and in September 2026 launched integrated brain health services covering early screening, diagnosis and treatment, and protection for Alzheimer's disease.
The integrated finance model built core competitive advantages, and customer operating efficiency continued to improve. As of September 30, 2026, Ping An had nearly 256 million individual customers, up 1.9% from the beginning of the year; the number of valuable customers reached 41.51 million, up 3.1% from the beginning of the year; and customers who held three or more product categories within the group over the past 12 months had a retention rate of 99%.
The healthcare and elderly care strategy continued to be implemented, with differentiated advantages empowering the core business. Payment capacity was enhanced. As of September 30, 2026, Ping An covered nearly 195,000 corporate customers. The coverage network was improved. Ping An has achieved 100% cooperation coverage with China's top 100 hospitals and tier-three grade-A hospitals; the number of partner pharmacies was nearly 250,000, supporting offline pharmacy purchase and code-based payment for corporate health management customers. AI doctor usage increased. In the first three quarters of 2026, the number of AI doctor users was nearly 13 million. The medical expert team and capacity building were strengthened. In the first three quarters of 2026, Ping An added 42 national, provincial, and municipal-level experts, and Peking University International Hospital completed China's first non-invasive precision radiotherapy for lung cancer brain metastasis.
"AI in ALL" was further implemented, with AI accelerating the creation of business value. In September 2026, average daily token consumption exceeded 330 billion, more than 10 times higher than in December 2025; token output per unit of computing power increased by 509%, and cost per unit token decreased by 81%, supporting large-scale AI application with higher efficiency and lower cost. For employees, AI code penetration reached 80%, and pilot AI operations positions improved efficiency by 25%. For customers, cumulative usage of fast services exceeded 150 million person-times, with an AI end-to-end resolution rate of 91%, and it is becoming the main entry point for integrated finance customer service; in the first three quarters of 2026, AI doctor usage exceeded 62 million person-times, further enhancing multidisciplinary capabilities for complex diseases and continuing to build "the most professional AI doctor."
Fulfilling social responsibility and serving green development and rural revitalization. In the first three quarters of 2026, Ping An's original insurance premium income from green insurance was RMB 64.196 billion, and RMB 40.794 billion in rural industry assistance funds was provided through the "Three Villages Project."
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