On October 28, leading domestic insurer Ping An Insurance (Group) Company of China, Ltd. (ASX: 601318) released its third-quarter report for 2026.
The Q3 report shows that Ping An's core operating foundation remains solid. Excluding investment-side volatility, the company's consolidated operating profit attributable to shareholders grew 8.3% year-on-year, indicating that the main business remains stable.
More notably, under the "AI in ALL" strategy, Ping An's AI applications have penetrated deeply into various business scenarios, with average daily token consumption reaching 330 billion. AI is transforming the company's operational landscape across customer service, healthcare and elderly care, and corporate operations.
Operating Profit Remains Solid
The Q3 report shows that Ping An's overall operational performance was steady.
In the first three quarters of 2026, the company achieved consolidated operating profit attributable to shareholders of RMB 125.905 billion, up 8.3% year-on-year. Operating profit is based on net profit but excludes short-term investment fluctuations and one-off major items, making it a better reflection of the company's sustainable operating performance.
During the same period, the company's net profit attributable to shareholders was RMB 96.645 billion, which was dragged down by investment-side volatility, causing growth to decline. Considering that in Q3 2026, the A-share market experienced a notable correction after a strong run of nearly one year and three quarters, the latter was clearly more affected by the phased market environment.
High-Dividend Assets Serve as the "Ballast Stone"
It is worth noting that although affected by the Q3 equity market correction, Ping An's net profit attributable to shareholders was RMB 96.6 billion (down 27.3% year-on-year). However, on the investment side, Ping An's forward-looking asset allocation continued to contribute significantly.
Through heavy positions in quality high-dividend stocks as a "ballast stone," Ping An's high-dividend OCI (other comprehensive income) stocks contributed over RMB 58 billion in pre-tax floating gains in the first three quarters. Although this portion of gains is not included in current-period profit, it significantly boosted net assets.
Data shows that Ping An's 10-year average comprehensive investment return rate reached 4.9%, far exceeding its 4.0% embedded value long-term investment return assumption.
Additionally, as of September 30, 2026, the group's net assets attributable to shareholders were RMB 1,044.366 billion, up 4.4% from the beginning of the year, maintaining stable capital strength.
Coordinated Development Across Multiple Core Business Segments
As a comprehensive financial giant, Ping An's major core business segments each delivered their own results in the first three quarters of 2026:
In the life and health insurance segment: through deepened multi-channel transformation and product structure optimization, new business value (NBV) reached RMB 31 billion.
In property and casualty insurance: total premium income in the first three quarters reached RMB 265.2 billion, up 3.5% year-on-year, with new energy vehicle insurance premiums growing rapidly at 21.2%. The overall combined ratio improved by 1.4 percentage points to 95.6%, and the auto insurance combined ratio improved by 1.6 percentage points to 95.2%, demonstrating a clear focus on quality over volume.
In banking: Ping An Bank achieved dual growth in revenue and profit in the first three quarters. Net profit reached RMB 39.2 billion (up 2.2% year-on-year), and operating income was RMB 103.1 billion (up 2.4% year-on-year). The annualized net interest margin remained at an industry-leading 1.80%, and the non-performing loan ratio stayed at a low of 1.05%, with stable asset quality.
In the asset management segment: active capital markets drove diversified revenue development. Ping An Securities' net profit surged 23.8% to RMB 5.8 billion, with A-share fund accounts ranking second in the industry (26.88 million); Ping An Asset Management's entrusted scale reached RMB 6.53 trillion (up 6% year-on-year); and Ping An Fund's profitability was relatively satisfactory.
In the healthcare and elderly care ecosystem, customers with healthcare and elderly care-related benefits significantly boosted the average premium per new life insurance policy: healthcare benefit customers contributed 2.6 times that of ordinary customers, home-based elderly care benefit customers contributed 11.4 times, and high-quality elderly care benefit customers contributed as much as 59.0 times. In addition, Peking University Healthcare and Ping An Health recorded operating income of RMB 4.36 billion and RMB 3.51 billion respectively in the first three quarters, and the high-quality wellness brand "Yiniantang" has planned more than 2,100 rooms.
"AI in ALL" Fully Penetrates Operations
Technology has always been a highlight of Ping An, and the Q3 report also gave it prominent attention.
Under the "AI in ALL" strategy, Ping An's AI applications have penetrated deeply into various business scenarios:
In terms of computing power investment: Ping An Group's average daily token consumption has reached 330 billion, and with improved computing power utilization, the unit token cost has dropped significantly by 81% compared to the end of last year.
In customer service scenarios: Ping An's proprietary AI quick service has accumulated 150 million uses; "AI Doctor" recorded 62 million uses in the first three quarters.
In corporate operations scenarios: AI programming penetration in incremental code has reached 80%; AI office scenario coverage has reached 80%; and AI operations have improved position efficiency by 25%.
Comments