Ping An (02318) reported solid first-quarter 2026 results, underscored by higher operating profit and stronger new business value, while short-term market volatility weighed on headline earnings.
Operating profit after tax rose 7.60% year on year to RMB 40.80 billion, driven by broad-based contributions from Life & Health (+4.60% to RMB 28.10 billion) and the banking arm (+3.00% to RMB 8.40 billion). Asset-management profit nearly tripled to RMB 3.20 billion.
Group net profit slipped 7.40% to RMB 25.00 billion, reflecting investment pressure from the March equity pullback. Net investment yield held largely steady at 1.30%, while comprehensive investment yield fell 1.10 percentage points to 0.20% on an un-annualised basis.
Shareholders’ equity edged up 1.80% from end-2025 to RMB 1,018.30 billion, remaining above the RMB 1 trillion mark despite market headwinds.
Insurance operations delivered robust underlying growth. Life & Health new business value expanded 20.80% to RMB 15.60 billion, maintaining double-digit momentum. In Property & Casualty, premium income grew 6.80% to RMB 91.00 billion, and the combined ratio improved by 0.80 percentage points year on year to 95.80%, indicating healthier underwriting quality.
Ping An Bank sustained stable performance with first-quarter net profit up 3.00% to RMB 14.50 billion and revenue up 4.70% to RMB 35.30 billion. Asset quality remained solid with a non-performing loan ratio of 1.05%, while the annualised net interest margin was stable at 1.79%. Retail and corporate loan balances increased 0.40% and 4.10% year to date, respectively.
Integrated finance continued to deepen customer engagement. High-value customers (investable assets above RMB 0.50 million) increased 1.20% year to date to 40.75 million, and monthly active users on Ping An’s applications reached about 90 million, up 7.70% year on year. The customer retention rate for those holding at least three product lines stayed high at 99%.
Health and senior-care initiatives are enhancing cross-selling. Policyholders using health-care services showed up to 1.20-times higher first-year premiums, while those opting for premium senior-care services generated up to 28.80-times higher first-year premiums. Ping An’s healthcare subsidiaries contributed RMB 2.50 billion in combined revenue, including RMB 1.30 billion from PKU Healthcare Group and RMB 1.20 billion from Ping An Health.
Service innovation remains a strategic focus. The AI-powered “Express Service” handled 3.30 million customer requests between January and 22 April 2026 with a 99.80% satisfaction rate. The newly launched global emergency-assistance platform processed 6,832 inquiries and achieved a 98.20% satisfaction rate, including the successful 24-hour evacuation of a corporate client from the Middle East.
Management reiterated commitment to “value growth and service innovation” as the group navigates market volatility and pursues sustainable earnings expansion.
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