Ping An's net profit plunges 27.3% to $14.4b

Operating earnings climbed 8.3% to $18.8b during the first nine months of 2026.

Ping An Insurance (Group) Company of China’s operating profit rose 8.3% year-on-year to $18.8b (RMB125.9b) in the first nine months of 2026, supported by growth in its life and health insurance business.

Operating profit from the life and health insurance business increased 5.7% to $13.0b (RMB87.2b) for the nine months ended 30 September, according to the insurer’s latest results.

Basic operating earnings per share rose 9.2% to RMB7.23, whilst equity attributable to shareholders increased 4.4% from the end of 2025 to $155.2b (RMB1.04t) as of 30 September 2026.

Ping An’s net profit, however, fell 27.3% to $14.4b (RMB96.6b), whilst revenue declined 12.6% to $117.6b (RMB787.6b). The drop in net profit came as investment income fell amidst stock market volatility.

The insurer’s property and casualty business recorded a 3.5% increase in premium income to $39.6b (RMB265.2b). Its combined ratio improved by 1.4 percentage points to 95.6%, indicating better underwriting performance.

Ping An Life also increased the contribution of non-agency channels, including bancassurance and community finance, to 36.9% of new business value, up 1.8 percentage points year on year.

However, new business value for the life and health insurance business fell 13.3% to $4.6b (RMB31.0b).

Ping An Bank’s revenue rose 2.4% to $15.4b (RMB103.1b), whilst net profit increased 2.2% to $5.9b (RMB39.2b).

($1 = RMB6.7)