On October 28, 2026, Ping An Insurance (Group) Co., Ltd. of China (hereinafter referred to as "Ping An of China", "Ping An", "Group" or "Company", stock code: Hong Kong Stock Exchange 02318, Shanghai Stock Exchange 601318) today announced its results for the nine months ended September 30, 2026.
In the first three quarters of 2026, in the face of a complex and severe external environment, China's economy has generally been operating steadily, maintaining a development trend of new momentum, improved structure, and improved quality and efficiency. Ping An of China continues to deepen the development of the two-wheel parallel, technology-driven strategy of "comprehensive finance + medical and elderly care", continuously consolidates its comprehensive financial advantages, continues to implement its medical and elderly care layout, adheres to the orientation of customer needs, strives to promote high-quality development, and the group's overall operations have achieved steady growth. In the first three quarters of 2026, the group achieved operating profits attributable to shareholders of the parent company of 125.905 billion yuan, a year-on-year increase of 8.3%; basic operating earnings per share were 7.23 yuan, a year-on-year increase of 9.2%. As of September 30, 2026, the group's net assets attributable to shareholders of the parent company were 1,044.366 billion yuan, an increase of 4.4% from the beginning of the year.
The main financial industry implements high-quality development. In the first three quarters of 2026, the operating profit of life and health insurance business was 87.238 billion yuan, a year-on-year increase of 5.7%; Ping An Property & Casualty’s original insurance premium income was 265.215 billion yuan, a year-on-year increase of 3.5%. The overall comprehensive The combined ratio improved by 1.4 percentage points year-on-year to 95.6%; Ping An Bank achieved operating income of 103.100 billion yuan, a year-on-year increase of 2.4%, and net profit of 39.186 billion yuan, a year-on-year increase of 2.2%. 2026 is Ping An's "Year of Service". The company adheres to customer demand-oriented and promotes continuous upgrading of customer experience such as fast services that can "do things in one sentence". As of the end of September 2026, the AI inquiry office covers 90% of the group's business scenarios. Comprehensively deepen "AI in ALL". In September 2026, the average daily consumption of Tokens exceeded 330 billion, an increase of more than 10 times compared with December 2025; the Token output per unit of computing power increased by 509%, and the unit Token cost dropped by 81%. It supports the large-scale application of AI with higher efficiency and lower costs, and accelerates the creation of business value.
Comprehensive financial model builds core competitive advantages and high-quality development of main financial businesses
With the accumulation of residents' wealth, professional, personalized and comprehensive financial services are ushering in broader market opportunities. Ping An has created a unique comprehensive financial model that effectively solves the three major pain points of homogenization of traditional financial products, low interaction frequency, and poor customer experience, and provides customers with a high-quality service experience that "saves worry, time, and money."
The comprehensive financial model builds core competitive advantages and customer operating efficiency continues to improve. As of September 30, 2026, the number of Ping An's personal customers was nearly 256 million, an increase of 1.9% from the beginning of the year; the average customer held 2.95 contracts, an increase of 0.3% from the beginning of the year. Customer quality continued to be optimized, with the number of valuable customers reaching 41.51 million, an increase of 3.1% from the beginning of the year, higher than the overall growth rate of individual customers. The customer retention rate remains high, with the retention rate of customers holding three or more types of products within the group in the past 12 months reaching 99%.
The life insurance and health insurance business has developed steadily, and the high-quality strategy has been gradually advanced. In the first three quarters of 2026, the operating profit of life and health insurance business was 87.238 billion yuan, a year-on-year increase of 5.7%. With the coordinated development of multiple channels, in the first three quarters of 2026, the new business value contribution of non-agent channels accounted for 36.9%, a year-on-year increase of 1.8 percentage points, and the full payment continuation rate of existing customers of community financial service channels increased by 1.6 percentage points year-on-year. The agent channel has deepened the team strategy of "making quality, increasing quality and nurturing quality". Among the new manpower in the first three quarters of 2026, manpower with college degree or above accounted for 66.3%, a year-on-year increase of 6.5 percentage points. We continue to promote the transformation of long-delivery products and proactively optimize the delivery structure. In the first three quarters of 2026, the proportion of new business in the agent channel with long delivery periods increased by more than 10 percentage points year-on-year, and the business value increased steadily.
Continuously upgrading the "insurance + service" model, Ping An Life actively builds a multi-level, full-scenario medical, health and elderly care service matrix. In terms of medical and health care, the two major protection products "Anyouyi" and "Anyouhu" have consolidated the foundation of health protection, and the four major wealth products "Medical Access", "Zhenxiang Family Doctor", "Yuxiang Traditional Chinese Medicine" and "Private Health Medical" have achieved full coverage from basic medical treatment to high-end private medical care. In terms of home-based elderly care, anchoring on customers' elderly care needs, we collaborated with Ping An Health to innovate and launch "brain health management" services, covering the entire cycle of "early screening - diagnosis and treatment - care". As of September 30, 2026, a total of more than 320,000 customers have been qualified for Ping An Home Services. In terms of high-quality elderly care, we will create a new health care experience with quality and warmth. As of the end of September 2026, Ping An Zhenyi Nian high-quality health care community projects have been deployed in 5 cities, with a total of 6 projects.
The scale of property insurance business continued to grow, and the quality and efficiency of operations steadily improved. In the first three quarters of 2026, Ping An Property & Casualty's original insurance premium income was 265.215 billion yuan, a year-on-year increase of 3.5%, of which new energy auto insurance original insurance premium income increased by 21.2% year-on-year; insurance service income was 263.035 billion yuan, a year-on-year increase of 3.8%; the overall combined ratio was 95.6%, an improvement of 1.4 percentage points year-on-year, and continued to maintain good profitability.
Investment performance of insurance funds was solid. As of September 30, 2026, the insurance fund investment portfolio size was 6.83 trillion yuan, an increase of 5.2% from the beginning of the year. The average net investment return rate in the past 10 years is 4.8%, and the average comprehensive investment return rate in the past 10 years is 4.9%, exceeding the long-term investment return assumption of embedded value.
The bank's revenue and profit increased, its asset quality was generally stable, and its core tier-1 capital adequacy ratio increased. In the first three quarters of 2026, Ping An Bank achieved operating income of 103.100 billion yuan, a year-on-year increase of 2.4%; and net profit of 39.186 billion yuan, a year-on-year increase of 2.2%. 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%, an increase of 0.25 percentage points from the beginning of the year.
The medical and elderly care strategy continues to be implemented, and differentiated advantages empower the main business
China has entered the "Era of Longevity", and residents' demands for quality elderly care, health and longevity are constantly increasing. Ping An continues to deepen its "integrated finance + medical elderly care" strategy and provides customers with the most cost-effective medical elderly care services based on its unique ecological advantage of "representing payers and integrating suppliers."
The multi-level guarantee system improves customers’ payment ability. Through the continuous development of corporate health security plans, commercial health insurance and other products to meet customers' multi-level medical security needs, we will connect a wider range of financial products with medical and nursing service rights and interests, improve customers' payment capabilities, and create an internal ecological cycle. In the first three quarters of 2026, Ping An achieved health insurance premium income of 130.5 billion yuan, of which medical insurance premium income was 62.9 billion yuan, a year-on-year increase of 7.1%. As of September 30, 2026, Ping An covered nearly 195,000 corporate customers.
Improve the full-scenario service system of "online, hospital, home, and enterprise". Strengthen the capacity building of AI doctors. As of September 30, 2026, AI doctors' accurate diagnosis covers more than 11,300 diseases, the accuracy of AI doctor-assisted diagnosis and treatment is 96%, the accuracy of AI multi-disciplinary consultation and treatment plans for complex diseases is nearly 90%, and AI + real doctors cover 100% of the group's individual customers. In the first three quarters of 2026, there will be nearly 13 million AI doctors using it. To improve the coverage network, as of September 30, 2026, Ping An has more than 38,000 domestic cooperative hospitals, and has achieved 100% cooperative coverage among the top 100 domestic hospitals and top tertiary hospitals. Overseas, Ping An's cooperation network has covered 35 countries around the world and more than 1,300 overseas medical institutions. Strengthening the team of medical experts and medical technology capabilities. As of September 30, 2026, Ping An has 181 national, provincial and municipal experts, 42 more in the first three quarters, and the number of medical technology patent applications increased by 33% year-on-year. Clinical innovation and translation capabilities continue to increase, achieving national-level restricted technological breakthroughs in the field of severe heart failure diagnosis and treatment. Peking University International Hospital has launched the country's first ZAP-X knife non-invasive radiotherapy, and completed the country's first non-invasive precision radiotherapy for brain metastases from lung cancer.
The medical and elderly care ecosystem deeply empowers the development of the main financial industry. In the first three quarters of 2026, the average first-year premiums for new life insurance products for customers with medical and health rights, safe home rights, and high-quality pension rights increased to 2.6 times, 11.4 times, and 59.0 times respectively. Medical care services have developed steadily and continued to contribute long-term value. In the first three quarters of 2026, Peking University Medical Group's operating income was 4.356 billion yuan, and Ping An Health's operating income was 3.508 billion yuan.
Service innovation improves customer experience, and AI accelerates the creation of business value
2026 is Ping An's "Year of Service". The company adheres to customer demand-oriented and core business empowerment, deepens the application of AI in core business areas, and promotes continuous upgrading of customer service experience.
Upgrade Ping An services to comprehensively improve customer experience. To create a fast service that can "get things done in one sentence", as of the end of September 2026, the AI inquiry office covers 90% of the group's business scenarios, with an AI end-to-end resolution rate of 91%, and a cumulative use of more than 150 million people, making it a reliable AI assistant for Ping An's approximately 97 million monthly active customers. Upgrading the global emergency rescue service with "one button for emergency response". In the first three quarters of 2026, the number of people who can use the rights exceeded 110 million, the number of rescue service applications exceeded 2,500, and the satisfaction rate exceeded 98%. Ping An is proactively planning a new track for brain health care. In September 2026, Ping An launched an integrated brain health service for early screening, diagnosis, treatment, and care of Alzheimer's disease, enabling early detection of the disease, easy access to medical treatment, and guaranteed home health care.
"AI in ALL" deepens its implementation and accelerates the creation of business value. Excellent experience, in the first three quarters of 2026, the number of AI doctor users exceeded 62 million, more than 70% of the "four to" medical and health services are distributed by AI, the multidisciplinary capabilities for complex diseases have been further improved, and the "most professional AI doctors" have been continuously created. To control risks, AI empowers insurance to improve its risk control capabilities, strengthen abnormal behavior identification, intelligent risk assessment and early warning. In the first three quarters of 2026, Ping An Property & Casualty’s anti-fraud intelligent claims interception reduced losses by 10.04 billion yuan, a year-on-year increase of 9.7%. To reduce costs, 95% of life insurance policies are underwritten in seconds, effectively reducing operational review costs; in the first three quarters of 2026, Ping An's AI agent services amounted to approximately 1.484 billion times, covering 82% of Ping An's total customer service; it actively promoted the application of AI coding tools, and the AI code penetration rate reached 80%. To promote sales, upgrade the life insurance agent marketing Askbob and build a full-process marketing intelligence. In September 2026, the average number of visits per agent using the marketing Askbob increased by nearly 8% compared with the average level of all employees.
Fulfill social responsibilities and serve green development and rural revitalization. In the first three quarters of 2026, Ping An Green Insurance's original insurance premium income was 64.196 billion yuan, and it provided rural industry assistance funds of 40.794 billion yuan through the "Three Villages Project".
Looking to the future, the general trend of high-quality economic development in our country has not changed. A series of policies continue to work hard to provide solid support for the economy to maintain stable and progressive development, and continue to create new advantages and accumulate new momentum in the new and better direction. Ping An of China will always adhere to its original intention of serving the people through finance, deepen the two-wheel parallel, technology-driven strategy of "comprehensive finance + medical care and elderly care", practice the operating policy of "high-value growth, service innovation, technology leadership, and legal compliance", actively write the "five major articles" of finance, continue to optimize the development structure, continuously consolidate growth momentum, innovate, polish, and upgrade high-quality services, and use more resilient growth to give back to society, shareholders, and customers.
