Ping An Reports Steady 7.6% Growth in Operating Profit Attributable to Shareholders of the Parent Company in Q1 2026, Life & Health NBV Increases 20.8% YoY

Group Total Assets Exceed RMB14 Trillion

HONG KONG and SHANGHAI, April 28, 2026 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or the "Group"; HKEX: 2318; SSE: 601318) today announced its first quarter financial results for the three months ended March 31, 2026.

2026 marks the commencement of China's 15th Five-Year Plan. Despite a complex and volatile external environment and challenges to economic performance, China's economy made a good start in the first three months of 2026. Ping An remains committed to its core financial business while consistently advancing its "integrated finance + health and senior care" strategy and upgrading services to build a differentiated core competitive advantage. The Group achieved steady overall operations and high-value growth in core businesses, demonstrating the resilience of development. 

The Group's operating profit attributable to shareholders of the parent company grew 7.6% year on year to RMB40,780 million in the first three months of 2026. The Group's equity attributable to shareholders of the parent company was RMB1,018,310 million, up 1.8% from the beginning of the year as of March 31, 2026. Total assets rose above RMB14 trillion to approximately RMB14.17 trillion as of March 31, 2026. Life and health insurance ("Life & Health") business achieved significant progress in high-quality development. In the first three months of 2026, Life & Health's first-year premium ("FYP") increased by 45.5% to RMB66,340 million. New business value ("NBV") climbed 20.8% year on year to RMB15,574 million. Bancassurance, community finance and other channels' share in Ping An Life's NBV increased by 6.8 pps year on year. The integrated financial service model improved the efficiency of customer development. As of March 31, 2026, Ping An's retail customers increased 0.2% from the beginning of the year to nearly 252 million. The retention rate of customers holding products across three or more product lines was 99% in the 12 months ended March 31, 2026. The advancing health & senior care strategy enabled core businesses via differentiation. The QR code payment service covered 111 thousand pharmacies nationwide, and cumulatively over 290 thousand customers had become entitled to home-based senior care services as of March 31, 2026. Ping An upgraded services to improve customer experience. By developing the financial industry's first AI Assistant that can "get things done driven by one prompt," Ping An realized AI-enabled review and processing of 84% of its business volume. The monthly online active customers on Ping An's apps increased 7.7% year on year to approximately 90 million in the 12 months ended March 31, 2026. Moreover, Ping An upgraded its global emergency assistance services to enable "one-touch emergency response," protecting customer safety by offering 38 service items in three major scenarios, namely "at-home, outdoor and overseas."

Integrated Finance Model Enables Core Competitive Edges, with Three Main Businesses Achieving High-Value Growth

The integrated financial service model enabled core competitive edges, constantly improving the efficiency of customer development. The Group's retail customers increased 0.2% from the beginning of the year to nearly 252 million and contracts per retail customer remained unchanged from the beginning of the year at 2.94 as of March 31, 2026. Quality of the customer base continued to improve. The Group's high-value customers increased 1.2% from the beginning of the year, faster than the overall retail customer base. Customer retention remained at a high level. Ping An has built a comprehensive product portfolio across four product lines, namely protection, wealth, credit, and service. This allows the Group to systematically meet customers' diverse financial, health and senior care needs. Moreover, Ping An enhances customer interaction and boosts retention with service products. The retention rate of customers holding products across two product lines was 97% while that of customers holding products across three or more product lines was 99% in the 12 months ended March 31, 2026. Customer engagement improved significantly. Since the go-live of the "All in One" platform in October 2025, Ping An has launched an integrated user interface of its apps and "Express Service." Monthly online active customers on Ping An's apps increased 7.7% year on year to approximately 90 million in the 12 months ended March 31, 2026. 

Life & Health business sustained growth with high-quality multi-channel development. NBV climbed 20.8% year on year to RMB15,574 million. New business FYP jumped 45.5% fueled by strong market demand. Bancassurance, community finance and other channels' share in Ping An Life's NBV increased by 6.8 pps year on year. Ping An Life comprehensively built multi-channel professional sales capabilities. In respect of the agency channel, Ping An Life launched IWA, an Insurance & Wellness Advisor brand, to boost team professionalism. In respect of the bancassurance channel, Ping An Life has comprehensively partnered with major state-owned banks and leading joint-stock banks, and accelerated partnership with high-quality urban commercial banks. In respect of the community finance channel, the overall persistency ratio of retained customers improved by 1.8 pps year on year in the first three months of 2026. Ping An Life rolled out "insurance + service" products in an orderly manner. The Company meets customers' diverse insurance needs via product innovation and upgrade. It launched new medical insurance products tailored to groups with higher risks and introduced an eight-year premium payment option. Ping An explored service innovation. It provided nearly eight million customers with health management services in the first three months of 2026. Cumulatively over 290 thousand customers had become entitled to home-based senior care services as of March 31, 2026. Ping An's premium health and senior care communities had been unveiled in five cities as of March 31, 2026. Among them, Zhen City • Shanghai and Zhen City • Futian in Shenzhen have opened for business.

Ping An P&C achieved solid growth with consistently improving business quality. Ping An P&C's premium income rose 6.8% year on year to RMB90,951 million in the first three months of 2026. Premium income of non-auto insurance reached RMB37,514 million, up 19.5% year on year. Ping An P&C's insurance revenue increased 3.9% year on year to RMB84,334 million. Overall COR improved by 0.8 pps year on year to 95.8%. New energy vehicle insurance business continued to grow, with premium income climbing 16.1% year on year and underwriting profitability remaining stable.

Ping An adheres to the philosophies of long-term investing and liability matching for insurance funds investment. The Group's insurance funds investment portfolio achieved an unannualized net investment yield of 0.8%. Ping An's insurance funds investment portfolio grew 0.9% from the beginning of the year to about RMB6.55 trillion as of March 31, 2026.

Ping An Bank achieved growth in both revenue and profit, and maintained steady asset quality. Revenue and net profit rose 4.7% and 3.0% year on year to RMB35,277 million and RMB14,523 million respectively in the first three months of 2026. As of March 31, 2026, non-performing loan ratio was 1.05% and provision coverage ratio was 219.59%; core tier 1 capital adequacy ratio rose 0.15 pps from the beginning of the year to 9.51%. Retail assets under management rose 1.2% from the beginning of the year to RMB4,287,990 million as of March 31, 2026. Corporate loan balance rose 4.1% from the beginning of the year to RMB1,730,959 million as loans to areas including technology finance and manufacturing grew healthily.

Ping An Advances Health and Senior Care Strategy and Enhances Customer Experience through Service Innovation

Ping An delivers the most cost-effective health and senior care services by leveraging its unique ecosystem advantage of "acting for payers and integrating providers." It has built core payment competencies. In the first three months of 2026, Ping An realized over RMB47.3 billion in health insurance premium income, including RMB24.35 billion in medical insurance premium income, up 6.4% year on year. Ping An has empowered core financial business development via its health and senior care ecosystem. First-year premium per new policy of health care customers, home-based senior care customers, and premium senior care customers increased by 1.2 times, 5.9 times, and 28.8 times respectively in the first three months of 2026. Health and senior care services are rapidly becoming a key driver of Ping An's second growth curve. PKU Healthcare Group and Ping An Health (also known as Ping An Good Doctor) achieved RMB1,327 million and RMB1,159 million in revenue respectively in the first three months of 2026.

Ping An develops an "online, in-hospital, at-home and corporate" full-scenario service system. Online: AI Doctor, empowered by Ping An's proprietary AI large language models, was used by over 5.60 million persons in the first three months of 2026. In-hospital: as of March 31, 2026, Ping An had partnered with over 38 thousand domestic hospitals, including 100% of China's top 100 hospitals and 3A hospitals. At-home: cumulatively over 290 thousand customers had become entitled to home-based senior care services as of March 31, 2026, increasing by 50,000 from the beginning of the year. Corporate: Ping An's health and senior care services covered 165 thousand paying corporate clients as of March 31, 2026. Ping An's QR code payment service for offline medicine purchase by members of corporate health management programs covered 111 thousand pharmacies nationwide as of March 31, 2026.

Ping An has significantly upgraded its "Service Year" initiative to comprehensively improve customer experiences. Leveraging the opportunities of the 2026 "Service Year," Ping An has enhanced its two signature AI‑powered "Express Service" and "Global Emergency Assistance." Since the go-live of the "All in One" platform in October 2025, Ping An has launched an integrated user interface of its apps and "Express Service." Ping An provides its nearly 252 million customers with the financial industry's first AI Assistant that can complete transactions, facilitate loan applications, make claim payments and provide emergency support all through a single prompt, meeting customer needs via "one user interface, one-stop solutions." Moreover, Ping An upgraded its global emergency assistance services to enable "one-touch emergency response" under a "3A" (Anytime, Anywhere and Anything) philosophy. Ping An partnered with over 200,000 medical institutions and 600,000 high-quality service providers, offering 38 service items across 233 countries and regions worldwide to protect customer safety.

Ping An empowers finance with "AI in ALL." In April 2026, Ping An's "Medical Large Model 3.5" achieved the highest global score on HealthBench Hard, the authoritative medical AI benchmark released by OpenAI. Ping An's Financial Large Model ranked first overall on the authoritative CNFinBench leaderboard. Under the principle of "AI in ALL," Ping An enables financial business to improve experience, manage risks, cut costs, and promote sales. In respect of experience improvement, Ping An has created a new brand image of life insurance claim service with "111 Quick Claims" featuring one-sentence case reporting, one-click material uploading, and one-minute claim review. In the first three months of 2026, 59% of claims were settled via the quick claim service. In respect of risk management, Ping An P&C's claims savings via smart fraud detection grew 6.7% year on year to RMB3.65 billion in the first three months of 2026. In respect of cost cutting, the volume of services provided by Ping An's AI service representatives reached about 487 million times, accounting for 82% of Ping An's total customer service volume in the first three months of 2026. The AI code penetration rate reached 40%, effectively enhancing the efficiency of research and development staff. In respect of sales promotion, AI agents helped realize RMB30,442 million in sales in the first three months of 2026 by enabling demand analysis, personalized recommendation, sales pitches, and so on.

Ping An actively fulfills its social responsibilities, supporting green development and rural vitalization. Ping An's green insurance premium income was RMB19,119 million, and funding provided for rural industrial vitalization via "Ping An Rural Communities Support" totaled RMB16,930 million in the first three months of 2026.

Looking ahead, China's trajectory toward high-quality economic development remains unchanged. A series of government policies will continue to create new advantages and drivers for domestic demand growth and economic recovery. Ping An will always stay true to its original aspiration of serving the people through financial services and will remain steadfast in its strategic resolve. The Group will adhere to its business policy of "value growth, service innovation, technology enablement, and regulatory compliance," and advance its technology-enabled "integrated finance + health and senior care" dual-pronged strategy. By continuously upgrading its service offerings and consolidating core competitiveness, Ping An is firmly committed to advancing five key financial sectors—technology finance, green finance, inclusive finance, pension finance, and digital finance—and to striving for long-term, high-quality, and sustainable development.