Ping An Insurance saw its operating profit attributable to shareholders grow in the first quarter, underpinned by progress across its insurance franchises and stable contributions from its banking operations.
For the three months ended March 31, operating profit attributable to shareholders increased 7.6% year-on-year to 40.78 billion yuan. The company simultaneously reported a 7.4% decline in net profit to 25.02 billion yuan, which it attributed to investment-related volatility.
Investors responded positively to the results. Hong Kong-listed shares of the company climbed 5.2% to HK$63.2 by 00:55 ET (04:55 GMT) following the release.
Ping An highlighted the continued strength of its life and health business. Operating profit in that segment rose 6.4%, and new business value jumped 20.8%, with the company pointing to strong multi-channel expansion as a supporting factor. The property and casualty unit also posted steady progress, with premium income up 6.8% and an improved combined ratio of 95.8%.
The group's banking arm delivered stable growth as well. Revenue increased 4.7% and net profit grew 3.0%, and Ping An said asset quality remained resilient through the quarter.
Management reiterated the role of its strategic positioning - described by the company as "integrated finance + health and senior care" - in supporting expansion of its customer base to nearly 252 million. The group said it had made a "steady start" to 2026, noting resilience amid a complex economic backdrop marked by geopolitical uncertainty and uneven domestic demand.
These results show a mix of durable operating gains in core financial services alongside sensitivity to market and investment performance that affected reported net income. The company’s growth in new business value and improved combined ratio underline operational momentum in the insurance segments, while the banking business contributed steady top-line and bottom-line increases.
Sector impact
- Insurance - life, health and property and casualty segments showed revenue and profitability improvements.
- Banking - stable revenue and net profit growth with resilient asset quality.
- Health and senior care - referenced as a strategic pillar supporting customer expansion.