AM Best expects Ping An P&C capital to remain resilient

The insurer reported a 10.3% ROE and mid-single-digit investment yield in 2025.

Ping An Property & Casualty Insurance Company of China (Ping An P&C) is expected to maintain a capital position that fully supports its expanding underwriting and asset risks over the short to intermediate term. 

The positive forward outlook is backed by the company's strong capital buffer, AM Best said in its research. 

In 2025, Ping An P&C’s capital and surplus grew by 7.0% to RMB 146.2 billion (USD 20.9 billion). 

AM Best expects this capital to remain resilient, supported by a liquid investment portfolio focused on fixed-income securities and a low financial leverage ratio of 6.0%.

Future revenue growth is expected to rely on both traditional and emerging lines. Motor insurance remains the primary profit engine, accounting for just under 70% of its $48.4b insurance service revenue in 2025. 

Notably, the insurer achieved profitability within its new-energy vehicle portfolio, which is expected to drive future auto profits. 

For secondary growth, the company is expanding into health, accident, agriculture, and Chinese Interest Abroad-related risks.

AM Best expects Ping An P&C to sustain strong operating performance, following a 10.3% return on equity and a mid-single-digit investment yield in 2025.