Analysts expect Ping An's earnings to recover in 2026

Operating profit after tax rose 7.6% YoY to $6.1b in the first quarter.

Ping An Insurance Group is expected to see a gradual earnings recovery in 2026, supported by stronger life insurance sales, better investment yields, and improving performance from its banking and asset management units.

The insurer’s operating profit after tax attributable to shareholders rose 7.6% year-on-year (YoY) to $6.1b (RMB40.8b) in the first quarter, even as net profit fell 7.4% to $3.8b (RMB25.0b) due to weaker equity market performance.

Management expects participating products to remain the main product type as customers shift money out of deposits in a low-interest-rate environment.

In the second half of 2026, Ping An plans to increase its focus on protection products and adjust the duration of savings products to help improve margins.

It also expects the contractual service margin balance to return to growth in 2026, supported by more stable interest rates and new business contributions.

CGS International said group operating profit is likely to keep improving, helped partly by the recovery in the asset management segment.

It also expects Ping An Bank to return to operating profit growth in 2026 after weaker profit trends in the past two years.

UOB Kay Hian forecasts Ping An’s operating profit after tax to rise to $21.2b (RMB141.5b) in 2026 from $20.2b (RMB134.4b) in 2025, whilst net profit is expected to reach $22.7b (RMB151.0b).

($1.00 = RMB6.83)