Ping An growth faces volatility risk despite 10% profit rise

Operating profit increased in 2025 as underwriting improved and asset management losses narrowed.

Ping An Insurance is expected to maintain steady earnings growth, supported by its expanding bancassurance channel and improving underwriting performance, although risks from investment volatility and broader market conditions remain.

According to Morningstart Equity Analyst Note dated 30 March 2026, Ping An’s operating profit after tax rose by 10% in 2025, with growth picking up due to better underwriting results in its property and casualty (P&C) business and smaller losses in its asset management segment. 

The improvement was partly driven by milder catastrophe losses, which helped stabilise margins.

Looking ahead, the group is expected to deliver high single-digit operating profit growth through to 2030. 

This outlook is supported by continued recovery across its insurance operations and reduced risks in its banking and asset management businesses.

Bancassurance is expected to be a key growth driver. Ping An has rapidly scaled this channel since 2023 and now delivers a margin of around 29%, close to international peers and significantly higher than domestic competitors at around 15%. 

This strong margin profile is expected to support further growth in new business value, especially as distribution capabilities continue to expand beyond its core banking network.

The life insurance segment is also expected to benefit from this momentum, with stronger sales productivity and improved agent efficiency likely to support more stable long-term growth.

In the P&C segment, underwriting performance is expected to remain relatively resilient. Growth in new energy vehicle insurance is highlighted as a key opportunity, with rising adoption expected to support premium growth. 

However, margins could remain sensitive to claims trends and competition, limiting the pace of improvement.

Investment performance remains a key uncertainty. Whilst losses in asset management have narrowed, future returns are expected to depend on market conditions, which could continue to affect overall earnings stability.