Ping An Life and P&C seen maintaining stable capital, profits

A planned $2.79b capital injection from Ping An will further support its capital base. 

Ping An Life and Ping An P&C are expected to maintain solid capital positions and stable profitability over the next 12 to 18 months, according to Moody’s Ratings, despite challenges from investment risks and low interest rates.

Ping An Life’s agency reforms have boosted productivity and new business value in 2024, while solvency ratios improved to 164% (core) and 228% (comprehensive) as of March 2025.

A planned $2.79b (RMB20b) capital injection from Ping An Group will further support its capital base. 

However, continued high dividend payouts and increased equity exposure—now at 230% of shareholders’ equity—could pressure solvency going forward.

Ping An P&C also remains on stable footing, supported by strong underwriting and a lower combined ratio of 98.3% in 2024. 

The insurer has scaled back high-risk guarantee insurance and continues to benefit from its large capital base, though its exposure to equity-type investments may introduce earnings volatility.

Moody’s expects both insurers to maintain their market positions and meet capital requirements, even as investment income faces pressure from low rates.