Ping An reports $3.66b net profit, down 7.4% in Q1 as revenue falls despite operating gains

Revenue fell 7.1% year on year (YoY) to $34.88b (RMB238.5b).

Ping An Insurance Group reported a 7.4% decline in net profit attributable to shareholders to $3.66b (RMB25.02b) for the three months ended 31 March, compared with $3.95b (RMB27.0b) a year earlier, according to its unaudited results.

Revenue fell 7.1% year-on-year (YoY) to $34.88b (RMB238.5b), driven by lower investment income and reduced interest income from banking operations, according to the company, whilst operating profit attributable to shareholders rose 7.6% to $5.97b (RMB40.8b) over the period.

Earnings per share dropped 7.1% as well from $0.23 (RMB1.54) in 2025 to $0.21 (RMB1.43) in 2026.

New business value (NBV) from life and health insurance increased 20.8% YoY to $2.28b (RMB15.6b), supported bygrowth in bancassurance, community finance and other channels, whose contribution to NBV rose by 6.8 percentage points.

Life and health operating profit rose 6.4% to $4.34b (RMB29.7b).

Property and casualty insurance premium income increased 6.8% to $13.30B (RMB90.95b), whilst insurance revenue rose 3.9% to $12.33b (RMB84.33b). The combined ratio improved to 95.8% from 96.6% a year earlier.

Ping An Bank reported a 3.0% increase in net profit to $2.12b (RMB14.5b), with revenue up 4.7% to $5.16b (RMB35.3b). The bank’s non-performing loan ratio was unchanged at 1.05%.

Total retail customers rose 0.2% year to date to 251.6 million as of end-March 2026, while contracts per retail customer remained stable at 2.94.

Insurance funds investment portfolio stood at about $957.96b (RMB6.55t), with an unannualised comprehensive investment yield of 0.2%, down 1.1 percentage points year on year.