Ping An set for solid growth through 2026 on strong NBV: Morningstar

This is backed by a 46% jump in NBV growth and stable agent headcount.

Ping An Insurance is expected to post steady earnings growth through 2026, supported by a strong rebound in its life insurance operations and improving conditions in its asset management arm, according to Morningstar’s latest analyst note.

The insurer’s operating profit after tax rose 7% year-on-year in the third quarter of 2025, slightly ahead of expectations. 

The result was fueled by better underwriting margins in its property and casualty segment and smaller losses in its asset management businesses as market sentiment improved.

Morningstar forecasts Ping An’s new business value (NBV) in life insurance to see strong double-digit growth into the first half of 2026. 

This is backed by a 46% jump in NBV growth and stable agent headcount, with improved productivity amongst agents.

Bancassurance is also expected to play a bigger role, with NBV contributions projected to rise to about 50% by 2029, from 27% in the first half of 2025. 

This growth will be driven by a low base and continued network expansion beyond Ping An Bank.

Ping An’s management is also betting on the long-term potential of home-based senior care services (a less capital-intensive alternative to high-end retirement communities), which analysts see as a viable growth driver over the coming years.