Ping An Releases Semi-Annual Report: Fastest Performance Growth in Seven Years!

The "gold content" of the performance of leading insurance companies continues to rise!

On the evening of August 20, Ping An released its semi-annual report, showing that the company achieved an operating revenue of RMB 575.138 billion in the first half of 2026, a year-on-year increase of 15.0%; the net profit attributable to the parent company reached RMB 92.585 billion, a significant year-on-year increase of 36.1%. In terms of year-on-year growth rates, both revenue and net profit attributable to the parent company achieved their best semi-annual performance since mid-2019. In other words, this is the semi-annual report with the fastest performance growth for Ping An in seven years.

In addition, Ping An stated that it would distribute an interim cash dividend of RMB 0.98 per share to shareholders, representing a 3.2% year-on-year increase in the dividend level.

Advantages of the Integrated Finance Model Become Increasingly Evident

Ping An's latest semi-annual report highlights several distinct characteristics of its business operations. One of these is the unique integrated finance model and the "chemical reaction" with its core businesses.

The semi-annual report shows that, relying on Ping An's integrated finance model of "one customer, multiple accounts, diverse products, and one-stop service," the company's business competitiveness and customer management efficiency have continued to improve. In terms of customer numbers, as of June 30, 2026, the company's individual customer base reached 253 million, an increase of 0.9% from the beginning of the year; the number of value customers increased by 2.6% from the beginning of the year; the retention rate of customers holding three or more types of products within the group was as high as 99%; customers who have been served for five years or more accounted for 76.6%, and the internal customer acquisition cost saved an average of 35-45% compared to external acquisition costs.

Driven by this, in the first half of 2026, the operating profit of the life and health insurance business was RMB 55.872 billion, a year-on-year increase of 2.3%; the new business value reached RMB 24.847 billion, a year-on-year increase of 11.2%. Participating insurance policies accounted for over 90% of Ping An Life's new business, making assets and liabilities more resilient.

In the property insurance business, in the first half of 2026, Ping An Property & Casualty Insurance achieved original premium income of RMB 178.751 billion, a year-on-year increase of 4.0%, among which the original premium income from new energy vehicles increased by 21.5% year-on-year; insurance service revenue was RMB 171.879 billion, a year-on-year increase of 3.8%; the overall combined ratio was 95.1%, an optimization of 0.1 percentage points year-on-year. As of the end of June 2026, the number of active users of Ping An Good Car Owner in the past year exceeded 120 million, with customer satisfaction exceeding 97%.

Insurance Investment Portfolio Scale Reaches RMB 6.61 Trillion

In terms of insurance investment, as of June 30, 2026, the scale of the company's insurance fund investment portfolio was RMB 6.61 trillion, an increase of 1.9% from the beginning of the year. Over the past 10 years, the average net investment yield was 4.8%, and the average comprehensive investment yield was 4.9%, exceeding the long-term investment return assumption of embedded value.

In addition, Ping An's banking business saw year-on-year growth in revenue and profit, with overall stable asset quality. In the first half of 2026, the banking business achieved operating revenue of RMB 70.617 billion, a year-on-year increase of 1.8%; net profit was RMB 25.696 billion, a year-on-year increase of 3.3%. As of the end of June 2026, the non-performing loan ratio was 1.05%, unchanged from the beginning of the year; the provision coverage ratio was 219.58%, maintaining good risk mitigation capabilities. The retail business achieved high-quality development. As of the end of June 2026, assets under management (AUM) for retail customers were RMB 4,400.227 billion, an increase of 3.8% from the beginning of the year; in the first half of 2026, the average interest payout rate for personal deposits decreased by 40 basis points year-on-year to 1.52%.

Medical and Elderly Care Strategy Continues to Land

The semi-annual report also showed that Ping An's continuous promotion of the managed care model, especially the concept of representing the payer and integrating the supplier to provide customers with the most cost-effective medical and elderly care services, is yielding results.

In the first half of 2026, Ping An achieved health insurance premium income of RMB 88.7 billion, among which medical insurance premium income exceeded RMB 43 billion, a year-on-year increase of 4.9%. In the first half of 2026, 11.51 million Ping An Life customers used medical and elderly care services. The additional insurance purchase rate among customers using medical and elderly care services increased by 5.9 percentage points, and the average first-year premium per new life insurance policy for customers enjoying medical and health rights increased to 2.6 times.

As of June 30, 2026, the number of domestic hospitals cooperating with Ping An exceeded 38,000, covering 100% of the top 100 hospitals and Grade A tertiary hospitals in China; the number of cooperating pharmacies was nearly 245,000, with a national pharmacy coverage rate exceeding 35%, supporting code-scanning payments for offline drug purchases by corporate health management customers; covering 192,000 corporate clients. In the first half of 2026, medical and health services were used by over 20 million people.

In terms of home-based elderly care, in the first half of 2026, "Ping An Home Care" transformed from passive service to active health management, with cumulatively over 320,000 customers qualifying for Ping An Home Care services. In community-based elderly care, Ping An provides selected elderly care community services for Ping An Home Care rights holders, offering full-process assistance before, during, and after residence. In institutional elderly care, as of June 30, 2026, Ping An Zhen Yinian high-quality health and elderly care communities have been laid out in 5 cities, with a total of 6 projects. Among them, Shanghai Yinian City • Jing'an No. 8 and Shenzhen Yinian City • Futian have been put into operation, with over 700 rooms opened in Yinian City, and the Yixiang City Foshan experience and display center has started trial operations.

Daily Token Consumption Exceeds 120 Billion

The semi-annual report also mentioned Ping An's progress in promoting the application of AI in core business areas.

Ping An has achieved integration across multiple apps and various service scenarios under its umbrella, encapsulating over 300 digital services to create a layout where one entry point provides one-stop solutions for customer needs. Currently, AI inquiry and handling cover 88% of the group's business scenarios, serving as an AI assistant for approximately 90 million monthly active customers.

Meanwhile, intelligent agents have been integrated into various core business scenarios of Ping An. Currently, the group's daily token consumption has jumped from an average of 30 billion per day in December 2025 to over 120 billion per day in June 2026.