On October 28th, Ping An Insurance of China, a leading domestic insurance company, released its third-quarter report for 2026.

The third-quarter report shows that Ping An of China's core business remains stable. Excluding fluctuations in the investment sector, the company's operating profit attributable to the parent company increased by 8.3% year-on-year, indicating that its main business is still solid.

What is more noteworthy is that under the " AI in ALL " strategy, Ping An's AI application has been deeply integrated into various business scenarios, with an average daily Token consumption of up to 330 billion. In areas such as customer service, healthcare and elderly care, and enterprise operations, AI is transforming the company's operations and maintenance landscape.

Operating profit remains robust.

The third-quarter report shows that Ping An of China has maintained stable overall operational performance.

In the first three quarters of 2026, the company achieved an operating profit attributable to the parent company of 125.905 billion yuan, a year-on-year increase of 8.3%. Operating profit, based on net profit and excluding short-term investment fluctuations and one-time significant items, better reflects the company's ongoing operational performance.

During the same period, the company's net profit attributable to shareholders was 96.645 billion yuan. However, due to fluctuations on the investment side, the growth rate declined. Considering that in the third quarter of 2026, after nearly a year and three quarters of strong performance, the A-share market experienced a significant adjustment, the latter was clearly more significantly affected by the temporary market environment.

High-dividend assets are a 'ballast stone'

It is worth noting that although affected by the adjustments in the equity market in the third quarter, Ping An's net profit attributable to shareholders was 96.6 billion yuan, a year-on-year decrease of 27.3%. However, on the investment side, Ping An's forward-looking asset allocation still made a significant contribution.

Ping An uses a heavy position in high-quality, high-dividend stocks as a 'ballast stone.' In the first three quarters, high-dividend OCI (other comprehensive income) stocks contributed over 58 billion yuan in pre-tax profits. Although this portion of income is not included in the current period's profits, it significantly increased the net assets.

Data shows that Ping An's average comprehensive investment return rate over 10 years reached 4.9%, far exceeding its long-term investment return assumption of 4.0%.

In addition, as of September 30, 2026, the group's net assets attributable to the parent company amounted to 104.4366 billion yuan, an increase of 4.4% compared to the beginning of the year, indicating that its capital strength remains stable.

Multi-sector collaboration in main business

As a comprehensive financial giant, Ping An's major core business segments all delivered their respective results in the first three quarters of 2026:

• Life insurance and health insurance sector: Through multi-channel transformation and optimization of product structure, the value of new business ( NBV ) reached 31 billion yuan.
• In terms of property insurance: In the first three quarters, the total premium income reached 265.2 billion yuan, a year-on-year increase of 3.5%. Among them, the premium for new energy vehicle insurance grew rapidly, with a growth rate of 21.2%. The overall comprehensive cost ratio was optimized by 1.4 percentage points to 95.6%, and the comprehensive cost ratio for vehicle insurance was further optimized by 1.6 percentage points to 95.2%, highlighting the characteristic of compensating for volume with quality.
• In terms of banking operations: Ping An Bank achieved double growth in revenue and profit during the first three quarters. The net profit reached 39.2 billion yuan (a year-on-year increase of 2.2%), and the operating income was 103.1 billion yuan (a year-on-year increase of 2.4%). The annualized net interest margin remained at the industry-leading level of 1.80%, while the non-performing loan ratio was kept at a low of 1.05%, indicating stable asset quality.
• Asset Management Segment: Active capital market promotes diversified revenue growth. Ping An Securities' net profit increased by 23.8% to 5.8 billion yuan, and the number of A-share fund accounts firmly ranks second in the industry (26.88 million); Ping An Asset Management's entrusted management scale reached 6.53 trillion yuan (a year-on-year increase of 6%); Ping An Fund's profitability is quite satisfactory.

In the healthcare and elderly care ecosystem, customers who enjoy healthcare and elderly care-related benefits have a significant impact on the increase in the per-policy premium for new life insurance policies: customers with healthcare and health benefits are 2.6 times that of ordinary customers, those with home-based elderly care benefits are 11.4 times, and those with high-quality elderly care benefits are as high as 59.0 times. In addition, Peking University Health Care and Ping An Health achieved operating revenues of 4.36 billion yuan and 3.51 billion yuan respectively in the first three quarters, and the high-quality health and wellness brand "Yinian City" plans to have over 2,100 rooms.

" AI in ALL " Comprehensive Penetration

Technology has always been a major highlight of Ping An in China, and this is also prominently emphasized in the third-quarter report.

Under the " AI in ALL " strategy, Ping An's AI application has been deeply integrated into various business scenarios:

• In terms of computational power investment: Ping An Group's average daily Token consumption has reached as high as 330 billion. With the improvement in computational power utilization, the cost per Token has decreased significantly by 81% compared to the end of last year.
• In terms of customer service scenarios: Ping An's own AI quick service has been used by a total of 150 million people; the “AI Doctor” service has been used 62 million times in the first three quarters.
• In terms of enterprise operation scenarios: The penetration rate of AI programming in incremental code has reached 80%; the coverage rate in office scenarios is 80%; AI has increased operational efficiency by 25%.