Ping An Insurance (Group) Company of China, Ltd. posted unaudited operating-profit growth for the first nine months of 2026 even as net profit and revenue fell, alongside a sharp drop in investment income.
Operating profit attributable to parent-company shareholders rose 8.3% from a year earlier to RMB125.905 billion for the period ended Sept. 30, a filing to the Hong Kong stock exchange showed. Net profit attributable to those shareholders declined 27.3% to RMB96.645 billion, while revenue dropped 12.6% to RMB787.634 billion.
Investment income totaled RMB49.489 billion, down from RMB157.695 billion in the same period of 2025. Reuters reported that stock market volatility weighed on investment income at Chinese insurers. Ping An’s filing recorded short-term investment variance of negative RMB33.957 billion for the nine months, compared with positive RMB26.122 billion a year earlier.
Ping An calculates operating profit after tax by excluding specified short-term investment variance in its life and health insurance business, as well as material non-operating items it considers one-off. The company says the measure helps assess results because its life and health business is long term. The filing listed one-off material non-operating items and others of positive RMB4.462 billion in 2026, against negative RMB9.347 billion in the comparable 2025 period.
Performance varied across the group’s insurance businesses. Life and health insurance operating profit increased 5.7% to RMB87.238 billion, while new business value fell 13.3% to RMB30.987 billion. Property and casualty premium income rose 3.5% to RMB265.215 billion, and its combined ratio improved by 1.4 percentage points to 95.6%.
Ping An Bank reported revenue of RMB103.1 billion, up 2.4%, and net profit of RMB39.186 billion, up 2.2%. Equity attributable to parent-company shareholders stood at RMB1.044 trillion on Sept. 30, up 4.4% from Dec. 31, 2025. Basic operating earnings per share rose 9.2% year over year to RMB7.23.
