China's leading insurer has delivered a blockbuster set of interim results that underscore its improving earnings quality.

Ping An Insurance (Group) Company of China, Ltd. released its half-year report on the evening of August 20, posting revenue of RMB 575.138 billion for the first half of 2026, up 15.0% year-on-year, while net profit attributable to shareholders of the parent company surged 36.1% to RMB 92.585 billion. Measured by year-on-year growth rates, both revenue and attributable net profit reached their strongest half-year levels since the first half of 2019, making this the fastest-growing interim report in seven years for the company.

The insurer also announced an interim cash dividend of RMB 0.98 per share, representing a 3.2% increase in payout levels compared with the same period last year.

Integrated Financial Model Shows Clear Competitive Edge

The latest interim results highlight several distinctive features of Ping An's operations, most notably the synergy between its unique integrated financial model and its core businesses.

According to the report, the company's "one customer, multiple accounts, multiple products, one-stop service" model has continued to enhance business competitiveness and customer management efficiency. As of June 30, 2026, individual customers reached 253 million, up 0.9% from the beginning of the year; value customers grew 2.6%; the retention rate for customers holding three or more products within the group stood at an impressive 99%; customers served for five years or more accounted for 76.6% of the total, and the average cost of acquiring customers internally was 35–45% lower than external acquisition costs.

These strengths translated into robust segment performance. In the first half of 2026, operating profit from life and health insurance reached RMB 55.872 billion, up 2.3% year-on-year, while new business value hit RMB 24.847 billion, a solid 11.2% increase. Participating products accounted for over 90% of new business in life insurance, giving the balance sheet greater resilience.

In property and casualty insurance, Ping An recorded original premium income of RMB 178.751 billion in the first half of 2026, up 4.0%, with new energy vehicle premiums jumping 21.5%. Insurance service revenue grew 3.8% to RMB 171.879 billion, while the overall combined ratio improved by 0.1 percentage points to 95.1%. By the end of June 2026, the Ping An Good Driver platform had more than 120 million active users over the past year, with customer satisfaction exceeding 97%.

Insurance Investment Portfolio Reaches RMB 6.61 Trillion

On the investment front, the company's insurance funds investment portfolio stood at RMB 6.61 trillion as of June 30, 2026, up 1.9% from the start of the year. Over the past decade, the average net investment yield was 4.8% and the average comprehensive investment yield was 4.9%, both exceeding the embedded value long-term investment return assumptions.

Meanwhile, Ping An's banking business posted year-on-year growth in both revenue and profit, with asset quality remaining broadly stable. In the first half of 2026, banking revenue reached RMB 70.617 billion, up 1.8%, and net profit rose 3.3% to RMB 25.696 billion. As of the end of June 2026, the non-performing loan ratio held steady at 1.05% from the beginning of the year, while the provision coverage ratio stood at a healthy 219.58%. Retail operations continued to develop at a high quality, with retail customer assets under management climbing 3.8% to RMB 4.400227 trillion, and the average deposit cost for personal deposits in the first half fell 40 basis points year-on-year to 1.52%.

Medical and Elderly Care Strategy Gains Traction

The half-year report also shows that Ping An's managed care model, which represents payers and integrates providers to deliver cost-effective medical and elderly care services, is beginning to bear fruit.

In the first half of 2026, health insurance premiums reached RMB 88.7 billion, of which medical insurance premiums exceeded RMB 43 billion, up 4.9% year-on-year. Some 11.51 million life insurance customers used medical and elderly care services during the period. Customers who utilised these services saw their policy continuation rate rise by 5.9 percentage points, and the average first-year premium per new life insurance policy for customers with medical and health benefits increased to 2.6 times the baseline.

As of June 30, 2026, Ping An had partnered with more than 38,000 hospitals nationwide, covering 100% of China's top 100 hospitals and tertiary hospitals. The company also collaborated with nearly 245,000 pharmacies, achieving over 35% coverage of the national pharmacy network, and served 192,000 corporate health management clients. In the first half of 2026, more than 20 million people used its medical and health services.

In home-based elderly care, the "Ping An Home" programme shifted from passive services to proactive health management, with over 320,000 customers qualifying for home care services. For community-based care, the company provides selection services for elderly care communities, offering end-to-end support before, during, and after residence. In institutional care, by June 30, 2026, the Ping An Zhen Yinian high-quality care communities had expanded to six projects across five cities, with Shanghai Yinian City Jing'an 8 and Shenzhen Yinian City Futian already operational, over 700 rooms open, and the Yixiang City Foshan experience centre in trial operation.

Daily Token Consumption Surpasses 120 Billion

The report also highlights progress in deploying AI across core business areas. Ping An has integrated more than 300 digital services across its multiple apps and service scenarios, offering a single entry point for one-stop customer solutions. AI now powers 88% of the group's business scenarios, serving as a digital assistant for approximately 90 million monthly active customers.

Meanwhile, intelligent agents have been embedded into core business processes, with the group's daily token consumption surging from 30 billion in December 2025 to over 120 billion by June 2026.