Ping An of China (02318) announced interim results. Net profit to mother of 92,585 billion yuan increased 36.06% year over year

According to the Zhitong Finance App, Ping An of China (02318) announced interim results for the six months ended June 30, 2026. The group achieved total revenue of RMB 615.351 billion (same per unit), an increase of 12.6% over the previous year; the net profit of shareholders of the parent company was 92,585 billion yuan, an increase of 36.06% over the previous year; and basic income per share was 5.3 yuan.

Quality service is a scarce resource and the widest moat. In the first half of 2026, Ping An's “financial+service” model was profoundly transformed to comprehensively enhance the customer experience. The company has packaged more than 300 digital services to create a “one entrance, one-stop solution” fast service AI assistant. At present, the AI investigation office has covered 88% of the Group's business scenarios. In the first half of the year, 47 million people experienced the exclusive AI assistant “doing things in one sentence”. In response to more than 100 types of “home, outdoor, and overseas” emergency risk incidents, the company upgraded the “one button can respond” global emergency rescue service. In the first half of 2026, Ping An Safety Emergency Rescue Service received more than 1,500 rescue cases, carried out cross-border medical transfers for 87 customers; escorted 36 compatriots from dangerous areas in the Middle East to return home safely. The “Safe Home” brand has been renewed, transformed from passive service to active health management, and launched “7 good” ace services covering home scenarios such as sleep, nutrition, and exercise. During the World Artificial Intelligence Conference, Ping An launched three types of products and services: specialty AI product service matrix, specialty disease prediction, specialty insurance, and Peking University Medical AI specialty manager to fill the gap in the market.

The inexhaustible driving force for service innovation stems from the continuous growth of the company's value. In the first half of 2026, Ping An further promoted the “comprehensive finance+medical care” strategy, built core competitiveness through “service differentiation”, and the Group's overall operations grew at a high value. Net profit attributable to shareholders of the parent company was 92,585 billion yuan, an increase of 36.1% over the previous year; shareholders' equity attributable to the parent company was 1028.084 billion yuan, an increase of 2.8% over the beginning of the year. With a long-term focus on shareholder returns and continuously improving the level of dividends, the company will pay an interim dividend of 0.98 yuan per share in cash, an increase of 3.2% over the previous year.

Comprehensive financial customer operations have been deepened, and customer dependency, satisfaction and trust have been enhanced by upgrading from a single product connection to multi-product collaborative services. By the end of June 2026, the number of value customers increased by 2.6% compared to the beginning of the year; customer retention was better, and multiple products made the relationship with customers more stable; customer stickiness was stronger, with customers serving 5 years or more, accounting for 76.6%, and the average number of customer contracts was 1.7 times that of first-year customers; customer acquisition costs were lower, and internal customer acquisition costs were reduced by an average of 35-45% compared to external customer acquisition costs. In the past 12 months, Ping An Online's monthly active customers peaked at about 90 million, making it one of the highest monthly active entrances to the financial industry.

Life insurance and health insurance practice high-quality development. In the first half of 2026, the new business value of the life insurance and health insurance business reached 24.847 billion yuan, an increase of 11.2% over the previous year. Continuing to promote the transformation of dividend products, Ping An Life Insurance's new business accounts for more than 90% dividend insurance, and its assets and liabilities are more resilient. Actively optimize the delivery structure, enrich the supply of long-delivery products, and increase the proportion of new agent channel businesses with long-term deliveries by 6 percentage points year-on-year to meet the diversified needs of customers and steadily increase long-term customer size and customer stickiness. Multi-channel balanced development. In the first half of 2026, the per capita new business value of agent channels increased by 14.1% year on year; banking insurance, community financial services and other channels contributed nearly 40% to Ping An Life Insurance's new business value, an increase of 3.8 percentage points over the previous year.

The quality and efficiency of property insurance operations has been steadily improving. The original insurance premium income was 178.751 billion yuan, up 4.0% year on year. Among them, the original insurance premium income for new energy vehicles increased by 21.5% year on year; insurance service revenue was 171,879 billion yuan, up 3.8% year on year; and the overall comprehensive cost ratio was 95.1%, optimized by 0.1 percentage points year on year. The investment performance of insurance funds was steady, with a portfolio size of 6.61 trillion yuan, up 1.9% from the beginning of the year; the average net return on investment in the past 10 years was 4.8%, and the average comprehensive return on investment in the past 10 years was 4.9%. Bank revenue and profit continued to grow. Operating revenue was $70.617 billion, up 1.8% year on year; net profit was 25.696 billion yuan, up 3.3% year on year; non-performing loan ratio was 1.05%, provision coverage rate 219.58%.

The medical and pension strategy continues to be implemented, and differentiated advantages empower the main business. In the first half of 2026, Ping An achieved health insurance premium revenue of 88.7 billion yuan; the number of AI doctors used more than 9.7 million, and the accuracy rate of assisted diagnosis and treatment was 96%; AI+ real doctors covered 100% of the Group's individual customers. As of June 30, 2026, the total number of eligible Ping An Home Service customers exceeded 320,000. The Ping'an Zhenyinian High Quality Health Community Project was put into operation in Shanghai and Shenzhen. The health care and pension ecosystem effectively empowered the main business, and the insurance rate for customers using medical care services increased by 5.9 percentage points.

The steady development of medical care services contributes to long-term value. Through a self-operated network+cooperative network, a full-process medical service system covering “screening, prevention, diagnosis, treatment and health” has been established. In the first half of 2026, Peking University Medical Group had revenue of 2.8 billion yuan. Ping An Health continues to create a managed medical model with Chinese characteristics, and carries out proactive health management through “AI+ real doctors”. In the first half of 2026, Ping An Health had revenue of 2,484 million yuan and net profit of 219 million yuan; as of the end of June 2026, there were more than 7,700 service-paying enterprise customers in the past 12 months.