Ping An Insurance Q3 Report: 330 Billion Tokens Consumed Daily, AI Coding Penetration Reaches 80%

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

The third-quarter report shows that Ping An's core operating foundation remained stable, with the company's operating profit attributable to shareholders, excluding investment-side fluctuations, growing 8.3% year-on-year, indicating that the main business remains stable.

More notably, under the "AI in ALL" strategy, Ping An's AI applications have penetrated deeply into various business scenarios, with average daily Token consumption reaching as high as 330 billion, and AI is changing the face of the company's operations and maintenance in areas such as customer service, healthcare and elderly care, and enterprise operations.

Operating profit remains stable

The third-quarter report shows that China Ping An's overall operating performance was steady.

In the first three quarters of 2026, the company achieved operating profit attributable to shareholders of 125.905 billion yuan, up 8.3% year-on-year. Operating profit is based on net profit and excludes short-term investment fluctuations and one-off major items, and thus better reflects the company's sustainable operating performance.

In the same period, the company's net profit attributable to shareholders was 96.645 billion yuan, with its growth rate declining, dragged down by investment-side fluctuations. Considering that in the third quarter of 2026, the A-share market, after a strong performance lasting nearly one year and three quarters, underwent a notable correction, the latter was clearly more affected by the phased market environment.

High-dividend assets are the "ballast"

It is worth noting that although affected by the equity market correction in the third quarter, Ping An's net profit attributable to shareholders was 96.6 billion yuan (down 27.3% year-on-year). But on the investment side, Ping An's forward-looking asset allocation still contributed significantly.

By heavily investing in high-quality high-dividend stocks as a "ballast," Ping An's high-dividend OCI (other comprehensive income) stocks contributed more than 58 billion yuan in pre-tax floating gains in the first three quarters. Although this portion of gains is not included in current-period profit, it substantially increased net assets.

Data shows that Ping An's 10-year average comprehensive investment return reached 4.9%, far exceeding its 4.0% long-term investment return assumption for embedded value.

In addition, as of September 30, 2026, the group's net assets attributable to shareholders were 1,044.366 billion yuan, up 4.4% from the beginning of the year, and its capital strength remained stable.

Multiple main business segments in coordination

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

Life insurance and health insurance: Through deepened multi-channel transformation and product structure optimization, new business value (NBV) reached 31 billion yuan.

Property insurance: Overall premium income in the first three quarters reached 265.2 billion yuan, up 3.5% year-on-year, among which new energy vehicle insurance premiums grew rapidly, at a rate of 21.2%. The overall combined ratio improved by 1.4 percentage points to 95.6%, and the auto insurance combined ratio improved by 1.6 percentage points to 95.2%, with a clear characteristic of compensating for volume with quality.

Banking business: Ping An Bank achieved double growth in revenue and profit in the first three quarters. Net profit reached 39.2 billion yuan (+2.2% year-on-year), and operating income was 103.1 billion yuan (+2.4% year-on-year). The annualized net interest margin remained at an industry-leading level of 1.80%, and the non-performing loan ratio stayed at a low level of 1.05%, with stable asset quality.

Asset management segment: Active capital markets drove diversified revenue development. Ping An Securities' net profit surged 23.8% to 5.8 billion yuan, and its number of A-share fund accounts ranked second in the industry (26.88 million); Ping An Asset Management's entrusted scale reached 6.53 trillion yuan (+6% year-on-year); Ping An Fund's profitability was relatively ideal.

In the healthcare and elderly care ecosystem, customers entitled to healthcare and elderly care-related benefits clearly boosted the average premium per new life insurance policy: healthcare entitlement customers were 2.6 times that of ordinary customers, home-based elderly care entitlement customers were 11.4 times, and high-quality elderly care entitlement customers were as high as 59.0 times. In addition, Peking University Healthcare and Ping An Health achieved operating income of 4.36 billion yuan and 3.51 billion yuan, respectively, in the first three quarters, and the high-quality health and wellness brand "Yi Nian Cheng" has planned more than 2,100 rooms.

Technology has always been a major highlight of China Ping An, and the third-quarter report also covered it in detail.

In terms of computing power investment: Ping An Group's average daily Token consumption has reached as high as 330 billion, and with improved computing power utilization, the unit Token cost has fallen sharply by 81% from the end of last year.

In customer service scenarios: Ping An's own AI quick service has been used a cumulative 150 million times; "AI Doctor" was used 62 million times in the first three quarters.

In enterprise operations scenarios: the penetration rate of AI programming in incremental code has reached 80%; AI office scenario coverage has reached 80%; AI operations have improved job efficiency by 25%. Risk disclosure and disclaimer

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