Ping An Insurance (Group) Company of China (2318) investor relations material

Executive summary

• Operating profit attributable to shareholders rose 7.6% year-over-year to RMB40.78 billion in Q1 2026, while net profit declined 7.4% to RMB25.02 billion due to market volatility and lower investment returns.

• Shareholders' equity increased 1.8% year-to-date to RMB1,018.31 billion.

• Total revenue for Q1 2026 was RMB238.48 billion, down 7.1% year-over-year.

• Focused on value growth, customer engagement, and digital service enhancements, supported by integrated finance and health & senior care strategies.

• Total assets reached RMB14.17 trillion, up 2.0% from year-end 2025.

Financial highlights

• Basic EPS was RMB1.43, down 7.1% year-over-year; diluted EPS was RMB1.25, down 13.2%.

• Operating cash flow was RMB131.06 billion, down 46.1% year-over-year, mainly due to reduced net cash inflow from central bank borrowings.

• Weighted average ROE (non-annualized) was 2.5%, down 0.4 percentage points year-over-year.

• Net investment yield remained stable at 0.8%, while comprehensive investment yield dropped to 0.2%, down 1.1 percentage points year-over-year.

• Life & Health NBV margin (based on FYP) was 23.5%, down 4.8 percentage points year-over-year.

Outlook and guidance

• Management expects continued external uncertainties and domestic economic challenges in the short term, but remains confident in long-term high-quality growth driven by policy support and strategic focus on integrated finance and healthcare.

• Continued focus on service innovation and customer-centric growth.