Ping An Insurance’s property and casualty business reported a 4% year-on-year increase in premium income in the first half of 2026, while a modest improvement in its combined operating ratio pointed to continued underwriting discipline.
P&C premium income reached RMB178.75 billion ($26.56 billion), up from a year earlier. Insurance revenue increased 3.8% to RMB171.88 billion.
The business reported a combined operating ratio of 95.1%, an improvement of 0.1 percentage points year on year.
New energy vehicle insurance drives growth
New energy vehicle insurance was one of the stronger areas of growth, with premium income increasing 21.5% year on year during the first half.
Ping An has continued to invest in its technology-enabled operating model, combining insurance services with technology and customer support. The P&C business handled more than three million customer interactions on average each day during the period.
Its digital reach was also significant. The Ping An Auto Owner app recorded more than 120 million active users in the 12 months to June 30, with customer satisfaction remaining above 97%.
The insurer also introduced new service initiatives aimed at reducing friction in auto claims, including measures designed to remove the need for onsite waiting, proof submission and loss assessment in certain circumstances.
Technology used for loss prevention
Ping An is also using technology to move further into proactive risk management rather than relying solely on claims response.
During the first half, the P&C business issued 177,000 natural disaster early-warning alerts to approximately 120 million customers. Ping An estimated that the alerts helped mitigate RMB212 million in potential losses.
The results illustrate how the insurer is combining its large customer base with data and technology to influence loss frequency and severity, rather than using digital tools solely to improve administrative efficiency.
Group results remain strong
The P&C performance came alongside strong overall results for Ping An.
Group revenue rose 12.6% year on year to RMB615.35 billion, while operating profit increased 8.3% to RMB84.20 billion. Net profit jumped 36.1% to RMB92.59 billion.
The group's life and health business also maintained its growth trajectory, with new business value increasing 11.2% to RMB24.85 billion.
Insurance funds investment assets increased 1.9% from the start of the year to RMB6.61 trillion at June 30.
AI expands across the insurance operation
Technology remains central to Ping An's wider strategy. The group said AI-enabled inquiry, consultation and processing now covers 88% of its business scenarios.
It has also launched an "Express Service" capability designed to allow customers to complete processes through a single prompt, while its upgraded global emergency assistance service handled more than 1,500 emergency requests during the first half.
For P&C, the combination of premium growth, a sub-100% combined ratio and expanding use of technology points to a model focused not simply on increasing scale, but on using data, digital distribution and preventative services to protect underwriting performance.
Ping An said it will continue pursuing its technology-enabled strategy through the remainder of 2026, with an emphasis on service innovation, digital finance and technology-driven development.
