Ping An's Operating Profit Up 8.3% in First Three Quarters, Daily AI Computing Consumption Reaches 330 Billion Tokens
nashnova research
Ping An's first-three-quarter operating profit rose 8.3% to RMB 125.9 bn, while net profit fell 27.3% on a Q3 A-share slump — core businesses are steady, but AI penetration metrics are emerging as the new valuation anchor.
Operating profit up, net profit down — which number matters?
Attributable operating profit hit RMB 125.905 bn, up 8.3% YoY. Attributable net profit came in at RMB 96.645 bn, down 27.3%.
This means → operating profit strips out investment swings and shows how well insurance, banking, and asset management are actually performing. Net profit absorbed the full impact of the Q3 A-share correction.
In plain terms = the core businesses earned more, but a stock-market dip dragged the headline number down — the two figures are telling two different stories.
RMB 58 bn in unrealised gains from dividend stocks — why doesn't it count as profit?
High-dividend OCI equities — other comprehensive income, meaning investment gains that bypass the income statement and flow straight into net assets — generated over RMB 58 bn in pre-tax unrealised gains in the first three quarters.
Attributable net assets reached RMB 1.044 tn, up 4.4% from year-start. The 10-year average total investment return stands at 4.9%, above the 4.0% long-term return assumed in embedded-value calculations.
This means → Ping An treats high-dividend stocks as ballast: they don't lift quarterly earnings, but they steadily thicken the balance sheet — profit "stored" in net assets rather than reported on the income statement.
Business segments — who is accelerating, who is under pressure?
Life & health insurance: new business value (NBV — a measure of future profit embedded in new policies) reached RMB 31 bn, driven by multi-channel transformation.
Property & casualty: premium income RMB 265.2 bn, up 3.5% YoY; NEV auto-insurance premiums grew 21.2%. Combined ratio improved 1.4 pp to 95.6%; auto combined ratio, 95.2%. This means → for every RMB 100 of premium collected, costs stay below 96 — the underwriting side is profitable.
Banking: net profit RMB 39.2 bn, up 2.2%; NIM 1.80%, NPL ratio 1.05% — stable, not fast. Securities net profit rose 23.8% to RMB 5.8 bn; funded accounts at 26.88 mn, second in the industry.
Healthcare-and-eldercare ecosystem — how much more will premium clients pay?
Clients with healthcare benefits pay 2.6× the average new-policy premium of ordinary clients. For home-eldercare benefits, the multiple is 11.4×; for premium eldercare, 59.0×.
In plain terms = healthcare and eldercare services act as a hook — once clients hold these benefits, they are willing to spend multiples more on insurance.
Peking University Healthcare and Ping An Health posted first-three-quarter revenue of RMB 4.36 bn and RMB 3.51 bn respectively, so the ecosystem itself is generating revenue.
330 billion tokens a day — where has AI actually reached?
Group-wide daily token consumption hit 330 bn. Unit token cost fell 81% from end-2025.
Client-facing: AI quick-service tools logged 150 mn cumulative uses; the "AI Doctor" was used 62 mn times in the first three quarters. Operations: AI coding covers 80% of incremental code; AI office tools reach 80% coverage; AI-driven processes lifted per-role efficiency by 25%.
This reflects a shift from pilot showcases to full-scale automation — but whether token consumption translates into quantifiable, long-term earnings improvement remains the key validation point for the market's valuation of Ping An.
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