Ping An Insurance has reported operating profit of RMB125,905 million for the nine months to September 30, 2026, up 8.3% year on year - but the headline financial result may be less significant than what is driving it.
Artificial intelligence now accounts for 82% of Ping An’s total customer service volume, with AI service representatives handling approximately 1,484 million interactions in the first nine months of 2026 alone. Ninety-five percent of the group’s life insurance policies are underwritten within seconds.
The numbers are difficult to contextualise against Western peers still in early-stage AI deployment. Ping An’s Express Service - an AI-driven platform designed to handle customer requests end-to-end - has served users more than 150 million times cumulatively and resolves 91% of requests without human intervention. The system operated across 90% of the group’s business scenarios as of September 30, 2026.
Average daily token consumption exceeded 330 billion in September 2026, more than 10 times the level recorded in December 2025. Token output per compute unit rose 509% over the same period while cost per token fell 81% - a cost efficiency trajectory that suggests Ping An is past the expensive early phase of AI buildout and into operational scaling.
The financial impact on core insurance operations is measurable. Ping An P&C’s claims savings via AI-enabled smart fraud detection reached RMB10.04 billion in the first nine months of 2026, up 9.7% year on year. The P&C division’s combined ratio improved 1.4 percentage points year on year to 95.6% on premium income of RMB265,215 million, itself up 3.5% year on year - profitable growth at scale, in a line where many global carriers remain under margin pressure.
Marketing AskBob, the group’s AI marketing agent, generated nearly 8% more customer interactions per capita among sales agents using it compared to the average of all sales agents in September 2026.
Beyond the commercial lines operation, Ping An’s AI Doctor platform - integrated across the group’s health and insurance ecosystem - covered more than 11,300 diseases as of September 30, 2026, with a 96% accuracy rate for AI-aided diagnosis and treatment. It was used by nearly 13 million people in the first nine months of 2026. The platform’s “AI + Physician” services now cover 100% of the group’s retail customers.
The health ecosystem is not peripheral to the insurance business - it is increasingly the engine of it. First-year premium per new life insurance policy among premium senior care customers ran at 59 times that of standard customers in the period, a figure that illustrates the revenue leverage of Ping An’s integrated model.
Operating profit growth of 8.3% to RMB125,905 million was supported by life and health insurance operating profit rising 5.7% year on year to RMB87,238 million. Basic operating earnings per share grew 9.2% year on year to RMB7.23. The insurance funds investment portfolio grew 5.2% year to date to RMB6.83 trillion, achieving a 4.8% 10-year average net investment yield.
For insurers and brokers watching AI adoption curves, Ping An’s results offer the most detailed publicly available picture of what an AI-first insurance operation looks like at maturity - and what it does to the combined ratio.
