The People's Insurance Company (Group) of China (1339) Q3 2026 earnings summary

Executive summary

• 9M insurance revenue rose 2.8% YoY to RMB443,329 million; net profit attributable to owners fell 32.0% to RMB31,817 million, reflecting investment-performance pressure despite relatively stable underwriting.

• Q3 operating income declined 20.4% YoY to RMB156,880 million; profit before tax was a loss of RMB10,128 million and net profit attributable to owners was a loss of RMB4,928 million.

Financial highlights

• 9M total operating income was RMB511,995 million, down 1.7% YoY; net profit was RMB42,838 million, down 32.4%, and profit before tax was RMB51,451 million, down 33.8%.

• 9M net profit attributable to owners after deducting non-recurring items was RMB32,196 million, down 31.2% YoY; reported amount was RMB31,817 million, down 32.0%.

• Investment income increased to RMB44,426 million from RMB39,063 million, while fair-value changes swung to a loss of RMB3,359 million from a gain of RMB22,827 million.

Outlook and guidance

• Investment priorities include stabilizing fixed-income allocations, strengthening equity investment, optimizing physical assets, and pursuing securitization, REITs and private equity opportunities.

• PICC P&C plans to expand incremental markets and raise the share of high-quality, efficient risk-protection business, supported by digital tools and stronger risk prevention.