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AM Best Affirms Credit Ratings of Ping An Health Insurance Company of China, Ltd.

Ping An Insurance

HONG KONG, September 04, 2026--AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" (Excellent) of Ping An Health Insurance Company of China, Ltd. (Ping An Health) (China). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Ping An Health's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The ratings also reflect the implicit and explicit support that Ping An Health receives from its two major shareholders, Ping An Insurance (Group) Company of China, Ltd. (Ping An Group) and Discovery Limited, with respect to capital and financial support, business development, as well as investment and risk management.

Ping An Health's risk-adjusted capitalisation remained at the strongest level at year-end 2025, as measured by Best's Capital Adequacy Ratio (BCAR). The company maintained solid growth in its consolidated capital and surplus (C&S) over the last three years through partial profit retention. In 2025, its C&S increased by 15.9% to RMB 11.9 billion (USD 1.7 billion). Other supporting factors include its diversified and overall liquid invested assets, healthy regulatory solvency position and appropriate reinsurance arrangements.

Ping An Health maintained strong operating performance in 2025, delivering a return-on-equity (ROE) of over 20%. The company's bottom-line is supported by strong underwriting results and robust investment income. Amid a competitive domestic health insurance market and ongoing national medical reform, the company managed to control its underwriting portfolio quality and decrease its operating expense ratio to achieve underwriting profit margins. Ping An Health's flagship individual health insurance product, E Sheng Bao (ESB), remains the major contributor to its underwriting profit. Going forward, in addition to ESB, the company expects its individual non-ESB health insurance products to be a second underwriting profit pillar.

Ping An Health is the second-largest specialised health insurer in mainland China, with a market share of 2.0% in 2025, in terms of direct premium written in domestic health insurance. In addition to its Ping An Group affiliates' networks, Ping An Health has gradually developed its own online and offline distributional channels over the years. To increase its market competitiveness, the company continues to offer more value-added services to its customers. In 2025, Ping An Health upgraded its mobile application to a one-stop service platform, which integrates insurance policy management, health management, medical services and incentive rewards.

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