中国平安发布2026年中期业绩报告，归母净利润达925.85亿元，同比增长超36%，创七年来次高增幅1。与此同时，公司总投资收益达1369.42亿元，同比增幅超42%1。然而这一强劲业绩表现并未获得资本市场认可，截至报告期末，A股股价报收52.14元/股，年内跌幅达21.22%；港股股价报收54.1港元/股，年内跌幅达14.07%1。
公司完成了七年寿险改革，寿险代理人规模大幅调整至32.5万人1。虽然人力规模收缩，但代理人人均新业务价值达55,353元，同比增长14.1%1。高学历人力占比持续提升，大专及以上学历人力占比达50.5%，新增人力中高学历占比达64.6%1。新业务结构中，分红险在新增业务中占比突破90%1。此外，公司派发中期股息每股0.98元，同比增长3.2%，创近三年新高1。
对于当前股价表现，副总经理兼首席财务官付欣表示："摩根士丹利、花旗、汇丰等主流机构给出的目标价较现价溢价普遍超过50%"1。管理层认为公司股价被低估50%1。
China Ping An announced its interim results for 2026, with net profit attributable to shareholders reaching approximately 925.85 billion yuan, representing a surge exceeding 36 percent year-over-year and marking the second-highest growth rate in seven years 1. Despite this strong financial performance, both the A-share and H-share stock prices have declined over 10 percent within the year, with A-shares closing at 52.14 yuan per share (down 21.22 percent year-to-date) and H-shares at 54.1 Hong Kong dollars per share (down 14.07 percent year-to-date) 1.
The company's investment performance drove much of the profit growth. Total investment income reached 1,369.42 billion yuan, up more than 42 percent year-over-year, while operating profit grew 8.3 percent to 1,166.75 billion yuan 1. Ping An's investment assets under management totaled 6.6 trillion yuan 1. Over the past decade, the company achieved an average net investment yield of 4.8 percent and a comprehensive investment yield of 4.9 percent, exceeding the long-term investment return assumption of 4.0 percent embedded in its valuation 1.
The insurer's seven-year life insurance reform has reshaped its agent force and product mix. The number of life insurance agents declined to 325,000, a further reduction of 7.4 percent from year-start, but per-agent new business value surged 14.1 percent to 55,353 yuan 1. Among new hires, 64.6 percent held advanced degrees, while college-educated personnel now comprise 50.5 percent of the total agent workforce 1. Dividend insurance products have become dominant in new business, accounting for over 90 percent of new policies written 1.
Management attributed the widening gap between profit performance and stock valuation to market underestimation. Deputy General Manager and Chief Financial Officer Fu Xin stated that mainstream institutional investors including Morgan Stanley, Citi, and HSBC have set target prices representing premiums exceeding 50 percent over the current share price 1. The company maintained its commitment to shareholder returns, declaring a mid-term dividend of 0.98 yuan per share, marking a 3.2 percent increase year-over-year and the highest payout in three years 1. Over the past decade, cumulative dividends exceeded 3.9 billion yuan 1.
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