AM Best Affirms Ping An P&C's Excellent Ratings
AM Best has reaffirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (ICR) of "a+" (Excellent) for Ping An Property & Casualty Insurance Company of China, Ltd (Ping An P&C). The outlook for these ratings remains stable, reflecting the company's financial robustness and market position.
This affirmation highlights Ping An P&C's robust balance sheet, categorized by AM Best as very strong, alongside efficient operating performance and advantageous business profile. The company also demonstrates strong enterprise risk management (ERM) practices, which contribute to its stability and resilience.
By the end of 2025, Ping An P&C maintained the highest level of risk-adjusted capitalization according to Best’s Capital Adequacy Ratio (BCAR). The company experienced a 7.0% growth in its consolidated capital and surplus (C&S), totaling RMB 146.2 billion (approximately USD 20.9 billion). A diversified investment portfolio, mainly consisting of fixed-income securities, strong financial flexibility, and a solid regulatory solvency ratio further bolsters its financial standing. AM Best expects that Ping An P&C’s robust capital position will continue to support its underwriting and asset risk growth going forward.
In 2025, Ping An P&C achieved a 10.3% return on equity and saw a recovery in top-line growth, reaching mid-single digits, outperforming the wider domestic property/casualty insurance industry. Its strong operating performance is underpinned by superior underwriting expertise and consistent investment returns. The motor insurance segment continues as a key revenue driver, with recent profitability seen in underwriting new-energy vehicle policies. Investment yields remain in the mid-single digits, sustained by reliable income and realized gains.
Ping An P&C holds a significant position in the market as China's second-largest property and casualty insurer, with an approximate 20% market share. The company's insurance service revenue reached RMB 338.9 billion (around USD 48.4 billion) in 2025. Its diversified product mix includes non-motor insurance lines such as health, accident, and agriculture insurance, along with ventures into risks related to Chinese Interest Abroad.
AM Best suggests that potential positive rating actions could occur if Ping An P&C successfully expands its global market presence while maintaining or enhancing its balance sheet strength and performance. On the other hand, a notable decline in underwriting and operating performance or a weakened balance sheet due to increased leverage or higher investment risks could trigger negative rating actions.
These ratings and associated reports are accessible on AM Best’s website, where disclosures and further information about the ratings can be found. AM Best is a globally recognized credit rating agency and data analytics provider specializing in the insurance sector.