Ping An International Financial Center in Beijing: The insurer performed better than expected in the first half of 2026. © ReutersAugust 21, 2026 15:56 JSTBEIJING/SHANGHAI (Reuters) -- China's Ping An Insurance reported a better-than-expected rise of 36% year-on-year in first-half net profit, as buoyant capital markets boosted earnings from its asset management business.The insurance company posted net profit of 92.585 billion yuan ($13.78 billion) for the six months ended June 30, above analysts' mean estimate of 85.528 billion yuan, according to data from LSEG.Operating profit, which strips out short-term investment volatility and one-time items, grew 8.3% year-on-year to 84.196 billion yuan, according to a stock exchange filing on Thursday.Hong Kong shares of the insurer rose 3.5% on Friday after the earnings news, while its Shanghai-listed stock rose 2.4%Operating profit of asset management surged 236.8% year-on-year to 9.172 billion yuan, while life and health insurance business rose 0.9% and property and casualty insurance business fell 12.4%.A rally in China's mainland share market boosted insurers' asset management income, lifting asset management fees as well as investment gains from equity portfolios.The benchmark Shanghai Composite Index rose 3.2% in the first half of this year, while China's tech-heavy boards ranked among the world's best performers, with the STAR 50 Index gaining more than 64%.New business value (NBV) in its life and health insurance segment, which measures the profitability of new policies sold, grew 11.2% to 24.847 billion yuan.Growth in new policy sales has been underpinned by demand for higher-yielding savings products amid a prolonged low-interest-rate environment, which has made insurers' long-dated savings offerings more attractive than bank deposits.That demand could be further boosted by a levy on offshore policy gains, which analysts say may erode the appeal of Hong Kong products and redirect flows toward domestic alternatives, benefiting mainland Chinese insurers.Ping An's overseas policy business is minimal, so the tax will have almost no overall impact on the company, Xie Yonglin, its president and Co-CEO, said at a post-earnings press conference on Friday.He added that the levy has not yet been extended to cover gains on domestic insurance products.The number of retail customers rose 0.9% to 253 million by the end of June from the beginning of this year, the filing showed.Last week, banking unit Ping An Bank reported first-half net this year rose 3.3% year-on-year.