Ping An of China releases its latest earnings! Dividends exceed 48.8 billion yuan

On March 26, China Ping An released its 2025 annual report.

Specifically, the company achieved operating profit attributable to the parent company’s shareholders of 134.415 billion yuan (RMB, same below) in 2025, a year-on-year increase of 10.3%; net profit attributable to the parent company’s shareholders (excluding non-recurring gains and losses) was 143.773 billion yuan, up 22.5% year over year. The life insurance and health insurance businesses maintained growth momentum, with new business value reaching 36.897 billion yuan, a 29.3% increase, maintaining double-digit growth for three consecutive years. Additionally, the company plans to distribute a final dividend of 1.75 yuan per share for 2025, with total cash dividends for the year amounting to 48.891 billion yuan, continuing 14 years of consecutive increases.

Notably, China Ping An’s integrated financial strategy has deepened, and the results in medical and elder care are beginning to show. Customer retention rates remain high.

New Business Value Continues to Grow for Three Years

China Ping An’s 2025 annual report shows that its core financial businesses achieved high-quality development. In 2025, the company’s operating profit attributable to the parent was 134.415 billion yuan, up 10.3%; net profit attributable to the parent (excluding non-recurring gains and losses) was 143.773 billion yuan, up 22.5%; operating revenue was 1.050506 trillion yuan, an increase of 2.1%; and shareholders’ equity attributable to the parent exceeded 1 trillion yuan for the first time, reaching 1.000419 trillion yuan.

Among these, the life insurance and health insurance businesses maintained high growth, with new business value continuing to grow at double digits for three years. In 2025, new business value for life and health insurance reached 36.897 billion yuan, a significant increase of 29.3% year over year; the new business value rate (based on standard premiums) was 28.5%, up 5.8 percentage points from the previous year.

In terms of channels, in 2025, the agent channel’s new business value increased by 10.4% year over year, with per-agent new business value up 17.2%; bancassurance channels saw a 138.0% increase in new business value; the contribution share of bancassurance, community financial services, and other channels to Ping An’s life insurance new business value increased by 12.1 percentage points year over year.

The property and casualty insurance business achieved both scale and quality improvements. In 2025, Ping An Property & Casualty’s original insurance premium income was 343.168 billion yuan, up 6.6%; insurance service income was 338.912 billion yuan, up 3.3%. The overall combined cost ratio was 96.8%, an improvement of 1.5 percentage points year over year. The auto insurance combined cost ratio was 95.8%, an improvement of 2.3 percentage points.

The investment performance of insurance funds was excellent. By the end of 2025, the investment portfolio scale of insurance funds was 6.49 trillion yuan, a 13.2% increase from the beginning of the year. The comprehensive investment yield for 2025 was 6.3%, up 0.5 percentage points year over year.

Banking operations remained steady. In 2025, Ping An Bank achieved a net profit of 42.633 billion yuan, managed retail client assets (AUM) of 4.238409 trillion yuan, a 1.1% increase from the start of the year; corporate loan balances increased by 3.5%; and the number of tech enterprise clients served reached 31,900, a 21.1% increase from the beginning of the year.

“Integrated Finance + Medical and Elder Care” Achieves Remarkable Results

According to disclosures, the customer retention rate for clients holding three or more product types reached 99%; by the end of 2025, the average number of contracts per customer was 2.94, a 0.7% increase from the start of the year. Customers with five or more years of service accounted for 75.0%, with the average number of contracts per such customer being 1.7 times that of new customers in the first year. In 2025, the retention rate of customers enjoying medical and elder care ecosystem services reached 93%.

The integrated financial model has shown effectiveness in improving efficiency and reducing costs. By the end of 2025, Ping An Group’s individual customer base reached 251 million, a 3.5% increase from the beginning of the year. The value of key customers increased by 6%, and internal customer acquisition costs saved an average of 35%–45% compared to external acquisition costs.

Additionally, China Ping An’s offline channels include over 7,000 outlets and more than 1.3 million sales and service personnel, covering 330 major cities nationwide. Life insurance agents, as the main force of in-depth operations, saw a 17.2% increase in per-agent productivity year over year in 2025; Ping An Bank’s branch average productivity increased by 126% year over year; and over the past three years, Ping An Property & Casualty has migrated 4.5 million customers to other group companies.

Typeset by: Wang Yunpeng

Proofread by: Su Huanwen