Ping An of China’s overall operations are expected to improve comprehensively by 2025, with net operating profit attributable to the parent increasing by 10.3% year-on-year: the total cash dividend is 48.891 billion yuan, continuing a 14-year upward trend.

March 26, 2026, Ping An Insurance (Group) Company of China, Ltd. (“Ping An,” “the Group,” “the Company,” and collectively, the “Company,” Stock code: HKEX 02318, SSE 601318) announced its full-year performance for the year ended December 31, 2025.

In 2025, the macro environment was complex and changeable. The strong resilience of China’s economy and the deep driving force behind structural upgrading provided Ping An with a solid stage to overcome challenges and develop steadily. The Company continued to deepen its strategy of “comprehensive finance + medical care and elderly care,” and, by building core competitiveness through “service differentiation,” delivered an annual performance marked by an overall positive trend, high-value growth, deepened strategy, and service innovation. The Company achieved operating profit attributable to shareholders of the parent company of RMB 134.415 billion (the same below), up 10.3% year on year. Non-recurring profit attributable to shareholders of the parent company was RMB 143.773 billion, up 22.5% year on year. Shareholders’ equity attributable to shareholders of the parent company first exceeded RMB 1 trillion, reaching RMB 1,000.419 billion, up 7.7% from the beginning of the year. With care for shareholder returns, the Company plans to distribute a cash dividend of RMB 1.75 per share for the 2025 final dividend; the total cash dividends for the full year were RMB 48.891 billion, marking 14 consecutive years of increases. Life insurance and health insurance business maintained a growing momentum; new business value was RMB 36.897 billion, up 29.3% year on year. Investment performance of insurance funds was excellent, achieving a composite investment return rate of 6.3%.

Deepening the comprehensive finance strategy, customer operation efficiency continued to improve, and core business developed in an all-round positive direction

Residents’ financial needs became more diversified, creating greater opportunities for comprehensive finance. During the “15th Five-Year Plan and 5-year period for 2026–2030” period (“15th Five-Year Plan and the years 2026–2030,” commonly referred to as “the Fifteen-Five” period), China will speed up the building of a financial power. By 2030, the size of China’s middle-income group is expected to account for one-third of the global middle-income group. Breaking away from traditional finance pain points that are costly, time-consuming, and expensive, specialized, personalized, and comprehensive financial services are entering an even broader market opportunity.

Comprehensive finance · 9 returns to 1, building a “single customer, multiple accounts, multiple products, one-stop service” comprehensive solution. Ping An’s comprehensive finance model has unique advantages. Four categories of products—protection, assets, credit, and services—meet customers’ needs in every aspect. The Company’s data show that the retention rate of customers holding 3 categories of products or more reaches 99%, significantly enhancing customer loyalty; service-type products increase customer stickiness. In 2025, the retention rate of customers enjoying medical care and elderly care ecosystem service rights reached 93%. Offline and online integrated channels enable in-depth customer operation. More than 7,000 offline outlets and more than 1.3 million full- and part-time sales service personnel cover 330 major cities nationwide. Life insurance agents serve as the main force for deep operations; in 2025, per-capita productivity of agents increased by 17.2% year on year. In 2025, Ping An Bank’s average productivity per outlet increased by 126% year on year. In the past three years, Ping An Property & Casualty Insurance has migrated 4.5 million customers cumulatively to other companies within the Group. The online AI “Quick Service” entry efficiently converts traffic, connecting multiple apps and various service scenarios. In 2025, average monthly active online users were approximately 90 million. The comprehensive finance model significantly improves efficiency and lowers costs. As of the end of 2025, value customers increased by 6% compared with the beginning of the year; compared with external customer acquisition costs, internal customer acquisition costs were on average 35–45% lower.

Deepening the comprehensive finance strategy, customer operation efficiency continued to improve. Customer numbers grew steadily. As of the end of 2025, the Group had 251 million individual customers, up 3.5% from the beginning of the year. Customer retention remained at a high level. In 2025, the retention rate of customers holding 3 categories of products or more within the Group was as high as 99%. Customer value continued to be released. As of the end of 2025, Ping An’s average number of contracts per customer reached 2.94, up 0.7% from the beginning of the year. The Company’s proportion of customers with 5 years or more of services was 75.0%, and their average number of contracts was 1.7 times that of customers newly added in the first year.

In 2025, the Company’s financial business segment’s core business achieved high-quality development. Life insurance and health insurance business maintained a high-growth trend. In 2025, the new business value achieved by life and health insurance business was RMB 36.897 billion, surging 29.3% year on year; the new business value rate (based on standard premium) was 28.5%, up 5.8 percentage points year on year. Multi-channel high-quality development: in 2025, the new business value of the agency channel increased by 10.4% year on year, and per-capita new business value increased by 17.2% year on year; the new business value of the bank-insurance channel increased by 138.0% year on year. The contribution proportions of the bank-insurance channel, community financial service and other channels to Ping An Life’s new business value increased by 12.1 percentage points year on year. The “insurance + services” layout was further deepened. In 2025, Ping An Life insurance used medical care and elderly care service customers of 18.298 million. Business quality kept improving. The 13-month policy continuation ratio was 97.4%, up 1.0 percentage point year on year; the 25-month policy continuation ratio was 94.9%, up 5.2 percentage points year on year.

Property and casualty insurance business achieved “double excellence” in both scale and quality. In 2025, Ping An Property & Casualty’s gross written premium (original insurance premium) was RMB 343.168 billion, up 6.6% year on year; insurance service revenue was RMB 338.912 billion, up 3.3% year on year. The overall combined ratio was 96.8%, improving by 1.5 percentage points year on year. The motor insurance combined ratio was 95.8%, improving by 2.3 percentage points year on year. The Company deeply explored the “insurance + technology + services” model and solidly carried out the “Five Major Pieces of Work in Finance,” providing RMB 373.04 trillion in risk protection for 2.93 million micro, small, and medium-sized enterprises, underwrote 3.26 million technology insurance policies, and provided RMB 9.29 trillion in risk protection. Risk reduction improved service quality and effectiveness: during the year, cumulative loss reduction exceeded RMB 0.707 billion; 420,000 natural-disaster alerts were issued; and services were delivered to 130 million customers.

Insurance fund investment performance was excellent, and asset allocation capability remained stable over the long term. As of the end of 2025, the Company’s insurance fund investment portfolio size was RMB 649.0 billion, up 13.2% from the beginning of the year. Adhering to the guiding philosophy of long-term investment and matching liabilities, and through balanced investment strategies including fixed-income investments, equity investments, and alternative investments, the Company achieved good and steady investment returns. In 2025, the insurance fund investment portfolio achieved a composite investment return rate of 6.3%, up 0.5 percentage points year on year.

Banking business operations remained steady, and asset quality was broadly stable. In 2025, Ping An Bank achieved net profit of RMB 42.633 billion; as of December 31, 2025, the non-performing loan ratio was 1.05%, down 0.01 percentage point from the beginning of the year; the provision coverage ratio was 220.88%, and risk-cushioning capability remained strong. Core tier-one capital adequacy ratio increased by 0.24 percentage point from the beginning of the year to 9.36%. Retail business achieved high-quality and sustainable development. Management of retail customers’ assets (AUM) was RMB 4,238.409 billion, up 1.1% from the beginning of the year. Continued support for the real economy: as of December 31, 2025, enterprise loan balances increased by 3.5% from the beginning of the year. Serving new-quality productive forces: the number of technology enterprise customers was 31.9 thousand, up 21.1% from the beginning of the year.

The medical care and elderly care strategy continued to take root, and differentiated advantages empowered the core business

Society is accelerating into a “longevity era,” and high-quality medical care and elderly care services have become an urgent need. China’s elderly population aged 60 and above has exceeded 300 million, and life expectancy in China is 79 years. At the same time, the industry faces pain points such as uneven medical resources, complex care-seeking processes, and heavy payment pressure on residents. Full-scope, multi-layered, high-quality medical and health elderly-care services are becoming a pressing and rigid real-world demand.

Building an upgraded management-style healthcare model with Chinese characteristics and becoming a leading elder-care ecosystem operator in China, helping customers achieve coordinated development of finances and health. Based on Ping An’s solid foundation of “comprehensive finance,” it represents payers and integrates supply parties to provide customers with medical and health elderly-care solutions covering the full lifecycle and offering the best value for money. A multi-tier protection system enhances customers’ payment ability. In 2025, Ping An achieved health insurance premium income of RMB 159.0 billion, of which medical insurance premium income was nearly RMB 73.4 billion, up 2.7%. Technology empowers higher diagnosis and treatment efficiency and improves service experience. In 2025, the Company launched AI products such as digital replicas of renowned doctors, AI family doctors, and AI elderly care managers, covering the entire process of customer prevention, diagnosis and treatment, and rehabilitation. The Company also innovatively launched an AI-assisted platform for complex diseases multi-disciplinary team (MDT) consultations, which has already been applied in disease areas such as breast cancer. Among them, AI doctors provide accurate diagnosis coverage of more than 11,300 diseases; the accuracy rate of AI doctors’ assisted diagnosis and treatment is 95.1%; and the accuracy rate of AI-assisted MDT consultation treatment plans for complex diseases is nearly 90%. AI+human doctors cover 100% of the Group’s individual customers. The number of annual users of AI doctors is nearly 12 million, and in the fourth quarter the cost per consultation decreased by 45% year on year.

The “four-to” service network continues to improve, building a “five-best” service system. For “to the line”: in 2025, Ping An connected online pharmacies in the “direct payment” scenario. Corporate health-management customers complete online drug purchases, and payment is made “directly” using enterprise health accounts. For “to the hospital”: enabling “direct payment” for medical treatment for commercial insurance customers, covering public hospitals (including departments for international patients with special needs), private hospitals, and overseas medical institutions; and providing one-click code display payment for offline drug purchases by enterprise health-management customers, covering 77,000 pharmacies across the country. For “to the home”: over 240,000 customers have cumulatively obtained eligibility for home-based elderly care services. For “to the enterprise”: in 2025, Ping An covered more than 95,000 enterprise customers, serving more than 60 million enterprise employees throughout the year. By integrating the “four-to” service network, it builds a “five-best” system of the most suitable hospital, the most suitable doctors, the most suitable treatment, the most suitable medicines, and the most suitable timing.

As of the end of 2025, Ping An had approximately 50,000 internal and external doctors. Of these, more than 3,500 contracted expert doctors; and the number of domestic partner hospitals providing claims services exceeded 37,000, with 100% coverage among the top 100 domestic hospitals and tertiary-A hospitals. In the self-operated elder-care community segment, Ping An Zhen Yi Nian high-quality elder-care community project has been deployed in five cities with a total of six projects, including Shanghai Yi Nian City • Jing’an 8, which has officially started operations, and Shenzhen Yi Nian City • Futian, which has entered trial operations. For partner elder-care communities, the Yi Xiang Cheng Foshan experience and demonstration center launched trial operations, and subsequent deployments will be in new tier-one cities.

Medical care and elderly care differentiation empowers the financial main business, accelerating its emergence as a second growth curve. The medical care and elderly care ecosystem effectively drives higher rates of policy take-up and higher average premiums per policy. In 2025, the policy take-up rate among customers using medical care and elder-care services increased by 4 percentage points; the average premium per new life insurance policy for customers with medical and health benefit rights increased to 1.5 times; the average premium per new life insurance policy for customers with home-based elderly care benefit rights increased to 5.2 times; and the average premium per new life insurance policy for customers with high-quality elderly care benefit rights increased to 23.4 times. Ping An Group’s medical care and elderly care ecosystem’s proprietary flagship BeiDa Medical Group’s operating revenue continued to grow; in 2025 it reached RMB 5.723 billion. Ping An Health built a management-style healthcare model with Chinese characteristics, establishing differentiated advantages; in 2025 it achieved operating revenue of RMB 5.468 billion and net profit of RMB 0.380 billion.

Technology empowers to improve quality and efficiency, and the MSCIESG rating increased to AAA

Upholding the “AI in ALL” principle, building leading technological capabilities to empower high-quality business development. As of the end of 2025, Ping An’s database had accumulated 33 trillion bytes of data, covering 251 million individual customers; it had cumulatively accumulated more than 3.2 trillion high-quality text corpora, 500,000 hours of labeled audio corpora, and more than 8.5 billion image corpora. In 2025, more than 230,000 employees at Ping An Group used the internal agent platform, developing more than 70,000 agent applications; the number of model calls throughout the year was 3.65 billion. Expanding the depth and breadth of AI applications. Better experience: in 2025, life insurance achieved a flash claims ratio of 59%, and in property and casualty’s auto insurance replacement-claims channel, the average proportion of smart issuance within one minute reached 93%. Risk control: in 2025, Ping An Property & Casualty’s anti-fraud intelligent claims interception reduced losses by RMB 10.51 billion, with losses reduced exceeding RMB 10 billion for three consecutive years. Cost reduction: in 2025, 94% of life insurance policies achieved second-level underwriting; Ping An’s AI seat service volume was about 1.702 billion times, covering about 80% of Ping An’s total customer service volume. Promoting sales: in 2025, AI agents assisted in achieving sales revenue of RMB 133.179 billion; the “AI + human” intelligent reprocessing and dispatch system assisted in improving policy reprocessing by 30%, continuing customer coverage.

Fulfill social responsibility and serve green development and rural revitalization. The Company has cumulatively invested more than RMB 108.8 trillion in support of real-economy development. As of the end of 2025, the Company’s green investment scale in insurance funds was RMB 530.087 billion, and the green loan balance was RMB 266.433 billion; in 2025, green insurance gross written premium was RMB 76.474 billion, providing rural industrial assistance funding of RMB 57.148 billion. The Company’s MSCIESG rating was upgraded to AAA, and it ranked first in the Asia-Pacific region for “comprehensive insurance and brokerage” for four consecutive years. It was selected for S&P Global’s “Sustainable Development Yearbook (China Edition) 2025,” the only insurance enterprise in mainland China to be selected.

2026 is the first year of the “Fifteen-Five” plan. The conditions and basic trends supporting China’s economy over the long term remain unchanged. With continued strong demand in financial and insurance services, residents’ needs for health, medical, and elderly-care services are gradually increasing, and the Company’s business development will face new opportunities in 2026. In 2026, the Company at all levels will deeply study and implement the spirit of the “Two Sessions” of the country, remain committed to the original intention of serving the people with finance, and implement the operating philosophy of “high-value growth, service innovation, technology leadership, and law-and-compliance,” deepen the “dual-wheel parallel” strategy of “comprehensive finance + medical care and elderly care” and “technology-driven development,” and, taking “Service Year” as an opportunity, continue to upgrade the three major innovation service systems, improve operating capabilities, strengthen risk management, and fully implement the “Five Major Pieces of Work in Finance,” so as to contribute Ping An’s strength to走好 the path of high-quality financial development with Chinese characteristics and to speed up the building of a financial power.

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