Ping An of China 2025 Performance Announced: Non-Recurring Net Profit Surges 22.5%, Cash Dividends Reach 48.9 Billion Yuan, Increasing for 14 Consecutive Years

Every reporter｜Zhang Guangri Tu Yinghao Every editor｜Wan Qingcheng

On March 26, Ping An Insurance announced its full-year results for 2025. In 2025, the operating profit attributable to the shareholders of the parent company was 134.415 billion yuan, a year-on-year increase of 10.3%; the net profit attributable to the shareholders of the parent company after deducting non-recurring items was 143.773 billion yuan, a year-on-year increase of 22.5%; operating revenue was 1,050.506 billion yuan, a year-on-year increase of 2.1%; and the equity attributable to the shareholders of the parent company first exceeded one trillion yuan, reaching 1,000.419 billion yuan, an increase of 7.7% from the beginning of the year.

The company plans to distribute a final cash dividend of 1.75 yuan per share for the end of 2025; the total cash dividend for the year is 2.70 yuan per share, a year-on-year increase of 5.9%; the total cash dividend amount is 48.891 billion yuan, maintaining an increase for 14 consecutive years. The cash dividend payout ratio based on operating profit attributable to the parent company is 36.4%.

Cash Dividends Increased for 14 Consecutive Years

Ping An Insurance focuses on shareholder returns, and the cash dividend level for 2025 has reached a new high. The final cash dividend for 2025 is 1.75 yuan per share (before tax), plus the interim dividend of 0.95 yuan per share (before tax), leading to an annual cash dividend of 2.70 yuan per share (before tax), a year-on-year increase of 5.9%. Based on the above data, the total cash dividend for Ping An in 2025 reached as high as 48.891 billion yuan.

According to calculations by the Every reporter’s Investment Research Institute, the total cash dividends of Ping An over the past five years have achieved a compound annual growth rate of 4.1%. Data from Tonghuashun iFinD shows that from 2020 to 2024, Ping An’s dividend yield rose from 3.87% to 4.49%. Based on the current A-share stock price and the 2025 dividend distribution plan, Ping An’s A-share dividend yield for 2025 is expected to reach a new high of 4.7%.

Looking at the longer term, Ping An’s cash dividend level has increased for 14 consecutive years, which not only demonstrates the company’s strong profitability and robust financial position but also reflects its ongoing commitment to actively return profits to shareholders and share in development results.

Operating Profit Increased by 10.3% Year-on-Year

In 2025, Ping An achieved double-digit growth in performance year-on-year. The operating profit attributable to the shareholders of the parent company was 134.415 billion yuan, a year-on-year increase of 10.3%; the net profit attributable to the shareholders of the parent company after deducting non-recurring items was 143.773 billion yuan, a year-on-year increase of 22.5%; operating revenue was 1,050.506 billion yuan, a year-on-year increase of 2.1%; and the equity attributable to the shareholders of the parent company first exceeded one trillion yuan, reaching 1,000.419 billion yuan, an increase of 7.7% from the beginning of the year.

As the core business of the financial sector, life insurance and health insurance maintained a high growth trend. In 2025, the new business value of life and health insurance reached 36.897 billion yuan, a year-on-year increase of 29.3%; the new business value rate (based on standard premiums) was 28.5%, an increase of 5.8 percentage points year-on-year. With multi-channel high-quality development, the new business value of the agency channel increased by 10.4% year-on-year, and the per capita new business value increased by 17.2% year-on-year; the new business value of the bancassurance channel increased by 138.0% year-on-year.

The property insurance business achieved a “dual excellence” in scale and quality. In 2025, Ping An Property & Casualty Insurance had original insurance premium income of 343.168 billion yuan, a year-on-year increase of 6.6%; insurance service income was 338.912 billion yuan, a year-on-year increase of 3.3%. The overall comprehensive cost ratio was 96.8%, an improvement of 1.5 percentage points year-on-year. The comprehensive cost ratio for auto insurance was 95.8%, an improvement of 2.3 percentage points year-on-year.

Strong Capabilities Support Insurance Product Fulfillment

Long Ge, Deputy Director of the Center for Innovation and Risk Management at the University of International Business and Economics, stated that buying insurance is not just about acquiring a contract, but also about choosing a trustworthy insurance company. So how do you judge whether a company is reliable? Industry insiders usually look at several aspects: the company’s brand and reputation, operational stability, investment profitability, whether there are sufficient funds for claims, and whether the service is satisfactory and claims are processed quickly. By comprehensively weighing these factors, you can entrust your protection to them with greater peace of mind. Ping An has strong comprehensive strength, leading brand and service experience, especially its unique advantage in the “insurance + medical care and elderly care” ecosystem.

Ping An is the largest insurance group in the world by asset size, and its brand strength is beyond doubt. Established in 1988 in Shekou, Shenzhen, Ping An has provided quality services to over 240 million individual customers and over 4 million group customers in its 38 years of operation. The total assets of the group have exceeded 13 trillion yuan, making it the largest insurance group in the world by asset size.

The company’s operating profit and investment return rates have increased year-on-year, reflecting solid performance and strong investment capabilities. In 2025, the operating profit attributable to the shareholders of the parent company was 134.415 billion yuan, a year-on-year increase of 10.3%. In 2024, this figure was a year-on-year increase of 9.1%. In 2025, the comprehensive investment return rate of the insurance funds investment portfolio reached 6.3%, a year-on-year increase of 0.5 percentage points. The average net investment return rate over the past 10 years was 4.8%, and the average comprehensive investment return rate over the past 10 years was 4.9%, exceeding the long-term investment return assumptions of inherent value.

The comprehensive solvency adequacy ratios of the group and its life insurance and property insurance sectors are significantly higher than regulatory standards, reflecting solid and reliable risk resistance capability. As of the end of 2025, Ping An’s comprehensive solvency adequacy ratio was 193.3%, the solvency adequacy ratio for Ping An Life was 175.7%, and the solvency adequacy ratio for Ping An Property & Casualty was 217.1%.

The continuously improving “Four Arrivals” service network and the establishment of the “Five Best” service system strongly illustrate Ping An’s service assurance capabilities. In terms of online services, in 2025, Ping An enabled the “direct payment” scenario in online pharmacies, allowing corporate health management clients to complete online medication purchases with payments made directly from corporate health accounts. In terms of hospital services, the company achieved “direct payment” for commercial insurance clients, covering public hospitals (including special international departments), private hospitals, and overseas medical institutions; corporate health management clients can use one-click code payment for offline medication purchases at over 77,000 pharmacies nationwide. In terms of home services, over 240,000 clients have qualified for home elderly care services. In terms of enterprise services, in 2025, Ping An covered more than 95,000 corporate clients, serving over 60 million employees throughout the year. The integration of the “Four Arrivals” service network constructs the “Five Best” system, ensuring the best hospital, best doctor, best treatment, best medication, and best timing.

As of the end of 2025, Ping An has approximately 50,000 internal and external doctors on its team, including over 3,500 contracted specialist doctors, and has cooperation with over 37,000 domestic hospitals for claims services, achieving 100% coverage of top 100 hospitals and grade-A hospitals in China. In terms of self-operated health and wellness communities, Ping An’s high-quality health and wellness community projects have been established in 5 cities, with a total of 6 projects, including the officially operational Shanghai Yinian City•Jing’an No. 8 and the Shenzhen Yinian City•Futian, which has entered trial operation. In terms of cooperative health and wellness communities, the Yi Xiang City Foshan Experience Center has begun trial operation, and further expansion into new first-tier cities is planned.

Ms. Ma, a Ping An client, expressed in an interview that she previously experienced swelling, and Ping An’s family doctor promptly examined her test reports and health check-ups from previous years, professionally identifying the root cause of the issue, patiently guiding her to adjust her diet and scientifically supplement her nutrition, and continuously reminding her to have regular check-ups. What moved her the most was the doctor’s proactive follow-up and care; two weeks later, the doctor specifically checked back on her recovery until the swelling subsided and her health improved.

Comprehensive Financial Model Brings Growth Momentum

Ping An is not just an insurance company; it is a comprehensive ecosystem group of “comprehensive finance + medical care and elderly care + technology.” By creating a comprehensive solution of “one client, multiple accounts, various products, and one-stop service,” Ping An’s comprehensive financial model has unique advantages. Its four major product categories—protection, assets, credit, and services—meet the diverse needs of clients.

Company data shows that clients holding 3 or more product types have a retention rate of 99%, significantly enhancing customer loyalty; service products increase client stickiness, with a client retention rate of 93% for those enjoying services in the medical and elderly care ecosystem in 2025. The integration of online and offline channels achieves deep client engagement, with over 7,000 offline outlets and a sales service team of over 1.3 million part-time and full-time staff covering 330 major cities across the country. As the main force in deep engagement, the per capita productivity of life insurance agents increased by 17.2% year-on-year in 2025; the average productivity of Ping An Bank’s outlets increased by 126% year-on-year in 2025; over the past three years, Ping An Property & Casualty has migrated 4.5 million clients to other companies within the group. The online AI “Quick Service” entry efficiently converts clients, integrating multiple apps and service scenarios. In 2025, the average monthly active users online reached about 90 million. The comprehensive financial model significantly improves efficiency and reduces costs. As of the end of 2025, the value clients increased by 6% compared to the beginning of the year, and the internal customer acquisition cost saved an average of 35%-45% compared to external customer acquisition costs.

Differentiated medical and elderly care services empower the financial main business, accelerating the emergence of a second growth curve. The medical and elderly care ecosystem effectively promotes the increase in clients’ insurance coverage rates and average premiums per policy. In 2025, the insurance coverage rate for clients using medical and elderly care services increased by 4 percentage points; the average premium per policy for new life insurance for clients with medical health rights increased to 1.5 times; the average premium per policy for new life insurance for clients with home elderly care rights increased to 5.2 times; the average premium per policy for new life insurance for clients with high-quality elderly care rights increased to 23.4 times. Ping An Group’s flagship North China Medical Group’s revenue continues to grow, reaching 5.723 billion yuan in 2025; Ping An Health has developed a uniquely Chinese managed care model, establishing a differentiated advantage, achieving a revenue of 5.468 billion yuan and a net profit of 380 million yuan in 2025.

Ping An leverages “AI in ALL” to build leading technological capabilities, empowering high-quality business development. As of the end of 2025, Ping An’s database has accumulated 33 trillion bytes of data, covering 251 million individual clients, with over 3.2 trillion high-quality text materials, 500,000 hours of annotated voice materials, and over 8.5 billion image materials. In 2025, over 230,000 employees of Ping An Group used the internal intelligent agent platform, developing over 70,000 intelligent agent applications, with a total of 3.65 billion model calls throughout the year.

Valuation Has Strong Attractiveness

From an investment perspective, Ping An’s current valuation is already quite attractive. Looking at the recent decade, Ping An’s dynamic price-to-earnings ratio and price-to-book ratio are both at low levels. According to the Every reporter’s Investment Research Institute statistics, in 2017, Ping An’s A-share dynamic price-to-earnings ratio peaked at 20 times, while in recent years it has fallen to around 7 times, and based on the latest 2025 annual report data, the current dynamic price-to-earnings ratio is just over 7 times; in 2017, Ping An’s A-share price-to-book ratio once exceeded 3 times, while in recent years it has fallen to around 1 time, and the current company’s price-to-book ratio is also around 1 time. As Ping An’s performance continues to grow, the company’s valuation is expected to increase accordingly.

In 2025, two “national team” funds increased their holdings in Ping An without selling a single share. In the first quarter of 2025, the ICBC Credit Suisse Fund - Agricultural Bank - ICBC Credit Suisse CSI Financial Asset Management Plan and the Harvest Fund - Agricultural Bank - Harvest CSI Financial Asset Management Plan respectively became the seventh and eighth largest shareholders of Ping An, holding 2.24% and 2.17% of the shares, respectively. However, Ping An’s 2025 annual report shows that the shareholding proportions of these two funds have not changed.

In 2025, Ping An’s directors, supervisors, and senior executives, as well as employees, have also been buying company shares. Ping An’s announcement shows that the company’s 2025 long-term service plan has completed stock purchases in the secondary market, acquiring a total of 74.615 million shares of the company’s H-shares, accounting for 0.412% of the total share capital, with a total transaction amount reaching approximately 3.875 billion yuan (including fees), while a total of 83,024 core talents voluntarily participated in the 2025 long-term service plan.

(This article does not constitute any investment advice, and the information disclosed is subject to the company’s announcements. Investors operate at their own risk based on this.)