Ping An of China: Achieve a net profit attributable to the parent company of 134.778 billion yuan by 2025, a year-on-year increase of 6.5%

On March 26, China Ping An released its 2025 performance announcement. In 2025, the group’s operating profit attributable to shareholders of the parent company was 134.415 billion yuan, a year-on-year increase of 10.3%; net profit attributable to shareholders of the parent company was 134.778 billion yuan, up 6.5%; net profit after deducting non-recurring gains and losses was 143.773 billion yuan, an increase of 22.5%; operating revenue was 1.140324 trillion yuan, remaining relatively stable; and shareholders’ equity attributable to the parent company surpassed 1 trillion yuan for the first time, reaching 1.000419 trillion yuan, a 7.7% increase from the beginning of the year.

Total cash dividends have increased for 14 consecutive years. The proposed final dividend for 2025 is RMB 1.75 per share; the total annual dividend is RMB 2.70 per share, a 5.9% increase year-on-year; total cash dividends amount to RMB 48.891 billion, with a cash dividend payout ratio of 36.4% based on operating profit attributable to the parent company.

The new business value of life and health insurance businesses reached RMB 36.897 billion, a 29.3% increase; the new business value rate (based on standard premiums) is 28.5%, up 5.8 percentage points year-on-year; the new business value from the agent channel increased by 10.4% year-on-year, with per-agent new business value up 17.2%; new business value from the bancassurance channel increased by 138.0% year-on-year; the contribution share of bancassurance, community financial services, and other channels to Ping An Life’s new business value increased by 12.1 percentage points year-on-year.

The scale of property insurance business continued to grow, with steady improvement in operational efficiency. Original insurance premium income was RMB 343.168 billion, up 6.6%; insurance service income was RMB 338.912 billion, up 3.3%; the overall combined cost ratio was 96.8%, an improvement of 1.5 percentage points year-on-year, maintaining strong profitability; auto insurance combined cost ratio was 95.8%, an improvement of 2.3 percentage points, consistently better than the market average; net cash flow from operating activities increased by 48.3% year-on-year, significantly improving liquidity. Driven by premium cash flows, the investment scale (excluding sale and repurchase of financial assets) grew by 12.1% from the beginning of the year.

Insurance fund investment performance remained excellent. The investment portfolio size of insurance funds was RMB 6.49 trillion, a 13.2% increase from the beginning of the year; the comprehensive investment return rate was 6.3%, up 0.5 percentage points year-on-year; the average net investment return over the past 10 years was 4.8%, and the average comprehensive investment return over the same period was 4.9%, exceeding the long-term investment return assumptions of embedded value.

(China Ping An)

(Edited by: Qian Xiaorui)

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