Operating profit increased by 10%. Ping An of China distributes a large dividend of 48.9 billion.

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Source: Beijing Business Daily

The performance report disclosure work for A-share listed insurance companies for the year 2025 has already begun. On the evening of March 26, China Ping An Insurance (Group) Company Limited (hereinafter referred to as “Ping An”) released its 2025 annual report. In 2025, Ping An achieved an operating profit of 134.415 billion yuan attributable to the shareholders of the parent company, a year-on-year increase of 10.3%. Since 2025, the capital market has experienced high volatility, interest rates have continued to decline, and combined with the accelerated aging population, there has been an increase in demand for household savings, wealth management, and retirement, presenting both opportunities and challenges for the insurance industry. In this complex and ever-changing macroeconomic environment, how will Ping An respond to the propositions posed by the market?

Shareholder equity surpasses one trillion

In 2025, Ping An achieved an operating profit of 134.415 billion yuan attributable to the shareholders of the parent company, a year-on-year increase of 10.3%; equity attributable to the shareholders of the parent company surpassed one trillion for the first time, reaching 1,000.419 billion yuan, an increase of 7.7% from the beginning of 2025. The net profit attributable to shareholders reached 134.778 billion yuan, a year-on-year increase of 6.5%.

“The company continues to deepen its ‘integrated finance + medical care and retirement’ strategy, creating core competitiveness through ‘service differentiation’ and delivering a high-growth, resilient, and sustainable performance report,” said Ping An Chairman Ma Mingzhe.

As of the end of 2025, Ping An’s investment portfolio size reached 6.49 trillion yuan, an increase of 13.2% from the beginning of the year. In the context of a complex and volatile macro environment, how can such a large capital base achieve a dual balance of safety and returns? Ping An stated that the company upholds the guiding philosophy of long-term investment, matching liabilities, and has achieved good and stable investment returns through a balanced investment strategy that includes fixed income investments, equity investments, and alternative investments. In 2025, the investment portfolio of insurance funds achieved a comprehensive investment yield of 6.3%, a year-on-year increase of 0.5 percentage points.

As a major distributor of dividends, Ping An has continuously increased its dividend payout ratio in recent years. Regarding the dividend situation for 2025, the company stated that it plans to distribute a cash dividend of 1.75 yuan per share for the 2025 year-end; the total cash dividend for the year will be 2.7 yuan per share, a year-on-year increase of 5.9%; the total cash dividend amount reached 48.891 billion yuan, maintaining an increase for 14 consecutive years.

According to Zhang Xinyuan, head of the Ke Fangde think tank research, Ping An currently has ample cash flow, stable profitability, and a solid foundation for sustainable dividends. By enhancing investor confidence through high dividends, it is beneficial for improving the company’s market image. Additionally, high dividends also reflect the company’s confidence in future performance growth, which helps attract long-term capital.

New business value of life insurance surges by 29.3%

The year 2025 was undoubtedly a fruitful year for the personal insurance industry. Industry data shows that in 2025, the original premium income of personal insurance in China reached 4.36 trillion yuan, a year-on-year increase of 8.9%, firmly holding up the “flag” of growth in the insurance industry.

Life insurance and health insurance have always been the performance pillars of Ping An. Data shows that in 2025, Ping An’s life insurance and health insurance business maintained a high growth trend, with new business value reaching 36.897 billion yuan, a year-on-year increase of 29.3%; the new business value rate (calculated by standard premium) was 28.5%, a year-on-year increase of 5.8 percentage points.

By distribution channel, in 2025, the new business value of Ping An’s agent 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 bank insurance channel increased by 138% year-on-year; the contribution ratio of the bank insurance channel, community financial services, and other channels to the new business value of Ping An’s life insurance increased by 12.1 percentage points year-on-year.

“In recent years, the continuous increase in new business value and double-digit growth in operating profit of Ping An’s life insurance and health insurance business can be attributed to multiple factors,” said Lin Xianping, an associate professor at Zhejiang University City College and executive deputy secretary-general of the China Urban Experts Think Tank Committee. The company has continuously promoted channel reform, improved the quality of the agent team, and increased per capita productivity; optimized product structure, increasing the proportion of protection-type products and high-value business; additionally, accelerating the layout of the “medical care and retirement” ecosystem has also enhanced the comprehensive competitiveness of insurance products.

Medical care and retirement become the second growth curve

With the acceleration of population aging and the continuous advancement of the Healthy China strategy, combined with the transformation challenges faced by the industry, the retirement and medical industries are becoming the “core track” for insurance institutions.

All along, Ping An has chosen to lay out the “integrated finance + medical care and retirement” strategy to provide customers with the most cost-effective medical health and retirement solutions covering the entire life cycle. Ping An stated that it aims to create an upgraded version of the management-style medical model with Chinese characteristics, becoming China’s leading operator of retirement ecosystems, helping customers achieve coordinated development of finances and health.

After years of deep cultivation and layout, medical care and retirement are accelerating to become the company’s second growth curve. Ping An stated that the medical care and retirement ecosystem effectively promotes the increase in customer coverage rates and average premiums, with the customer coverage rate for medical and nursing services increasing by 4 percentage points in 2025; the average new life insurance premium per customer using health services increased to 1.5 times; the average new life insurance premium per home care customer increased to 5.2 times; the average new life insurance premium per high-quality retirement customer increased to 23.4 times. The flagship of the medical and nursing ecosystem, Peking University Medical Group, continues to grow its revenue, reaching 5.723 billion yuan in 2025; Ping An Health is creating a management-style medical model with Chinese characteristics, establishing differentiated advantages, achieving a revenue of 5.468 billion yuan and a net profit of 380 million yuan in 2025.

Industry insiders believe that by integrating internal and external resources, Ping An provides individual customers with one-stop integrated financial services and comprehensive medical and retirement services. Zhang Xinyuan stated that this model not only connects online and offline medical resources but also achieves full-chain coverage from health management, disease treatment, to rehabilitation care, allowing customers to enjoy high-quality services from their own institutions while linking a broad network of partner hospitals. This “medical care and retirement” ecosystem significantly empowers the insurance main business. On one hand, rich service benefits greatly enhance the attractiveness and customer stickiness of insurance products; on the other hand, proactive health management effectively reduces the risks of backend claims. More importantly, it successfully explores new business growth points such as retirement services and high-end medical care, establishing a differentiated competitive barrier of “insurance + services.”

Additionally, according to Ping An, in 2025, the company launched AI products such as digital avatars of top doctors, AI family doctors, and AI retirement managers, covering the entire process of customer prevention, diagnosis, and rehabilitation; innovatively launched an AI multidisciplinary consultation (MDT) auxiliary platform for complex diseases, which has been applied in diseases such as breast cancer. Among them, AI doctors provide accurate diagnoses covering over 11,300 diseases, with an accuracy rate of 95.1% for AI-assisted diagnosis; the accuracy rate of AI multidisciplinary consultation treatment plans is nearly 90%; AI plus real doctors cover 100% of the group’s individual customers, with nearly 12 million annual users of AI doctors, and the cost per inquiry in the fourth quarter decreased by 45% year-on-year.

As Lin Xianping analyzed, through the deep integration of AI-assisted diagnosis, health management, and other services, the added value of insurance products has significantly increased, and the customer experience has undergone qualitative improvement; while the vast amount of health data accumulated in this process feeds back into the precise development and personalized pricing of insurance products, thus constructing a value closed loop of “service optimization experience, data-driven products.”

Beijing Business Daily Reporter Li Xiumei

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