Ping An of China announces latest earnings! Dividend exceeds 48.8 billion yuan

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

Specifically, the company achieved an operating profit attributable to shareholders of the parent company of 134.415 billion yuan (RMB, the same below), a year-on-year increase of 10.3%; the net profit attributable to shareholders of the parent company, excluding non-recurring items, was 143.773 billion yuan, an increase of 22.5% year-on-year. The life insurance and health insurance businesses maintained a growth trend, with new business value reaching 36.897 billion yuan, up 29.3% year-on-year, marking three consecutive years of double-digit growth. In addition, the company plans to distribute a final dividend of 1.75 yuan per share for 2025, with a total cash dividend of 48.891 billion yuan for the year, marking 14 consecutive years of increases.

It is noteworthy that China Ping An’s comprehensive financial strategy has deepened, and the effects of its medical and elderly care services are beginning to show. Customer retention rates remain high.

New business value has seen high growth for three consecutive years.

China Ping An’s 2025 annual report shows that its financial sector core businesses have achieved high-quality development. The company achieved an operating profit attributable to shareholders of the parent company of 134.415 billion yuan in 2025, a year-on-year increase of 10.3%; net profit attributable to shareholders of the parent company (excluding non-recurring items) was 143.773 billion yuan, up 22.5% year-on-year; operating revenue was 1,050.506 billion yuan, an increase of 2.1% year-on-year; equity attributable to shareholders of the parent company broke the trillion yuan mark for the first time, reaching 1,000.419 billion yuan.

Among these, the life insurance and health insurance businesses maintained a high growth trend, with new business value achieving double-digit growth for three consecutive years. In 2025, new business value in the life and health insurance sectors reached 36.897 billion yuan, a significant increase of 29.3% year-on-year; the new business value rate (based on standard premiums) was 28.5%, up 5.8 percentage points year-on-year.

From the perspective of distribution channels, in 2025, the new business value from the agent channel increased by 10.4% year-on-year, with per capita new business value increasing by 17.2% year-on-year; the new business value from the bank insurance channel increased by 138.0%; the contributions of the bank insurance channel, community financial services, and other channels to Ping An Life’s new business value increased by 12.1 percentage points year-on-year.

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

The investment performance of insurance funds was excellent. By the end of 2025, the scale of the insurance fund investment portfolio was 6.49 trillion yuan, an increase of 13.2% from the beginning of the year. In 2025, the insurance fund investment portfolio achieved a comprehensive investment return rate of 6.3%, an increase of 0.5 percentage points year-on-year.

The banking business maintained steady operations, with Ping An Bank achieving a net profit of 42.633 billion yuan in 2025, managing retail customer assets (AUM) of 4,238.409 billion yuan, an increase of 1.1% from the beginning of the year; the corporate loan balance increased by 3.5% from the beginning of the year; the number of technology enterprise clients served was 31,900, an increase of 21.1% from the beginning of the year.

The effectiveness of the “comprehensive finance + medical and elderly care” model is significant.

According to disclosures, the customer retention rate for clients holding three or more products with China Ping An reached 99%; by the end of 2025, the average number of contracts per customer reached 2.94, an increase of 0.7% from the beginning of the year. Customers who have been served for five years or more accounted for 75.0%, with an average number of contracts 1.7 times that of new customers in their first year. In 2025, the customer retention rate for those enjoying services from the medical and elderly care ecosystem reached 93%.

The comprehensive financial model has shown effectiveness in improving efficiency and reducing costs. By the end of 2025, Ping An Group had 251 million personal customers, an increase of 3.5% from the beginning of the year. The number of value customers increased by 6% from the beginning of the year, and the internal customer acquisition cost saved an average of 35% to 45% compared to external acquisition costs.

In addition, China Ping An’s offline channels include over 7,000 outlets and more than 1.3 million full-time and part-time sales service teams, covering 330 major cities nationwide. As the main force in deep management, life insurance agents saw an increase of 17.2% in per capita productivity year-on-year in 2025; Ping An Bank’s average productivity per outlet increased by 126% year-on-year; over the past three years, Ping An Property & Casualty Insurance has migrated 4.5 million clients from other companies within the group.