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 RMB 134.415 billion, up 10.3%; net profit attributable to shareholders of the parent company was RMB 134.778 billion, up 6.5%; non-GAAP net profit attributable to shareholders of the parent company was RMB 143.773 billion, up 22.5%; operating revenue was RMB 1,140.324 billion, basically steady; shareholders’ equity attributable to shareholders of the parent company first surpassed RMB 1 trillion, reaching RMB 1,000.419 billion, up 7.7% from the beginning of the year.

The total cash dividend has increased for 14 consecutive years. The company plans to distribute a cash dividend for the 2025 final period of RMB 1.75 per share; the full-year cash dividend was RMB 2.70 per share, up 5.9%; the total cash dividend amounted to RMB 48.891 billion, and the cash dividend payout ratio calculated based on operating profit attributable to shareholders was 36.4%.

For life insurance and health insurance, new business value was RMB 36.897 billion, up 29.3%. The new business value rate (based on standard premiums) was 28.5%, up 5.8 percentage points year over year; new business value via the agency channel was up 10.4% year over year, and new business value per agent was up 17.2% year over year; new business value via the bancassurance channel was up 138.0% year over year; the contribution shares to Ping An Life Insurance’s new business value from the bancassurance channel, community financial services, and other channels increased by 12.1 percentage points year over year.

The property and casualty insurance business continued to grow in scale, with steady improvement in operating quality and efficiency. Gross written premium income from original insurance was RMB 343.168 billion, up 6.6%; insurance service revenue was RMB 338.912 billion, up 3.3%; the overall combined ratio was 96.8%, improving by 1.5 percentage points year over year, and it continued to maintain strong profitability; the auto insurance combined ratio was 95.8%, improving by 2.3 percentage points year over year, and continued to outperform the market average; net cash inflow from operating activities increased by 48.3% year over year, with a significant improvement in liquidity. Driven by premium cash flows, the investment scale (excluding sold under repurchase financial assets) grew by 12.1% from the beginning of the year.

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

(China Ping An)

(Editor: Qian Xiaorui)

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