Ping An of China’s overall operations are expected to improve comprehensively by 2025, with net operating profit attributable to the parent increasing by 10.3% year-on-year. The total cash dividend distribution is 48.891 billion yuan, marking 14 consecutive years of growth.

March 26, 2026, China Ping An Insurance (Group) Company of China, Ltd. (hereinafter referred to as “Ping An”, “the Company”, or “the Group”, stock code: Hong Kong Stock Exchange 02318, Shanghai Stock Exchange 601318) today announced its full-year results for the year ended December 31, 2025.

In 2025, the macro environment was complex and changeable. The strong resilience of China’s economy and the underlying driving momentum of structural upgrading provided a solid stage for Ping An to overcome challenges and develop steadily. The Company continued to deepen its strategy of “integrated finance + healthcare and eldercare”, building core competitiveness through “differentiated services”, delivering a comprehensive, favorable annual report marked by high-value growth, strategic deepening, and service innovation. The Company achieved operating profit attributable to shareholders of the parent company of RMB 134.415 billion (the same below), representing a year-on-year increase of 10.3%. Net profit attributable to shareholders of the parent company after non-recurring items (after deducting non-recurring gains and losses) was RMB 143.773 billion, up 22.5% year on year. Shareholders’ equity attributable to the parent company first exceeded RMB 1 trillion, reaching RMB 1,000.419 billion, up 7.7% from the beginning of the year. With care in rewarding shareholders, the Company plans to distribute a cash dividend for the end of 2025 of RMB 1.75 per share. The total cash dividend for the full year was RMB 48.891 billion, marking the 14th consecutive year of increases. The life insurance and health insurance business maintained a growth trend. New business value was RMB 36.897 billion, up 29.3% year on year. Investment performance of insurance funds was solid, achieving a combined investment return of 6.3%.

Deepening the integrated finance strategy; customer management efficiency continues to improve; core businesses comprehensively trend favorably

Richer household financial needs create greater opportunities for integrated finance. During the “14th Five-Year Plan for Finance” period (i.e., the “15th Five-Year Plan for finance”—“十五五”), China will accelerate the building of a strong financial power. By 2030, the size of China’s middle-class population is expected to account for one-third of the global middle-class. By addressing the traditional pain points of finance that are costly, time-consuming, and expensive, specialized, personalized, and integrated financial services are entering an even broader market opportunity.

Integrated finance · all roads lead back to one—build a comprehensive solution of “one customer, multiple accounts, multiple products, one-stop service”. Ping An’s integrated finance model has unique advantages. Coverage from protection, assets, credit, and service—four categories of products meet customers’ needs in all directions. The Company’s data show that the retention rate of customers holding three or more categories of products reaches 99%, significantly enhancing customer loyalty; service-category products strengthen customer stickiness, and in 2025 the retention rate of customers enjoying healthcare and eldercare ecosystem service rights was 93%. Offline and online integrated channels achieve in-depth customer operations. More than 7,000 offline branches and more than 1.3 million full- and part-time sales service teams cover 330 major cities nationwide. Life insurance agents serve as the main force for in-depth operations; in 2025, average productivity per agent increased 17.2% year on year. Ping An Bank’s average productivity per branch increased 126% year on year in 2025. Over the past three years, Ping An Property & Casualty Insurance has migrated a cumulative 4.5 million customers to other companies within the Group. The online AI “quick service” entry enables efficient conversion, connecting multiple apps and various service scenarios. Monthly average active users online in 2025 were about 90 million. The integrated finance model significantly improves efficiency and reduces costs. As of end-2025, the number of value customers increased 6% from the beginning of the year; the internal customer-acquisition cost saved an average of 35–45% compared with external acquisition costs.

Deepening the integrated finance strategy; customer management efficiency continues to improve. Steady growth in the number of customers. As of end-2025, the Group has 251 million individual customers, up 3.5% from the beginning of the year. Customer retention remains at a high level. In 2025, the retention rate of customers within the Group holding three or more categories of products reached as high as 99%. Customer value continued to be released. As of end-2025, Ping An’s average number of contracts per customer was 2.94, up 0.7% from the beginning of the year. The share of customers served for five years or more reached 75.0%, and the average number of contracts per such customer was 1.7 times that of newly acquired customers in the first year.

In 2025, the Group’s financial segment achieved high-quality development in its core businesses. The life insurance and health insurance business maintained a high-growth momentum. In 2025, new business value for life insurance and health insurance reached RMB 36.897 billion, a substantial year-on-year increase of 29.3%. The new business value rate (based on standard premiums) was 28.5%, up 5.8 percentage points year on year. Multi-channel high-quality development: in 2025, new business value for the agent channel grew 10.4% year on year, and new business value per capita grew 17.2% year on year; new business value for the bancassurance channel grew 138.0% year on year; the contribution proportions of bancassurance channel, community financial service and other channels to new business value for Ping An life insurance improved by 12.1 percentage points year on year. The “insurance + services” layout was further deepened. In 2025, Ping An life insurance used healthcare and eldercare service customer numbers of 18.298 million. Business quality continued to improve: the 13-month policy continuation ratio was 97.4%, up 1.0 percentage point year on year; the 25-month policy continuation ratio was 94.9%, up 5.2 percentage points year on year.

Property and casualty insurance achieved a “double-optimal” outcome in both scale and quality. In 2025, Ping An Property & Casualty’s gross written premium from original insurance business was RMB 343.168 billion, up 6.6% year on year; insurance service revenue was RMB 338.912 billion, up 3.3% year on year. The overall combined cost ratio was 96.8%, improving by 1.5 percentage points year on year. The auto insurance combined cost ratio was 95.8%, improving by 2.3 percentage points year on year. By deeply exploring the “insurance + technology + services” model and solidly delivering on the “five major articles” of finance, Ping An provided RMB 373.04 trillion in risk protection for 2.93 million micro, small and medium-sized enterprises; underwrote technology insurance policies of 3.26 million policies; and provided RMB 92.9 trillion in risk protection. Risk reduction improved service quality and effectiveness. Throughout the year, cumulative loss reduction exceeded RMB 0.707 billion; 420,000 natural disaster warnings were issued; and service customers reached 130 million.

Insurance fund investments delivered strong performance, with long-term stable asset allocation capabilities. As of end-2025, the Company’s insurance fund investment portfolio size was RMB 6.49 trillion, up 13.2% from the beginning of the year. Adhering to the guiding philosophy of long-term investment and matching liabilities, and adopting balanced investment strategies including fixed-income investments, equity investments, and alternative investments, the Company achieved good and steady investment returns. In 2025, the insurance fund investment portfolio achieved a combined investment return of 6.3%, up 0.5 percentage points year on year.

Banking operations remained steady, with overall asset quality stable. In 2025, Ping An Bank recorded net profit of RMB 42.633 billion. As of December 31, 2025, the non-performing loan ratio was 1.05%, down 0.01 percentage point from the beginning of the year. The allowance coverage ratio was 220.88%, indicating that its risk offset capability remained solid. The core Tier 1 capital adequacy ratio increased by 0.24 percentage point from the beginning of the year to 9.36%. Retail business maintained high quality and sustainable development. Managed retail customers’ assets (AUM) were RMB 4,238.409 billion, up 1.1% from the beginning of the year. Continued support for the real economy: as of December 31, 2025, corporate loan balances increased 3.5% from the beginning of the year. Supporting new productive forces in science and technology: the number of technology enterprise customers was 31,900, up 21.1% from the beginning of the year.

The healthcare and eldercare strategy continued to be implemented; differentiated advantages empowered the main business

Society is accelerating into the “longevity era”, and high-quality healthcare and eldercare services have become an urgent need. In China, the population aged 60 and above has already exceeded 300 million, and China’s average life expectancy is 79 years. At the same time, the industry faces pain points such as uneven distribution of medical resources, complex medical treatment processes, and heavy payment pressure on residents. All-round, multi-level, high-quality healthcare and eldercare services are becoming an urgent and rigid real demand for residents.

Build an upgraded managed-care medical model with Chinese characteristics; become a leading eldercare ecosystem operator in China; and help customers achieve coordinated development of finance and health. Based on Ping An’s solid foundation of “integrated finance”, the Company represents the payer side and integrates the supplier side, providing customers with healthcare and eldercare solutions covering the entire lifecycle with the best value for money. A multi-level protection system enhances customers’ payment capability. In 2025, Ping An achieved health insurance premium income of RMB 159 billion, of which medical insurance premium income was nearly RMB 73.4 billion, up 2.7% year on year. Technology empowers to improve diagnosis and treatment efficiency and enhance service experience. In 2025, the Company launched AI products such as digital avatars of renowned doctors, AI family doctors, and AI eldercare caretakers, covering the entire process from prevention, diagnosis and treatment to rehabilitation. It also innovatively launched an AI-assisted multi-disciplinary team (MDT) consultation platform for complex diseases, which has been applied to disease types such as breast cancer. Among them, AI doctors provide precise diagnosis coverage for more than 11,300 disease types; the accuracy rate of AI doctors assisting diagnosis and treatment was 95.1%; and the accuracy rate of AI-assisted multi-disciplinary consultation diagnosis and treatment plans was nearly 90%. AI+real doctor coverage reached 100% of the Group’s individual customers. The number of annual users of AI doctors was nearly 12 million. In the fourth quarter, the cost per consultation decreased 45% year on year.

The “four-to” service network is continuously improved to build a “five-most” service system. Online: In 2025, Ping An connected the online pharmacy “direct payment” scenario, enabling enterprise health management customers to complete online drug purchases with “direct payment” funded through corporate health accounts. To the hospital: It enabled “direct payment” for insured commercial insurance customers’ medical treatment, covering public hospitals (including special-need international departments), private hospitals, and overseas hospitals and medical institutions; and one-click QR code payment for offline drug purchases for enterprise health management customers, covering 77,000 pharmacies nationwide. To the home: More than 240,000 customers cumulatively obtained eligibility for in-home eldercare services. To the enterprise: In 2025, Ping An covered more than 95,000 enterprise customers, and served more than 60 million enterprise employees throughout the year. By integrating the “four-to” service network, Ping An built the “five-most” system of the most suitable hospital, most suitable doctor, most suitable treatment, most suitable medicines, and most suitable timing.

As of end-2025, Ping An has approximately 50,000 internal and external doctor teams, including more than 3,500 contracted expert doctors. The number of domestic cooperating claims-service hospitals exceeded 37,000. Cooperation coverage with domestic top 100 hospitals and tertiary hospitals (Grade 3) reached 100%. In self-operated eldercare communities, Ping An’s high-quality eldercare community project “Zhen Yi Nian” has been rolled out in 5 cities with a total of 6 projects. Among them, “Shanghai Yi Nian Cheng • Jing An No. 8” has started official operations, and “Shenzhen Yi Nian Cheng • Futian” has entered trial operations. For cooperating eldercare communities, the experience and exhibition center for “Yi Xiang Cheng Foshan” has launched trial operations, with plans to roll out in new first-tier cities thereafter.

Healthcare and eldercare differentiated empowerment for the financial main business accelerates it to become a second growth curve. The healthcare and eldercare ecosystem effectively promotes higher add-on insurance rates and higher average premium per policy. In 2025, the add-on insurance rate of customers using health-and-eldercare services increased by 4 percentage points. The average premium per new policy for life insurance for customers with healthcare and wellness benefit rights increased to 1.5 times. The average premium per new policy for life insurance for customers with in-home eldercare benefit rights increased to 5.2 times. The average premium per new policy for life insurance for customers with high-quality eldercare benefit rights increased to 23.4 times. Ping An Group’s healthcare and eldercare ecosystem has a self-owned flagship—Peking University Healthcare Group—which continues to grow its operating revenue. In 2025, it reached RMB 5.723 billion. Ping An Health built a managed-care medical model with Chinese characteristics, established differentiated advantages, and achieved operating revenue of RMB 5.468 billion and net profit of RMB 0.380 billion in 2025.

Technology empowers to improve quality and efficiency; MSCI ESG rating upgraded to AAA

Adhere to the “AI in ALL” principle to build leading technological capabilities and empower high-quality business development. As of end-2025, Ping An’s database had accumulated 33 trillion bytes of data, covering 251 million individual customers. It also cumulatively accumulated more than 3.2 trillion high-quality text corpora, 500,000 hours of labeled audio corpora, and more than 8.5 billion image corpora. In 2025, more than 230,000 Ping An employees used the internal agent platform to develop more than 70,000 agent applications, with 3.65 billion model calls throughout the year. Expand the depth and breadth of AI applications. Better experience: in 2025, life insurance achieved a share of instant claims (flash payouts) of 59%, and in property insurance the average share of AI-assisted smart policy issuance within one minute in the car agency channel reached 93%. Control risks: in 2025, Ping An Property & Casualty’s anti-fraud intelligent claim interception reduced losses by RMB 10.51 billion, marking three consecutive years of loss reductions exceeding RMB 10 billion. Reduce costs: in 2025, 94% of life insurance policies achieved second-level underwriting. Ping An AI front-desk seat services recorded approximately 1.702 billion interactions, covering 80% of Ping An’s total customer service volume. Boost sales: in 2025, AI agents assisted in achieving sales of RMB 133.179 billion. An “AI + human” smart agent complex reprocessing and dispatch system supported an improvement in policy reinstatement of 30%, continuing to safeguard customer protection.

Fulfill social responsibility and support green development and rural revitalization. The Company has cumulatively invested more than RMB 108.8 billion to support real-economy development. As of end-2025, the Company’s insurance fund green investment scale was RMB 53.0087 billion, and its green loan balance was RMB 26.6433 billion. In 2025, green insurance gross premium income from original insurance business was RMB 76.474 billion, providing RMB 57.148 billion in funds to support rural industry and help the rural areas. The Company’s MSCI ESG rating was upgraded to AAA and it ranked first in the Asia-Pacific region for “Composite Insurance and Brokerage” for four consecutive years. It was selected for S&P Global’s “Sustainability Yearbook (China Edition) 2025”, the only insurance company on the mainland of China to be included.

2026 is the first year of the “15th Five-Year Plan” (十五五) period. China’s economic support conditions and basic trends remaining favorable will not change for the long term. With insurance and financial needs continuing to be strong, demand for residents’ health, medical care and eldercare services will gradually increase, bringing new opportunities for the Company’s business development. In 2026, the Company and its entire team will deeply study and implement the spirit of the “Two Sessions” at the national level, always uphold the初心 of putting finance at the service of the people, and implement the business philosophy of “high-value growth, service innovation, technology leadership, and compliance with laws and regulations”. It will deepen the strategy of “integrated finance + healthcare and eldercare” with parallel execution driven by technology. Taking the opportunity of a “Service Year” (服务年), the Company will continuously upgrade the three major innovation service systems, improve operational capabilities, strengthen risk management, and fully deliver on the “five major articles” of finance. It will contribute Ping An’s efforts to help China take the path of high-quality financial development with Chinese characteristics and to accelerate the building of a strong financial power.

(Editor: Xu Nannan)

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