Ping An of China: Achieved an operating profit of 134.415 billion yuan in 2025, a year-on-year increase of 10.3%, with a comprehensive investment return rate of 6.3%.

Ask AI · How can the healthcare and eldercare ecosystem empower Ping An customers to drive greater value?

By | Yuan Xiaoli

Edited by | Liu Peng

On March 26, China Ping An Insurance (Group) Company of China, Ltd. (HK: 02318, SH: 601318) released its full-year 2025 results. The data show that in 2025, Ping An achieved operating profit attributable to shareholders of the parent company of RMB 134.415 billion, up 10.3%; net profit attributable to shareholders of the parent company after deducting non-recurring items of RMB 143.773 billion, up 22.5%; and operating revenue of RMB 1,050.506 billion, up 2.1%. Shareholders’ equity attributable to the parent company for the first time exceeded RMB 1 trillion, reaching RMB 1,000.419 billion, up 7.7% from the beginning of the year.

The company plans to distribute a cash dividend for 2025 interim each share of RMB 1.75 for the year-end, with a cash dividend per share for the full year of RMB 2.70, up 5.9%. The total cash dividend for the full year was RMB 48.891 billion, having increased for 14 consecutive years.

By business segment:

In the life insurance and health insurance business, the new business value for 2025 was RMB 36.897 billion, up 29.3%; the new business value margin (based on standard premiums) was 28.5%, up 5.8 percentage points year over year. New business value through the agency channel increased 10.4% year over year, and new business value per agent increased 17.2% year over year; new business value through the bancassurance channel increased 138.0%. The 13-month policy continuation ratio was 97.4%, and the 25-month policy continuation ratio was 94.9%.

For the property and casualty insurance business, in 2025, gross premiums written were 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; the auto insurance combined ratio was 95.8%, improving by 2.3 percentage points year over year.

In the investment side, as of the end of 2025, the scale of the insurance funds investment portfolio was RMB 6.49 trillion, up 13.2% from the beginning of the year. The total comprehensive investment return rate for the full year was 6.3%, up 0.5 percentage points year over year. Over the past 10 years, the average net investment return rate was 4.8%, and the average comprehensive investment return rate was 4.9%.

In healthcare and eldercare, Ping An stated that medical and eldercare services are accelerating their role as the company’s second growth curve. The healthcare and eldercare ecosystem effectively drives an increase in the customer add-on insurance rate and average premium per policy. In 2025, the customer add-on insurance rate for customers using medical and eldercare services increased by 4 percentage points; average premiums per new life insurance policy for customers holding medical and health benefits increased to 1.5 times; average premiums per new life insurance policy for home eldercare benefits customers increased to 5.2 times; and average premiums per new life insurance policy for high-quality eldercare benefits customers increased to 23.4 times. With self-operated senior living and wellness communities, it has already built projects in 5 cities totaling 6 projects, among which Shanghai Yinian City · Jing’an 8 has officially begun operations, and Shenzhen Yinian City · Futian has entered trial operations.

Ping An said that in 2026, the company will continue to upgrade its service system around the “service year,” deepen the “comprehensive finance + healthcare and eldercare” strategy, strengthen risk management, promote the implementation of the financial industry’s “five major articles,” and serve the real economy as well as social and livelihood security.