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, Ping An Insurance (Group) Company of China, Ltd. (hereinafter referred to as “Ping An,” “Ping An,” “the Group,” or “the Company,” Stock code: HKEX 02318, SSE 601318) today announced its full-year performance for the year ended December 31, 2025.

In 2025, the macro environment was complex and volatile. The strong resilience of the Chinese economy and the underlying momentum of structural upgrading provided Ping An with a solid stage to overcome challenges and develop steadily. The Company continued to deepen its strategy of “comprehensive finance + medical and elderly care,” forging core competitiveness through “service differentiation,” delivering an annual performance characterized by broad improvement, value-added growth, deeper strategic implementation, and service innovation. The Company achieved operating profit attributable to shareholders of the parent company of RMB 134.415 billion (the same below), up 10.3% year over year. Non-recurring profit attributable to shareholders of the parent company was RMB 143.773 billion, up 22.5% year over year. 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. To reward shareholders with care, 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 a 14th consecutive year of increases. Life insurance and health insurance businesses maintained a growth momentum. New business value was RMB 36.897 billion, up 29.3% year over year. Insurance fund investment performance was excellent, achieving a combined investment return rate of 6.3%.

Deepening the comprehensive finance strategy, continuously improving customer management efficiency, and seeing all core businesses move positively

Diversified resident financial needs create even greater opportunities for comprehensive finance. During the “15th Five-Year + 5-Year” (“十五五”) period, China will accelerate the building of a financial powerhouse. By 2030, the size of China’s middle-income group is expected to account for one-third of the global middle-income group. By addressing the traditional pain points of finance that are troublesome, time-consuming, and costly, professionalized, personalized, and diversified financial services are entering a wider market opportunity.

Comprehensive Finance · Jiu Jiu Gui Yi—Building a comprehensive solution of “one customer, multiple accounts, multiple products, and one-stop service”. Ping An’s comprehensive finance model has unique advantages. Guarantee, assets, credit, and service four categories of products meet customers’ all-round needs. The Company’s data show that the customer retention rate for customers holding 3 categories of products or more is 99%, significantly enhancing customer loyalty; service-category products increase customer stickiness— in 2025, the retention rate of customers enjoying medical and elderly care ecosystem service rights was 93%. Offline and online integrated channels achieve in-depth customer operations. With more than 7,000 offline outlets and a team of over 1.3 million full-time and part-time sales and service personnel, coverage extends to 330 major cities across the country. Life insurance agents serve as the main force in deep operations. In 2025, per-capita productivity for agents improved by 17.2% year over year; Ping An Bank’s average outlet productivity increased by 126% year over year in 2025; and over the past three years, Ping An Property & Casualty has transferred a cumulative 4.5 million customers to other companies within the Group. An online AI “quick service” entry efficiently converts, connecting multiple APPs and various service scenarios. In 2025, average monthly active users online were about 90 million. The comprehensive finance model significantly improves efficiency and reduces costs. By the end of 2025, the number of value customers grew by 6% compared with the beginning of the year; compared with external customer acquisition costs, internal customer acquisition costs were on average saved by 35–45%.

Deepening the comprehensive finance strategy, continuously improving customer management efficiency. Customer numbers grow steadily: by the end of 2025, the Group’s individual customer base was 251 million, up 3.5% from the beginning of the year. Customer retention remains at a high level: in 2025, the retention rate of customers holding 3 categories of products or more within the Group was as high as 99%. Customer value continues to be released: by the end of 2025, Ping An’s average number of contracts per customer reached 2.94, up 0.7% from the beginning of the year. The Company’s proportion of customers served for 5 years or more was 75.0%, and their average number of contracts per customer was 1.7 times that of newly added customers in the first year.

In 2025, the Company’s financial segment’s core businesses achieved high-quality development. Life insurance and health insurance maintained strong growth momentum. In 2025, new business value for life insurance and health insurance reached RMB 36.897 billion, up 29.3% year over year. New business value margin (based on standard premium) was 28.5%, up 5.8 percentage points year over year. With multi-channel, high-quality development, new business value through the agent channel grew by 10.4% year over year; new business value per capita grew by 17.2% year over year. New business value through the bancassurance channel grew by 138.0% year over year. The contribution ratio of bancassurance channels, community financial services, and other channels to Ping An Life’s new business value increased by 12.1 percentage points year over year. The “insurance + services” deployment was further deepened. In 2025, Ping An Life Insurance used medical and elderly care service customers of 18.298 million. Business quality continued to improve: 13-month policy continuation rate was 97.4%, up 1.0 percentage point year over year; 25-month policy continuation rate was 94.9%, up 5.2 percentage points year over year.

Property and casualty insurance business achieved a “double excellence” in both scale and quality. In 2025, Ping An Property & Casualty’s gross premium income from original insurance was RMB 343.168 billion, up 6.6% year over year; insurance service revenue was RMB 338.912 billion, up 3.3% year over year. The overall combined ratio was 96.8%, improving by 1.5 percentage points year over year. The motor insurance combined ratio was 95.8%, improving by 2.3 percentage points year over year. By thoroughly exploring the “insurance + technology + services” model, solidly delivering the “five major articles” of finance, Ping An provided RMB 37.304 trillion risk protection for 2.93 million micro, small, and medium-sized enterprises; underwrote 3.26 million technology insurance policies and provided RMB 9.29 trillion risk protection. Improving risk reduction enhanced service quality and effectiveness: throughout the year, cumulative losses avoided exceeded RMB 0.707 billion; 420,000 natural disaster warnings were issued; and services were provided to 130 million customers.

Insurance fund investment performance was excellent, and asset allocation capability remained stable long-term. By the end of 2025, the Company’s insurance fund investment portfolio size was RMB 649 billion, up 13.2% from the beginning of the year. Adhering to the guiding philosophy of long-term investment and matching liabilities, and through balanced investment strategies such as 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 rate of 6.3%, up 0.5 percentage points year over year.

Banking business operations remained steady, and overall asset quality was stable. In 2025, Ping An Bank achieved 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 provision coverage ratio was 220.88%, and risk offset capability remained strong. The core Tier 1 capital adequacy ratio increased by 0.24 percentage point to 9.36% from the beginning of the year. Retail business achieved high-quality and sustainable development: managed retail customer assets (AUM) were RMB 423.8409 billion, up 1.1% from the beginning of the year. Continued support for the real economy: as of December 31, 2025, enterprise loan balances increased by 3.5% from the beginning of the year; for supporting new productive forces, the number of technology enterprise customers was 31,900, up 21.1% from the beginning of the year.

The medical and elderly care strategy continued to be implemented, with differentiated advantages empowering the main business

Society is accelerating into a “longevity era,” and high-quality medical and elderly care services have become an urgent need. In China, the number of elderly people aged 60 and above has exceeded 300 million, and the average life expectancy in China is 79 years. At the same time, the industry faces pain points such as unequal medical resources, complex care pathways, and high resident payment pressure. Full-spectrum, multi-level, high-quality medical and health elderly care services are becoming an urgent and rigid real-world need.

Building an upgraded managed-care medical model with Chinese characteristics, becoming a leading elderly care ecosystem operator in China, and helping customers develop in a coordinated way financially and in health. Based on Ping An’s solid foundation of “comprehensive finance,” it acts as the payer and integrates the supplier side, providing customers with a medical and health elderly care solution covering the entire lifecycle and offering 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 over year. Technology empowers to improve diagnosis and treatment efficiency and enhance service experience. In 2025, the Company launched AI products such as a digital clone of renowned doctors, an AI family doctor, and an AI elderly care manager, spanning the entire process from customer prevention, diagnosis and treatment to rehabilitation; it also innovatively launched an AI-assisted multidisciplinary team (MDT) consultation auxiliary platform, which has been applied in conditions such as breast cancer. Among them, AI doctors provide precise diagnosis covering more than 11,300 diseases; AI doctor-assisted diagnosis and treatment accuracy was 95.1%; and the accuracy of AI-assisted MDT consultation treatment plans was close to 90%. AI + real-doctor coverage extends to 100% of individual customers in the Group; the number of annual users of AI doctors was nearly 12 million; and the cost per consultation in the fourth quarter decreased by 45% year over year.

The “Four-to” service network continues to improve, building a “Five-Optimal” service system. For online access, in 2025 Ping An connected online pharmacy “direct payment” scenarios; for corporate health management customers, online purchasing of medicines was completed with “direct payment” from the company health account. For in-facility access, it realized “direct payment” for medical visits for commercial insurance customers, covering public hospitals (including the International Department for Special Needs), private hospitals, and overseas hospital medical institutions; for corporate health management customers, one-click QR code display payment for offline medicine purchases covered 77,000 pharmacies nationwide. For at-home access, more than 240,000 customers in total obtained eligibility for home elderly care services. For enterprise access, in 2025 Ping An covered more than 95,000 corporate customers, and served more than 60 million corporate employees throughout the year. By integrating the “Four-to” service network, it built the “Five-Optimal” system of the most suitable hospital, the most suitable doctor, the most suitable treatment, the most suitable medicines, and the most suitable timing.

By the end of 2025, Ping An had about 50,000 internal and external doctor teams, including more than 3,500 contracted expert doctors, more than 37,000 hospitals providing domestic cooperation claims services, and 100% coverage in cooperation with top 100 hospitals and tertiary hospitals within China. For self-operated elderly care communities, Ping An Zhenyi Nian high-quality elderly care community projects had been laid out in five cities, comprising a total of six projects. Among them, Shanghai Yinian City • Jing’an No. 8 has officially been in operation, and Shenzhen Yinian City • Futian has been put into trial operation. For partner elderly care communities, the Yixiangcheng Foshan experience and display center started trial operations, and will be rolled out in new first-tier cities thereafter.

Differentiated medical and elderly care empowers the financial main business and accelerates becoming a second growth curve. The medical and elderly care ecosystem effectively drives improvements in customer policy coverage and average premium per policy. In 2025, the customer policy coverage rate increased by 4 percentage points for customers using medical and elderly care services; life insurance new single policies for customers with medical and health benefit rights increased to 1.5 times; life insurance new single policies for customers with home elderly care benefit rights increased to 5.2 times; and life insurance new single policies for customers with high-quality elderly care benefit rights increased to 23.4 times. The Ping An Group’s medical and elderly care ecosystem’s own flagship Beida Medical Group’s operating revenue continued to grow; in 2025 it reached RMB 5.723 billion. Ping An Health built a managed-care medical model with Chinese characteristics, establishing differentiated advantages. In 2025, operating revenue was RMB 5.468 billion and net profit was RMB 0.380 billion.

Technology empowers quality improvement and efficiency gains, and the MSCI ESG rating is upgraded to AAA

Adhering to the “AI in ALL” principle, building leading technological capabilities to empower high-quality business development. By the end of 2025, Ping An’s database had accumulated 33 trillion bytes of data, covering 251 million individual customers, with more than 3.2 trillion high-quality text corpora, 500,000 hours of labeled audio corpora, and over 8.5 billion image corpora accumulated. In 2025, over 230,000 employees in Ping An Group used the internal agent platform to develop more than 70,000 intelligent agent applications, with 3.65 billion model calls throughout the year. Expanding the depth and breadth of AI applications. Better user experience: in 2025, in life insurance, the proportion of instant claims settlement was 59%, and in property insurance’s auto substitute channel, the proportion of smart policy issuance within an average of one minute was 93%. Controlling risk: in 2025, Ping An Property & Casualty’s intelligent anti-fraud claims intercept and loss avoidance totaled RMB 10.51 billion, with losses avoided exceeding RMB 10 billion for three consecutive years. Reducing costs: in 2025, 94% of life insurance policies achieved second-level underwriting. Ping An AI service desk volumes were about 1.702 billion times, covering about 80% of Ping An’s total customer service volume. Promoting sales: in 2025, AI agents assisted sales to achieve RMB 133.179 billion, and the “AI + human” intelligent复效（re-effectiveness）dispatching system assisted in improving policy re-effectiveness by 30%, continuing customer protection.

Fulfill social responsibilities and serve green development and rural revitalization. The Company has cumulatively invested more than RMB 10.88 trillion to support the development of the real economy. By the end of 2025, the Company’s insurance fund green investment size was RMB 53.0087 billion, and green loan balance was RMB 266.433 billion; in 2025, green insurance original insurance premium income was RMB 76.474 billion, providing rural industrial support funds of RMB 57.148 billion. The Company’s MSCI ESG rating was upgraded to AAA, ranking first in the Asia-Pacific region for “comprehensive insurance and brokerage” for four consecutive years; it was selected in S&P Global’s 《Sustainable Development Yearbook (China Edition) 2025》, making it the only insurance company in mainland China selected.

2026 is the first year of the “15th Five-Year + 5-Year” plan, and China’s long-term favorable economic support conditions and basic trends remain unchanged. As demand for financial insurance continues to be strong, resident needs for health, medical, and elderly care services will gradually increase, bringing new opportunities for business development. In 2026, the Company will, from top to bottom, deeply study and implement the spirit of the national “Two Sessions” (“two sessions of the National People’s Congress and the National Committee of the Chinese People’s Political Consultative Conference”), always adhere to the original aspiration of serving the people through finance, and implement the operating principles of “high-value growth, service innovation, technology leadership, and law-abiding compliance.” It will deepen the “comprehensive finance + medical and elderly care” strategy running on two tracks and the technology-driven strategy. With “the Service Year” (“服务年”) as an opportunity, it will continuously upgrade the three major innovative service systems, improve operating capabilities, strengthen risk management, and fully implement the “five major articles” of finance, contributing Ping An’s strength to taking the path of high-quality development of finance with Chinese characteristics and accelerating the building of a financial powerhouse.

(Editor: Xu Nannan)

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