Trillions in assets, 250 million customers! Why is Ping An China still falling behind its peers?

Summary: “Profit growth” illusion (Follow Leverage Game)

Written by | Gan Sister & Edited by | Alice

China Ping An, the trillion-dollar empire of China, seems to be quietly falling behind its peers in 2025.

Recently, China Ping An released its 2025 “report card.” Revenue continues to exceed 1 trillion, net assets also exceed 1 trillion; profit after non-recurring items rose by 22%, and dividends are up for the 14th consecutive time……

After breaking it down one by one, Leverage Game found that there may be some “beautification” factors in the growth, and that its pace is still lagging behind peers.

Today, we’ll take a look at the face and the substance of this financial giant.

1、

China Ping An’s business scope is very broad. It has full financial licenses covering insurance, banking, securities, trust, asset management, and leasing, while also developing an integrated medical and healthcare ecosystem such as medical services for health, home-based elder care, and institutional elder care.

In 2025, China Ping An’s revenue was 1,050.5 billion yuan, up 2.1%. For a group with nearly 14 trillion yuan in assets, this growth rate is not low.

According to the financial report, China Ping An divides its business into six core segments: life insurance and health insurance, property insurance, banking, asset management, financial empowerment, and others. Leverage Game sees that the divergence among these segments in 2025 is still fairly clear.

As Ping An’s foundational business, life insurance and health insurance generated operating profit of 103.26 billion yuan in 2025, up 7.5%, accounting for more than 65% of the group’s operating profit; operating profit attributable to shareholders was 99.75 billion yuan, up 2.9%, accounting for 74.2% of the group’s operating profit attributable to shareholders.

At the business operation level, life insurance and health insurance’s new business value (NBV) reached 36.897 billion yuan, up 29.3%. The new business value margin was 28.5%, up 5.8 percentage points year over year.

In 2025, China Ping An’s multi-channel setup initially took shape: the agency channel’s NBV grew 10.4% year over year, and new business value per capita grew 17.2%; the bank-insurance channel’s NBV grew 138.0% year over year; channels such as community finance increased their contribution ratio by 12.1 percentage points year over year.

However, there are a few points worth noting: first, the size of agency force continues to shrink. The number of personal life insurance agents fell from 363,000 in 2024 to 351,000 in 2025, declining for consecutive years. This is related to Ping An’s life insurance reform.

But the question then arises: if the number of agents continues to decline, can improving per-agent productivity alone support the channel’s long-term growth?

Second, the bank-insurance channel has high growth but low value; its NBV margin is far lower than that of the agency channel, dragging down overall value quality;

Third, insurance service performance is declining. Operating profit growth depends on investment service performance. This line item grew 55.5% year over year; if you exclude this growth, operating profit for this segment at China Ping An is actually declining.

Property insurance is the second-largest profit segment at China Ping An. In 2025, operating profit was 17.00 billion yuan, up 13.2%; operating profit attributable to shareholders was 16.92 billion yuan, accounting for 12.6% of the group.

In terms of scale, China Ping An’s property insurance original premium income was 343.168 billion yuan, up 6.6%; insurance service revenue was 338.912 billion yuan, up 3.3%

But in 2025, the net profit of this segment at China Ping An fell 2.8% year over year, mainly due to the drag from one-off gains and losses from the sale of Autohome, along with a 26.0% year-over-year decline in investment gains.

As for the banking business, Leverage Game previously wrote a separate article. To summarize in one sentence: both revenue and profit declined. Net profit attributable to Ping An was 42.633 billion yuan, down 4.2% year over year; operating income was 131.442 billion yuan, down 10.4%.

Based on the performance of 13 A-share listed banks disclosed so far, Ping An Bank is also the only one whose revenue and profit both fell.

In 2025, China Ping An’s asset management business achieved reduction of losses. Net profit was -3.0 billion yuan, improving losses by about 73% year over year. The segment covers securities, trust, leasing, and asset management, among other businesses. Asset management scale exceeded 8.8 trillion yuan, showing a significant scale advantage but weak profitability.

The financial empowerment business turned losses into profits. In 2025, operating profit was 249 million yuan. Among the core subsidiaries, Ping An Health showed strong performance: operating revenue was 5.468 billion yuan, up 13.7%; net profit was 380 million yuan, up 366.1%, mainly benefiting from the group’s 251 million yuan personal customer lead flow.

2、

Compared with revenue, China Ping An’s profit indicators in 2025 look even more impressive. Among them, net profit attributable to shareholders was 134.8 billion yuan, up 6.5%. Net profit after non-recurring items increased even more, up 22.5%, to 143.8 billion yuan. Regarding the reasons, Leverage Game mentioned them earlier in part as well. To summarize, there are mainly about two points: investment gains driving the results and structure optimization improving efficiency.

In 2025, with growth in the core business slightly lacking momentum, China Ping An’s comprehensive investment return on insurance funds was 6.3%, up 0.5 percentage points year over year. Total investment gains were 234.251 billion yuan, up 13.5% year over year. The investment side became the core engine for profit growth.

In addition, the group optimized the income statement by controlling costs and reducing impairment losses. Business and management fees fell 5.9% year over year, and credit and other asset impairment losses fell 17.9% year over year.

Even so, among the five A-share listed insurance companies that have disclosed their financial reports, China Ping An’s profit growth rate still appears to be at the bottom.

Of course, Ping An is still one of the strongest financial groups in China. With trillion-yuan net assets, 250 million customers, and the synergistic effects of integrated finance, these barriers are not catchable by peers in the short term.

China Ping An’s core strategy is “integrated finance + medical and elder care.” The vision is to become an internationally leading service group. In 2025, its performance conference was named “High-Value Growth, Service Innovation.” It is very promising and ambitious. But it’s also not something that can be ignored: the core business’s scale growth has hit a bottleneck, and the medical and elder care strategy’s investment has not yet been realized into profitability, among other issues.

Chart source | Eastmoney (Special thanks)

In summary, under the halo of a trillion-dollar empire, China Ping An’s 2025 financial report has three major contradictions that need to be watched out for:

First, the expansion of scale cannot support profit growth;

Second, profit differentiation among business segments and insufficient synergy efficiency mean that the barrier advantages of integrated finance have not been fully converted into a driver of profit growth;

Third, the conflict between short-term profit optimization and long-term strategic investment. Short-term profits grew through cost control and investment gains, but long-term strategies such as medical and elder care and technology are still in the heavy-investment stage, so long-term returns carry uncertainty.

For charts whose sources are not indicated in this article, all are from company announcements and official websites. This is to explain and express thanks.

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