13 Trillion Ping An "Service Year" Charts a New Chapter! Co-CEO Guo Xiaotao: Balanced Development and Service Upgrades Become Dual Engines for Growth

Ping An of China turned in an impressive set of results in 2025. Operating profit attributable to shareholders reached RMB 134.415 billion, up 10.3% year over year; net profit attributable to shareholders from non-recurring items reached RMB 143.773 billion, up 22.5% year over year. Operating revenue surpassed the RMB 1 trillion mark, reaching RMB 1,050.506 billion. Net assets first exceeded RMB 1 trillion, reaching RMB 1,000.419 billion. This series of figures not only signals that Ping An’s operating profit attributable to shareholders has returned to double-digit growth after five years, but also highlights its ability to deliver steady development amid a complex market environment.

At the results press conference, Guo Xiaotao, Co-CEO of Ping An, summarized the company’s 2026 operating policy with 16 Chinese characters: “High-value growth, service innovation, technology leadership, and compliance with laws and regulations.” He said that 2025 was the most crisis-conscious year in Ping An’s 37-year history, the deepest year in strategic execution, and the year with the largest sense of crisis. All business performance indicators moved in a positive direction, and both scale and profit achieved high-quality growth. New business value growth for life insurance and health insurance rose 29.3%; original premium income for property and casualty insurance increased 6.6%; the combined cost ratio improved by 1.5 percentage points. Investment performance for insurance funds was solid; the finance-empowered business segments turned loss-making into profit; and asset management significantly reduced losses by 68%.

Guo Xiaotao specifically emphasized balanced development across Ping An Life’s channels and product mix. In 2025, agent channel new business value increased 10.4% year over year, and new business value per capita grew 17.2%. In the bank channel, new business value increased 138.0% year over year, and the contribution share to new business value for life insurance improved by 12.1 percentage points. He pointed out that this balanced development model effectively helps withstand market fluctuations, making performance more resilient and sustainable. Ping An’s mature bank-insurance business management model within the Ping An ecosystem is being rolled out to non–Ping An bank systems, and it is expected that the bank channel will continue to maintain relatively high profit margins over the next two years.

In terms of product strategy, Ping An is shifting from dividend-oriented insurance toward protection-type products. Guo Xiaotao disclosed that in 2026, while maintaining the dividend-oriented insurance structure, the company will increase the proportion of protection-type products such as medical insurance, health insurance, and critical illness insurance to meet customers’ needs for long-term allocation of family assets. He analyzed that in a low interest-rate environment, life insurance products are entering a golden development period. Ping An will seize the “deposit relocation” trend and capture incoming funds by optimizing channel competitiveness.

On investment strategy, Ping An adheres to a long-term capital positioning and focuses on steady returns across cycles. As of the end of 2025, the scale of insurance fund investment portfolios reached RMB 6.49 trillion, with a comprehensive investment return rate of 6.3%, up 0.5 percentage points year over year. Guo Xiaotao said that Ping An’s investments follow the “five matching” principles, closely integrating with the liability side, and focusing on deterministic areas such as new quality productive forces, infrastructure, and medical and healthcare. As part of asset allocation, gold has already delivered the expected returns since it was allocated at the beginning of last year, and in the future the company will continue to closely watch its price trend.

2026 has been defined as the “Year of Ping An Services.” The company plans to deepen its service system through three major tasks: first, driven by AI as the core, to advance the “Integrated Financial Services—Ninety-Nine Integration” initiative, integrating 700 million internet-registered users into a unified super entry point and enabling an intelligent service experience where people can “get things done in one sentence”; second, to build a global emergency rescue service system, achieving full scenario coverage and deep integration with medical services; and third, to create a “four-in-everything” medical and elderly care service network, deeply linking insurance products with services and forming a differentiated competitive advantage. Guo Xiaotao emphasized that service upgrades not only improve the customer experience, but also provide a positive contribution to performance growth through cost reduction and efficiency gains and risk control.

Against the backdrop of increasing volatility in capital markets, Ping An’s strategic upgrade and balanced development model have been recognized by the market. Guo Xiaotao said that the effectiveness of the company’s “integrated financial services + medical and elderly care” and technology-driven strategy has been fully reflected in financial indicators, customer experience, and future trends. Last year, the stock price rose significantly, and there is still room for further upside going forward. He also disclosed that Ping An will continue to optimize its asset mix, reduce risk exposure, and create long-term value for investors.