Operating profit attributable to the parent increased by 10.3% year-on-year; net assets attributable to parent shareholders surpassed one trillion yuan. Top 10 highlights to understand China Ping An's 2025 performance.

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On March 26, China Ping An announced its full-year performance for 2025. Overall, in 2025, China Ping An continued to deepen its “comprehensive finance + medical and elderly care” strategy, creating core competitiveness through “service differentiation,” delivering a comprehensive, robust, high-value growth, strategic deepening, and innovative service annual report, with overall performance showing ten highlights:

**　1. Group overall business high-value growth**

The operating profit attributable to the parent company’s shareholders was 134.415 billion yuan, a year-on-year increase of 10.3%; the net profit attributable to the parent company’s shareholders after deducting non-recurring gains and losses was 143.773 billion yuan, a year-on-year increase of 22.5%; operating income was 1,050.506 billion yuan, a year-on-year increase of 2.1%; the equity attributable to the parent company’s shareholders broke the trillion yuan mark for the first time, reaching 1,000.419 billion yuan, an increase of 7.7% compared to the beginning of the year.

**　2. Cash dividend total has continued to rise for 14 years**

It is proposed to distribute a year-end cash dividend of 1.75 yuan per share for 2025; the total cash dividend for the year is 2.70 yuan per share, a year-on-year increase of 5.9%; the total cash dividend amounts to 48.891 billion yuan, with a cash dividend ratio based on the operating profit attributable to the parent company of 36.4%.

**　3. Life insurance and health insurance businesses maintain growth momentum, channel comprehensive strength enhanced, high-quality development multidimensional manifestation**

The new business value of life insurance and health insurance was 36.897 billion yuan, a year-on-year increase of 29.3%, with a new business value rate (based on standard premiums) of 28.5%, an increase of 5.8 percentage points year-on-year.

The new business value of the agent channel increased by 10.4% year-on-year, and the per capita new business value increased by 17.2% year-on-year; the new business value of the bank insurance channel increased by 138.0% year-on-year; the contribution of bank insurance channels, community financial services, and others to Ping An Life Insurance’s new business value increased by 12.1 percentage points year-on-year.

**　4. Property insurance business scale continues to grow, operational quality steadily improves**

Original insurance premium income was 343.168 billion yuan, a year-on-year increase of 6.6%; insurance service income was 338.912 billion yuan, a year-on-year increase of 3.3%; the overall comprehensive cost ratio was 96.8%, optimized by 1.5 percentage points year-on-year, maintaining good profitability; the comprehensive cost ratio of auto insurance was 95.8%, optimized by 2.3 percentage points year-on-year, consistently better than the market average.

Cash flow from operating activities increased by 48.3% year-on-year, liquidity levels significantly improved, driven by premium cash flow, and the investment scale (excluding sold repurchased financial assets) increased by 12.1% compared to the beginning of the year.

**　5. Investment performance of insurance funds is excellent**

The scale of the insurance fund investment portfolio was 6.49 trillion yuan, an increase of 13.2% from the beginning of the year; the comprehensive investment return rate was 6.3%, up by 0.5 percentage points year-on-year; the average net investment return rate over the past 10 years was 4.8%, and the average comprehensive investment return rate over the past 10 years was 4.9%, exceeding the long-term investment return assumption of internal value.

**　6. Banking business operations remain stable, overall asset quality steady, core tier 1 capital adequacy ratio improved**

Net profit was 42.633 billion yuan; non-performing loan ratio was 1.05%, provision coverage ratio was 220.88%; core tier 1 capital adequacy ratio was 9.36%, an increase of 0.24 percentage points from the beginning of the year.

**　7. Comprehensive financial model creates core competitive barriers, customer operational efficiency continues to improve**

The number of individual clients was 251 million, an increase of 3.5% from the beginning of the year; the average monthly active online customers was about 90 million, leading the industry; the retention rate of clients holding three or more products within the group was 99%.

**　8. Medical and elderly care strategy continues to be implemented, differentiated advantages empower the main business**

Coverage rate of cooperation with top 100 hospitals and class A hospitals in the country is 100%; AI + real doctors cover 100% of individual clients in the group; one-click code payment service covers 77,000 pharmacies nationwide; over 240,000 clients have qualified for home elderly care services; the Ping An Zhenyi Nian high-quality health and wellness community project has been launched in five cities, with the Shanghai Yinian City • Jing’an No. 8 officially in operation, and the Shenzhen Yinian City • Futian has entered trial operation.

**　9. Fulfilling social responsibility, serving green development and rural revitalization**

Support for the development of the real economy has totaled over 10.88 trillion yuan; the scale of green investments from insurance funds is 530.087 billion yuan; the balance of green loans is 266.433 billion yuan; the premium income from green insurance is 76.474 billion yuan; funds for rural industry support totaled 57.148 billion yuan.

The MSCI ESG rating has been upgraded to AAA level, ranking first in the Asia-Pacific region for “comprehensive insurance and brokerage” for four consecutive years; selected for the S&P Global “Sustainable Development Almanac (China Edition) 2025,” the only selected insurance company from mainland China.

**　10. Brand value continues to deepen**

The company’s ranking in the Fortune Global 500 has risen to 47th, ranking 9th among global financial enterprises; ranked 13th in the Fortune China 500; ranked 27th in the Forbes Global 2000, ranking 1st among Chinese insurance companies; ranked 32nd in the Brand Finance “2026 Global Brand Value 500” list, being named China’s most valuable insurance brand for ten consecutive years.

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Editor: Song Yafang