Ping An of China’s 2025 attributable operating profit is expected to grow by 10.3% year-on-year: the integrated financial strategy deepens, core business improves, and differentiated empowerment in healthcare and elderly care accelerates to become the second growth curve.

AI问 · How can medical and elderly care services drive new life insurance deals to increase by 23.4 times in average per policy?

China.com Finance and Economics March 26, 2025: This evening, Ping An Insurance (Group) Company of China, Ltd. (hereinafter referred to as “Ping An of China”) released its full-year performance results for the year ended December 31, 2025. Ping An of China stated that in 2025, it continued to deepen its “integrated financial + medical and elderly care” strategy, building core competitiveness through “service differentiation,” and delivered an annual report marked by overall positive performance, high-value growth, deepened strategy, and service innovation.

The annual report shows that in 2025, Ping An of China achieved operating profit attributable to shareholders of the parent company of RMB 134.415 billion, a year-on-year increase of 10.3%. Net profit excluding non-recurring items attributable to shareholders of the parent company was RMB 143.773 billion, up 22.5% year-on-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. Its life and health insurance business maintained a growth momentum, with new business value of RMB 36.897 billion, up 29.3%. Insurance funds investment performance remained excellent, achieving a combined investment return rate of 6.3%.

Deepening the integrated financial strategy—core businesses performed across the board

In terms of the integrated financial strategy, Ping An of China has built an integrated solutions model of “one customer, multiple accounts, multiple products, one-stop service.” Data shows that Ping An of China’s customer retention rate for customers holding 3 or more product categories is 99%; service-type products enhance customer stickiness, and in 2025, the customer retention rate for those enjoying service rights in the medical and elderly care ecosystem reached 93%. Offline and online integrated channels achieved deep customer operations. With more than 7,000 offline outlets and a sales service team of over 1.3 million full-time and part-time personnel, it covers 330 of the country’s major cities. Life insurance agents serve as the primary force for deep customer cultivation; in 2025, per-capita productivity increased by 17.2% year-on-year. Over the past three years, Ping An Property & Casualty has cumulatively migrated 4.5 million customers to other companies within the group. The integrated financial model significantly improves efficiency and reduces costs. By the end of 2025, the number of value customers had grown by 6% compared with the beginning of the year, and internal customer acquisition costs were, on average, 35–45% lower than external customer acquisition costs.

By the end of 2025, Ping An of China’s group had 251 million individual customers, up 3.5% from the beginning of the year. Customer retention rates remained high; in 2025, the customer retention rate for customers holding 3 or more product categories within the group was as high as 99%. Customer value continued 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 with services of 5 years or more was 75.0%, and their average number of contracts was 1.7 times that of newly added customers in Year 1.

In 2025, the core businesses in Ping An’s financial segment achieved high-quality development. Among them, the life and health insurance business maintained strong growth. In 2025, the new business value of the life and health insurance business reached RMB 36.897 billion, a sharp year-on-year increase of 29.3%. The new business value margin (based on standard premiums) was 28.5%, up 5.8 percentage points year-on-year. Multi-channel, high-quality development: in 2025, new business value via the agent channel grew by 10.4% year-on-year, and per-capita new business value grew by 17.2% year-on-year; new business value via the bancassurance channel grew by 138.0% year-on-year; the contribution shares of the bancassurance channel, community financial services, and other channels to Ping An’s life insurance new business value improved by 12.1 percentage points year-on-year. The “insurance + services” layout was further deepened. In 2025, Ping An’s life insurance used 18.298 million customers for medical and elderly care services. Business quality continued to improve: the 13-month policy continuation ratio was 97.4%, up 1.0 percentage point year-on-year; the 25-month policy continuation ratio was 94.9%, up 5.2 percentage points year-on-year.

The 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%; 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-on-year. The auto insurance combined ratio was 95.8%, improving by 2.3 percentage points year-on-year. By deeply exploring the “insurance + technology + services” model, and solidly doing the financial “five major articles,” it provided risk protection of RMB 373.04 trillion to 2.93 million micro, small, and medium-sized enterprises. It underwrote 3.26 million technology insurance policies, and provided risk protection of RMB 9.29 trillion. Risk reduction enhanced service effectiveness and quality: throughout the year, cumulative losses mitigated exceeded RMB 707 million; 420,000 natural disaster warnings were issued; and services were provided to 130 million customers.

By the end of 2025, Ping An Insurance’s investment portfolio of insurance funds had a size of RMB 6.49 trillion, up 13.2% from the beginning of the year. In 2025, the insurance funds investment portfolio achieved a combined investment return rate of 6.3%, up 0.5 percentage points year-on-year.

The medical and elderly care strategy continues to be implemented—differentiated advantages empower the main business

Building an upgraded management-style medical model with Chinese characteristics has positioned Ping An as a leading operator in the elderly care ecosystem, helping customers achieve coordinated development of finances and health. Based on the solid foundation of “integrated financial,” Ping An of China represents the payer and integrates the supplier, providing customers with the most cost-effective medical and health elderly care solutions covering the entire life cycle. A multi-level protection system improves customers’ payment capability. In 2025, Ping An achieved health insurance premium income of RMB 159 billion; among them, medical insurance premium income was nearly RMB 73.4 billion, up 2.7% year-on-year. Technology empowers diagnostic and treatment efficiency, improving service experience. In 2025, the company launched AI products such as a digital avatar of renowned doctors, an AI family doctor, and an AI elderly care butler, running through the entire customer journey of prevention, diagnosis and treatment, and rehabilitation. It also innovated an AI-complex disease multidisciplinary team (MDT) consultation auxiliary platform, which has been implemented and applied in disease types such as breast cancer. Among them, AI doctors provide precise diagnosis covering more than 11,300 diseases; the accuracy rate of AI doctors’ diagnostic and treatment assistance is 95.1%; and the accuracy rate of AI-complex disease multidisciplinary team consultation treatment plans is nearly 90%. AI + real doctors cover 100% of individual customers within the group; AI doctors are used by nearly 12 million users annually; and the cost of a single consultation in the fourth quarter decreased by 45% year-on-year.

The “four-to” service network has been continuously improved, forming a “five-most” service system. In terms of “to-line” services: in 2025, Ping An connected an online pharmacy “direct payment” scenario, allowing enterprise health management customers to purchase medicines online, with payment made via an enterprise health account through “direct payment.” In terms of “to-hospital” services: it enables “direct payment” for medical treatment for commercial insurance customers, covering public hospitals (including special needs international departments), private hospitals, and overseas hospital medical institutions; and one-click redemption-code payment for offline medicine purchases by enterprise health management customers covers 77,000 pharmacies nationwide. In terms of “to-home” services: cumulatively, more than 240,000 customers obtained eligibility for home-based elderly care services. In terms of “to-enterprise” services: in 2025, Ping An covered more than 95,000 enterprise customers, and the number of enterprise employees served throughout the year exceeded 60 million. By integrating the “four-to” service network, it builds a “five-most” system of “the most suitable hospital, the most suitable doctor, the most suitable treatment, the most suitable medication, and the most suitable time.”

By the end of 2025, Ping An has approximately 50,000 internal and external doctors. Among them, more than 3,500 contracted expert doctors; the number of hospitals providing domestic cooperation claims services exceeds 37,000; and the coverage rate of cooperation with top 100 hospitals in China and tertiary Class A hospitals is 100%. Regarding self-operated elderly care communities: Ping An Zhenyiannian high-quality elderly care community projects have been deployed in five cities with a total of six projects. Among them, the Shanghai Yiniancheng • Jing’an No. 8 has officially started operations, and the Shenzhen Yiniancheng • Futian has been put into trial operation. For cooperation elderly care communities: the Eixiangcheng Foshan experience and demonstration center has started trial operations, and it will be rolled out in next-tier cities thereafter.

Differentiated medical and elderly care capabilities empower the core financial business and accelerate becoming a second growth curve. The medical and elderly care ecosystem effectively drives higher customer policy retention and higher average premium per policy. In 2025, the policy retention rate improvement for customers using medical and elderly care services increased by 4 percentage points; for life insurance new policies with medical and health benefit rights, the average per-policy increase reached 1.5 times; for life insurance new policies with home-based elderly care benefit rights, the average per-policy increase reached 5.2 times; and for life insurance new policies with high-quality elderly care benefit rights, the average per-policy increase reached 23.4 times. Ping An Group’s medical and elderly care ecosystem’s flagship holding—Peking University Medical Group—continued to see steady growth in operating revenue, reaching RMB 5.723 billion in 2025. Ping An Health has built a management-style medical model with Chinese characteristics, establishing differentiated advantages; in 2025, it achieved operating revenue of RMB 5.468 billion and net profit of RMB 380 million.