Ping An of China: Achieve a net profit attributable to the parent company of 134.778 billion yuan by 2025, a year-on-year increase of 6.5%

On March 26, China Ping An released its 2025 performance announcement. In 2025, operating profit attributable to shareholders of the parent company was RMB 134.415 billion, up 10.3%; net profit attributable to shareholders of the parent company was RMB 134.778 billion, up 6.5%; net profit excluding non-recurring items attributable to shareholders of the parent company was RMB 143.773 billion, up 22.5%; operating revenue was RMB 1,140.324 billion, basically stable; shareholders’ equity attributable to shareholders of the parent company first exceeded RMB 1 trillion, reaching RMB 1,000.419 billion, up 7.7% from the beginning of the year.

Total cash dividends have continued to increase for 14 consecutive years. It is proposed to distribute a cash dividend of RMB 1.75 per share for the 2025 final dividend; the full-year cash dividend was RMB 2.70 per share, up 5.9%; total cash dividends were RMB 48.891 billion, with the cash dividend payout ratio based on operating profit attributable to shareholders of the parent company being 36.4%.

For life insurance and health insurance businesses, new business value was RMB 36.897 billion, up 29.3%. New business value margin (based on standard premiums) was 28.5%, up 5.8 percentage points year over year; new business value via the agency channel was up 10.4% year over year, and new business value per agent was up 17.2% year over year; new business value via the bancassurance channel was up 138.0% year over year; the contribution share of new business value for Ping An Life Insurance from bancassurance, community financial services, and other channels increased by 12.1 percentage points year over year.

The property and casualty insurance business continued to grow in scale, and operating performance and efficiency improved steadily. 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 over year and continuing to maintain strong profitability; the auto insurance combined ratio was 95.8%, improving by 2.3 percentage points year over year and continuing to outperform the market average; net cash inflow from operating activities increased by 48.3% year over year. Liquidity improved significantly, and driven by premium cash flows, the investment scale (excluding sold-for-repurchase financial assets) increased by 12.1% from the beginning of the year.

Insurance funds delivered excellent investment performance. The investment portfolio scale of insurance funds was RMB 6.49 trillion, up 13.2% from the beginning of the year; the composite investment yield was 6.3%, up 0.5 percentage points year over year; the average net investment yield over the past 10 years was 4.8%, and the average composite investment yield over the past 10 years was 4.9%, exceeding the long-term investment return assumptions for embedded value.

(China Ping An)

(Editor: Qian Xiaorui)

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