Ping An of China ( 02318 ) releases annual results: net profit attributable to shareholders is 134.778 billion yuan, a year-on-year increase of 6.45%.

Ping An Insurance (02318) released its audited performance for the year ending December 31, 2025, reporting operating revenue of 1,140.324 billion yuan; operating profit attributable to shareholders of the parent company of 134.415 billion yuan, a year-on-year increase of 10.30%; net profit attributable to shareholders of the parent company of 134.778 billion yuan, a year-on-year increase of 6.45%; basic earnings per share of 7.66 yuan, proposing a year-end dividend of 1.75 yuan per share in cash for 2025.

The life and health insurance business continues to grow, with enhanced channel strength and multidimensional high-quality development. The new business value of life 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 premium) of 28.5%, up 5.8 percentage points year-on-year; the new business value from the agent channel grew by 10.4% year-on-year, and per capita new business value increased by 17.2% year-on-year; the new business value from the bancassurance channel grew by 138.0% year-on-year; the contributions of the bancassurance channel, community financial services, and other channels to the new business value of Ping An Life increased by 12.1 percentage points year-on-year.

The property insurance business continues to grow in scale, with steady improvement in operational efficiency. Original insurance premium income was 343.168 billion yuan, a year-on-year increase of 6.6%; insurance service revenue was 338.912 billion yuan, a year-on-year increase of 3.3%; 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; net cash inflow from operating activities increased by 48.3% year-on-year, with liquidity levels significantly improved, and driven by premium cash flow, the investment scale (excluding sold repurchased financial assets) grew by 12.1% compared to the beginning of the year.

The investment performance of insurance funds is excellent. The scale of the insurance fund investment portfolio reached 6.49 trillion yuan, an increase of 13.2% compared to the beginning of the year; the overall investment return rate was 6.3%, up 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 assumptions of embedded value.

The banking business operates steadily, with overall asset quality stable and an improved core tier one capital adequacy ratio. Net profit was 42.633 billion yuan; the non-performing loan ratio was 1.05%, with a provision coverage ratio of 220.88%; core tier one capital adequacy ratio was 9.36%, rising by 0.24 percentage points compared to the beginning of the year.

The comprehensive financial model builds core competitive barriers, continuously enhancing customer operational efficiency. The number of individual customers reached 251 million, an increase of 3.5% compared to the beginning of the year; the average number of active online customers per month was about 90 million, leading the industry; the retention rate of customers holding three or more products within the group was 99%.

The medical and elderly care strategy is continuously being implemented, with differentiated advantages empowering the main business. The cooperation coverage rate with domestic top 100 hospitals and third-class hospitals is 100%; AI + real doctors cover 100% of the group’s individual customers; one-click code payment services cover 77,000 pharmacies nationwide; more than 240,000 customers have qualified for home elderly care services; the Ping An Zhenyi Year high-quality health community project has been launched in five cities, including the officially operated Shanghai Yinian City • Jing’an No. 8 and the trial-operated Shenzhen Yinian City • Futian.

Massive information and precise interpretation, all available on the Sina Finance APP.