Ping An of China’s overall operations are expected to improve comprehensively by 2025, with net operating profit attributable to the parent increasing by 10.3% year-on-year, and total cash dividends amounting to 48.891 billion yuan, marking 14 consecutive years of growth.

On March 26, 2026, Ping An Insurance (Group) Company of China, Ltd. (hereinafter referred to as “Ping An”, “the Group” or “the Company”, stock code: 02318 Hong Kong Stock Exchange, 601318 Shanghai Stock Exchange) announced its annual results for the year ended December 31, 2025.

In 2025, the macro environment was complex and ever-changing. The strong resilience of the Chinese economy and deep-seated momentum for structural upgrades provided a solid platform for Ping An to overcome challenges and develop steadily. The company continuously deepened its “integrated finance + healthcare and elderly care” strategy, creating core competitiveness through “service differentiation,” and delivered an annual report characterized by comprehensive improvement, high-value growth, strategic deepening, and service innovation.

The company achieved an operating profit attributable to shareholders of the parent company of RMB 134.415 billion, a year-on-year increase of 10.3%. The net profit attributable to shareholders of the parent company, excluding non-recurring items, was RMB 143.773 billion, a year-on-year increase of 22.5%. The equity attributable to shareholders of the parent company broke through one trillion for the first time, reaching RMB 1,000.419 billion, an increase of 7.7% compared to the beginning of the year. As a heartfelt return to shareholders, the company proposed to distribute a final dividend of RMB 1.75 per share for the end of 2025; the total cash dividend for the year amounted to RMB 48.891 billion, marking a continuous increase for 14 years. The life insurance and health insurance businesses maintained a growth trend, with new business value reaching RMB 36.897 billion, a year-on-year increase of 29.3%. The investment performance of insurance funds was excellent, achieving a comprehensive investment return rate of 6.3%.

Deepening the Integrated Finance Strategy

Customer management efficiency continued to improve

Core business improved overall

The financial needs of residents have become more diverse, creating greater opportunities for integrated finance. By addressing the traditional financial pain points of being time-consuming, costly, and labor-intensive, specialized, personalized, and integrated financial services are welcoming broader market opportunities.

Integrated finance aims to create a comprehensive solution of “one customer, multiple accounts, multiple products, one-stop service.” Ping An’s integrated finance model has unique advantages. The four major product categories: protection, assets, credit, and services meet customers’ all-around needs. Company data shows that the retention rate of customers holding three or more product categories reached 99%, significantly enhancing customer loyalty; service-related products increased customer stickiness, and in 2025, the retention rate of customers enjoying healthcare and elderly care ecosystem services reached 93%. The online and offline integrated channels achieved deep customer engagement. There were over 7,000 offline outlets and more than 1.3 million part-time and full-time sales service teams, covering 330 major cities nationwide. As a main force in in-depth management, life insurance agents improved per capita productivity by 17.2% year-on-year in 2025; Ping An Bank’s average productivity per branch increased by 126% year-on-year in 2025; and Ping An Property & Casualty Insurance migrated 4.5 million customers from other group companies over the past three years. The online AI “quick service” portal efficiently converts across multiple apps and various service scenarios. In 2025, the average monthly active users online reached about 90 million. The integrated finance model significantly improved efficiency and reduced costs. By the end of 2025, the number of valuable customers grew by 6% compared to the beginning of the year, with internal customer acquisition costs saving an average of 35-45% compared to external costs.

With the deepening of the integrated finance strategy, customer management efficiency continued to improve. The number of customers steadily increased; by the end of 2025, the group had 251 million individual customers, an increase of 3.5% from the beginning of the year. The customer retention rate remained high, with the retention rate of customers holding three or more product categories within the group reaching 99% in 2025. The value of customers continued to be released; by the end of 2025, the average number of contracts per customer at Ping An reached 2.94, an increase of 0.7% from the beginning of the year. The proportion of customers served for five years or more reached 75.0%, with their average number of contracts being 1.7 times that of newly added customers in the first year.

In 2025, the core business of the financial segment achieved high-quality development. The life insurance and health insurance businesses maintained a strong growth trend. In 2025, the new business value of life and health insurance reached RMB 36.897 billion, a year-on-year increase of 29.3%; the new business value rate (based on standard premiums) was 28.5%, a year-on-year increase of 5.8 percentage points. Multi-channel high-quality development saw a 10.4% year-on-year growth in new business value from agency channels, with per capita new business value increasing by 17.2% year-on-year; new business value from the bancassurance channel increased by 138.0% year-on-year; the contribution of bancassurance channels, community financial services, and others to the new business value of Ping An’s life insurance increased by 12.1 percentage points year-on-year. The “insurance + services” layout deepened; in 2025, the number of customers using healthcare and elderly care services from Ping An life insurance reached 18.298 million. The quality of business continued to improve, with the 13-month policy continuation rate at 97.4%, a year-on-year increase of 1.0 percentage points; the 25-month policy continuation rate at 94.9%, a year-on-year increase of 5.2 percentage points.

The property insurance business achieved both scale and quality advantages. In 2025, Ping An Property & Casualty Insurance achieved RMB 343.168 billion in original insurance premium income, a year-on-year increase of 6.6%; insurance service income was RMB 338.912 billion, 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. The comprehensive cost ratio for auto insurance was 95.8%, optimized by 2.3 percentage points year-on-year. By deeply exploring the “insurance + technology + services” model, the company effectively provided RMB 373.04 trillion in risk protection for 2.93 million small and micro enterprises, underwriting 3.26 million technology insurance policies, and providing RMB 92.9 trillion in risk protection. Risk reduction improved service quality and efficiency, with a total loss reduction of over RMB 707 million for the year, and 420,000 natural disaster warnings, serving 130 million customers.

The investment performance of insurance funds was excellent, with long-term stable asset allocation capabilities. By the end of 2025, the company’s insurance fund investment portfolio reached RMB 6.49 trillion, an increase of 13.2% compared to the beginning of the year. Adhering to the guiding principle of long-term investment and liability matching, through balanced investment strategies such as fixed income, equity, and alternative investments, the company achieved good and stable investment returns. In 2025, the insurance fund investment portfolio achieved a comprehensive investment return rate of 6.3%, a year-on-year increase of 0.5 percentage points.

The banking business remained steady, with overall asset quality stable. In 2025, Ping An Bank achieved a net profit of RMB 42.633 billion; as of December 31, 2025, the non-performing loan ratio was 1.05%, a decrease of 0.01 percentage points from the beginning of the year; the provision coverage ratio was 220.88%, maintaining good risk compensation capacity; the core Tier 1 capital adequacy ratio increased by 0.24 percentage points from the beginning of the year to 9.36%. Retail business achieved high-quality and sustainable development, managing retail customer assets (AUM) of RMB 4,238.409 billion, an increase of 1.1% from the beginning of the year. Continuing to support the real economy, as of December 31, 2025, the balance of corporate loans increased by 3.5% from the beginning of the year; serving new productive forces, the number of technology enterprise customers reached 31,900, an increase of 21.1% from the beginning of the year.

Healthcare and elderly care strategy continued to be implemented

Differentiated advantages empower the main business

As society accelerates into the “longevity era,” high-quality healthcare and elderly care services have become an urgent need. The elderly population aged 60 and above in China has exceeded 300 million, with an average life expectancy of 79 years. Meanwhile, the industry faces pain points such as uneven medical resources, complex medical processes, and high payment pressures for residents, making comprehensive, multi-level, and high-quality healthcare and elderly care services an urgent and rigid reality for residents.

Creating an upgraded version of the managed healthcare model with Chinese characteristics, becoming China’s leading elderly care ecosystem operator, and helping customers achieve coordinated development of finance and health. Based on the solid foundation of “integrated finance,” Ping An represents the payer and integrates suppliers to provide customers with cost-effective healthcare and elderly care solutions covering the entire life cycle. A multi-level protection system enhances customers’ payment capabilities. In 2025, Ping An achieved RMB 159 billion in health insurance premium income, of which medical insurance premium income was nearly RMB 73.4 billion, a year-on-year increase of 2.7%. Technology empowerment improved diagnostic and treatment efficiency and service experience. In 2025, the company launched AI products such as digital twin doctors, AI family doctors, and AI elderly care housekeepers, covering the entire process of customer prevention, diagnosis, and rehabilitation; innovatively introduced an AI multidisciplinary consultation (MDT) assistance platform, which has been applied to diseases such as breast cancer. Among them, AI doctors accurately diagnosed over 11,300 types of diseases, with a diagnostic accuracy rate of 95.1%, and the accuracy rate of AI MDT treatment plans was nearly 90%; AI + human doctors covered 100% of the group’s individual customers, with nearly 12 million annual users of AI doctors, and the cost of single consultations in the fourth quarter decreased by 45% year-on-year.

The “Four Arrivals” service network continued to improve, building a “Five Best” service system. In terms of accessibility, in 2025, Ping An connected the online pharmacy “direct payment” scenario, allowing corporate health management customers to purchase medications online and pay directly from their corporate health accounts. In terms of hospital access, commercial insurance customers achieved “direct payment” at public hospitals (including special international departments), private hospitals, and overseas medical institutions; offline medication purchases by corporate health management customers were covered by a one-click code payment in 77,000 pharmacies nationwide. In terms of home services, over 240,000 customers have qualified for home elderly care services. In terms of enterprise services, by 2025, Ping An covered over 95,000 corporate clients, serving over 60 million corporate employees throughout the year.

By the end of 2025, Ping An had approximately 50,000 internal and external doctors, with over 3,500 contracted specialist doctors, and over 37,000 cooperative claim service hospitals nationwide, achieving 100% coverage of the top 100 hospitals and grade-A hospitals in the country. As for self-operated elderly care communities, Ping An’s high-quality elderly care community project has been deployed in five cities, with a total of six projects, including the Shanghai Yinian City • Jing’an No. 8, which has officially started operations, and the Shenzhen Yinian City • Futian, which has entered trial operation. In terms of cooperative elderly care communities, the Yixiang City Foshan Experience Center has begun trial operations, with plans for future expansion into new first-tier cities.

The differentiated advantages of healthcare and elderly care are empowering the financial main business, accelerating the emergence of a second growth curve. The healthcare and elderly care ecosystem effectively promoted the increase in the insurance coverage rate and average premium per policy, with the coverage rate of customers using healthcare services increasing by 4 percentage points in 2025; the average premium per new policy for life insurance customers with health and elderly care rights increased to 1.5 times; the average premium per new policy for home elderly care rights customers increased to 5.2 times; the average premium per new policy for high-quality elderly care rights customers increased to 23.4 times. The flagship Beijing University Medical Group under Ping An’s healthcare and elderly care ecosystem continued to grow, with revenue reaching RMB 5.723 billion in 2025; Ping An Health established a differentiated advantage by creating a managed healthcare model with Chinese characteristics, achieving revenue of RMB 5.468 billion and a net profit of RMB 380 million in 2025.

Technology empowerment improves quality and efficiency

MSCI ESG rating upgraded to AAA

Adhering to the “AI in ALL” principle, Ping An is building leading technological capabilities to empower high-quality business development. By the end of 2025, Ping An’s database had accumulated 33 trillion bytes of data, covering 251 million individual customers, with over 32 trillion high-quality text corpuses, 500,000 hours of labeled voice data, and over 8.5 billion image data. In 2025, more than 230,000 employees of Ping An used the internal intelligent agent platform, developing over 70,000 intelligent agent applications, with model calls reaching 3.65 billion times throughout the year. Expanding the depth and breadth of AI applications. Enhancing experience, in 2025, life insurance achieved a 59% instant claim ratio, and 93% of auto insurance issued through the agent channel took an average of one minute. Controlling risks, in 2025, Ping An Property & Casualty Insurance’s intelligent claims fraud detection intercepted losses of RMB 10.51 billion, continuing to reduce losses by over RMB 10 billion for three consecutive years. Reducing costs, by 2025, 94% of life insurance policies achieved instant underwriting; Ping An’s AI customer service handled about 1.702 billion service requests, covering 80% of the total customer service volume. Promoting sales, in 2025, AI intelligent agents assisted in achieving sales of RMB 133.179 billion, with the “AI + human” intelligent policy revival system increasing policy revival rates by 30%, continuing customer protection.

Fulfilling social responsibilities and serving green development and rural revitalization. The company has invested over RMB 10.88 trillion to support the development of the real economy. By the end of 2025, the scale of green investments from the company’s insurance funds reached RMB 530.87 billion, with the balance of green loans at RMB 266.433 billion; in 2025, the original insurance premium income from green insurance reached RMB 76.474 billion, providing RMB 57.148 billion in assistance to rural industries. The company’s MSCI ESG rating was upgraded to AAA, ranking first in the Asia-Pacific region for “comprehensive insurance and brokerage” for four consecutive years; it was selected for the S&P Global “Sustainable Development Yearbook (China Edition) 2025,” being the only selected insurance company from mainland China.

Proofread by: Yang Xu

Edited by: Liu Xin

For extensive information and precise interpretations, please refer to the Sina Finance APP.