CNY 48.891 billion, China Ping An's substantial cash dividend, has increased for 14 consecutive years

(Source: V Guan Finance Report)

Ping An’s 2025 performance results have been released.

In 2025, Ping An achieved operating profit attributable to shareholders of the parent company of RMB 134.415 billion, up 10.3%; non-GAAP net profit attributable to shareholders of the parent company of RMB 143.773 billion, up 22.5%.

Of note, 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.

At the same time, Ping An plans to distribute a 2025 final cash dividend of RMB 1.75 per share; the total cash dividend for the full year was RMB 48.891 billion, marking 14 consecutive years of increases.

The life insurance and health insurance business has maintained a growth trend, with new business value of RMB 36.897 billion, up 29.3%. Investment returns on insurance funds achieved a combined investment return rate of 6.3%.

In terms of customer operations, as of the end of 2025, the group’s individual customer base totaled 251 million, up 3.5% from the beginning of the year. The retention rate of customers holding three or more product categories within the group reached as high as 99%.

As of the end of 2025, Ping An’s average contract count per customer was 2.94, up 0.7% from the beginning of the year. The proportion of customers served for 5 years or more was 75.0%, and their average contract count was 1.7 times that of newly added customers in the first year.

On core business, in 2025, Ping An’s life and health insurance businesses achieved new business value of RMB 36.897 billion, up 29.3% year over year; new business value rate (based on standard premiums) was 28.5%, up 5.8 percentage points year over year.

The contribution share to Ping An’s life insurance new business value from the bank-insurance channel, community financial services, and other channels increased by 12.1 percentage points year over year. The “insurance + services” strategy has been further deepened; in 2025, Ping An’s life insurance used medical and elder-care service customers of 18.298 million.

For property and casualty insurance, in 2025, Ping An Property & Casualty’s gross written premium under original insurance contracts 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. The auto insurance combined ratio was 95.8%, improving by 2.3 percentage points year over year.

As of the end of 2025, Ping An’s insurance fund investment portfolio size was RMB 6.49 trillion, up 13.2% from the beginning of the year. In 2025, the insurance fund investment portfolio achieved a combined investment return rate of 6.3%, up 0.5 percentage points year over year.

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 over year.

Ping An said that differentiated medical and elder-care empowerment enables its financial main business, accelerating its transition into a second growth curve.

The add-on rate for customers using medical and elder-care services in 2025 increased by 4 percentage points; the life insurance single-premium equivalent for medical and health rights customers increased to 1.5 times; the life insurance single-premium equivalent for home elder-care rights customers increased to 5.2 times; and the life insurance single-premium equivalent for high-quality elder-care rights customers increased to 23.4 times.

(The views in the article are for reference only and do not constitute investment advice. Investing involves risk; be cautious when entering the market.)

Cover and lead-in image sources: AI-generated images

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