Net attributable operating profit increased by 10.3% year-on-year; net attributable shareholders' equity surpassed one trillion. Top 10 highlights to understand China Ping An's 2025 performance.

On March 26, China Ping An released its full-year 2025 results. Overall, in 2025, China Ping An continued to deepen its “integrated finance + healthcare and retirement” strategy, and, by building core competitiveness through “service differentiation,” delivered an annual report characterized by broad-based improvements, high-value growth, strategic deepening, and service innovation. The company’s overall performance highlights ten key areas:

1、High-value growth in overall group operations

Operating profit attributable to shareholders of the parent company was 134.415 billion yuan, up 10.3%; net profit from non-recurring items attributable to shareholders of the parent company was 143.773 billion yuan, up 22.5%; operating revenue was 1,050.506 billion yuan, up 2.1%; shareholders’ equity attributable to shareholders of the parent company first exceeded one trillion, reaching 1,000.419 billion yuan, up 7.7% from the beginning of the year.

2、Total cash dividend amount has increased for 14 consecutive years

Proposed to distribute a cash dividend for the 2025 final period of 1.75 yuan per share; total cash dividends for the full year were 2.70 yuan per share, up 5.9%; total cash dividend amount was 48.891 billion yuan, with a cash dividend payout ratio of 36.4% calculated based on operating profit attributable to the parent.

3、Life insurance and health insurance business maintains a growth trend; channel comprehensive strength is strengthened; high-quality development is evident in multiple dimensions

New business value from life insurance and health insurance business was 36.897 billion yuan, up 29.3%; new business value rate (based on standard premiums) was 28.5%, up 5.8 percentage points year over year.

Agent channel new business value was up 10.4% year over year, and new business value per agent was up 17.2% year over year; bancassurance channel new business value was up 138.0% year over year; the contribution proportion of bancassurance channel, community financial services and other channels to Ping An Life Insurance’s new business value increased by 12.1 percentage points year over year.

4、Property and casualty insurance business scale continues to grow; operating quality and efficiency improve steadily

Gross premium income from original insurance was 343.168 billion yuan, up 6.6%; insurance service revenue was 338.912 billion yuan, up 3.3%; the overall combined ratio was 96.8%, improving by 1.5 percentage points year over year, and continued to maintain strong profitability; the auto insurance combined ratio was 95.8%, improving by 2.3 percentage points year over year, and remained consistently better than the industry average.

Net cash inflow from operating activities increased 48.3% year over year, with a significant improvement in liquidity. Driven by premium cash flows, the investment scale (excluding financial assets sold under repurchase agreements) grew 12.1% from the beginning of the year.

5、Insurance funds deliver excellent investment performance

The investment portfolio scale of insurance funds was 6.49 trillion yuan, up 13.2% from the beginning of the year; the comprehensive investment return rate was 6.3%, up 0.5 percentage points year over year; over the past 10 years, the average net investment return rate was 4.8%, and the average comprehensive investment return rate was 4.9%, exceeding assumptions for long-term investment returns implicit in embedded value.

6、Banking business operations remain steady; asset quality is broadly stable; core tier-one capital adequacy ratio improves

Net profit was 42.633 billion yuan; non-performing loan ratio was 1.05%; provision coverage ratio was 220.88%; core tier-one capital adequacy ratio was 9.36%, up 0.24 percentage points from the beginning of the year.

The integrated finance model builds core competitiveness barriers, and customer operation efficiency continues to improve

Number of individual customers was 251 million, up 3.5% from the beginning of the year; online monthly average active customers were about 90 million, leading peers; retention rate of customers holding three or more categories of products within the group was 99%.

8、Healthcare and retirement strategy continues to be implemented; differentiated advantages empower the core business

Partnership coverage with China’s top 100 hospitals and Grade A tertiary hospitals reached 100%; AI + real doctors coverage for 100% of the group’s individual customers; one-click claim-and-payment (code-scanning) service covers 77,000 pharmacies nationwide; cumulatively, more than 240,000 customers have obtained eligibility for at-home elderly care services; Ping An Zhenyi Nian high-quality care community projects have been launched in 5 cities, of which Shanghai Yinian City • Jing’an 8 has officially started operations, and Shenzhen Yinian City • Futian has entered a pilot phase.

9、Fulfill social responsibility and serve green development and rural revitalization

Cumulative investment to support the development of the real economy exceeded 10.88 trillion yuan; the scale of green investments by insurance funds was 530.087 billion yuan; green loan balance was 266.433 billion yuan; green insurance gross premium income from original insurance was 76.474 billion yuan; provided rural industry support funds of 57.148 billion yuan.

MSCIESG rating improved to AAA, ranking first in the Asia-Pacific region for “comprehensive insurance and brokerage” for four consecutive years; selected for S&P Global’s “Sustainability Yearbook (China Edition) 2025,” as the only insurance company selected on the Chinese mainland.

10、Brand value continues to deepen

The company’s ranking in the Fortune Global 500 improved to 47th, ranking 9th among global financial enterprises; it ranked 13th in the Fortune China 500; it ranked 27th in Forbes Global 2000, ranking first among Chinese insurance companies; BrandFinance “2026 Global Brand Value Top 500” list ranked it 32nd, marking its tenth consecutive year topping the list of China’s most valuable insurance brands.

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