Operating profit increased by 10%. Ping An of China distributes a large dividend of 48.9 billion.

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Source: Beijing Business Daily

The disclosure of annual performance reports for listed insurance companies in A-shares for 2025 has already begun. On the evening of March 26, China Ping An Insurance (Group) Co., Ltd. (hereinafter referred to as “Ping An”) released its 2025 annual report. In 2025, Ping An achieved an operating profit attributable to shareholders of the parent company of 134.415 billion yuan, a year-on-year increase of 10.3%. Since 2025, the capital market has experienced high volatility, interest rates have continued to decline, and the acceleration of population aging has increased demand for savings, wealth management, and retirement, presenting both opportunities and challenges for the insurance industry. In this complex and changing macroeconomic environment, how will Ping An respond to the challenges posed by the market?

Equity attributable to shareholders exceeds one trillion yuan

In 2025, Ping An achieved an operating profit attributable to shareholders of the parent company of 134.415 billion yuan, a year-on-year increase of 10.3%; the equity attributable to shareholders of the parent company exceeded one trillion yuan for the first time, reaching 1,000.419 billion yuan, an increase of 7.7% compared to the beginning of 2025. The net profit attributable to shareholders reached 134.778 billion yuan, a year-on-year increase of 6.5%.

“The company continues to deepen its ‘comprehensive finance + healthcare and elderly care’ strategy, creating core competitiveness through ‘service differentiation’ and delivering a performance report that is high-growth, resilient, and sustainable,” commented Ping An Chairman Ma Mingzhe.

By the end of 2025, Ping An’s investment portfolio size was 6.49 trillion yuan, an increase of 13.2% compared to the beginning of the year. In the context of a complex and changing macro environment and increased market volatility, how can such a large volume of funds achieve a dual balance of safety and returns? Ping An stated that the company always adheres to the guiding ideology of long-term investment and liability matching, achieving good and stable investment returns through balanced investment strategies such as fixed income, equity investments, and alternative investments. In 2025, the investment portfolio of insurance funds achieved a comprehensive investment yield of 6.3%, an increase of 0.5 percentage points year-on-year.

As a major dividend payer, Ping An has continuously increased its dividend payout ratio in recent years. Regarding the dividends for 2025, the company stated that it plans to distribute a cash dividend of 1.75 yuan per share for the end of 2025; the total cash dividend for the year will be 2.7 yuan per share, a year-on-year increase of 5.9%; the total cash dividend amount reached 48.891 billion yuan, marking 14 consecutive years of increases.

According to Zhang Xinyuan, head of the research department at Kefa Think Tank, Ping An currently has ample cash flow and stable profitability, providing a foundation for continuous dividends. By enhancing dividends, it boosts investor confidence and helps improve the company’s market image. Furthermore, high dividends reflect the company’s confidence in future performance growth, helping to attract long-term funding attention.

New business value of life insurance surges by 29.3%

The year 2025 was undoubtedly fruitful for the personal insurance industry. Industry data shows that in 2025, the original premium income of personal insurance in China reached 4.36 trillion yuan, a year-on-year increase of 8.9%, firmly supporting the growth of the insurance industry.

Life insurance and health insurance have always been the pillars of Ping An’s performance. Data shows that in 2025, Ping An’s life insurance and health insurance business maintained high growth, with new business value reaching 36.897 billion yuan, a year-on-year increase of 29.3%; the new business value rate (based on standard premium) was 28.5%, an increase of 5.8 percentage points year-on-year.

By channel, in 2025, the new business value of Ping An’s agent channel grew by 10.4% year-on-year, and the per capita new business value increased by 17.2% year-on-year; the new business value from the bancassurance channel grew by 138% year-on-year; the contribution of the bancassurance channel, community financial services, and other channels to the new business value of Ping An’s life insurance increased by 12.1 percentage points year-on-year.

“In recent years, Ping An’s life insurance and health insurance business has continuously improved the new business value and achieved double-digit growth in operating profit, thanks to multiple factors,” said Lin Xianping, associate professor at Zhejiang University City College and executive deputy secretary-general of the China Urban Experts Think Tank Committee. The company continues to promote channel reform, enhance the quality of the agent workforce, and improve per capita productivity; optimize product structure by increasing the proportion of protection-oriented products and high-value business; additionally, accelerating the layout of the ‘medical, health, and elderly care’ ecosystem has also enhanced the comprehensive competitiveness of insurance products.

Healthcare and elderly care become the second growth curve

With the acceleration of population aging and the ongoing promotion of the Healthy China strategy, combined with the industry’s transformative challenges, the elderly care and healthcare industries are becoming the “core track” for insurance institutions.

China Ping An has long chosen to lay out a “comprehensive finance + healthcare and elderly care” strategy, providing customers with the most cost-effective healthcare and elderly care solutions covering the entire life cycle. Ping An stated that it aims to create an upgraded version of the management-based healthcare model with Chinese characteristics, becoming China’s leading elderly care ecosystem operator, assisting customers in achieving coordinated development of finances and health.

After years of deep cultivation, healthcare and elderly care are accelerating to become the company’s second growth curve. Ping An stated that the healthcare and elderly care ecosystem effectively promotes customer insurance coverage rates and average premium per policy, with the customer insurance coverage rate for those using healthcare services increasing by 4 percentage points in 2025; the average premium per life insurance new policy for healthcare rights customers increased by 1.5 times; the average premium per life insurance new policy for home elderly care rights customers increased by 5.2 times; and the average premium per life insurance new policy for high-quality elderly care rights customers increased by 23.4 times. The operating income of the flagship Peking University Healthcare Group in the healthcare and elderly care ecosystem continued to grow, reaching 5.723 billion yuan in 2025; Ping An Health created a management-based healthcare model with Chinese characteristics, establishing differentiated advantages, achieving an operating income of 5.468 billion yuan and a net profit of 380 million yuan in 2025.

Industry insiders believe that by integrating internal and external resources, Ping An provides individual customers with one-stop comprehensive financial services and all-encompassing healthcare and elderly care services. Zhang Xinyuan noted that this model not only connects online and offline medical resources but also covers the entire chain from health management, disease treatment to rehabilitation care, allowing customers to enjoy high-quality services from proprietary institutions while linking to a wide network of partner hospitals. This “medical, health, and elderly care” ecosystem significantly empowers the core insurance business; on the one hand, the rich service rights greatly enhance the attractiveness and customer stickiness of insurance products; on the other hand, proactive health management effectively reduces back-end claims risks. More importantly, it successfully opens up new business growth points in elderly care services and high-end healthcare, establishing a differentiated competitive barrier of “insurance + services.”

In addition, according to Ping An, in 2025, the company launched AI products such as digital avatars of famous doctors, AI family doctors, and AI elderly care managers, covering the entire process of customer prevention, diagnosis, and rehabilitation; innovatively launched the AI complex disease multidisciplinary consultation (MDT) assistance platform, which has already been applied in diseases such as breast cancer. Among them, AI doctors provide accurate diagnoses covering over 11,300 diseases, with an accuracy rate of 95.1% for AI-assisted diagnoses; the accuracy rate for AI complex disease multidisciplinary consultation treatment plans is nearly 90%; AI + real doctors cover 100% of the group’s individual customers, with nearly 12 million annual users of AI doctors, and the cost per consultation in the fourth quarter decreased by 45% year-on-year.

As Lin Xianping analyzed, through the deep integration of AI-assisted diagnosis, health management, and other services, the added value of insurance products has significantly improved, and customer experience has seen qualitative enhancements; the massive health data accumulated in this process also feeds back into the precise development and personalized pricing of insurance products, thereby constructing a value closed loop of “service optimization experience, data-driven products.”

Beijing Business Daily Reporter Li Xiumei