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.

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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: Hong Kong Stock Exchange 02318, Shanghai Stock Exchange 601318) announced its annual performance for the year ending December 31, 2025.

In 2025, the macro environment was complex and changeable, with the strong resilience of the Chinese economy and deep structural upgrades providing a solid stage for Ping An to overcome challenges and develop steadily. The Company continued to deepen its “comprehensive finance + healthcare and elderly care” strategy, building core competencies through “service differentiation,” and delivered a comprehensive annual report characterized by improvement, high-value growth, strategic deepening, and service innovation. The Company achieved an operating profit attributable to shareholders of the parent company of 134.415 billion RMB, a year-on-year increase of 10.3%. The net profit attributable to shareholders of the parent company, excluding non-recurring items, was 143.773 billion RMB, 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 1,000.419 billion RMB, an increase of 7.7% from the beginning of the year. To reward shareholders, the Company plans to distribute a year-end cash dividend of 1.75 RMB per share for 2025; the total cash dividend for the year amounted to 48.891 billion RMB, maintaining an increase for 14 consecutive years. The life and health insurance business continued to grow, with new business value of 36.897 billion RMB, 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%.

The deepening of the comprehensive finance strategy has continuously improved customer management efficiency, and core businesses have shown comprehensive improvement.

Residents’ financial needs have become more diverse, creating greater opportunities for comprehensive finance. During the 14th Five-Year Plan period, China will accelerate the construction of a strong financial nation, and by 2030, the scale of the Chinese middle class is expected to account for one-third of the global middle class. Addressing the traditional financial pain points of being time-consuming, labor-intensive, and costly, specialized, personalized, and integrated financial services are ushering in broader market opportunities.

Comprehensive finance, integrating “one customer, multiple accounts, various products, and one-stop service” solutions. Ping An’s comprehensive financial model has unique advantages. Four categories of products—insurance, assets, credit, and services—meet the comprehensive needs of customers. Company data indicates that the retention rate of customers holding three or more product types reaches 99%, significantly enhancing customer loyalty; service-related products enhance customer stickiness, with a retention rate of 93% for customers enjoying healthcare and elderly care ecosystem services in 2025. The offline and online integrated channels achieve deep customer management. The offline channels exceed 7,000 outlets and have over 1.3 million dedicated and part-time sales service teams, covering 330 major cities nationwide. Life insurance agents, as the main force in deep customer management, saw a 17.2% year-on-year increase in per capita productivity in 2025; Ping An Bank’s average outlet productivity grew by 126% year-on-year in 2025; in the past three years, Ping An Property & Casualty has migrated 4.5 million customers from other Group companies. The online AI “quick service” entry efficiently converts, connecting multiple apps and various service scenarios. In 2025, the average monthly active users online reached about 90 million. The comprehensive financial model significantly enhances efficiency and reduces costs. By the end of 2025, the number of valuable customers increased by 6% compared to the beginning of the year, and the internal customer acquisition cost saved an average of 35-45% compared to external customer acquisition costs.

The deepening of the comprehensive finance strategy has continuously improved customer management efficiency. The number of customers has steadily grown, and by the end of 2025, the Group’s individual customer base reached 251 million, an increase of 3.5% from the beginning of the year. The customer retention rate remained high, with a retention rate of 99% for customers holding three or more product types within the Group in 2025. Customer value continues to be released, with the average number of contracts per customer at Ping An reaching 2.94, an increase of 0.7% from the beginning of the year. Customers who have been served for five years or more accounted for 75.0%, with their average number of contracts being 1.7 times that of newly added customers in the first year.

In 2025, the Company’s financial segment core business achieved high-quality development. The life and health insurance business maintained high growth momentum. In 2025, the new business value of the life and health insurance business reached 36.897 billion RMB, a remarkable increase of 29.3% year-on-year; the new business value rate (based on standard premiums) was 28.5%, an increase of 5.8 percentage points year-on-year. Multi-channel high-quality development saw a 10.4% year-on-year increase in new business value from the agent channel, with per capita new business value increasing by 17.2% year-on-year; new business value from the bank insurance channel grew by 138.0% year-on-year; contributions 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-on-year. The layout of “insurance + services” deepened, with 18.298 million customers using healthcare and elderly care services in 2025. Business quality continued to improve, with a 13-month policy continuation rate of 97.4%, an increase of 1.0 percentage points year-on-year; and a 25-month policy continuation rate of 94.9%, an increase of 5.2 percentage points year-on-year.

The property insurance business achieved both scale and quality. In 2025, Ping An Property & Casualty’s original insurance premium income was 343.168 billion RMB, a year-on-year increase of 6.6%; insurance service income was 338.912 billion RMB, a year-on-year increase of 3.3%. The overall comprehensive cost rate was 96.8%, optimized by 1.5 percentage points year-on-year. The comprehensive cost rate for auto insurance was 95.8%, optimized by 2.3 percentage points year-on-year. The Company deeply explored the “insurance + technology + services” model, solidly addressing the “five major articles” of finance, providing risk protection of 373.04 trillion RMB to 2.93 million small and micro enterprises, underwriting 3.26 million technology insurance policies, and providing risk protection of 9.29 trillion RMB. Risk reduction improved service quality, with a cumulative loss reduction of over 707 million RMB throughout the year, and 420,000 early warnings of natural disasters, serving 130 million customers.

The investment performance of insurance funds was excellent, and the asset allocation capability remained stable over the long term. By the end of 2025, the Company’s insurance funds investment portfolio reached 6.49 trillion RMB, an increase of 13.2% from the beginning of the year. The Company adhered to the guiding ideology of long-term investment and matching liabilities, achieving good and stable investment returns through balanced investment strategies including fixed income, equity, and alternative investments. In 2025, the insurance funds investment portfolio achieved a comprehensive investment return rate of 6.3%, an increase of 0.5 percentage points year-on-year.

The banking business maintained stable operations, and overall asset quality remained stable. In 2025, Ping An Bank achieved a net profit of 42.633 billion RMB; as of December 31, 2025, the non-performing loan ratio was 1.05%, down 0.01 percentage points from the beginning of the year; the provision coverage ratio was 220.88%, maintaining good risk coverage capability; the core tier one capital adequacy ratio increased by 0.24 percentage points to 9.36% compared to the beginning of the year. Retail business achieved high-quality and sustainable development, managing retail customer assets (AUM) of 4.238409 trillion RMB, an increase of 1.1% from the beginning of the year. Continuously supporting the real economy, as of December 31, 2025, the balance of corporate loans increased by 3.5% compared to the beginning of the year; to serve new productive forces, the number of technology enterprise customers reached 31,900, an increase of 21.1% from the beginning of the year.

The healthcare and elderly care strategy continues to be implemented, with differentiated advantages empowering the main business.

Society is accelerating into the “longevity era,” and high-quality healthcare and elderly care services have become urgent needs. The population aged 60 and above in China has surpassed 300 million, with the average life expectancy reaching 79 years. Meanwhile, the industry faces pain points such as uneven distribution of medical resources, complex medical processes, and high financial pressures on residents. Comprehensive, multi-level, and high-quality healthcare and elderly care services are becoming urgent and rigid demands for residents.

Creating an upgraded version of China’s managed healthcare model, Ping An aims to become a leading elderly care ecosystem operator in China, helping customers achieve financial and health coordination. Based on the solid foundation of “comprehensive finance,” Ping An represents payers and integrates suppliers to provide customers with the most 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 health insurance premium income of 159 billion RMB, of which medical insurance premium income was nearly 73.4 billion RMB, a year-on-year increase of 2.7%. Technology empowerment improves diagnostic efficiency and enhances service experience. In 2025, the Company launched AI products such as digital avatars of famous doctors, AI family doctors, and AI elderly care assistants, covering the entire process of customer prevention, diagnosis, and rehabilitation; it innovatively launched an AI multidisciplinary consultation (MDT) auxiliary platform for complex diseases, which has been applied in conditions like breast cancer. Among them, AI doctors provided precise diagnoses covering over 11,300 diseases, with an accuracy rate of 95.1% for AI-assisted diagnosis, and an accuracy rate of nearly 90% for AI complex disease multidisciplinary consultation treatment plans; the AI + human doctor model covers 100% of the Group’s individual customers, with nearly 12 million annual uses of AI doctors, and the cost of a single consultation in the fourth quarter decreased by 45% year-on-year.

The “Four Arrivals” service network is continuously improving, constructing a “Five Best” service system. In terms of online access, in 2025, Ping An connected the “direct payment” scenario of online pharmacies, allowing corporate health management clients to complete online medication purchases with direct payment from their corporate health accounts. In terms of hospital access, commercial insurance customers can enjoy direct payment for medical services, covering public hospitals (including special international departments), private hospitals, and overseas medical institutions; corporate health management customers’ offline medication purchases can be paid with a one-click code at over 77,000 pharmacies nationwide. In terms of home services, over 240,000 customers have obtained home elderly care service qualifications. In terms of enterprise access, in 2025, Ping An covered over 95,000 corporate clients, serving over 60 million employees throughout the year. Integrating the “Four Arrivals” service network constructs the “Five Best” system of the most suitable hospitals, the most suitable doctors, the most suitable treatments, the most suitable medications, and the most suitable timing.

By the end of 2025, Ping An had approximately 50,000 internal and external doctors on its team, including over 3,500 contracted expert doctors, with partnerships covering over 37,000 domestic claims service hospitals, achieving 100% coverage of the top 100 hospitals and tertiary hospitals in China. In terms of self-operated wellness communities, Ping An’s high-quality wellness community project has been deployed in five cities, totaling six projects, including the officially operated Shanghai Yinian City•Jing’an No. 8, and the trial operation of Shenzhen Yinian City•Futian. In terms of collaborative wellness communities, the Yixiang City Foshan experience center has started trial operations, with plans for deployment in new first-tier cities.

Differentiated healthcare and elderly care empower the financial main business, accelerating towards becoming a second growth curve. The healthcare and elderly care ecosystem effectively promotes the increase in customers’ insurance coverage rates and average premiums. In 2025, the insurance coverage rate for customers using healthcare services increased by 4 percentage points; the average new insurance policy per life insurance customer with healthcare and elderly care rights increased to 1.5 times; the average new insurance policy per life insurance customer with home elderly care rights increased to 5.2 times; the average new insurance policy per life insurance customer with high-quality elderly care rights increased to 23.4 times. The flagship revenue of Ping An Group’s healthcare and elderly care ecosystem, the Peking University Health Group, continued to grow, reaching 5.723 billion RMB in 2025; Ping An Health established a differentiated advantage by creating a Chinese-style managed healthcare model, achieving operating revenue of 5.468 billion RMB and net profit of 380 million RMB in 2025.

Technology empowerment enhances quality and efficiency, with MSCI ESG ratings upgraded to AAA.

Adhering to the principle of “AI in ALL,” Ping An builds leading technological capabilities, empowering 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 corpus, 500,000 hours of annotated audio corpus, and over 8.5 billion image corpus. In 2025, more than 230,000 employees of Ping An Group used the internal intelligent platform, developing over 70,000 intelligent applications with a total model invocation of 3.65 billion times throughout the year. Expanding the depth and breadth of AI applications. Enhancing experiences, in 2025, life insurance achieved a claim settlement rate of 59%, and auto insurance’s intelligent issuance rate averaged 93% within a minute. Controlling risks, in 2025, Ping An Property & Casualty’s intelligent fraud detection intercepted loss reduction of 10.51 billion RMB, with losses reduced by over 10 billion RMB for three consecutive years. Reducing costs, in 2025, 94% of life insurance policies achieved instant underwriting; Ping An’s AI service volume reached approximately 1.702 billion times, covering 80% of total customer service volume. Promoting sales, in 2025, AI assistance achieved sales of 133.179 billion RMB, and the “AI + human” intelligent policy renewal system enhanced policy renewals by 30%, maintaining customer protection.

Fulfilling social responsibilities, serving green development and rural revitalization. The Company has invested over 10.88 trillion RMB to support the development of the real economy. By the end of 2025, the scale of the Company’s green investment of insurance funds reached 530.87 billion RMB, with a balance of green loans of 266.433 billion RMB; in 2025, the original insurance premium income from green insurance was 76.474 billion RMB, providing rural industry support funds of 57.148 billion RMB. The Company’s MSCI ESG rating has been 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 in mainland China.

2026 marks the beginning of the 14th Five-Year Plan, and the supporting conditions and basic trends for China’s economy remain favorable in the long run. As demand for financial insurance continues to be strong, and residents’ needs for health, medical, and elderly care services gradually increase, the Company’s business development will usher in new opportunities. In 2026, the Company will thoroughly study and implement the spirit of the national “Two Sessions,” always adhering to the original intention of finance for the people, practicing the business policy of “high-value growth, service innovation, technology leadership, and legal compliance,” deepening the dual-wheel strategy of “comprehensive finance + healthcare and elderly care,” driven by technology, taking the “service year” as an opportunity to continuously upgrade the three major innovative service systems, enhance operational levels, strengthen risk management, and fully implement the “five major articles” of finance, contributing Ping An’s strength to the high-quality development path of finance with Chinese characteristics and accelerating the construction of a strong financial nation.

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About Ping An

Ping An Insurance (Group) Company of China, Ltd. (hereinafter referred to as “Ping An” or “the Group”) was established in 1988 in Shekou, Shenzhen. With the support of governments at all levels, regulatory authorities, a vast customer base, and various sectors of society, it has grown into an internationally leading “comprehensive finance + healthcare and elderly care” service group, providing high-quality services to over 240 million individual customers and over 4 million group customers. The Group’s total assets have surpassed 13 trillion RMB, making it the largest insurance group in the world by asset size. Ping An ranks 29th in Forbes’ “Global 2000 Companies” list and is ranked 1st among Chinese insurance companies; it ranks 47th in Fortune’s “Global 500” list and 9th among global financial companies; it has been ranked 1st in Brand Finance’s “Global Insurance Brand Value 100” list for nine consecutive years; MSCI ESG’s latest rating is AAA, ranking first in the Asia-Pacific region for “comprehensive insurance and brokerage” for three consecutive years. Ping An is listed on the main board of the Hong Kong Stock Exchange and the Shanghai Stock Exchange.