Ping An of China 2025 Performance Announced: Non-Recurring Net Profit Surges 22.5%, Cash Dividends Reach 48.9 Billion Yuan, Increasing for 14 Consecutive Years

Every reporter｜Zhang Guangri Tu Yinghao Every editor｜Wan Qingcheng

On March 26, China Ping An announced its full-year results for 2025. In 2025, the operating profit attributable to shareholders of the parent company was 134.415 billion yuan, a year-on-year increase of 10.3%; the net profit attributable to shareholders of the parent company, after deducting non-recurring items, was 143.773 billion yuan, a year-on-year increase of 22.5%; the operating revenue was 1,050.506 billion yuan, a year-on-year increase of 2.1%; the equity attributable to shareholders of the parent company first exceeded one trillion, reaching 1,000.419 billion yuan, an increase of 7.7% from the beginning of the year.

The company plans to distribute a year-end dividend of 1.75 yuan in cash per share for 2025; the total dividend for the year will be 2.70 yuan in cash per share, a year-on-year increase of 5.9%; the total cash dividend amounts to 48.891 billion yuan, maintaining an increase for 14 consecutive years. The cash dividend ratio based on the operating profit attributable to the parent company is 36.4%.

Cash Dividends Increase for 14 Consecutive Years

China Ping An emphasizes shareholder returns, with cash dividends reaching a new high in 2025. The year-end dividend for China Ping An in 2025 is 1.75 yuan in cash per share (before tax), plus the interim dividend already distributed of 0.95 yuan in cash per share (before tax), resulting in a total annual dividend of 2.70 yuan in cash per share (before tax), a year-on-year increase of 5.9%. Based on the above data, the total cash dividend for China Ping An in 2025 amounts to as much as 48.891 billion yuan.

According to calculations by the Every reporter investment research institute, the total cash dividend of China Ping An over the past five years has a compound annual growth rate of 4.1%. Data from Tonghuashun iFinD shows that from 2020 to 2024, China Ping An’s dividend yield increased from 3.87% to 4.49%. Based on the current A-share stock price and the 2025 dividend plan, the dividend yield for China Ping An A-shares in 2025 is expected to reach a new high of 4.7%.

Looking over a longer period, China Ping An’s cash dividend level has maintained an increase for 14 consecutive years, which not only reflects the company’s strong profitability and solid financial condition but also continuously demonstrates its consistent commitment to actively rewarding shareholders and sharing development results.

Operating Profit Increases by 10.3% Year-on-Year

In 2025, China Ping An achieved double-digit growth in its performance year-on-year. The operating profit attributable to shareholders of the parent company was 134.415 billion yuan, a year-on-year increase of 10.3%; the net profit attributable to shareholders of the parent company, after deducting non-recurring items, was 143.773 billion yuan, a year-on-year increase of 22.5%; the operating revenue was 1,050.506 billion yuan, a year-on-year increase of 2.1%; the equity attributable to shareholders of the parent company first exceeded one trillion, reaching 1,000.419 billion yuan, an increase of 7.7% from the beginning of the year.

As the core business of the financial sector, life insurance and health insurance have maintained a high growth trend. In 2025, the new business value of life insurance and health insurance reached 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. Multi-channel high-quality development saw the new business value of the agent channel increase by 10.4% year-on-year, with per capita new business value increasing by 17.2% year-on-year; the new business value of the bank insurance channel increased by 138.0% year-on-year.

The property insurance business achieved a “dual excellence” in scale and quality. In 2025, Ping An Property Insurance’s gross premium income was 343.168 billion yuan, a year-on-year increase of 6.6%; insurance service income was 338.912 billion yuan, 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.

Various Strengths Support Insurance Product Fulfillment

Long Ge, deputy director of the Center for Innovation and Risk Management at the University of International Business and Economics, stated that buying insurance is not just about purchasing a contract but also about choosing a trustworthy insurance company. So how can one judge whether a company is reliable? Industry insiders usually look at several aspects: the company’s brand and reputation, operational stability, investment profitability, whether there is sufficient capital for compensation, and whether the service is adequate and claims processing is timely. By comprehensively assessing these factors, one can more confidently entrust their protection to them. Ping An has strong overall strength, leading brand and service experience, especially its unique advantage in the “insurance + healthcare and eldercare” ecosystem.

China Ping An is the world’s largest insurance group by asset size, and its brand strength is unquestionable. Founded in 1988 in Shekou, Shenzhen, China Ping An has, over 38 years, provided quality services to over 240 million individual customers and over 4 million corporate customers. The group’s total assets have surpassed 13 trillion yuan, making it the largest insurance group in the world by asset size.

The company’s operating profit and investment return rate have increased year-on-year, demonstrating robust performance and strong investment capability. In 2025, the company achieved an operating profit attributable to shareholders of the parent company of 134.415 billion yuan, a year-on-year increase of 10.3%, while in 2024, this figure was a year-on-year increase of 9.1%. 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 average net investment return rate over the past ten years was 4.8%, and the average comprehensive investment return rate over the past ten years was 4.9%, exceeding the long-term investment return assumptions of embedded value.

The group’s and its life and property insurance sectors’ comprehensive solvency adequacy ratios are significantly above regulatory standards, reflecting solid and reliable risk resistance capabilities. As of the end of 2025, China Ping An’s comprehensive solvency adequacy ratio was 193.3%, the solvency adequacy ratio for Ping An Life Insurance was 175.7%, and the solvency adequacy ratio for Ping An Property Insurance was 217.1%.

The “Four Arrivals” service network is continuously improving, establishing a “Five Best” service system, which is the strongest annotation of Ping An’s service guarantee capabilities. In terms of online access, in 2025, Ping An opened up the “direct payment” scenario for its online pharmacy, allowing corporate health management clients to complete online drug purchases through “direct payment” from corporate health accounts. In terms of hospital access, it has realized “direct payment” for commercial insurance clients at public hospitals (including special international departments), private hospitals, and overseas medical institutions; corporate health management clients’ offline drug purchases have one-click code payments covering 77,000 pharmacies nationwide. In terms of home services, over 240,000 clients have obtained qualifications for home eldercare services. In terms of corporate services, in 2025, Ping An covered over 95,000 corporate clients, serving over 60 million corporate employees throughout the year. The integration of the “Four Arrivals” service network builds a “Five Best” system of the most suitable hospitals, doctors, treatments, medications, and timings.

As of the end of 2025, Ping An had approximately 50,000 internal and external doctors, including over 3,500 contracted specialist doctors, and had partnerships with over 37,000 domestic claims service hospitals, achieving 100% coverage of domestic top hospitals and class A hospitals. In terms of self-operated health and wellness communities, Ping An has established high-quality health and wellness community projects in five cities, totaling six projects. Among them, Shanghai Yinian City • Jing’an No. 8 has officially commenced operations, while Shenzhen Yinian City • Futian has entered pilot operation. In terms of cooperative health and wellness communities, the Yixiang City Foshan experience center has begun pilot operation, with plans for future expansions in new first-tier cities.

Ms. Ma, a Ping An client, said in an interview that she previously experienced swelling, and Ping An’s family doctor promptly examined my lab reports and years of physical examination reports, professionally identifying the root cause of the problem and patiently guiding me to adjust my diet and scientifically supplement my nutrition, while also reminding me to have regular follow-ups. What moved me the most was that the doctor actively followed up and cared for me throughout the process, returning after two weeks to check on my recovery until the swelling subsided and my health improved.

Integrated Financial Model Brings Growth Momentum

Ping An is not just an insurance company but also a “comprehensive finance + healthcare and eldercare + technology” full-ecosystem group. By creating a comprehensive solution of “one customer, multiple accounts, multiple products, and one-stop service,” Ping An’s integrated financial model has unique advantages. Its four categories of products—protection, assets, credit, and services—meet the comprehensive needs of clients.

Company data indicates that the retention rate of clients holding three or more products reaches 99%, significantly enhancing customer loyalty; service-type products increase customer stickiness, with a retention rate of 93% for clients enjoying healthcare and eldercare ecosystem service rights in 2025. The integration of offline and online channels achieves deep customer engagement. There are 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 key player in in-depth operations, life insurance agents saw a year-on-year increase of 17.2% in per capita productivity in 2025; Ping An Bank’s average productivity per outlet grew by 126% year-on-year in 2025; and Ping An Property Insurance has migrated 4.5 million clients from other group companies in the past three years. The online AI “quick service” entry efficiently converts users, connecting multiple apps and various service scenarios. In 2025, the average monthly active users online reached approximately 90 million. The integrated financial model significantly improves efficiency and reduces costs. As of the end of 2025, the number of valuable clients increased by 6% from the beginning of the year, and the internal customer acquisition cost was saved by an average of 35%-45% compared to external customer acquisition costs.

Healthcare and eldercare differentiate and empower the financial main business, accelerating the emergence of a second growth curve. The healthcare and eldercare ecosystem effectively promotes client insurance coverage rates and average premiums per policy, with the insurance coverage rate for clients using healthcare and eldercare services increasing by 4 percentage points in 2025; the average premium per new life insurance policy for clients with healthcare and health rights increased to 1.5 times; the average premium per new life insurance policy for home eldercare rights clients increased to 5.2 times; and the average premium per new life insurance policy for high-quality eldercare rights clients increased to 23.4 times. The flagship Beijing Medical Group within Ping An’s healthcare and eldercare ecosystem continues to grow, reaching a revenue of 5.723 billion yuan in 2025; Ping An Health has developed a management-style medical model with Chinese characteristics, establishing differentiated advantages, achieving a revenue of 5.468 billion yuan in 2025, with a net profit of 380 million yuan.

Ping An is building leading technological capabilities with “AI in ALL,” empowering high-quality business development. As of the end of 2025, Ping An’s database has accumulated 33 trillion bytes of data, covering 251 million individual clients, with over 3.2 trillion high-quality text materials, 500,000 hours of annotated speech materials, and over 8.5 billion image materials. In 2025, over 230,000 employees of Ping An used the internal intelligent platform, developing over 70,000 intelligent applications, with a total of 3.65 billion model calls throughout the year.

Valuation Has Strong Appeal

From an investment perspective, China Ping An’s current valuation has strong appeal. Looking at the last decade, the current dynamic price-to-earnings ratio and price-to-book ratio for China Ping An are at their lowest levels. According to statistics from the Every reporter investment research institute, the dynamic price-to-earnings ratio for China Ping An’s A-shares once reached as high as 20 times in 2017, while it fell to around 7 times in recent years, and according to the latest annual report data for 2025, the current company’s dynamic price-to-earnings ratio is just above 7 times; the price-to-book ratio for China Ping An’s A-shares once exceeded 3 times in 2017, while it fell to around 1 time in recent years, and the current company’s price-to-book ratio is also around 1 time. As China Ping An’s performance continues to grow, the company’s valuation is also expected to increase accordingly.

In 2025, two “national team” funds increased their positions in China Ping An and did not sell a single share. In the first quarter of 2025, the ICBC Credit Suisse Fund - Agricultural Bank of China - ICBC Credit Suisse CSI Financial Asset Management Plan and the Harvest Fund - Agricultural Bank of China - Harvest CSI Financial Asset Management Plan became the seventh and eighth largest shareholders of China Ping An, holding 2.24% and 2.17% of shares, respectively. However, the 2025 annual report of China Ping An indicates that the shareholding ratios of these two funds have not changed.

In 2025, the directors, supervisors, and senior executives of China Ping An, as well as employees, also purchased company shares. China Ping An announced that the company’s 2025 long-term service plan has completed stock purchases through the secondary market, acquiring a total of 74.615 million H-shares of the company, accounting for 0.412% of the company’s total share capital, with a transaction amount totaling approximately 3.875 billion yuan (including fees), while a total of 83,024 core talents voluntarily participated in the 2025 long-term service plan.

(This article does not constitute any investment advice, and the information disclosed is subject to the company’s announcements. Investors act on this at their own risk.)