Ping An of China's net profit last year was 134.7 billion, an increase of 6.5%, with operating profit rising over 10%

On the evening of March 26, Ping An Insurance (Group) Company of China, Ltd. (Ping An, 601318.SH; 02318.HK) disclosed its 2025 annual performance report on the Hong Kong Stock Exchange, showing that 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%; net profit attributable to shareholders of the parent company was 134.778 billion yuan, a year-on-year increase of 6.5%; and operating revenue was 1,140.324 billion yuan, a year-on-year increase of 7.4%.

In terms of the core insurance business, in 2025, Ping An’s life and health insurance new business value reached 36.897 billion yuan, a year-on-year increase of 29.3%; the new business value rate (based on standard premiums) was 28.5%, up 5.8 percentage points year-on-year; the scale premium achieved was 661.438 billion yuan, a year-on-year increase of 5%; and the operating profit attributable to the parent company was 99.752 billion yuan, a year-on-year increase of 2.9%.

In the life insurance channel, in 2025, the company’s agent channel new business value grew by 10.4% year-on-year, and per capita new business value increased by 17.2% year-on-year; the bank insurance channel new business value grew by 138.0% year-on-year; the contributions of the bank insurance channel, community financial services, and other channels to Ping An’s life insurance new business value increased by 12.1 percentage points year-on-year.

Although the growth of new business value in the agent channel was significant, agent income saw a decline. In 2025, Ping An’s life and health insurance agents had an average monthly income of 9,299 yuan, down 10.5% from 10,395 yuan in the same period last year, with life insurance income at 7,295 yuan, a year-on-year decrease of 11.3%. As of the end of last year, the number of individual life insurance sales agents was 351,000, a year-on-year decrease of 3.3%.

In 2025, the number of clients using medical and elderly care services from Ping An Life Insurance was 18.298 million. In terms of business quality, the 13-month policy continuation rate was 97.4%, up 1.0 percentage points year-on-year; and the 25-month policy continuation rate was 94.9%, up 5.2 percentage points year-on-year.

Regarding property insurance, in 2025, Ping An Property & Casualty Insurance achieved original insurance premium income of 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%; and the operating profit attributable to the parent company was 16.923 billion yuan, a year-on-year increase of 13.2%.

Refining the efficiency indicators, in 2025, Ping An Property & Casualty Insurance’s combined expense ratio and combined claims ratio both decreased, resulting in an overall combined cost ratio of 96.8%, optimized by 1.5 percentage points year-on-year. The combined cost ratio for auto insurance was 95.8%, optimized by 2.3 percentage points year-on-year, mainly benefiting from the deepening of the “reporting and operation in one” reform and continuous promotion of refined cost management and optimization of expenditure.

Specifically for various insurance types, auto insurance achieved original insurance premium income of 230.362 billion yuan, a year-on-year increase of 3.2%; health insurance achieved original insurance premium income of 38.239 billion yuan, a year-on-year increase of 25.2%; liability insurance original premium income was 24.262 billion yuan, a year-on-year increase of 0.1%, with a combined cost ratio rising by 4.1 percentage points year-on-year to 106.8%; agricultural insurance original premium income was 12.470 billion yuan, a year-on-year increase of 16.3%; and freight insurance original premium income was 10.658 billion yuan, a year-on-year increase of 2.1%.

Ping An Bank (000001.SZ) previously disclosed its 2025 annual performance report, showing that in 2025, the bank achieved a net profit attributable to shareholders of 42.633 billion yuan, a year-on-year decrease of 4.2%; and operating revenue of 131.442 billion yuan, a year-on-year decrease of 10.4%. As of the end of 2025, Ping An Bank’s non-performing loan ratio was 1.05%, down 0.01 percentage points from the end of the previous year; and the provision coverage ratio was 220.88%, down 29.83 percentage points from the end of the previous year.

On the investment side, as of the end of 2025, Ping An’s insurance fund investment portfolio reached 6.49 trillion yuan, an increase of 13.2% from the beginning of the year. In 2025, Ping An’s insurance fund investment portfolio achieved a comprehensive investment yield of 6.3%, up 0.5 percentage points year-on-year; the net investment yield was 3.7%, down 0.1 percentage points year-on-year.

In the annual report, Ping An dedicated a significant section to its medical and elderly care segment. Ping An stated that medical and elderly care services are accelerating to become the second growth curve for Ping An. The medical and elderly care ecosystem effectively promotes client insurance coverage rates and average premium per policy, with the client insurance coverage rate for those using medical and elderly care services increasing by 4 percentage points in 2025; the average new life insurance policy per client for medical health rights increased to 1.5 times; for home elderly care rights, it increased to 5.2 times; and for high-quality elderly care rights, it increased to 23.4 times.

Ping An’s flagship Beijing Medical Group continues to see revenue growth, reaching 5.723 billion yuan in 2025; Ping An Health is creating a management-style medical model with Chinese characteristics, establishing differentiated advantages, achieving operating income of 5.468 billion yuan and net profit of 380 million yuan in 2025.

The Paper Journalist Hu Zhi Ting

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