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. The total cash dividend distribution is 48.891 billion yuan, marking 14 consecutive years of growth.

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

In 2025, the macro environment was complex and ever-changing. The strong resilience of the Chinese economy and deep-seated momentum for structural upgrades provided a solid stage for Ping An to overcome challenges and develop steadily. The Company continued to deepen its “integrated finance + healthcare and elderly care” strategy, creating core competitiveness through “service differentiation,” and delivered a comprehensive annual report characterized by overall improvement, high-value growth, strategic deepening, and service innovation. The Company achieved operating profit attributable to equity holders of the parent of RMB 134.415 billion, a year-on-year increase of 10.3%. The net profit attributable to equity holders of the parent, after deducting non-recurring items, was RMB 143.773 billion, up 22.5% year-on-year. The equity attributable to equity holders of the parent exceeded RMB 1 trillion for the first time, reaching RMB 1,000.419 billion, an increase of 7.7% compared to the beginning of the year. Committed to rewarding shareholders, the Company plans to distribute a final dividend of RMB 1.75 per share for 2025; the total cash dividend for the year reached RMB 48.891 billion, maintaining an increase for 14 consecutive years. The life and health insurance business maintained a growth trend, with new business value reaching RMB 36.897 billion, up 29.3% year-on-year. The investment performance of insurance funds was excellent, achieving a comprehensive investment return rate of 6.3%.

Deepening the integrated finance strategy, continuously improving customer management efficiency, core business performing well

The financial needs of residents are becoming more diverse, creating greater opportunities for integrated finance. During the “14th Five-Year Plan” period, China will accelerate the construction of a financial powerhouse. By 2030, the scale of the Chinese middle class is expected to account for one-third of the global middle class. Addressing the traditional pain points of financial services that are time-consuming, labor-intensive, and costly, specialized, personalized, and integrated financial services are welcoming broader market opportunities.

Integrated finance·one-stop service, creating a comprehensive solution of “one customer, multiple accounts, various products.” Ping An’s integrated finance model has unique advantages. The four major product categories of protection, assets, credit, and services meet customers’ comprehensive needs. Company data shows that the retention rate of customers holding three or more product types reaches 99%, significantly enhancing customer loyalty; service-related products improve customer stickiness, with a retention rate of 93% for customers enjoying healthcare and elderly care ecosystem services in 2025. Offline and online integrated channels achieve in-depth customer management. The offline network includes more than 7,000 outlets and over 1.3 million full-time and part-time sales service teams, covering 330 major cities across the country. Life insurance agents serve as the main force for in-depth operations, with per capita productivity increasing by 17.2% year-on-year in 2025; Ping An Bank’s average outlet productivity grew by 126% year-on-year in 2025; over the past three years, Ping An Property & Casualty Insurance has migrated 4.5 million customers to other companies within the Group. Online AI “quick service” efficiently converts, integrating various apps and service scenarios. In 2025, the monthly active users online averaged about 90 million. The integrated finance model significantly improves efficiency and reduces costs. By the end of 2025, the number of valued customers increased by 6% compared to the beginning of the year, and internal customer acquisition costs saved an average of 35-45% compared to external acquisition costs.

Deepening the integrated finance strategy and continuously improving customer management efficiency. The number of customers steadily grows, reaching 251 million by the end of 2025, an increase of 3.5% compared to the beginning of the year. The customer retention rate remains 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 contract number per customer reaching 2.94 by the end of 2025, an increase of 0.7% compared to the beginning of the year. The proportion of customers with five or more years of service accounts for 75.0%, with their average contract number being 1.7 times that of newly acquired customers in their first year.

In 2025, the financial segment’s core business achieved high-quality development. The life and health insurance businesses maintained high growth. In 2025, the new business value of life and health insurance reached RMB 36.897 billion, a significant increase of 29.3% year-on-year; the new business value rate (based on standard premium) was 28.5%, up 5.8 percentage points year-on-year. The multi-channel high-quality development saw the new business value from the agent channel increasing by 10.4% year-on-year, with per capita new business value increasing by 17.2% year-on-year; the new business value from the bancassurance channel grew by 138.0%; the contributions of bancassurance channels, community financial services, and others to Ping An’s new business value increased by 12.1 percentage points year-on-year. The “insurance + service” layout deepened, with Ping An’s life insurance using healthcare and elderly care services reaching 18.298 million customers in 2025. Business quality continues to improve, with a 13-month policy renewal rate of 97.4%, an increase of 1.0 percentage points year-on-year, and a 25-month policy renewal rate of 94.9%, an increase of 5.2 percentage points year-on-year.

Property insurance business achieves “double excellence” in scale and quality. In 2025, Ping An Property & Casualty Insurance’s original insurance premium income reached RMB 343.168 billion, a year-on-year increase of 6.6%; insurance services income was RMB 338.912 billion, a year-on-year increase of 3.3%. The overall combined cost ratio was 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. The Company deeply explored the “insurance + technology + service” model, solidly implemented the five major financial strategies, providing risk protection of RMB 37.304 trillion to 2.93 million small and micro enterprises and underwriting 3.26 million technology insurance policies, providing RMB 9.29 trillion in risk protection. Risk reduction enhances service quality and efficiency, with accumulated loss reduction exceeding RMB 707 million for the year, and natural disaster warnings reaching 420,000, serving 130 million customers.

Excellent investment performance of insurance funds, stable long-term asset allocation capability. By the end of 2025, the Company’s insurance fund investment portfolio reached RMB 6.49 trillion, a growth of 13.2% compared to the beginning of the year. Upholding the long-term investment and liability-matching philosophy, through balanced investment strategies in fixed income, equity, and alternative investments, the Company achieved good and stable investment returns. 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.

Banking operations remain stable, with overall asset quality steady. In 2025, Ping An Bank achieved a net profit of RMB 42.633 billion; as of December 31, 2025, the non-performing loan ratio was 1.05%, down 0.01 percentage points compared to the beginning of the year; the provision coverage ratio was 220.88%, maintaining good risk compensation capacity; 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 has high-quality and sustainable development, managing retail customer assets (AUM) of RMB 4,238.409 billion, an increase of 1.1% compared to the beginning of the year. Continuing to support the real economy, as of December 31, 2025, the corporate loan balance increased by 3.5% compared to the beginning of the year; serving new productive forces, the number of technology enterprise customers reached 31,900, an increase of 21.1% compared to the beginning of the year.

Healthcare and elderly care strategies continue to be implemented, with differentiated advantages empowering the main business.

Society is accelerating into the “longevity era,” with high-quality healthcare and elderly care services becoming an urgent need. The population of seniors aged 60 and above in China has exceeded 300 million, with the average life expectancy reaching 79 years. At the same time, the industry faces challenges such as uneven medical resources, complex medical processes, and significant payment pressures for residents. Comprehensive, multi-level, and high-quality healthcare and elderly care services are becoming urgent and essential needs for residents.

Creating an upgraded version of the managed healthcare model with Chinese characteristics, becoming a leading operator in the elderly care ecosystem in China, helping customers achieve financial and health synergy. Based on a solid foundation of “integrated 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 capacity. In 2025, Ping An achieved health insurance premium income of RMB 159 billion, of which medical insurance premium income was nearly RMB 73.4 billion, a year-on-year increase of 2.7%. Technology empowers improved diagnostic efficiency and service experience. In 2025, the Company launched AI products such as digital avatars of renowned 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, already applied in diseases such as breast cancer. Among these, the AI doctor’s precise diagnosis covers over 11,300 diseases, with an accuracy rate of 95.1% in assisting diagnosis, and the accuracy rate of AI MDT treatment plans approaches 90%; the AI + human doctor model covers 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.

The “Four Arrivals” service network continues to improve, building a “Five Best” service system. In terms of arrival at the line, in 2025, Ping An opened up the online pharmacy “direct payment” scenario, allowing corporate health management customers to complete online drug purchases funded by their corporate health accounts. In terms of arrival at the hospital, commercial insurance customers achieved “direct payment” for medical services, covering public hospitals (including specialized international departments), private hospitals, and overseas medical institutions; purchasing drugs offline for corporate health management customers is facilitated by one-click code payment, covering 77,000 pharmacies nationwide. In terms of home arrival, over 240,000 customers have received qualifications for home elderly care services. In terms of enterprise arrival, in 2025, Ping An covered over 95,000 enterprise clients, serving over 60 million employees throughout the year. Integrating the “Four Arrivals” service network constructs the “Five Best” system, which provides the most suitable hospitals, the most suitable doctors, the most suitable treatments, the most suitable medications, and the most suitable timings.

By the end of 2025, Ping An had approximately 50,000 internal and external doctors on its team, including over 3,500 contracted specialists, with more than 37,000 cooperating hospitals for claims service across the country, achieving a 100% coverage rate with top hospitals and tier-three hospitals. Regarding self-operated wellness communities, Ping An’s high-quality wellness community projects have been established in five cities, totaling six projects, of which the Shanghai Yinian City·Jing’an No. 8 is officially in operation, and the Shenzhen Yinian City·Futian has entered trial operation. In terms of collaborative wellness communities, the Yixiang City Foshan experience center has begun trial operation, with plans for future layouts in new first-tier cities.

Healthcare and elderly care differentiation empowers the financial main business, accelerating it to become the second growth curve. The healthcare and elderly care ecosystem effectively boosts the insurance coverage rate and average premium per policy, with a 4-percentage-point increase in the coverage rate for customers using healthcare services; the average premium per new life insurance policy for customers with healthcare rights increased to 1.5 times; the average premium per new life insurance policy for customers with home elderly care rights increased to 5.2 times; and the average premium per new life insurance policy for customers with high-quality elderly care rights increased to 23.4 times. Ping An Group’s flagship medical group, Peking University Health, continuously grows, achieving revenue of RMB 5.723 billion in 2025; Ping An Health has created a managed healthcare model with Chinese characteristics, establishing a differentiated advantage, achieving revenue of RMB 5.468 billion and a net profit of RMB 380 million in 2025.

Technology empowers quality and efficiency improvement, MSCI ESG rating upgraded to AAA.

Upholding the “AI in ALL” principle, building leading technology capabilities to empower 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 materials, 500,000 hours of annotated voice materials, and over 8.5 billion image materials. In 2025, over 230,000 employees of Ping An Group used the internal intelligent platform, developing over 70,000 intelligent applications, with model calls reaching 3.65 billion times throughout the year. Expanding the depth and breadth of AI applications. Improving experience, in 2025, life insurance achieved a 59% ratio of instant claims, while auto insurance through the agent channel achieved an average of 93% for intelligent policy issuance within one minute. Controlling risks, in 2025, Ping An Property & Casualty’s intelligent anti-fraud claims interception reduced losses by RMB 10.51 billion for three consecutive years, with losses exceeding RMB 10 billion. Reducing costs, in 2025, 94% of life insurance policies achieved instant underwriting; Ping An’s AI customer service volume reached approximately 1.702 billion, covering 80% of the total customer service volume. Promoting sales, in 2025, AI assistants achieved sales of RMB 133.179 billion, with the “AI + human” intelligent policy reinstatement system improving policy reinstatement by 30%, ensuring customer protection.

Fulfilling social responsibility and serving green development and rural revitalization. The Company has invested over RMB 10.88 trillion to support the development of the real economy. By the end of 2025, the Company’s green investment scale of insurance funds reached RMB 530.87 billion, with a balance of green loans of RMB 266.433 billion; in 2025, green insurance original premium income was RMB 76.474 billion, providing rural industry support funds of RMB 57.148 billion. 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 as the only insurance enterprise in mainland China in S&P Global’s “Sustainability Yearbook (China Edition) 2025.”

The year 2026 marks the start of the “14th Five-Year Plan.” The long-term supportive conditions and fundamental trends of China’s economy remain unchanged. 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 welcome new opportunities. In 2026, the Company will deeply study and implement the spirit of the national “Two Sessions,” always adhering to the original intention of finance serving the people, practicing the business policy of “high-value growth, service innovation, technology leadership, and legal compliance,” deepening the dual-wheel strategy of “integrated finance + healthcare and elderly care,” driven by technology, taking the “Service Year” as an opportunity, continuously upgrading the three major innovative service systems, enhancing operational levels, strengthening risk management, and fully implementing the five major financial strategies, contributing Ping An’s strength to advancing the high-quality development of China’s financial sector and accelerating the construction of a financial powerhouse.