Ping An of China's operating profit last year was 134.4 billion yuan. Ma Mingzhe: A new spring is coming.

Ask AI · Why has Ping An’s operating profit not returned to the high level of 2021 by 2025?

On the evening of March 26, Ping An of China announced its full-year performance for 2025, with several key metrics showing growth. The “comprehensive finance + medical care and elderly care” strategy continues to deepen, Chairman Ma Mingzhe described it as “a performance report of high growth, resilience, and sustainability.”

Some senior executives of Ping An (Ma Mingzhe on the left)

Cash dividends exceeded 48.8 billion yuan, rising for 14 consecutive years.

Overall, in 2025, Ping An’s operating profit attributable to the parent company’s shareholders was 134.415 billion yuan, an increase of 10.3% year-on-year; net profit attributable to the parent company’s shareholders, excluding non-recurring items, was 143.773 billion yuan, an increase of 22.5% year-on-year; operating revenue was 1,050.506 billion yuan, an increase of 2.1% year-on-year; and the equity attributable to the parent company’s shareholders broke the trillion yuan mark for the first time, reaching 1,000.419 billion yuan, an increase of 7.7% compared to the beginning of the year.

The total cash dividend has maintained an upward trend for 14 consecutive years. According to the earnings report, the proposed final dividend for 2025 is 1.75 yuan in cash per share; the annual dividend is 2.70 yuan in cash per share, an increase of 5.9% year-on-year; the total cash dividend is 48.891 billion yuan, with a cash dividend ratio based on the operating profit attributable to the parent company of 36.4%.

As of the end of last year, Ping An’s total assets reached 13.89 trillion yuan, an increase of nearly one trillion compared to the previous year’s 12.95 trillion yuan.

However, looking at the longer time frame, the reporter noticed that several indicators have still not “returned.” For instance, although the operating profit attributable to the parent company saw a significant rebound in 2025, it still lags behind 2022 (146.9 billion yuan) and 2021 (147.9 billion yuan). Meanwhile, the comprehensive solvency adequacy ratio of Ping An Group for 2025 was 193.3%, down 11% from the previous year’s 204.1%. The operating ROE was 12.7%, which was flat with the previous year, and there is still a significant gap compared to the high level of 18.9% in 2021.

The value of multiple core sectors has increased,

but bank revenue and profit remain under pressure.

From the perspective of segmented sectors, the core business of life insurance continues to show growth. The new business value of life and health insurance reached 36.897 billion yuan, an increase of 29.3% year-on-year, with a new business value rate (based on standard premiums) of 28.5%, up 5.8 percentage points year-on-year. The new business value from the agent channel grew by 10.4% year-on-year, and the per capita new business value grew by 17.2% year-on-year; the new business value from the bancassurance channel increased by 138.0%; the contribution of bancassurance channels, community financial services, and others to the new business value of Ping An’s life insurance increased by 12.1 percentage points year-on-year.

In the property insurance sector, the original insurance premium income was 343.168 billion yuan, an increase of 6.6% year-on-year; insurance service income was 338.912 billion yuan, an increase of 3.3% year-on-year; the overall combined cost ratio was 96.8%, optimized by 1.5 percentage points year-on-year, continuing to maintain good profitability; the comprehensive cost ratio for auto insurance was 95.8%, optimized by 2.3 percentage points year-on-year, consistently better than the market average. The net cash inflow from operating activities increased by 48.3% year-on-year, significantly improving liquidity, and driven by premium cash flow, the investment scale (excluding sold and repurchased financial assets) grew by 12.1% compared to the beginning of the year.

The banking sector remains in a period of transformation pain. Last year, Ping An Bank achieved revenue of 131.442 billion yuan, a year-on-year decrease of 10.4%; net profit was 42.633 billion yuan, a year-on-year decrease of 4.2%. The overall asset quality remained stable, with a non-performing loan ratio of 1.05% and a provision coverage ratio of 220.88%; the core Tier 1 capital adequacy ratio was 9.36%, an increase of 0.24 percentage points from the beginning of the year.

The investment performance of insurance funds met expectations, with the insurance capital investment portfolio reaching 6.49 trillion yuan, an increase of 13.2% from the beginning of the year; the overall investment return rate was 6.3%, up 0.5 percentage points year-on-year; the average net investment return rate over the past 10 years was 4.8%, and the average comprehensive investment return rate over the past 10 years was 4.9%, exceeding the long-term investment return assumptions.

As another pillar of the “dual-drive” strategy, Ping An’s medical and elderly care strategy has also achieved results. According to the report, Ping An has partnered with top 100 hospitals and tertiary hospitals with a coverage rate of 100%; AI + real doctors cover 100% of group individual customers; one-click code payment services cover 77,000 pharmacies nationwide; more than 240,000 customers have qualified for home elderly care services; the Ping An Zhenyi Nian high-quality elderly care community project has been launched in five cities, with Shanghai Yinian City•Jing’an No. 8 already in operation and Shenzhen Yinian City•Futian in trial operation.

From the perspective of comprehensive finance big data, Ping An has 251 million individual customers, an increase of 3.5% from the beginning of the year; the average monthly active online customers number about 90 million; the customer retention rate for those holding three or more products within the group is 99%.

The term “medical elderly care” appeared 68 times as a high-frequency term.

Ma Mingzhe: Driven by AI to upgrade services.

It is worth noting that a report by Southern Metropolis Daily’s finance team revealed that in this performance report, the term “medical elderly care” appeared 68 times, “AI” appeared 68 times, “social responsibility” 16 times, and “creating value” 6 times, reflecting to some extent the future focus of Ping An’s work.

Regarding the work plan for 2026, Ma Mingzhe stated in his address as Chairman that 2026 is the starting year of the “14th Five-Year Plan,” and the long-term support conditions and fundamental trends for the positive development of the economy will remain unchanged. As the financial industry returns to its essence and moves toward high-quality development, the demand for residents’ health, medical, and elderly care services will gradually increase, and its “comprehensive finance + medical elderly care” service system will welcome a new spring.

Ma Mingzhe also proposed that 2026 will be the “Year of Ping An Services,” with a major focus on redefining customer experience value to create worry-free, time-saving, and cost-effective AI service entry points. He explained that the core driver of service upgrades will be AI, building a unified and quick service entry point, whether for investment management, account management, insurance claims, road rescue, or enjoying elderly care at home and receiving professional accompaniment in hospitals… achieving “one entry, one-stop solution” from online to offline. Ma Mingzhe also stated that a closed-loop service for customer health value will be constructed, forming a unique “four arrivals” medical elderly care service network covering “to the line, to the hospital, to the home, and to the enterprise.”

Written by: Southern Metropolis Daily finance reporter Lu Liang