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

Each Daily reporter｜Zhang Guangri｜Tu Yinghao｜Each Daily editor｜Wan Qincheng

On March 26, China Ping An announced its 2025 full-year results. In 2025, operating profit attributable to shareholders of the parent company was RMB 134.415 billion, up 10.3%; net profit excluding non-recurring items attributable to shareholders of the parent company was RMB 143.773 billion, up 22.5%; operating revenue was RMB 1,050.506 billion, up 2.1%; shareholders’ equity attributable to the parent company first exceeded RMB 1 trillion, reaching RMB 1,000.419 billion, up 7.7% from the beginning of the year.

The company plans to distribute an interim dividend at the end of 2025 of RMB 1.75 in cash per share; the full-year dividend was RMB 2.70 in cash per share, up 5.9%; total cash dividend amounted to RMB 48.891 billion, maintaining year-on-year increases for 14 consecutive years. The cash dividend payout ratio calculated based on operating profit attributable to the parent company was 36.4%.

Cash dividends keep rising for 14 consecutive years

China Ping An emphasizes shareholder returns, and its 2025 cash dividend level reached a new high again. China Ping An’s 2025 final dividend was RMB 1.75 in cash per share (including tax). Together with the interim dividend already distributed of RMB 0.95 in cash per share (including tax), the full-year dividend was RMB 2.70 in cash per share (including tax), up 5.9% year over year. Based on the above data, China Ping An’s total cash dividend in 2025 amounted to as much as RMB 48.891 billion.

According to calculations by the Each Daily Investment Research Institute, China Ping An’s total cash dividends over the past five years achieved a compound annual growth rate of 4.1%. As shown by Tonghuashun iFinD, from 2020 to 2024, China Ping An’s dividend yield increased from 3.87% to 4.49%. Based on the current A-share price and the 2025 dividend payout plan, China Ping An’s A-share dividend yield is expected to set a new record, reaching 4.7%.

Looking over a longer time horizon, China Ping An’s cash dividend level has kept rising for 14 consecutive years. This not only highlights the company’s strong profitability and solid financial position, but also consistently reflects its positive commitment to return to shareholders and share development outcomes.

Operating profit up 10.3% year over year

In 2025, China Ping An’s performance achieved double-digit growth year over year. Operating profit attributable to shareholders of the parent company was RMB 134.415 billion, up 10.3%; net profit excluding non-recurring items attributable to shareholders of the parent company was RMB 143.773 billion, up 22.5%; operating revenue was RMB 1,050.506 billion, up 2.1%; shareholders’ equity attributable to the parent company first exceeded RMB 1 trillion, reaching RMB 1,000.419 billion, up 7.7% from the beginning of the year.

As a core business in the financial sector, the life insurance and health insurance business maintained strong growth momentum. In 2025, new business value for the life insurance and health insurance business reached RMB 36.897 billion, up 29.3% year over year; new business value rate (based on standard premium) was 28.5%, up 5.8 percentage points year over year. Through multi-channel, high-quality development, in 2025, new business value for the agency channel grew 10.4% year over year, and new business value per capita grew 17.2% year over year; new business value for the bank insurance channel grew 138.0% year over year.

Property insurance business achieved “both scale and quality” improvements. In 2025, Ping An Property & Casualty’s original insurance premium income was RMB 343.168 billion, up 6.6%; insurance service revenue was RMB 338.912 billion, up 3.3%. The overall combined cost ratio was 96.8%, improving by 1.5 percentage points year over year. The auto insurance combined cost ratio was 95.8%, improving by 2.3 percentage points year over year.

Strengths in all aspects support insurance products to deliver

Long Ge, deputy director of the Innovation and Risk Management Research Center of University of International Business and Economics, said that when you buy insurance, you are not only buying a single-page contract, but also choosing an insurance company you can trust. So how do you tell whether a company is reliable? Insiders usually look at several aspects: whether the company’s brand and reputation are good, whether operations are stable or not, whether it has a strong ability to make money from investments, whether it has sufficient funds to pay claims, and whether service is in place and whether claims are handled quickly. Only by weighing these comprehensively can you feel more at ease entrusting your protection to them. Ping An’s overall strength is strong; its brand and service experience are leading. In particular, its unique “insurance + medical and elder care” ecosystem is a distinctive advantage.

China Ping An is the world’s largest insurance group by asset size, and its brand strength is beyond question. China Ping An was founded in 1988 in Shekou, Shenzhen. Over 38 years since its establishment, it has provided high-quality services to more than 240 million individual customers and more than 4 million group customers. Today, the group’s total assets have exceeded RMB 1.3 trillion, making it the world’s largest insurance group by asset size.

Operating profit and investment return rates rising year over year show steady performance and strong investment capability. In 2025, the company achieved operating profit attributable to shareholders of the parent company of RMB 134.415 billion, up 10.3%. In 2024, this figure reflected a year-over-year increase of 9.1%. In 2025, the insurance funds investment portfolio achieved a composite investment return rate of 6.3%, up 0.5 percentage points year over year. The average net investment return rate over the past 10 years was 4.8%, and the average composite investment return rate over the past 10 years was 4.9%, exceeding the long-term investment return assumptions embedded in the value.

The group and its life insurance and property & casualty insurance segments have all-comparable solvency adequacy ratios significantly higher than regulatory standards, reflecting that their risk resilience is solid and reliable. As of the end of 2025, China Ping An’s overall solvency adequacy ratio was 193.3%; Ping An Life’s overall solvency adequacy ratio was 175.7%; and Ping An P&C’s overall solvency adequacy ratio was 217.1%.

The “four-to” service network has been continuously improved, and the “five-best” service system has been built—this is the strongest annotation of Ping An’s service-guarantee capability. For “to the line,” in 2025, Ping An connected online pharmacy “direct payment” scenarios; for enterprise health management clients, online drug purchases were completed, with “direct payment” conducted through enterprise health accounts. For “to the hospital,” it enables “direct payment” for medical care for commercial insurance clients, covering public hospitals (including the VIP International Department), private hospitals, and overseas medical institutions; and for enterprise health management clients, offline one-click QR-code display and payment for drug purchases covers 77,000 pharmacies across the country. For “to the home,” a cumulative total of more than 240,000 clients have obtained eligibility for home-based elder care services. For “to the enterprise,” in 2025, Ping An covered more than 95,000 enterprise clients, and the number of enterprise employees served in full-year exceeded 60 million. By integrating the “four-to” service network and constructing the “five-best” system of the most suitable hospital, the most suitable doctor, the most suitable treatment, the most suitable medicines, and the most suitable timing.

As of the end of 2025, Ping An has about 50,000 internal and external doctor teams. Among them, more than 3,500 contracted expert doctors; the number of hospitals providing claims services in cooperation domestically exceeds 37,000; and the coverage rate of cooperation with China’s top 100 hospitals and Grade 3 Class A hospitals is 100%. For self-operated wellness and elder care communities, Ping An Zhenyi Nian high-quality wellness and elder care community project has been laid out in 5 cities, with a total of 6 projects. Among them, the Shanghai Yinian City • Jing’an No. 8 has officially started operations, and the Shenzhen Yinian City • Futian has entered trial operations. For partner wellness and elder care communities, the experience and display center for Yixiangcheng Foshan started trial operations, with further layout planned in new first-tier cities.

Ms. Ma, a Ping An customer, said during an interview that earlier she had developed edema. Ping An’s home doctor team carefully reviewed my test reports and years of checkup reports right away. Through professional judgment, they identified the root cause of the problem, and patiently guided me to adjust my diet and scientifically supplement nutrition. They also reminded me to undergo regular follow-up checkups throughout. What moved me most was that the doctor actively followed up and cared for me throughout; after two weeks, they specifically revisited to check on my recovery, until the edema went away and my condition improved.

Comprehensive financial model brings growth drivers

Ping An is not just an insurance company; it is a full-ecosystem group of “comprehensive finance + medical and elder care + technology.” By building a comprehensive solution of “one customer, multiple accounts, multiple products, and one-stop services,” Ping An’s comprehensive financial model has unique advantages. Four categories of products—protection, assets, credit, and services—meet customers’ needs in all directions.

Company data show that the retention rate of customers holding three or more types of products reaches 99%, significantly enhancing customer loyalty. Service-type products increase customer stickiness. In 2025, the retention rate of customers enjoying service rights within the medical and elder care ecosystem was 93%. Offline and online integrated channels enable deep customer management. Offline channels have more than 7,000 outlets and more than 1.3 million full-time and part-time sales service teams, covering 330 major cities nationwide. Life insurance agents are the main force for deep cultivation; in 2025, new business value per capita increased 17.2% year over year. Ping An Bank’s average productivity per outlet increased 126% year over year in 2025. In the past three years, Ping An P&C has cumulatively migrated 4.5 million customers to other companies within the group. The online AI “quick service” entry efficiently converts leads and connects multiple APPs and various service scenarios. In 2025, average monthly active online users were about 90 million. The comprehensive financial model significantly improves efficiency and reduces costs. As of the end of 2025, the number of value customers increased 6% from the beginning of the year, and internal customer acquisition costs averaged 35%-45% lower than external customer acquisition costs.

Differentiated empowerment in medical and elder care helps the main financial business and accelerates becoming the second growth curve. The medical and elder care ecosystem effectively promotes higher customer policy acquisition rates and higher premium per policy. In 2025, the customer policy acquisition rate of those using medical and elder care services increased by 4 percentage points. For customers with medical and health benefit rights, the new individual policy premium per policy for life insurance increased to 1.5 times. For customers with home-based elder care benefit rights, the new individual policy premium per policy increased to 5.2 times. For customers with high-quality elder care benefit rights, the new individual policy premium per policy increased to 23.4 times. Ping An Group’s medical and elder care ecosystem flagship, BeiDa Medical Group, continues to grow its operating revenue, reaching RMB 5.723 billion in 2025. Ping An Health has built a management-style medical model with Chinese characteristics, establishing differentiated advantages. In 2025, it achieved operating revenue of RMB 5.468 billion and net profit of RMB 380 million.

Ping An builds 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 customers. It has cumulatively accumulated more than 3.2 trillion high-quality text corpora, 500,000 hours of labeled audio corpora, and more than 8.5 billion image corpora. In 2025, more than 230,000 employees of Ping An Group used the internal agent platform, developing more than 70,000 agent applications, with 3.65 billion model calls throughout the year.

Valuation is already highly attractive

From an investment perspective, China Ping An’s valuation already has strong appeal. Based on the most recent ten-year cycle, China Ping An’s current forward price-to-earnings (dynamic P/E) and price-to-book ratios are both in the bottom region. According to statistics from the Each Daily Investment Research Institute, in 2017 China Ping An’s A-share dynamic P/E reached as high as 20x at one point. In recent years, it has fallen to around the low of 7x. Meanwhile, according to the latest annual report data for 2025, the company’s dynamic P/E is only just above 7x. In 2017, China Ping An’s A-share price-to-book ratio exceeded 3x at one point; in recent years, it has fallen to around 1x at its lowest. Currently, the company’s price-to-book ratio is also around 1x. With China Ping An’s performance continuing to grow, the company’s valuation is also expected to rise accordingly.

In 2025, two “national team” funds increased their holdings of China Ping An and neither sold any shares. In the first quarter of 2025, the Industrial and Commercial Bank of China’s fund—Bank of Agriculture—ICBC Wealth (ICBC) Csi Financial Assets Management Plan and the Harvest Fund—Bank of Agriculture—Harvest Csi Financial Assets Management Plan became China Ping An’s seventh and eighth largest shareholders, with shareholding ratios of 2.24% and 2.17%, respectively. However, China Ping An’s 2025 annual report shows that the shareholding ratios of the above two funds have not changed.

In 2025, China Ping An’s directors, supervisors, senior management, and employees also bought the company’s shares. According to the company announcement, the company’s 2025 long-term service plan has completed share purchases through the secondary market. A total of 74.615 million H shares were purchased, accounting for 0.412% of the company’s total share capital, and the total transaction amount was as high as approximately RMB 3.875 billion (including fees), while 83,024 core talents voluntarily participating in the 2025 long-term service plan.

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