Ping An of China: Achieve a net profit attributable to the parent company of 134.778 billion yuan by 2025, a year-on-year increase of 6.5%

On March 26, China Ping An released its 2025 performance announcement. In 2025, the Group’s operating profit attributable to shareholders of the parent company was RMB 134.415 billion, up 10.3%; net profit attributable to shareholders of the parent company was RMB 134.778 billion, up 6.5%; non-GAAP net profit attributable to shareholders of the parent company was RMB 143.773 billion, up 22.5%; operating revenue was RMB 1,140.324 billion, basically stable; shareholders’ equity attributable to shareholders of the parent company first surpassed RMB 1 trillion, reaching RMB 1,000.419 billion, up 7.7% from the beginning of the year.

The total cash dividend has continued to increase for 14 consecutive years. The company proposed a cash dividend for the 2025 final dividend of RMB 1.75 per share; the full-year cash dividend was RMB 2.70 per share, up 5.9%; the total cash dividends amounted to RMB 48.891 billion, and the cash dividend payout ratio based on operating profit attributable to shareholders was 36.4%.

Life insurance and health insurance business new business value was RMB 36.897 billion, up 29.3%. The new business value margin (based on standard premium) was 28.5%, up 5.8 percentage points year over year. New business value via the agency channel increased 10.4% year over year, and new business value per agent increased 17.2% year over year. New business value via the bancassurance channel increased 138.0% year over year. The contribution share of new business value to Ping An Life Insurance from channels including bancassurance, community financial services, and others increased by 12.1 percentage points year over year.

The property and casualty insurance business scale continued to grow, and operating quality and efficiency improved steadily. Gross premium income from original insurance was RMB 343.168 billion, up 6.6%; insurance service revenue was RMB 338.912 billion, up 3.3%; the overall combined ratio was 96.8%, improving 1.5 percentage points year over year, and continued to maintain strong profitability; the auto insurance combined ratio was 95.8%, improving 2.3 percentage points year over year, and continued to outperform the market average; net cash inflow from operating activities increased 48.3% year over year, with a significant improvement in liquidity. Driven by premium cash flow, the investment scale (excluding sold-under-repurchase financial assets) increased 12.1% from the beginning of the year.

Insurance funds’ investment performance was excellent. The investment portfolio size of insurance funds was RMB 6.49 trillion, up 13.2% from the beginning of the year; the overall investment return rate was 6.3%, up 0.5 percentage points year over year; over the past 10 years, the average net investment return was 4.8%, and the average overall investment return was 4.9%, exceeding the long-term investment return assumptions underlying embedded value.

(China Ping An)

(Editor: Qian Xiaorui)

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