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.

March 26, 2026, China Ping An Insurance (Group) Company of China, Ltd. (hereinafter referred to as “Ping An”, “Ping An Group”, “the Group” or “the Company”, stock code: 02318 on the Hong Kong Stock Exchange, 601318 on the Shanghai Stock Exchange) today announced its full-year performance for the year ended December 31, 2025.

In 2025, the macro environment was complex and ever-changing. The strong resilience of China’s economy and the deep momentum behind structural upgrades provided a solid stage for Ping An to overcome challenges and develop steadily. The Company continued to deepen its strategy of “comprehensive finance + medical care and elder care”, building core competitiveness through “service differentiation”, delivering a comprehensive, positive annual report characterized by high-value growth, deeper strategic implementation, and service innovation. The operating profit attributable to equity holders of the Company was RMB 134.415 billion, a year-on-year increase of 10.3%. The net profit excluding non-recurring items attributable to equity holders of the Company was RMB 143.773 billion, a year-on-year increase of 22.5%. Equity attributable to equity holders of the Company first surpassed RMB 1 trillion, reaching RMB 1,000.419 billion, up 7.7% from the beginning of the year. In return for shareholders with dedication, the Company proposes to distribute the interim cash dividend for 2025 year-end of RMB 1.75 per share; the total cash dividend for the full year was RMB 48.891 billion, marking a consecutive increase for 14 years. Life insurance and health insurance business maintained a growth momentum. New business value was RMB 36.897 billion, up 29.3% year on year. Insurance fund investment performance was excellent, achieving a combined investment return rate of 6.3%.

Deepening the comprehensive finance strategy, continuously improving customer operating efficiency, and delivering an across-the-board positive outlook for core businesses

Diversifying residents’ financial needs creates greater opportunities for comprehensive finance. During the “14th Five-Year Plan for National Economic and Social Development” and beyond, China will accelerate the building of a financial power. By 2030, the size of China’s middle-income group is expected to account for one-third of the global middle-income group. Addressing traditional financial pain points that are troublesome, time-consuming, and costly, specialized, personalized, and comprehensive financial services are entering an even broader market opportunity.

Comprehensive finance · Nine to one, building an integrated solution of “one customer, multiple accounts, multiple products, one-stop service”. Ping An’s comprehensive finance model has unique advantages. Four categories of products—protection, assets, credit, and services—meet customers’ needs in all directions. The Company’s data shows that the retention rate of customers holding 3 or more categories of products reaches 99%, significantly enhancing customer loyalty; service-category products strengthen customer stickiness, and in 2025, the retention rate of customers enjoying service rights in the medical care and elder care ecosystem circle was 93%. Offline and online integrated channels enable in-depth customer operations. With more than 7,000 offline outlets and a sales service force of over 1.3 million full-time and part-time agents, coverage extends to 330 major cities across the country. Life insurance agents are the main force for in-depth operations; in 2025, per-capita productivity for life insurance agents increased by 17.2% year on year. Ping An Bank’s average outlet productivity in 2025 increased by 126% year on year. Over the past three years, Ping An Property & Casualty Insurance has migrated 4.5 million customers to other companies within the Group. The online AI “quick service” entry converts efficiently, connecting multiple APPs and various service scenarios. In 2025, average monthly active users online were about 90 million. The comprehensive finance model significantly improves efficiency and lowers costs. By the end of 2025, the number of value customers increased by 6% from the beginning of the year; internal customer acquisition costs averaged 35–45% lower than external customer acquisition costs.

Deepening the comprehensive finance strategy, continuously improving customer operating efficiency. Customer numbers grow steadily. As of the end of 2025, the Group’s individual customer count was 251 million, up 3.5% from the beginning of the year. Customer retention rates remain at a high level: in 2025, the retention rate of Group customers holding 3 or more categories of products was as high as 99%. Customer value continued to be released. As of the end of 2025, Ping An’s average number of contracts per customer was 2.94, up 0.7% from the beginning of the year. The proportion of customers served for 5 years or more reached 75.0%, with their average number of contracts 1.7 times that of customers added in the first year.

In 2025, the Company’s financial services segment achieved high-quality development in its core business. Life insurance and health insurance business maintained a high-growth trend. In 2025, the new business value of life insurance and health insurance reached RMB 36.897 billion, up 29.3% year on year. New business value rate (based on standard premiums) was 28.5%, up 5.8 percentage points year on year. Multi-channel high-quality development: in 2025, new business value in the agency channel increased by 10.4% year on year, while per-capita new business value increased by 17.2% year on year; new business value in the bank insurance channel increased by 138.0% year on year. The contribution proportion of other channels—bank insurance channel, community financial services, and others—to Ping An’s life insurance new business value increased by 12.1 percentage points year on year. The “insurance + services” layout was further deepened: in 2025, Ping An Life used medical care and elder care service customers of 18.298 million. Business quality continued to improve: the 13-month policy continuation rate was 97.4%, up 1.0 percentage point year on year; the 25-month policy continuation rate was 94.9%, up 5.2 percentage points year on year.

Property and casualty insurance business delivered “double excellence” in both scale and quality. In 2025, Ping An Property & Casualty’s original insurance premium income was RMB 343.168 billion, up 6.6% year on year; insurance service income was RMB 338.912 billion, up 3.3% year on year. The overall combined ratio was 96.8%, improved by 1.5 percentage points year on year. The auto insurance combined ratio was 95.8%, improved by 2.3 percentage points year on year. By deeply exploring the “insurance + technology + services” model and solidly executing the financial system’s “five major areas of focus”, Ping An provided RMB 373.04 trillion in risk protection for 2.93 million micro, small and medium-sized enterprises. It underwrote 3.26 million technology insurance policies and provided RMB 9.29 trillion in risk protection. Risk reduction improved service quality and effectiveness: throughout the year, total losses mitigated exceeded RMB 0.707 billion. There were 420,000 natural disaster warnings, and services were provided to 130 million customers.

Insurance fund investments achieved strong performance, and asset allocation capability remained stable over the long term. As of the end of 2025, the Company’s insurance fund investment portfolio size was RMB 6.49 trillion, up 13.2% from the beginning of the year. It has always adhered to the guiding philosophy of long-term investment and matching liabilities, using balanced investment strategies such as fixed-income investments, equity investments, and alternative investments to achieve good and steady investment returns. In 2025, the insurance fund investment portfolio achieved a combined investment return rate of 6.3%, up 0.5 percentage points year on year.

Banking business operations remained steady, and asset quality was generally stable. In 2025, Ping An Bank achieved net profit of RMB 42.633 billion; as of December 31, 2025, the non-performing loan ratio was 1.05%, down 0.01 percentage point from the beginning of the year; the provision coverage ratio was 220.88%, and the risk loss absorption capability remained strong; the core tier-one capital adequacy ratio increased by 0.24 percentage point to 9.36% from the beginning of the year. Retail business delivered high-quality and sustainable development: managed retail customer assets (AUM) were RMB 4,238.409 billion, up 1.1% from the beginning of the year. Continued support for the real economy: as of December 31, 2025, corporate loan balances increased by 3.5% from the beginning of the year; serving new quality productive forces: the number of technology enterprise customers was 31,900, up 21.1% from the beginning of the year.

The medical care and elder care strategy continued to be implemented, and differentiated advantages empowered the core business

Society is accelerating into a “longevity era”, and high-quality medical care and elder care services have become an urgent need. China’s elderly population aged 60 and above has exceeded 300 million, and the country’s life expectancy per capita reached 79 years. Meanwhile, the industry faces pain points such as uneven medical resources, complex care-seeking processes, and heavy payment pressure on residents. In all dimensions, multi-level, high-quality medical health and elder care services are becoming an urgent and necessary real demand for residents.

Building an upgraded management-style medical care model with Chinese characteristics, becoming a leading elder care ecosystem operator in China, and helping customers achieve coordinated development of finances and health. Based on Ping An’s solid foundation of “comprehensive finance”, it acts on behalf of payers and integrates supply parties, providing customers with medical health and elder care solutions covering the entire life cycle and delivering the best value for money. A multi-tiered protection system improves 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, up 2.7%. Technology empowers to improve diagnosis and treatment efficiency and enhance service experience. In 2025, the Company launched AI products such as digital stand-ins of famous doctors, AI family doctors, and AI elder care managers, running through the entire process of customer prevention, diagnosis and treatment, and rehabilitation. It also innovated and launched an AI-assisted multidisciplinary team (MDT) consultation platform for complex diseases, which has been applied in conditions such as breast cancer. Among them, AI doctors provide accurate diagnoses covering more than 11,300 diseases; the accuracy rate of AI doctors assisting in diagnosis and treatment was 95.1%; the accuracy rate of diagnosis and treatment plans via AI-assisted multidisciplinary consultation for complex diseases was close to 90%. AI + real doctors cover 100% of individual customers of the Group. The number of users using AI doctors annually was nearly 12 million. In the fourth quarter, the cost per consultation decreased by 45% year on year.

The “four-to” service network continues to improve, building a “five-best” service system. For online delivery: in 2025, Ping An connected online pharmacies with “direct payment” scenarios. For corporate health management customers, online purchasing of medicines was paid via “direct payment” using corporate health accounts. For visits to facilities: it enabled “direct payment” for commercial insurance customers seeking medical care, covering public hospitals (including the international departments with special needs), private hospitals, and overseas medical institutions. For corporate health management customers, one-click barcode display for offline medicine purchases together with payment covered 77,000 pharmacies nationwide. For at-home services: cumulatively, more than 240,000 customers obtained eligibility for home elder care services. For enterprises: in 2025, Ping An covered more than 95,000 corporate customers, and served more than 60 million corporate employees throughout the year. By integrating the “four-to” service network, it builds a “five-best” system of the most suitable hospital, the most suitable doctor, the most suitable treatment, the most suitable medicine, and the most suitable timing.

As of the end of 2025, Ping An had approximately 50,000 internal and external physician teams, including more than 3,500 contracted expert doctors. The number of hospitals providing claims services in cooperation within China exceeded 37,000. The coverage rate of cooperation with top 100 hospitals in China and tertiary Grade A hospitals was 100%. For self-operated elder care and wellness communities, Ping An Zhenyiannian high-quality elder care community project has been rolled out in 5 cities, totaling 6 projects. Among them, Shanghai Yinian City • Jing’an No. 8 has officially started operations, and Shenzhen Yinian City • Futian has entered pilot operations. For cooperative elder care communities, the E-Enjoy City Foshan experience and exhibition center launched pilot operations, with further expansion planned in new first-tier cities.

Medical care and elder care differentiated offerings empower the financial main business, accelerating the becoming of a second growth curve. The medical care and elder care ecosystem effectively promoted increases in customer policy add-on rates and average premiums per policy. In 2025, the customer policy add-on rate of customers using medical care and elder care services increased by 4 percentage points. The average premium per new life insurance policy for customers with medical health benefit rights increased to 1.5 times. The average premium per new life insurance policy for customers with home elder care benefit rights increased to 5.2 times. The average premium per new life insurance policy for customers with high-quality elder care benefit rights increased to 23.4 times. The medical care and elder care ecosystem circle’s flagship North China Medical Group’s operating revenue continued to grow, reaching RMB 5.723 billion in 2025. Ping An Health has built a management-style medical model with Chinese characteristics by establishing differentiated advantages; in 2025, it achieved operating revenue of RMB 5.468 billion and net profit of RMB 0.380 billion.

Technology empowers to improve quality and efficiency, and the MSCI ESG rating is upgraded to AAA

Adhering to the “AI in ALL” principle, building leading technological capabilities and empowering high-quality business development. As of the end of 2025, Ping An’s database had accumulated 33 trillion bytes of data, covering 251 million individual customers. It had cumulatively accumulated more than 3.2 trillion high-quality text corpora, 500,000 hours of labeled speech corpora, and over 8.5 billion image corpora. In 2025, more than 230,000 employees in the Ping An Group used the internal agent platform, developing more than 70,000 agent applications, with 3.65 billion model calls throughout the year. Expand the depth and breadth of AI applications. Better experience: in 2025, the share of instant claims in life insurance reached 59%, and in the auto insurance direct agent channel, the average share of intelligent policy issuance within one minute reached 93%. Control risks: in 2025, Ping An Property & Casualty’s anti-fraud intelligent claims intercept reduced losses by RMB 10.51 billion, with losses mitigated exceeding RMB 10 billion for three consecutive years. Reduce costs: in 2025, 94% of life insurance policies achieved second-level underwriting. Ping An’s AI agent seat service volume was about 1.702 billion times, covering 80% of Ping An’s total customer service volume. Promote sales: in 2025, AI agents helped achieve sales of RMB 133.179 billion. The “AI + human” intelligent re-effectuation dispatch system assisted in improving policy re-effectuation by 30%, and continued to extend customer protection.

Fulfill social responsibilities and serve green development and rural revitalization. The Company has cumulatively invested more than RMB 10.88 trillion to support the development of the real economy. As of the end of 2025, the Company’s insurance fund green investment scale was RMB 53.0087 billion, and its balance of green loans was RMB 26.6433 billion. In 2025, green insurance original insurance premium income was RMB 76.474 billion, providing RMB 57.148 billion in rural industry assistance funds. The Company’s MSCI ESG rating was upgraded to AAA, ranking first in Asia-Pacific for “composite insurance and brokerage” for four consecutive years. It was selected for S&P Global’s “Sustainable Development Yearbook (China Edition) 2025”, as the only insurance company on the Chinese mainland to be included.

2026 is the first year of the “15th Five-Year Plan” period. China’s economic long-term positive support conditions and fundamental trends remain unchanged. With the continued strong demand for financial insurance, residents’ needs for health, medical care, and elder care services will gradually increase. The Company’s business development will face new opportunities in 2026. In 2026, the Company and its whole workforce will deeply study and implement the spirit of the national “Two Sessions”, remain committed to the original aspiration of finance for the people, and carry out the business philosophy of “high-value growth, service innovation, technology leadership, and law-compliant compliance”. It will deepen the dual-track strategy of “comprehensive finance + medical care and elder care” and technology-driven development, and take the opportunity of the “Service Year” to continuously upgrade the three major innovative service systems, improve operating standards, strengthen risk management, and fully deliver on the financial system’s “five major areas of focus”, contributing Ping An’s strength to taking the path of high-quality development of finance with Chinese characteristics and accelerating the building of a financial power.

(Editor: Xu Nannan)

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