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, Ping An of China released its 2025 performance announcement. In 2025, the group’s operating profit attributable to shareholders of the parent company was RMB 134,4.15 billion, up 10.3%; net profit attributable to shareholders of the parent company was RMB 1347.78 billion, up 6.5%; net profit excluding non-recurring items attributable to shareholders of the parent company was RMB 1437.73 billion, up 22.5%; operating revenue was RMB 11403.24 billion, remaining basically stable; shareholders’ equity attributable to shareholders of the parent company first surpassed RMB 1 trillion, reaching RMB 10004.19 billion, up 7.7% from the beginning of the year.

Total cash dividends have increased for 14 consecutive years. It is proposed to distribute 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%; total cash dividends were RMB 488.91 billion, and the cash dividend payout ratio based on operating profit attributable to shareholders was 36.4%.

For life insurance and health insurance, new business value was RMB 368.97 billion, up 29.3%. The new business value margin (based on standard premiums) was 28.5%, up 5.8 percentage points year over year. New business value through the agency channel increased 10.4% year over year, and new business value per capita increased 17.2% year over year. New business value through bancassurance channels increased 138.0% year over year. The contribution share of new business value for Ping An life insurance from bancassurance channels, community financial services, and other channels increased by 12.1 percentage points year over year.

The property and casualty insurance business continued to grow in scale, with steady improvement in operating quality and efficiency. Gross premiums written were RMB 3431.68 billion, up 6.6%; insurance service revenue was RMB 3389.12 billion, up 3.3%; the overall combined ratio was 96.8%, improving by 1.5 percentage points year over year and continuing to maintain strong profitability. The auto insurance combined ratio was 95.8%, improving by 2.3 percentage points year over year and continuing to outperform the industry average. Net cash inflow from operating activities increased 48.3% year over year, with a significantly improved liquidity position. Driven by cash flows from premiums, the investment scale (excluding sold-for-repurchase financial assets) increased 12.1% from the beginning of the year.

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

( Ping An of China )

(Editor: Qian Xiaorui)

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