Ping An of China announces latest earnings! Dividend exceeds 48.8 billion yuan

On March 26, China Ping An (601318) released its 2025 annual report.

Specifically, the company achieved an operating profit attributable to shareholders of the parent company of 134.415 billion yuan (RMB, the same below), a year-on-year increase of 10.3%; the net profit attributable to shareholders of the parent company, excluding non-recurring items, was 143.773 billion yuan, a year-on-year increase of 22.5%. The life insurance and health insurance businesses maintained a growth trend, with new business value reaching 36.897 billion yuan, a year-on-year increase of 29.3%, marking two consecutive years of double-digit growth. In addition, the company proposed a year-end dividend for 2025 of 1.75 yuan per share, with a total cash dividend of 48.891 billion yuan for the year, maintaining an increase for 14 consecutive years.

Notably, China Ping An’s (601318) integrated financial strategy has deepened, and the effects of medical care and elderly care are beginning to show. The customer retention rate remains high.

New Business Value Continues High Growth for Three Years

China Ping An’s 2025 annual report shows that its financial segment’s core business has achieved high-quality development. The company achieved an operating profit attributable to shareholders of 134.415 billion yuan in 2025, a year-on-year increase of 10.3%; the net profit attributable to shareholders of the parent company (excluding non-recurring items) was 143.773 billion yuan, a year-on-year increase of 22.5%; operating revenue was 1,050.506 billion yuan, a year-on-year increase of 2.1%; equity attributable to shareholders of the parent company first broke the trillion mark, reaching 1,000.419 billion yuan.

Among them, the life insurance and health insurance businesses maintained a high growth trend, with new business value maintaining double-digit growth for three consecutive years. In 2025, the new business value of life insurance and health insurance reached 36.897 billion yuan, a significant increase of 29.3% year-on-year; the new business value rate (based on standard premium) was 28.5%, an increase of 5.8 percentage points year-on-year.

From the channel perspective, in 2025, the new business value of the agent channel increased by 10.4% year-on-year, and the per capita new business value increased by 17.2% year-on-year; the new business value of the bank insurance channel increased by 138.0% year-on-year; the contribution of the bank insurance channel, community financial services, and other channels to Ping An Life Insurance’s new business value increased by 12.1 percentage points year-on-year.

The property insurance business achieved both scale and quality. In 2025, Ping An Property Insurance’s original insurance premium income was 343.168 billion yuan, a year-on-year increase of 6.6%; insurance service income was 338.912 billion yuan, a year-on-year increase of 3.3%. The overall combined cost ratio was 96.8%, optimized by 1.5 percentage points year-on-year. The comprehensive cost ratio for auto insurance was 95.8%, optimized by 2.3 percentage points year-on-year.

The investment performance of insurance funds is excellent. By the end of 2025, the scale of the insurance fund investment portfolio was 6.49 trillion yuan, an increase of 13.2% compared to the beginning of the year. The comprehensive investment return rate of the insurance fund investment portfolio in 2025 was 6.3%, up 0.5 percentage points year-on-year.

The bank’s operations remained steady, with Ping An Bank (000001) achieving a net profit of 42.633 billion yuan in 2025, managing retail customer assets (AUM) of 4,238.409 billion yuan, an increase of 1.1% compared to the beginning of the year; the corporate loan balance increased by 3.5% compared to the beginning of the year; the number of technology enterprise clients served was 31,900, an increase of 21.1% compared to the beginning of the year.

“Integrated Finance + Medical Care and Elderly Care” Achievements Notable

According to the disclosure, the customer retention rate for clients holding three or more product types reached 99%; by the end of 2025, the average number of contracts per customer reached 2.94, an increase of 0.7% compared to the beginning of the year. The proportion of clients served for 5 years or more reached 75.0%, with their average number of contracts being 1.7 times that of newly added customers in the first year. In 2025, the customer retention rate for clients enjoying services from the medical and elderly care ecosystem reached 93%.

The integrated financial model has shown effectiveness in improving efficiency and reducing costs. By the end of 2025, Ping An Group had 251 million individual customers, an increase of 3.5% compared to the beginning of the year. The number of valuable customers increased by 6% compared to the beginning of the year, with internal customer acquisition costs saving an average of 35% to 45% compared to external acquisition costs.

In addition, China Ping An has over 7,000 offline outlets and more than 1.3 million part-time and full-time sales service personnel, covering 330 major cities nationwide. As a key player in deep management, the average productivity of life insurance agents increased by 17.2% year-on-year in 2025; Ping An Bank’s average productivity per outlet increased by 126% year-on-year; Ping An Property Insurance has migrated 4.5 million customers to other companies within the group over the past three years.

Typesetting: Wang Yunpeng

Proofreading: Su Huanwen

(Contributor: Zhang Xiaobo)

     【Disclaimer】This article only represents the author's personal views and is unrelated to Hexun.com. Hexun.com maintains neutrality regarding the statements and views presented in this article and does not provide any explicit or implicit guarantees regarding the accuracy, reliability, or completeness of the content contained herein. Readers should use this for reference only and assume all responsibilities themselves. Email: news_center@staff.hexun.com