Ping An Insurance (Group) Company of China Ltd., one of the nation's largest financial conglomerates, delivered robust 2025 results, with operating profit after tax attributable to shareholders climbing 10.3% year-on-year to RMB134,415 million. For the first time, equity attributable to shareholders surpassed RMB1 trillion, reaching RMB1,000,419 million, up 7.7% from the start of the year.

The group's core businesses span life and health insurance, property and casualty (P&C) insurance, banking and asset management. Net profit excluding non-recurring gains and losses jumped 22.5% to RMB143,773 million. Ping An plans a final dividend of RMB1.75 per share, taking the 2025 cash dividend to RMB2.70 per share (up 5.9%) and total cash dividends to RMB48,891 million, the 14th consecutive annual increase. The company said it delivered results "characterized by positive trends, high-value growth, strategic advancement, and service innovation."

LIFE & HEALTH FUELS EXPANSION

Ping An's life and health insurance business emerged as the standout performer, posting a 29.3% surge in new business value (NBV) to RMB36,897 million. The NBV margin expanded impressively by 5.8 percentage points to 28.5%, as agency channel NBV rose 10.4% and bancassurance NBV surged 138.0%.

Ping An said 18.3 million Ping An Life customers used its health and senior care services in 2025. Its insurance funds investment portfolio expanded 13.2% to RMB6.49 trillion by year-end, delivering a comprehensive investment yield of 6.3%.

P&C UNDERWRITING STRENGTHENS

In property and casualty insurance, Ping An achieved steady revenue growth of 3.3% to RMB338,912 million, with premium income rising 6.6% year-on-year to RMB343,168 million. The overall combined operating ratio (COR) improved 1.5 percentage points to 96.8%. The auto insurance COR improved by 2.3 percentage points to 95.8%.

The company said Ping An P&C "maintained steady business growth and quality."

BANKING HOLDS FIRM

Ping An Bank, the group's banking arm, delivered steady operations with net profit of RMB42,633 million. Ping An Bank's net profit fell 4.2% year on year; its non-performing loan ratio was 1.05% and its core tier 1 capital adequacy ratio rose to 9.36%. Ping An holds an MSCI ESG rating of AAA, which it said ranks it first in the multi-line insurance and brokerage industry in Asia-Pacific for the fourth consecutive year.