PING AN (02318) announced its financial results for the first three quarters of 2025, demonstrating steady growth by focusing on its core financial operations and promoting high-quality development. The group's overall performance improved significantly.
During the reporting period, PING AN achieved operating profit attributable to parent shareholders of RMB116.264 billion, a 7.2% year-on-year increase. Net profit attributable to parent shareholders rose 11.5% YoY to RMB132.856 billion, with a notable 45.4% surge in Q3 alone. Revenue reached RMB901.668 billion, up 4.6% YoY. As of September 30, 2025, shareholders' equity attributable to the parent company stood at RMB986.406 billion, growing 6.2% from the beginning of the year.
The life and health insurance business continued expanding through multi-channel high-quality development. New business value (NBV) for this segment increased 46.2% YoY to RMB35.724 billion, with the NBV margin (based on standard premiums) rising 9.0 percentage points. Agent channel NBV grew 23.3%, while per capita NBV jumped 29.9%. The bancassurance channel saw a remarkable 170.9% NBV growth, contributing 35.1% to PING AN Life's total NBV alongside community financial services and other channels.
Property and casualty insurance maintained stable growth with optimized business quality. Gross written premiums rose 7.1% YoY to RMB256.247 billion, while the combined ratio improved by 0.8 percentage points to 97.0%.
Investment performance of insurance funds improved substantially, delivering a non-annualized comprehensive investment yield of 5.4%, up 1.0 percentage point YoY.
Banking operations remained robust with stable asset quality. Ping An Bank reported net profit of RMB38.339 billion. The non-performing loan ratio stood at 1.05%, down 0.01 percentage points from year-start, with a provision coverage ratio of 229.60%. Core tier-1 capital adequacy ratio improved to 9.52%, up 0.40 percentage points.
The integrated finance model strengthened competitive advantages, enhancing customer operational efficiency. As of September 30, PING AN served nearly 250 million individual customers, a 2.9% increase from year-start. Retention rates reached 97.5% for customers holding four or more group contracts and 94.4% for those with five or more years of service.
Healthcare and elderly care strategies progressed, creating differentiated advantages. PING AN achieved 100% coverage of China's top 100 and Grade III-A hospitals. Home-based elderly care services expanded to 85 cities, serving nearly 240,000 clients, while high-quality retirement community projects launched in five cities.
The company actively fulfilled social responsibilities, supporting green development and rural revitalization. Green insurance premiums totaled RMB55.279 billion, and rural industrial assistance funding through the "Three Villages Project" reached RMB47.390 billion.