On March 26, Ping An Insurance (Group) Company of China, Ltd. announced its full-year results for 2025. Overall, throughout 2025, the company continued to deepen its "integrated finance + healthcare and elderly care" strategy, building its core competitiveness through differentiated services. It delivered a comprehensive annual report marked by positive trends, high-value growth, strategic deepening, and service innovation. The overall performance is characterized by ten key highlights.

1. The Group achieved high-value growth in overall operations. Operating profit attributable to shareholders of the parent company reached RMB 134.415 billion, a year-on-year increase of 10.3%. Net profit attributable to shareholders of the parent company, excluding non-recurring items, was RMB 143.773 billion, up 22.5% year-on-year. Operating revenue amounted to RMB 10,505.06 billion, increasing by 2.1%. Equity attributable to shareholders of the parent company exceeded RMB 10 trillion for the first time, reaching RMB 10,004.19 billion, a growth of 7.7% from the beginning of the year.

2. Total cash dividends increased for the 14th consecutive year. The proposed final dividend for 2025 is RMB 1.75 per share in cash. The total annual dividend per share is RMB 2.70 in cash, representing a 5.9% increase year-on-year. Total cash dividends amounted to RMB 48.891 billion, with a cash dividend payout ratio of 36.4% based on the operating profit attributable to the parent.

3. The life and health insurance business maintained growth momentum, with enhanced comprehensive channel strength and multi-dimensional signs of high-quality development. The new business value of the life and health insurance segment was RMB 36.897 billion, a year-on-year increase of 29.3%. The new business value margin reached 28.5%, up 5.8 percentage points year-on-year. New business value from the agent channel grew by 10.4% year-on-year, with new business value per agent increasing by 17.2%. New business value from the bancassurance channel surged by 138.0% year-on-year. The contribution of bancassurance, community financial services, and other channels to Ping An Life's new business value increased by 12.1 percentage points year-on-year.

4. The property and casualty insurance business sustained premium growth, with steady improvement in operational quality and efficiency. Gross written premiums reached RMB 343.168 billion, up 6.6% year-on-year. Insurance service revenue was RMB 338.912 billion, an increase of 3.3%. The overall combined ratio was 96.8%, improving by 1.5 percentage points year-on-year, indicating sustained sound profitability. The combined ratio for auto insurance was 95.8%, improving by 2.3 percentage points and continuing to outperform the market average. Net cash inflow from operating activities increased by 48.3% year-on-year, reflecting a significant improvement in liquidity. Driven by premium cash flow, the investment asset size increased by 12.1% from the beginning of the year.

5. The insurance funds investment portfolio delivered excellent performance. The size of the insurance funds investment portfolio reached RMB 6.49 trillion, growing by 13.2% from the beginning of the year. The comprehensive investment yield was 6.3%, up 0.5 percentage points year-on-year. The average net investment yield over the past 10 years was 4.8%, and the average comprehensive investment yield was 4.9%, both exceeding the long-term investment return assumption embedded in the embedded value.

6. The banking business maintained stable operations, with overall stable asset quality and an improvement in the core tier 1 capital adequacy ratio. Net profit was RMB 42.633 billion. The non-performing loan ratio stood at 1.05%, with a provision coverage ratio of 220.88%. The core tier 1 capital adequacy ratio was 9.36%, rising by 0.24 percentage points from the beginning of the year.

7. The integrated finance model builds a core competitive barrier, with continuous improvement in customer operation efficiency. The number of individual customers reached 251 million, an increase of 3.5% from the beginning of the year. The monthly average number of online active customers was approximately 90 million, leading the industry. The retention rate for customers holding three or more product types within the Group was 99%.

8. The healthcare and elderly care strategy continued its implementation, with differentiated advantages empowering the main businesses. Collaboration coverage reached 100% for domestic top 100 hospitals and Class III Grade A hospitals. AI combined with human doctors served 100% of the Group's individual customers. One-click payment services covered 77,000 pharmacies nationwide. Over 240,000 customers have qualified for home-based elderly care services. The Ping An Zhen Yi Nian high-quality wellness community project has been launched in five cities, with Shanghai Yi Nian Cheng • Jing'an No. 8 already officially operational and Shenzhen Yi Nian Cheng • Futian in trial operation.

9. The company fulfilled its social responsibilities, supporting green development and rural revitalization. Cumulative support for the development of the real economy exceeded RMB 108.8 trillion. The scale of green investments by insurance funds was RMB 530.087 billion. The balance of green loans was RMB 266.433 billion. Gross written premiums from green insurance amounted to RMB 76.474 billion. Funds provided for rural industrial assistance totaled RMB 57.148 billion. The MSCI ESG rating was upgraded to AAA, ranking first in the Asia-Pacific region in the "Multi-line Insurance & Brokers" category for four consecutive years. The company was selected for the S&P Global Sustainability Yearbook (China Edition) 2025, being the only insurance company from mainland China included.

10. Brand value continued to deepen. The company's ranking in the Fortune Global 500 improved to 47th, placing 9th among global financial enterprises. It ranked 13th in the Fortune China 500. It was listed 27th in the Forbes Global 2000, ranking first among Chinese insurance companies. In the Brand Finance "Global 500 2026" ranking of the world's most valuable brands, it placed 32nd and was named China's most valuable insurance brand for the tenth consecutive time.