On the evening of March 26, Ping An Insurance released its 2025 annual report. As a financial giant with a market capitalization exceeding one trillion yuan and a bellwether for the insurance industry, Ping An's annual performance report attracted significant attention.

This year-end report adhered to Ping An's consistent style, presenting a steady yet progressive tone that largely met, and even slightly exceeded, market expectations.

Ping An demonstrated its robust resilience through a series of comprehensively positive performance metrics. Having weathered numerous challenges, the company continues to show youthful vigor and increasing competitiveness.

1. Strong Performance Rebound Signals New Cycle The report delivered high scores on key operational metrics closely watched by external observers.

Operating profit attributable to shareholders reached 134.415 billion yuan, marking a 10.3% year-over-year increase. Net profit attributable to shareholders, excluding one-time items, stood at 143.773 billion yuan, surging 22.5% compared to the previous year. Equity attributable to the parent company's shareholders surpassed one trillion yuan for the first time, reaching 1,000.419 billion yuan, a 7.7% increase from the start of the year.

Turning to the core life insurance business: The new business value for life and health insurance operations was 36.897 billion yuan, growing 29.3% year-over-year and achieving double-digit growth for three consecutive years. The new business value from the agent channel increased by 10.4%, while the per-agent new business value rose 17.2%. The bancassurance channel saw a substantial 138.0% surge in new business value. The rapid growth in life insurance new business value lays a solid foundation for future expansion.

On the investment front, the insurance fund investment portfolio grew to 6.49 trillion yuan, up 13.2% from the beginning of the year. The comprehensive investment yield reached 6.3%, the highest in five years, representing a 0.5 percentage point increase year-over-year.

The dividend payout also reflected sincerity. The annual cash dividend per share was 2.70 yuan, a 5.9% increase, with total cash dividends amounting to 48.891 billion yuan, marking the 14th consecutive year of growth.

A single flower does not make spring; it takes a hundred flowers in bloom to fill the garden with spring. In 2025, nearly all of Ping An's core operational indicators showed collective improvement, with many achieving double-digit growth. This indicates that Ping An, and the broader insurance industry, are at the dawn of a new cycle.

From steady profit recovery and business structure upgrades to consistent shareholder returns, Ping An's performance rebound is not an isolated improvement but a comprehensive, high-quality recovery across all dimensions.

2. Service Innovation: Perfecting the "Three Saves" Philosophy Ping An's dual-engine strategy of integrated finance combined with healthcare and elderly care gained significant traction in 2025, entering a period of synergistic benefits. The annual report indicates that the healthcare and elderly care business effectively boosted policy renewal rates and average premiums. The renewal rate for customers using medical and elderly care services increased by 4 percentage points, while the retention rate for customers holding three or more products within the group remained exceptionally high at 99%.

In both integrated finance and healthcare/elderly care sectors, Ping An continues to drive service innovation, offering极致 services that help users save time, worry, and money.

Currently, Ping An collaborates with 100% of domestic top-tier and Class A tertiary hospitals. Its combination of AI and real-doctor services covers all individual customers. One-click payment services are available at 77,000 pharmacies nationwide, making convenient healthcare services readily accessible.

In the elderly care sector, the Ping An Zhen Yi Nian high-quality wellness communities have launched in five cities. The Shanghai Yinian Cheng · Jing'an No. 8 is officially operational, while the Shenzhen Yinian Cheng · Futian is in trial operation. Over 240,000 customers have qualified for home-based elderly care services, extending the company's reach from online services to offline physical presence.

Through its "online, in-store, at-home, and corporate" healthcare service model, Ping An helps customers achieve the "Six Bests": finding the most suitable doctor, choosing the most appropriate hospital, utilizing the optimal treatment plan, accessing the right medication or devices, scheduling the most convenient time, and receiving the most satisfactory customer experience and treatment outcomes.

The enhancement of Ping An's competitiveness stems from meticulous attention to service innovation details, implementing its "worry-free, time-saving, and cost-effective" philosophy in every scenario for every individual.

Each step forward in service depth strengthens the foundation for growth. In the vast markets of finance and healthcare/elderly care, each valued at tens of trillions, Ping An continues to build a formidable, hard-to-replicate moat through its "Three Saves" service approach. This constitutes Ping An's differentiated competitive advantage, which will become increasingly prominent in an era of accelerating population aging.

3. AI Transformation: Making Ping An Leaner, Faster, Stronger Artificial intelligence is profoundly reshaping industries and enterprises. The ability to leverage AI effectively is crucial for future survival. The annual report reveals how AI has significantly enhanced Ping An's capabilities, driving notable cost reductions and efficiency gains.

As one of the financial giants most embracing of AI, Ping An utilizes it to drive financial integration, creating a unified technology platform and a "Quick Service" portal that connects various Ping An apps and service scenarios. It supports the development of vertical large language models in finance and healthcare, shifting the group's operations from "experience-based decision-making" to "data-driven decision-making." AI implementation across business scenarios helps users achieve the "Three Saves."

In 2025, nearly 12 million people used Ping An's AI doctor services annually, and over 240,000 customers gained eligibility for home-based elderly care. The online AI "Quick Service" portal demonstrated high conversion efficiency, with approximately 90 million monthly active online customers on average.

Ping An pursues a "Five Smarts" strategy in AI, encompassing intelligent marketing, service, operations, management, and business operations. The core logic is "AI in All," applying AI to reinvent the entire value chain of finance and healthcare/elderly care from start to finish.

It is evident that Ping An uses AI to deliver high-tech services with a human touch. Like spring rain moistening the earth unnoticed, AI has infused powerful technological momentum into Ping An's high-quality development.

This spring, Ping An's robust annual report heralds the arrival of a new cycle. The road ahead will not be without challenges, but Ping An has demonstrated its strong resilience, which is the greatest confidence for navigating future cycles.

Slow and steady wins the race. Ping An's long accumulation of strength is now yielding results, supporting high-quality development with high value.

The best defense is a good offense. Ping An's aggressive moves in the healthcare/elderly care sector and multi-channel reforms in its insurance business represent proactive strategies. Persistent effort is solidifying Ping An's fortress of value.

The whole year's work depends on a good start in spring. With its solid 2025 performance report, Ping An has sounded the charge for an ambitious advance in 2026.