Interim Cash Dividend Increased to RMB 0.95 Per Share

Hong Kong and Shanghai, August 26, 2025 - Ping An Insurance (Group) Company of China, Ltd. (hereinafter referred to as "Ping An", "the Group" or "the Company", stock codes: Hong Kong Stock Exchange 02318, Shanghai Stock Exchange 601318) today announced its interim results for the period ended June 30, 2025.

Building on a stronger foundation in 2025, Ping An continued to deepen reform and innovation, achieving significant progress in strategic advancement and service upgrades. In the first half of 2025, despite the continued complex and challenging external environment, China's national economy withstood pressure and moved forward against difficulties, maintaining overall stable and positive economic performance, though still facing challenges such as insufficient domestic demand in the medium to short term. Facing opportunities and challenges, the Company focused on its comprehensive finance core business, deepened the development of its "comprehensive finance + healthcare and pension" dual-track strategy driven by technology, oriented by customer needs, and continuously promoted the "three savings" service project. Overall operations remained steady, demonstrating development resilience and innovation momentum.

In the first half of 2025, the Group achieved operating profit attributable to shareholders of the parent company of RMB 77.732 billion, up 3.7% year-on-year; net profit attributable to shareholders of the parent company of RMB 68.047 billion. Cash dividend levels grew steadily, with an interim dividend of RMB 0.95 per share to be distributed to shareholders, up 2.2% year-on-year. Life insurance achieved high-quality multi-channel development, with life and health insurance new business value increasing significantly by 39.8% in the first half of 2025. Insurance funds investment performance remained steady with continuously enhanced asset allocation capabilities. The insurance funds investment portfolio achieved a non-annualized comprehensive investment return of 3.1%, up 0.3 percentage points year-on-year.

The "comprehensive finance + healthcare and pension" strategy advanced deeply. Comprehensive finance "three metrics" achieved balanced growth. As of the end of June 2025, the Company had nearly 247 million individual customers, up 4.6% from the end of June 2024; average contracts held per customer was 2.94, up 0.3% from the end of June 2024; in the first half of 2025, operating profit per customer averaged RMB 247.32, up 0.6% year-on-year. The differentiated advantages of the healthcare and pension strategy empowered core business, with customers enjoying healthcare and pension ecosystem service benefits covering nearly 70% of life insurance new business value in the first half of 2025.

Continuous innovation optimized service experience. The Company continuously strengthened its AI technology foundation, utilizing big data, IoT and other advanced technologies to break through traditional limitations of "time, space, cost, and efficiency" in financial and healthcare services, further optimizing the allocation of financial, medical, and pension resources, achieving a leap from "niche low-frequency services" to "mass inclusive services." In the first half of 2025, Ping An Life launched the "Add Peace of Mind" insurance + service solution, the Group upgraded its "Global Emergency Rescue Services," and Ping An Good Doctor launched a full-scenario, full-cycle, full-ecosystem AI medical product matrix. In the first half of 2025, Ping An's large model was called 818 million times, with over 650 multi-scenario applications, deeply empowering the financial core business. Through innovation in service models, service capabilities, and technology applications, Ping An is committed to creating a "three savings" experience for nearly 247 million customers.

Top 10 Operating Highlights for H1 2025:

1. Overall Group operations remained steady. In the first half of 2025, the Group achieved operating profit attributable to shareholders of the parent company of RMB 77.732 billion, up 3.7% year-on-year; net profit attributable to shareholders of the parent company of RMB 68.047 billion; operating revenue of RMB 500.076 billion; equity attributable to shareholders of the parent company of RMB 943.952 billion, up 1.7% from the beginning of the year.

2. Cash dividend levels grew steadily. Ping An values shareholder returns and will distribute an interim dividend of RMB 0.95 per share in cash, up 2.2% year-on-year.

3. Life and health insurance business operated steadily with high-quality multi-channel development. In the first half of 2025, life and health insurance new business value grew 39.8% year-on-year, with new business value margin (by standard premium) up 9.0 percentage points year-on-year; agent channel new business value grew 17.0% year-on-year, with per capita new business value up 21.6% year-on-year; bancassurance channel new business value grew 168.6% year-on-year.

4. Property insurance business scale grew steadily with continued optimization of business quality. In the first half of 2025, Ping An Property & Casualty achieved gross written premiums of RMB 171.857 billion, up 7.1% year-on-year; insurance service revenue of RMB 165.661 billion, up 2.3% year-on-year; overall combined ratio of 95.2%, improved by 2.6 percentage points year-on-year, maintaining good profitability; auto insurance combined ratio of 95.5%, improved by 2.6 percentage points year-on-year, outperforming market average.

5. Insurance funds investment performance remained steady with enhanced asset allocation capabilities. In the first half of 2025, facing a complex and volatile market environment, Ping An's insurance funds investment portfolio achieved a non-annualized comprehensive investment return of 3.1%, up 0.3 percentage points year-on-year; average net investment return over the past 10 years was 5.0%; average comprehensive investment return over the past 10 years was 5.1%.

6. Banking business operations remained steady with overall stable asset quality. In the first half of 2025, Ping An Bank achieved net profit of RMB 24.87 billion, with NPL ratio of 1.05% and provision coverage ratio of 238.48%.

7. Comprehensive finance model built core competitive barriers with continued improvement in customer management efficiency. As of June 30, 2025, Ping An had nearly 247 million individual customers, up 1.8% from the beginning of the year; customers holding 4 or more contracts within the Group accounted for 26.6%, with retention rate of 97.8%; customers served for 5 years or more accounted for 73.8%, with retention rate of 94.6%.

8. Healthcare and pension strategy continued implementation with differentiated advantages empowering core business. As of June 30, 2025, through supply-side integration, Ping An achieved 100% cooperation coverage with China's top 100 hospitals and Grade A tertiary hospitals; customers enjoying healthcare and pension ecosystem service benefits covered nearly 70% of life insurance new business value; home-based elderly care services covered 85 cities, with nearly 210,000 customers qualified for home-based elderly care services, and high-quality healthcare and retirement community projects launched in 5 cities.

9. Fulfilling social responsibilities and serving green development and rural revitalization. As of the end of June 2025, Ping An's cumulative investment in supporting real economy development reached nearly RMB 10.80 trillion; green investment scale of insurance funds was RMB 144.482 billion; green loan balance was RMB 251.746 billion. In the first half of 2025, green insurance gross written premiums totaled RMB 35.836 billion; provided rural industry assistance funds of RMB 32.809 billion. MSCI ESG rating upgraded to AA, ranking first in the "Diversified Insurance & Brokers" sector in Asia-Pacific; selected for S&P Global Sustainability Yearbook (China Edition), being the only mainland Chinese insurance company selected.

10. Brand value continued to deepen. In 2025, the Company ranked 47th in Fortune's "Global 500," 9th among global financial companies, and 13th in "China 500"; ranked 27th in Forbes' "Global 2000," ranking first among Chinese insurance companies; for nine consecutive years topped Brand Finance's "Global Insurance Brand Value 100" ranking.

Comprehensive Finance Builds Core Competitive Barriers, Life and Health Insurance New Business Value Surges 39.8%

Customer-centric approach with continued improvement in customer management efficiency. The Company added 15.71 million new customers in the first half of 2025, up 12.9% year-on-year. Long-tenure customers showed higher retention rates, with customers served for 5 years or more accounting for 73.8%, up 1.6 percentage points from the beginning of the year, with retention rate of 94.6%. Multi-product customers showed higher retention rates, with customers holding 4 or more contracts within the Group accounting for 26.6%, up 1.0 percentage points from the beginning of the year, with retention rate of 97.8%.

Multi-channel customer acquisition support. Benefiting from a strong nationwide "online + offline" channel network covering all of China, Ping An efficiently reaches and acquires customers. Offline, Ping An operates over 7,000 life insurance, property insurance, and banking outlets, covering 330 cities nationwide, with sales and service teams of over 1.3 million people for property insurance and life insurance. Online, it continuously reaches users through Ping An Jin Guanjia, Ping An Pocket Bank, Ping An Good Car Owner, Ping An Good Doctor and other apps.

Main product penetration rates continued to improve. Personal protection and property protection showed high penetration rates, reaching 46.4% and 30.9% respectively as of June 30, 2025, maintaining steady growth.

Life and health insurance business achieved steady growth with evident high-quality development results. In the first half of 2025, life and health insurance new business value reached RMB 22.335 billion, surging 39.8% year-on-year. Business quality steadily improved. Ping An Life policy persistency remained at high levels, with 13-month persistency rate of 96.9%, up 0.3 percentage points year-on-year; 25-month persistency rate of 95.0%, up 4.1 percentage points year-on-year.

Multi-channel high-quality development achieved significant results. In the first half of 2025, agent channel new business value grew 17.0% year-on-year, with per capita new business value up 21.6% year-on-year; bancassurance channel focused on value growth, achieving new business value of RMB 5.972 billion in the first half, up 168.6% year-on-year. Community finance service channels focused on existing customers, achieving year-on-year improvement of 0.4 percentage points in renewal premium persistency rate for existing customers. As of the end of June 2025, 301 outlets were established in 198 cities with nearly 30,000 elite team members. Bancassurance channel, community finance services and other channels contributed 33.9% of Ping An Life's new business value.

Customer-centric "insurance + service" layout deepened. On the product side, focus on customers' diversified insurance needs in three key areas: retirement planning, wealth management, and insurance protection; on the service side, focus on capability building in healthcare, home-based elderly care, and premium elderly care. In the first half of 2025, Ping An Life's health management served over 13 million customers. As of the end of June 2025, home-based elderly care services covered 85 cities nationwide, with nearly 210,000 customers cumulatively qualified for home-based elderly care services. Ping An's high-quality healthcare and retirement community projects have been deployed in 6 projects across 5 cities, gradually entering trial operation or construction phases, with the Shanghai project beginning trial operation in July.

Property insurance business achieved steady scale growth with continued quality optimization. In the first half of 2025, Ping An Property & Casualty achieved gross written premiums of RMB 171.857 billion, up 7.1% year-on-year; insurance service revenue of RMB 165.661 billion, up 2.3% year-on-year; overall combined ratio of 95.2%, improved by 2.6 percentage points year-on-year. Exploring new "insurance + technology + service" models, Ping An Property & Casualty developed 1,741 products in the first half of 2025, providing RMB 189 trillion in risk coverage for 1.61 million small and micro enterprises.

Leveraging AI technology to deepen intelligent capabilities, as of the end of June 2025, Ping An Good Car Owner had nearly 251 million registered users, with peak monthly active users of nearly 38.5 million in the first half. Risk reduction enhanced service quality and efficiency, continuously upgrading the "Eagle Eye System," which issued 259,000 disaster warnings and 4.26 billion warning messages in the first half of 2025, covering 64.02 million enterprise and individual customers. Also launched Eagle Eye International (EagleX), the first global risk management platform introduced by a domestic direct insurance company.

Insurance funds investment performance remained steady with enhanced asset allocation capabilities. As of June 30, 2025, the Company's insurance funds investment portfolio exceeded RMB 6.20 trillion, up 8.2% from the beginning of the year. In the first half of 2025, adhering to long-term investment and liability matching principles, the Company's insurance funds investment portfolio achieved a non-annualized comprehensive investment return of 3.1%, up 0.3 percentage points year-on-year. Over the past 10 years, it achieved average net investment return of 5.0% and average comprehensive investment return of 5.1%, exceeding embedded value long-term investment return assumptions.

Banking business operations remained steady with overall stable asset quality. In the first half of 2025, Ping An Bank achieved operating revenue of RMB 69.385 billion and net profit of RMB 24.87 billion. Continuously strengthening risk management, as of June 30, 2025, NPL ratio was 1.05%, down 0.01 percentage points from the beginning of the year, with provision coverage ratio of 238.48%, maintaining good risk mitigation capability.

Deepening retail strategy transformation. Focusing on optimizing retail deposit business structure, as of June 30, 2025, Ping An Bank's personal deposit balance was RMB 1,327.338 billion, up 3.1% from the beginning of the year, with average cost of personal deposits in the first half down 37 basis points year-on-year to 1.92%. Corporate business continued serving the real economy. As of June 30, 2025, Ping An Bank's corporate loan balance grew 4.7% from the beginning of the year; corporate customer base reached 909,100, up 6.5% from the beginning of the year. In the first half of 2025, Ping An Bank's supply chain finance transaction volume was RMB 911.28 billion, up 25.6% year-on-year.

Healthcare and Pension Strategy Deepened Implementation, Innovatively Creating Comprehensive Service System

Drawing on over 10 years of operational management experience in insurance and healthcare industries, Ping An operates through collaborative operations across multiple business lines including insurance, healthcare, investment, and technology, representing payers, integrating suppliers, creating professional family doctors and elderly care managers, and providing the most cost-effective healthcare and pension services. As of the end of June 2025, among Ping An's nearly 247 million individual customers, nearly 63% enjoyed service benefits provided by the healthcare and pension ecosystem. In the first half of 2025, Ping An achieved health insurance premium income of nearly RMB 87 billion, of which medical insurance premium income exceeded RMB 41 billion, up 3.3% year-on-year.

Ping An possesses one of the world's largest medical databases. As of the end of June 2025, AI doctors provided precise diagnosis coverage for over 10,000 diseases with diagnostic accuracy of 93%.

Representing payers, differentiated "product + service" empowered financial core business. As of the end of June 2025, customers enjoying healthcare and pension ecosystem service benefits averaged approximately 3.37 contracts per customer and approximately RMB 61,400 AUM per customer, 1.5 times and 4.1 times respectively compared to individual customers not enjoying healthcare and pension ecosystem service benefits.

Effectively coordinating insurance with healthcare and pension services, both individual and corporate customer operations achieved significant progress. In the first half of 2025, over 13 million Ping An Life customers used health management services, with nearly 67% of new contract customers using health management services. Ping An deeply developed "commercial insurance + health protection entrustment + healthcare services" products, providing comprehensive protection, high-quality service, and cost-effective corporate employee health management service systems for customers. As of the end of June 2025, Ping An covered over 80,000 corporate customers, serving over 31 million corporate employees.

Integrating suppliers, improving "online, in-store, at-home, at-enterprise" services. Ping An Good Doctor is an important component of Ping An Group's medical-insurance coordination model, with family doctors and elderly care managers as two core service hubs, creating a one-stop "healthcare + pension" service platform. In the first half of 2025, Ping An Good Doctor launched an AI medical product matrix, released healthcare service business cards, promoted standardization of elderly care services, achieving operating revenue of RMB 2.502 billion and adjusted net profit of RMB 165 million in the first half.

Peking University Medical Group achieved operating revenue of over RMB 2.66 billion, with Peking University International Hospital achieving operating revenue of nearly RMB 1.26 billion. In terms of cooperation networks, Ping An's internal and external medical team includes approximately 50,000 doctors, with nearly 37,000 partner hospitals and 100% cooperation coverage with China's top 100 hospitals and Grade A tertiary hospitals; nearly 106,000 partner health management institutions; 240,000 partner pharmacies, adding over 4,800 new ones from the beginning of the year, with national pharmacy coverage of nearly 36%. Overseas cooperation network covers 35 countries globally with over 1,300 overseas medical institutions.

"Finance + Healthcare" and "Finance + Pension Services" providing differentiated innovative advantage services. Deepening "finance + healthcare" strategic layout, leveraging AI medical technology to empower full-scenario services, "Ping An Family Doctor" achieved broad coverage. In the first half of 2025, "Ping An Family Doctor" covered over 35 million members, with annual per capita usage frequency of 5 times for family doctors, providing professional continuous health care for policyholders.

Focusing on "insurance + home-based elderly care" and "insurance + premium elderly care" product development. In home safety, upgrading intelligent age-friendly equipment to actively monitor elderly home risks; in professional care, providing at-home rehabilitation and nursing services, having partnered with over 100 elderly care nursing institutions. In standardization construction, Ping An Good Doctor collaborated with industry, academia, and research to formulate and release 2 new smart elderly care platform group standards, with 5 group standards implemented in the home-based elderly care field.

Leveraging massive data and leading AI capabilities to optimize service experience. Massive data ranks among the world's leading tier, forming the core foundation for AI value. Ping An's database accumulates 30 petabytes of data, covering nearly 247 million individual customers, accumulating over 3.2 trillion high-quality text corpora, 310,000 hours of annotated voice corpora, over 75 billion image corpora, with voice, language, and vision large model scenario accuracy leading in the field.

Expanding depth and breadth of scenario applications, empowering financial business. In the first half of 2025, Ping An's large model was called 818 million times with over 650 multi-scenario applications. Enhancing services, Ping An leveraged AI-human collaboration to shorten response time, improve service accuracy and quality, providing 7×24-hour online services. In the first half of 2025, life insurance policy second-level underwriting accounted for 94%, and flash claims accounted for 59% in the first half of 2025.

Reducing costs through process automation and intelligent technology, AI-assisted human services significantly reduced service costs. In the first half of 2025, AI agents provided approximately 882 million services, covering 80% of Ping An's total customer service volume. Preventing risks through combining risk data analysis advancement with AI technology to effectively reduce credit risks for customers from behavioral sources. In the first half of 2025, Ping An Property & Casualty's anti-fraud intelligent claims interception reduced losses by RMB 6.44 billion.

Assisting sales, AI agents empowered demand analysis, personalized recommendations, and script support. In the first half of 2025, assisted sales totaled RMB 66.157 billion. Ping An built an "AI + human" intelligent reinstatement dispatch system, assisting policy reinstatement improvement by 18%, continuing customer protection.

Actively fulfilling social responsibilities and solidly implementing the "five major articles." As of the end of June 2025, Ping An cumulatively invested nearly RMB 10.80 trillion to support real economy development, with insurance funds green investment scale of RMB 144.482 billion and green loan balance of RMB 251.746 billion. In the first half of 2025, Ping An's green insurance gross written premiums totaled RMB 35.836 billion; provided rural industry assistance funds of RMB 32.809 billion through the "Three Villages Project"; MSCI ESG rating upgraded to AA, ranking first in the "Diversified Insurance & Brokers" sector in Asia-Pacific.

Focusing on operational carbon neutrality goals, Ping An achieved energy saving and carbon reduction through office energy consumption management, establishing green procurement zones, and promoting data center greening. In the first half of 2025, Group operational carbon emissions were approximately 195,000 tons, down 11% year-on-year.

Inheriting special economic zone spirit and advancing with the times, wholeheartedly meeting customer needs. 2025 is a year of accelerated AI technology breakthroughs and in-depth ecological application development. Currently, the financial insurance industry faces challenges of product homogenization and intensified stock competition, while the financial, healthcare, and pension industries generally face structural contradictions between growing consumer demands and insufficient supply, lack of standards, and uneven service quality.

Technological development is gradually improving or even completely reshaping traditional financial business models, with "service differentiation" becoming the key to transformation and upgrading. Based on the strategic deepening stage of the fourth decade, Ping An will be committed to "Professional, Make Life Simple," empowering fintech and healthtech to provide ultimate services for what customers worry about, need, and expect, making people "save worry, save time, and save money."

In the second half of 2025, Ping An will comprehensively implement the Central Committee's decisions and arrangements for 2025 economic work, resolutely implement the sixteen-character business policy of "focus on core business, increase revenue and reduce expenses, reform and innovate, prevent risks," continue to deepen the "comprehensive finance + healthcare and pension" dual-track strategy driven by technology, promote comprehensive digital transformation and three-savings service projects, build core competitiveness through "service differentiation," stand at the forefront of new technological revolution and industrial transformation, continuously write high-quality development "Ping An answers," and contribute greater strength to Chinese-style modernization and accelerated construction of a financial powerhouse.