Ping An Reports Stable Growth in Operating Profit Attributable to Shareholders of the Parent Company in 1H2025; Life&Health NBV Surges 39.8% YoY Interim Dividend Increases to RMB0.95 Per Share

HONG KONGandSHANGHAI,Aug. 26, 2025/PRNewswire/ -- Ping An Insurance (Group) Company ofChina, Ltd. ("Ping An", the"Company"or the"Group", HKEX: 2318; SSE: 601318) today announced its 2025 interim results for the six month period ended30 June 2025.

In 2025, leveragingPing An'sprevious achievements, the Group continued to drive reform and innovation, making significant progress in both its strategic advancement and service enhancements.China'seconomy was generally stable and improved steadily despite pressure from a complex and severe external environment in the first half of 2025, but still faces short- and medium-term challenges including lackluster domestic demand. Facing opportunities and challenges,Ping Anfocused on its core integrated finance business and advanced health and senior care services under a customer needs-oriented approach and the"worry-free, time-saving, and money-saving"value proposition.Ping Andelivered steady overall business results, showing growth resilience and innovation momentum.In the first half of 2025, the Group's operating profit attributable to shareholders of the parent company reachedRMB77,732 million, up 3.7% YoY. Net profit attributable to shareholders of the parent company wasRMB68,047 million. The Group maintains steady growth of cash dividends and will pay an interim dividend ofRMB0.95per share in cash, up 2.2% YoY.Ping An Lifeachieved high-quality development in multiple channels. Life and health insurance ("Life& Health") business's new business value ("NBV") surged 39.8% YoY in the first half of 2025.Ping Andelivered solid insurance funds investment results and asset allocation capabilities continued to strengthen, with the unannualized comprehensive investment yield rising 0.3 pps YoY to 3.1%.

Ping Ancontinued to strengthen its"integrated finance + health and senior care"strategy.The three key indicators of integrated finance model achieved balanced growth. The number of retail customers increased 4.6% YoY to nearly 247 million as ofJune 30, 2025, with 2.94 contracts per customer, up 0.3% YoY. Operating profit per customer amounted toRMB247.32, up 0.6% YoY in the first half of 2025. Differentiated competitive edges under the health and senior care strategy empoweredPing An'score business. Customers entitled to service benefits in the health and senior care ecosystem contributed nearly 70% ofPing An Life'sNBV in the first half of 2025.Ping Ancontinuously optimized the customer service experience through innovation.The Group strengthened its AI foundation, leveraged advanced technologies including big data and the Internet of Things to overcome the"time, space, cost and efficiency"constraints in traditional financial, health and senior care services. This approach also enabled more efficient resource allocation across these sectors. As a result,Ping Antransformed its offerings from"niche-market low-frequency services"to"mass-market inclusive services". In the first half of 2025,Ping An Lifelaunched an"insurance + service"solution called"Tian Ping An"; the Group upgraded its"Global Emergency Rescue Service";Ping An Good Doctorlaunched an AI medical product matrix covering all scenarios, the entire cycle and the entire ecosystem. In the first half of 2025,Ping An'slarge AI models were called 818 million times and applied to over 650 diverse scenarios.Ping Anis committed to providing nearly 247 million customers with"worry-free, time-saving, and money-saving"experience through service model innovation, service capability innovation, and technological application innovation.

Top Ten Business Highlights in 1H2025

  1. Steady overall business results.Operating profit attributable to shareholders of the parent company reachedRMB77,732 million, up 3.7% YoY. Net profit attributable to shareholders of the parent company wasRMB68,047 million. Revenue wasRMB546,469 million. Equity attributable to shareholders of the parent company reachedRMB943,952 million, up 1.7% from the beginning of the year.
  2. Steady growth of cash dividends. Ping An attaches importance to shareholder returns, and will pay an interim dividend ofRMB0.95per share in cash, up 2.2% YoY.
  3. Life&Health developedsteadily with high-quality development in multiple channels.NBV increased 39.8% YoY, and NBV margin based on annualized new premium (ANP) rose 9.0 pps YoY in the first half of 2025. Agent channel NBV grew 17.0% YoY driven by a 21.6% YoY increase in NBV per agent. Bancassurance channel NBV soared 168.6% YoY.
  4. Ping An P&C maintained steady business growth and improved business quality. Premium income reached RMB171,857 million, up 7.1% YoY. Insurance revenue reachedRMB165,661 million, up 2.3% YoY. Overall COR improved by 2.6 pps YoY to 95.2%, indicating sustained strong profitability. Auto insurance COR improved by 2.6 pps YoY to 95.5%, better than the market average.
  5. Ping Andelivered solid insurance funds investment results and continuously enhanced its asset allocation capability. In a complex and volatile market environment,Ping An'sinsurance funds investment portfolio achieved an unannualized comprehensive investment yield of 3.1%, up 0.3 pps YoY. 10-year average net investment yield and 10-year average comprehensive investment yield were 5.0% and 5.1% respectively.
  6. Ping An Bankmaintained steady business performance and asset quality. Net profit wasRMB24,870 million. Non-performing loan ratio was 1.05%. Provision coverage ratio was 238.48%.
  7. Integrated finance model builtacore competitivemoat and enhanced customer development. Retail customers increased 1.8% from the beginning of the year to nearly 247 million as ofJune 30, 2025. 26.6% of customers held 4 or more contracts, with a 97.8% retention rate. 73.8% of customers have been served for 5 or more years, with a 94.6% retention rate.
  8. Differentiation-enabled core businesses under health& senior care strategy.Ping Anpartnered with 100% ofChina'stop 100 hospitals and 3A hospitals as ofJune 30, 2025. Customers entitled to service benefits in the health and senior care ecosystem contributed nearly 70% ofPing An Life'sNBV. Nearly 210,000 customers were entitled to home-based senior care services, which covered 85 cities nationwide. Premium health and senior care communities were unveiled in 5 cities.
  9. Ping Anactively fulfilled its social responsibilities, supporting green development and ruralvitalization. As ofJune 30, 2025,Ping Ancumulatively invested nearlyRMB10.80 trillionto bolster the real economy. Green investment of insurance funds totaledRMB144,482 million, and green loan balance reachedRMB251,746 million. Green insurance premium income reachedRMB35,836 millionin the first half of 2025.Ping AnprovidedRMB32,809 millionfor rural industrial vitalization in the first half of 2025. MSCI ESG Rating rose to AA, being No.1 in the multi-line insurance and brokerage industry inAsia-Pacific.Ping Anwas included in S&P Global'sSustainability Yearbook (China Edition)as the only insurance company from the Chinese mainland.
  10. Ping Anfurther increased its brand value.The Group ranked No. 47 on theFortuneGlobal 500 list (No. 9 among financial services companies worldwide), No. 13 on theFortuneChina500 list, No. 27 on theForbesGlobal 2000 list (No. 1 among Chinese insurers), and has held the No. 1 position on the Brand Finance Insurance 100 list for global insurance brand value for nine consecutive years.

Integrated Finance Built a Core CompetitiveMoat; Life& Health NBV Surged by 39.8% YoY.

Ping Animproved the efficiency of customer development under a customer needs-oriented philosophy.There were 15.71 million new customers in the first half of 2025, up 12.9% YoY.Customers with longer tenures showed higher retention rates.Customers served byPing Anfor five or more years accounted for 73.8% of the total, up 1.6 pps from the beginning of the year, with a retention rate of 94.6%.Customers with multiple products showed higher retention rates.Customers holding four or more contracts within the Group accounted for 26.6% of the total, up 1.0 pps from the beginning of the year, with a retention rate of 97.8%.Customer growth was supported by diverse sales channels.Benefiting from its strong nationwide online-merge-offline channel networks,Ping Anreached and acquired customers efficiently. Offline,Ping Anhad over 7,000 outlets in 330 cities acrossChina, and over 1.3 million sales service team members for P&C insurance, life insurance and so on. Online,Ping Andeveloped multiple apps includingPing An Jin Guan Jia, Ping An Pocket Bank, Ping An Auto Owner, andPing An Good Doctorto provide customers with convenient services and premium products.Penetration rates of main products rose continuously.Penetration rates of life& health insurance products and P&C insurance products were relatively high and grew steadily to 46.4% and 30.9% respectively as ofJune 30, 2025.

Life& Health business achieved steady business development, and yielded significant results in high-quality development. In the first half of 2025, life& health NBV jumped 39.8% YoY toRMB22,335 millionand business quality improved steadily.Ping An Life'spolicy persistency ratios remained high in the first half of 2025, with the 13-month persistency ratio up 0.3 pps YoY to 96.9% and the 25-month persistency ratio up 4.1 pps YoY to 95.0%.Ping An Lifeachievedhigh-quality development in multiple channels. In the first half of 2025, agent channel NBV rose 17.0% YoY driven by a 21.6% year-on-year increase in NBV per agent. Bancassurance channel NBV surged 168.6% YoY toRMB5,972 million. Community Finance channel focused on retained customers and the overall persistency ratio of retained customers improved by 0.4 pps YoY.Ping An Lifeestablished 301 Community Finance outlets in 198 cities as ofJune 30, 2025, with nearly 30,000 agents of elite teams. Innovative channels including Bancassurance and Community Finance contributed 33.9% ofPing An Life'sNBV.

Centering on customer needs, the"insurance + service"offerings gained traction.On the product side,Ping An Lifeprovided insurance products with a focus on customers'diverse insurance needs in three key areas, namely pension reserves, wealth management and insurance protection. On the service side,Ping An Lifeconcentrated on building capabilities in health care, home-based senior care, and high-end senior care. In the first half of 2025, over 13 million ofPing An Life'scustomers used health management services. As ofJune 30, 2025, nearly 210,000 customers were entitled to home-based senior care services, which covered 85 cities nationwide.Ping Anunveiled a total of six premium health and senior care communities, which are currently in trial operation or under construction, in five cities. The community inShanghaistarted a soft opening in July.

Ping An P&C maintained steady revenue growth with improved business quality.In the first half of 2025, Ping An P&C's premium income rose by 7.1% YoY toRMB171,857 million, and insurance revenue rose by 2.3% YoY toRMB165,661 million. Overall COR improved by 2.6 pps YoY to 95.2%.Ping An P&C continuously explored the new model of"insurance + technology + service",developed 1,741 products, and providedRMB189 trillionworth of insurance coverage for 1.61 million small and micro-enterprises in the first half of 2025. By leveraging AI, Ping An P&C continuously made the Ping An Auto Owner app smarter. The Ping An Auto Owner app had nearly 251 million registered users as ofJune 30, 2025. Monthly active users of the app peaked at nearly 38.50 million in the first half of 2025.Ping Animproved service quality and efficiency via risk reduction.Ping An P&C continuously upgraded its"EagleX Risk Mitigation Service Platform,"which gave a total of 4.26 billion alerts on 259,000 disasters to 64.02 million retail and corporate customers in the first half of 2025. Moreover, Ping An P&C launched EagleX (Global Version), which isChina'sfirst risk mitigation service platform independently developed by an insurance company and offered globally.

Ping Andelivered solid insurance funds investment results and continuously enhanced its asset allocation capability. As ofJune 30, 2025, the Group's insurance funds investment portfolio grew 8.2% from the beginning of the year to overRMB6.20 trillion. Adhering to the philosophies of long-term investing and liability matching,Ping An'sinsurance funds investment portfolio achieved an unannualized comprehensive investment yield of 3.1% in the first half of 2025, up 0.3 pps YoY. The portfolio achieved a 5.0% average net investment yield and a 5.1% average comprehensive investment yield over the past decade, both higher than the embedded value long-run investment return assumption.

Ping An Bankmaintained steady business performance and asset quality.In the first half of 2025,Ping An Bank'srevenue and net profit totaledRMB69,385 millionandRMB24,870 millionrespectively.Ping An Bankcontinuously strengthened risk management.As ofJune 30, 2025, non-performing loan ratio dropped by 0.01 pps from the beginning of the year to 1.05%. Provision coverage ratio was 238.48%, indicating adequate risk provisions.Ping An Bankadvanced the strategic transformation of retail business.The Bank optimized its retail deposit portfolio. As ofJune 30, 2025, retail deposit balance grew 3.1% from the beginning of the year toRMB1,327,338 million. Average interest rate of retail deposits decreased by 37 bps YoY to 1.92% for the first half of 2025.In corporate business,Ping An Bankcontinued to serve the real economy.As ofJune 30, 2025, the corporate loan balance grew 4.7% from the beginning of the year.Ping An Bankhad 909.1 thousand corporate customers, up 6.5% from the beginning of the year.Ping An Bank'ssupply chain financing amounted toRMB911,280 millionin the first half of 2025, up 25.6% YoY.

Ping Ancontinued to implement its health and senior care strategy, and built an all-around, innovative service system.

Leveraging over a decade of operational and management experience in insurance and health care industries,Ping Animplemented a health and senior care ecosystem strategy through the coordinated operations across its insurance, health care, investment, and technology businesses. Acting for payers and integrating providers,Ping Andelivered the most cost-effective health and senior care services via professional family doctors and senior care concierges. Nearly 63% ofPing An'snearly 247 million retail customers were entitled to service benefits in the health and senior care ecosystem as ofJune 30, 2025.Ping Anachieved nearlyRMB87 billionin health insurance premium income for the first half of 2025, including overRMB41 billionfrom medical insurance, up 3.3% YoY.Ping Anhad one of the world's largest health care databases, with AI Doctor enabling precise diagnosis of over 10,000 diseases at an accuracy rate of 93% as ofJune 30, 2025.

Acting for payers,Ping Anenabled its core financial businesses with a differentiated"product + service"model.As ofJune 30, 2025, retail customers entitled to service benefits in the health and senior care ecosystem held about 3.37 contracts and aboutRMB61.4 thousandin AUM per capita, 1.5 times and 4.1 times those without these benefits.Ping Anmade significant progress in both retail and corporate customer development by effectively integrating insurance with health and senior care services. Over 13 million ofPing An Life's customers used health management services in the first half of 2025, including nearly 67% of newly-enrolled customers.Ping Andeeply developed products that integrate"commercial insurance + health care fund + health care service", providing corporate clients with comprehensive, high-quality, and cost-effective employee health management programs. More than 31 million employees from over 80,000 corporate clients were served byPing Anas ofJune 30, 2025.

Integrating providers,Ping Ancontinuously advanced its"online, in-store, in-home and in company"services.Ping An Good Doctoris an integral part of Ping An Group's"insurance + health care"synergistic model. Centering on family doctor membership and senior care concierge services as two core hubs,Ping An Good Doctorhas developed a one-stop"health and senior care"services platform. In the first half of 2025,Ping An Good Doctorlaunched an AI medical product matrix, built a health care service brand image, and promoted the standardization of senior care services. In the first half of 2025,Ping An Good Doctorachieved a revenue ofRMB2,502 millionand an adjusted net profit ofRMB165 million. PKU Healthcare Group's revenue exceededRMB2.66 billionin the first half of 2025. Peking University International Hospital's revenue approachedRMB1.26 billion. In terms of partner networks,Ping Anhad about 50,000 in-house and contracted external doctors inChinaas ofJune 30, 2025.Ping Anpartnered with nearly 37,000 hospitals (including all top 100 hospitals and 3A hospitals), nearly 106,000 health management institutions, and approximately 240,000 pharmacies (nearly 36% of all pharmacies, up by over 4,800 from the beginning of the year) inChinaas ofJune 30, 2025. Overseas,Ping Anpartnered with over 1,300 medical institutions in 35 countries across the world.

Ping Anprovided differentiated and innovative servicesvia the"finance + health care"and"finance + senior care services"models. Under the"finance + health care"model,Ping Anexpanded the coverage of"Ping An Family Doctor"and leveraged medical AI to enable services in all scenarios. In the first half of 2025,"Ping An Family Doctor"members exceeded 35 million and used the family doctor service five times per capita per year. This service provided professional and continuous health care for policyholders.Ping Anprioritized the development of"insurance + home-based senior care"and"insurance + high-end senior care"products. Regarding home safety,Ping An Good Doctorupgraded senior-friendly smart devices to proactively monitor in-home risks for the elderly. Regarding professional care,Ping An Good Doctorprovided in-home rehabilitative care services, and established partnerships with more than 100 senior care institutions. Regarding standardization,Ping An Good Doctorcollaborated with enterprises, universities and research institutes to develop and release two new association standards for smart senior care platforms, bringing a total of five association standards now implemented in home-based senior care.

Ping An Optimized the Service Experience Through Massive Data Resources and Advanced AI Capabilities.

Ping Anranks among the top globally in terms of its massive data, which serves as a core foundation for AI-driven value creation.The Group's databases have accumulated 30 trillion bytes of data, covering nearly 247 million retail customers, over 3.2 trillion high-quality tokens, 310,000 hours of labeled speeches and over 7.5 billion images. Trained with the massive data,Ping An'slarge speech models, large language models, and large vision models achieved industry-leading accuracy rates in scenarios.

Ping Anenabled its financial services by continuously expanding and deepening scenario-oriented AI application.Ping An'slarge AI models were called 818 million times and applied to over 650 diverse scenarios in the first half of 2025.In enhancing services,Ping Anleveraged human-AI collaboration to shorten response times, improve service precision and quality, and provide 24/7 online services. In the first half of 2025, 94% of life insurance policies were underwritten within seconds and 59% of claims were settled via the quick claim service.In cutting costs,AI significantly cut service costs via process automation and smart technologies. The volume of services provided by AI representatives reached about 882 million times in the first half of 2025, accounting for 80% ofPing An'stotal customer service volume.In preventing risks,by combining ex-ante risk data analytics and AI,Ping Aneffectively mitigated credit risk for customers by analyzing behavior patterns at source. In the first half of 2025, Ping An P&C's claims savings via smart fraud detection amounted toRMB6.44 billion.In promoting sales, AI agents assisted sales ofRMB66,157 millionby enabling demand analysis, personalized recommendation, sales pitches, and so on in the first half of 2025.Ping Anbuilt a smart"AI + human"reinstatement task assignment system. As a result,Ping Anreinstated 18% more policies, effectively renewing coverage for customers.

Ping Anactively fulfilled its social responsibilities and bolstered five key financial sectors. As ofJune 30, 2025,Ping Ancumulatively invested nearlyRMB10.80 trillionto bolster the real economy.Ping An'sgreen investment of insurance funds totaledRMB144,482 million, and green loan balance reachedRMB251,746 million. In the first half of 2025,Ping An'sgreen insurance premium income reachedRMB35,836 million. The Group providedRMB32,809 millionfor rural industrial vitalization through"Ping An Rural Communities Support"in the first half of 2025. MSCI ESG Rating rose to AA, being No.1 in the multi-line insurance and brokerage industry inAsia-Pacific. Focusing on its operational carbon neutrality goals,Ping Animplemented a range of energy-saving and carbon-reduction initiatives, including office energy management, establishing a green procurement platform, and promoting green data centers. The Group's operational carbon emissions totaled approximately 195,000 tons in the first half of 2025, representing an 11% reduction YoY.

Ping Ancarries forward the Shenzhen Special Economic Zone spirit and advances with the times, wholeheartedly meeting the needs of its customers.In 2025, AI is experiencing accelerated breakthroughs and ecosystem-wide applications. Amid homogeneous offerings and intensified competition, the financial, health and senior care industries are facing structural problems including an imbalance between growing consumer demand and insufficient supply, inadequate standards, and mixed service quality. Technological advance is gradually improving and even completely reshaping traditional financial business models, with"service differentiation"being key to transformation and upgrading. In its fourth decade for strategic advancement,Ping Anwill deliver ultimate"worry-free, time-saving, and money-saving"services by leveraging fintech and healthtech to meet customer needs under the philosophy of"Expertise makes life easier."

In the second half of 2025,Ping Anwill adhere to the business policy of"focusing on core businesses, boosting revenue and cutting costs, advancing reform and innovation, and preventing risks", continue to advance the technology-driven"integrated finance + health and senior care"dual-pronged strategy, and promote comprehensive digital transformation and the"worry-free, time-saving, and money-saving"value proposition. Leveraging core competitiveness via"service differentiation",Ping Anwill stand at the forefront of technological revolution and industrial transformation, continuously pursue high-quality development, make greater contributions to Chinese modernization, and help buildChinainto a financial powerhouse.

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SOURCE Ping An Insurance (Group) Company ofChina, Ltd.