Ping An Reports Interim Results for H1 2025
On August 26, Ping An announced its interim results for the period ending June 30, 2025. In the first half of the year, the Group achieved an operating profit attributable to shareholders of the parent company of RMB 77.732 billion, a year-on-year increase of 3.7%; net profit attributable to shareholders of the parent company was RMB 68.047 billion; an interim cash dividend of RMB 0.95 per share was declared, up 2.2% year-on-year; the new business value of the life and health insurance business surged 39.8% year-on-year; the insurance funds investment portfolio achieved a non-annualized comprehensive investment yield of 3.1%, up 0.3 percentage points year-on-year.
Overall, Ping An’s operating performance was stable, demonstrating its resilience and innovation momentum, which can be summarized with three keywords:
Stable: Overall operations were steady, with steady growth in operating profit attributable to the parent company, stable cash dividend levels, excellent investment performance, and a differentiated medical and elderly care strategy empowering the main business, maintaining strong operational resilience.
Fast: Strong growth in the main business, with sustained robust growth in the new business value of life insurance, excellent performance across multiple channels. The agent channel’s new business value increased 17.0% year-on-year, while the bancassurance channel’s new business value surged 168.6% year-on-year. Innovative channels such as bancassurance and community services contributed over 30% of the new business value.
Innovative: Technological innovation showed significant results, with AI applications covering the entire process and all scenarios, delivering notable empowerment effects. For example, AI customer service coverage reached 80%, 94% of life insurance policies were approved within seconds, and property insurance’s intelligent anti-fraud claims interception reduced losses by RMB 6.44 billion.
It is worth noting that, according to the interim report, Ping An’s net profit attributable to the parent company decreased by 8.8% year-on-year in the first half, due to a one-time impact from the consolidation of Ping An Good Doctor and non-operating effects from convertible bond revaluation. However, Ping An had previously disclosed a 26.4% year-on-year decline in net profit attributable to the parent company in the first quarter, with calculations showing an 8.2% year-on-year increase in the second quarter. Market analysts noted that since most of the life and health insurance business is long-term, understanding Ping An’s performance should focus more on operating profit as a long-term indicator. Moreover, net profit turned significantly positive in the second quarter, indicating a favorable long-term trend.
Several securities firms expressed optimism about Ping An’s interim performance. CICC stated that net profit and operating profit were in line with expectations, with life insurance NBV, property insurance COR, and asset-side performance standing out, maintaining a buy recommendation. China Merchants Securities noted that premium income for participating insurance products grew over 40% year-on-year, with the proportion increasing by 3.7 percentage points to 12.8%, showing clear results in the transition to floating-return products. Zhongtai Non-Bank Financials viewed the overall performance as stable and in line with market expectations.
Looking at recent operational performance, Ping An’s insurance fundamentals have fully recovered, with the asset side demonstrating resilience. The medical and elderly care ecosystem and AI innovation value possess high scarcity and growth potential. Recently, Ping An’s H-shares and A-shares continued to strengthen, with H-shares once rising for four consecutive sessions, hitting a more than four-year high. Industry insiders analyzed that as the current bull market gains momentum, the insurance sector, as a key flagbearer, is attracting sustained market attention. As a leading alpha insurance stock, Ping An’s potential cannot be overlooked and is expected to continue benefiting from the bull market.
Stable: Steady Growth in Operating Profit, “Integrated Finance + Medical and Elderly Care” Strategy Accelerates Implementation
In the first half of the year, Ping An continued to deepen its dual-wheel strategy of “integrated finance + medical and elderly care” driven by technology, achieving a steady 3.7% year-on-year growth in operating profit attributable to the parent company. Equity attributable to shareholders of the parent company reached RMB 943.952 billion, up 1.7% from the beginning of the year. Based on stable operating performance, cash dividend levels grew steadily, with an interim cash dividend of RMB 0.95 per share declared, up 2.2% year-on-year. Industry commentators previously noted that 13 consecutive years of dividend increases reflect Ping An’s comprehensive deepening of
