Ping An Insurance (Group) Company of China (2318) Q4 2025 earnings summary

Executive summary

• Achieved robust value growth and service innovation, with strong financial and operational performance in 2025.

• Operating profit after tax attributable to shareholders reached RMB134,415 million, up 10.3% year-over-year, and net profit attributable to shareholders was RMB134,778 million, up 6.5% year-over-year.

• Multi-channel strategy and integrated finance plus health and senior care model drove business expansion.

• Maintained market leadership in bancassurance, P&C, and investment returns.

• Life & Health new business value (NBV) rose 29.3% year-over-year to RMB36,897 million, with agency channel NBV up 10.4% and bancassurance channel NBV up 138.0%.

Financial highlights

• Revenue was RMB1,140,324 million, remaining stable year-over-year.

• Operating profit after tax (OPAT) rose 10.3% YoY to RMB134.4 billion, marking double-digit growth for two consecutive years.

• Adjusted earnings increased 22.5% YoY to RMB143.8 billion, excluding extraordinary items.

• Shareholders’ equity surpassed RMB1 trillion, up 7.7% YoY, reaching RMB1,000,419 million.

• Full-year dividend per share increased 5.9% YoY to RMB2.70, with total cash dividends paid of RMB48,891 million.

• Comprehensive investment yield reached a five-year high of 6.3%.

• New business value (NBV) grew 29.3% YoY to RMB36.9 billion, with NBV margin at 28.5%.

• P&C combined ratio improved to 96.8%, best in five years.

Outlook and guidance

• Continued focus on integrated finance and health/senior care as dual growth drivers.

• Emphasis on technology enablement, AI, and digital transformation to enhance services, efficiency, and risk management.

• Confident in sustaining growth momentum and market leadership, leveraging China's economic growth and rising middle class.

• Focus on high-value growth, service innovation, and regulatory compliance.