Ping An Insurance (Group) Company of China, Ltd. has released its financial results for the first nine months of 2025 (9M 2025), reporting solid growth in both operating and net profit.
For the period ending Sept. 30, operating profit attributable to shareholders reached RMB116.26 billion, marking a 7.2% increase from a year earlier.
Net profit attributable to shareholders rose 11.5% year on year to RMB132.86 billion, with the third quarter alone seeing a 45.4% jump compared to the same period last year.
The group’s equity attributable to shareholders stood at RMB986.41 billion at the end of September, up 6.2% from the start of the year.
Total revenue for the nine months was RMB901.67 billion, representing a 4.6% year-on-year increase.
Ping An’s Life & Health business was a key contributor to the group’s performance, with new business value (NBV) rising 46.2% year on year to RMB35.72 billion. The NBV margin, calculated on annualized new premium, increased by 9 percentage points.
The agency channel saw NBV per agent grow by 29.9%, while total NBV from this channel rose 23.3%.
The bancassurance channel reported a significant 170.9% increase in NBV, and community finance channels contributed to improved customer retention.
Combined, bancassurance, community finance, and other channels accounted for 35.1% of Ping An Life’s NBV during the period.
The company continued to introduce new and upgraded insurance products in wealth management, pension, and health protection.
Ping An Life also expanded its health management and senior care offerings, reaching over 16 million customers with health services and providing home-based senior care in 85 cities.
Ping An Property & Casualty (P&C) recorded premium income of RMB256.25 billion, a 7.1% increase year on year. The combined ratio improved to 97.0%, down 0.8 percentage points.
Premiums from auto insurance and non-auto insurance grew 3.5% and 14.3%, respectively.
P&C operating profit reached RMB15.14 billion, up 8.3% from the previous year.
The group’s insurance funds investment portfolio delivered a comprehensive investment yield of 5.4% (unannualized), up by 1 percentage point year on year. The portfolio expanded by 11.9% to more than RMB6.41 trillion.
Ping An reported increased allocations to equities and alternative assets, while maintaining a focus on risk management and liability matching.
Ping An Bank posted revenue of RMB100.67 billion and net profit of RMB38.34 billion for the first nine months of 2025.
The bank’s non-performing loan ratio was 1.05%, with provision coverage at 229.60%. Corporate loan balances increased by 5.1% to RMB1.69 trillion.
The group’s retail customer base reached nearly 250 million, a 2.9% increase since the start of the year. New customer acquisitions totalled 26.28 million, up 6.8% year on year.
The retention rate for customers holding four or more contracts was 97.5%, and customers served for five years or more had a retention rate of 94.4%.
Ping An’s health and senior care ecosystem generated nearly RMB127 billion in health insurance premium income, with medical insurance contributing RMB58.8 billion.
As of September, 63% of retail customers were entitled to ecosystem service benefits.
The company’s network included over 87,000 corporate clients and partnerships with more than 37,000 hospitals, 107,000 health management institutions, and 241,000 pharmacies in China, as well as 1,300 overseas medical institutions.
Ping An has continued to invest in artificial intelligence to support its insurance and health businesses.
The company reported that 89% of auto dealer channel policies were issued within one minute using AI, and 63% of personal injury claims were settled automatically. Smart fraud detection technology resulted in claims savings of RMB9.15 billion.
AI-driven service representatives handled 80% of customer service volume in the first nine months of 2025.
Looking ahead, Ping An stated it will maintain its focus on core financial businesses, digital transformation, and its “integrated finance + health and senior care” strategy.
The company aims to continue strengthening operations and management to support long-term value creation for clients, employees, shareholders, and society.
