Ping An Insurance (Group) Company of China Ltd reported steady financial performance for the first quarter of 2025, supported by its expansion in health and senior care services and continued investment in technology. The group’s operating profit attributable to shareholders rose 2.4% year-over-year to RMB37.91 billion.
Financial Highlights
The insurer’s life and health division posted notable gains, with new business value (NBV) increasing 34.9% from a year earlier to RMB12.89 billion. The division’s NBV margin improved to 32% during the quarter, a 10.4 percentage point rise from the same period last year. Total assets reached RMB13.18 trillion as of March 31, 2025.
Ping An’s retail customer base expanded to nearly 245 million individuals, reflecting a 1% increase since the start of the year. Customer retention remained strong, with a 98% retention rate among clients holding four or more policies.
Business Performance
In its general insurance business, Ping An Property & Casualty recorded a 7.7% increase in premium income, totaling RMB85.14 billion. The combined ratio improved by three percentage points to 96.6%, driven in part by the expanded use of artificial intelligence (AI) across underwriting and claims processing.
The group’s investment portfolio generated an unannualized yield of 1.3% in the quarter, a 0.2 percentage point improvement from the previous year. The total investment portfolio grew 3.3% to more than RMB5.92 trillion during the period.
Health and Senior Care Expansion
Ping An continued to integrate medical services with its insurance offerings, reporting that approximately 63% of its retail customers had access to benefits through its health and senior care ecosystem. The network of healthcare partnerships expanded to include nearly 37,000 hospitals and over 239,000 pharmacies across China.
Ping An Health, a subsidiary specializing in healthcare technology, reported a 25.8% increase in quarterly revenue to RMB1.06 billion. Adjusted net profit reached RMB57.9 million, reflecting growing demand for integrated finance and corporate health management services.
Li Dou, chairman and CEO of Ping An Health, emphasized the company’s focus on enhancing services through AI and expanding family doctor and senior care offerings. The group reaffirmed its commitment to growing its integrated finance and health and senior care businesses while responding to evolving customer needs.
