Ping An Insurance (Group) Company of China Ltd reported steady financial performance for the first quarter of 2025 (Q1 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, according to its latest financial disclosure.
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. Ping An’s retail customer base expanded to nearly 245 million individuals, reflecting a 1% increase since the start of the year.
Customer retention also remained strong, with a 98% retention rate among clients holding four or more policies.
Looking ahead, the group reaffirmed its commitment to growing its integrated finance and health and senior care businesses while responding to the evolving needs of customers.
In its general insurance business, Ping An Property & Casualty recorded a 7.7% increase in premium income, totalling RMB85.14 billion.
The combined ratio improved by three percentage points to 96.6%, driven in part by expanded use of artificial intelligence (AI) across underwriting and claims processing.
The group’s investment portfolio generated an unannualised yield of 1.3% in the quarter, a 0.2 percentage point improvement from a year ago. The total investment portfolio grew 3.3% to more than RMB5.92 trillion during the period.
Ping An Bank posted revenues of RMB33.71 billion and a net profit of RMB14.10 billion in the first quarter. The bank’s asset quality indicators remained stable, with a non-performing loan ratio of 1.06% and a provision coverage ratio of 236.53%.
In health care, Ping An continued to integrate medical services with its insurance offerings. The group reported that approximately 63% of its retail customers had access to benefits through its health and senior care ecosystem. It also expanded its network of healthcare partnerships to include nearly 37,000 hospitals and over 239,000 pharmacies across China.
Ping An Health, a subsidiary specialising 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, said the company is focusing on enhancing services through AI and expanding its family doctor and senior care offerings.
“Looking ahead, under the guidance of Healthy China 2030, Ping An Health will continue to deepen technological empowerment, consolidate data security, practice social responsibility. We are also committed to advancing the high-quality development of the medical and health industry, simultaneously creating long-term value for users, shareholders, and society,” he said.
