Ping An Insurance (Group) Company of China (2318) Q1 2025 earnings summary

Executive summary

• Group operating profit after tax (OPAT) rose 2.4% year-over-year to RMB37.9 billion in Q1 2025, while net profit declined 26.4% to RMB27.0 billion due to short-term investment variance and one-off items.

• Life & Health (L&H) OPAT increased 5.0% year-over-year to RMB26.9 billion; basic operating EPS grew 3.3% to RMB2.16.

• L&H new business value (NBV) surged 34.9% year-over-year to RMB12.9 billion, with NBV margin up 10.4 percentage points to 32.0%.

• Retail customers increased 1.0% year-to-date to nearly 245 million, with a 98.0% retention rate for those holding four or more contracts and increased product penetration.

• Integrated finance and health/senior care strategies advanced, with over 190,000 customers entitled to home-based senior care services across 75 cities.

Financial highlights

• Revenue for Q1 2025 was RMB256.6 billion, down 7.0% year-over-year.

• Comprehensive investment yield (unannualized) was 1.3%, up 0.2 percentage points year-over-year.

• P&C combined ratio improved by 3.0 percentage points to 96.6%; premium income grew 7.7% to RMB85.1 billion.

• Bank net profit was RMB14.1 billion, down 5.6% year-over-year; non-performing loan (NPL) ratio remained stable at 1.06%.

• Asset management AUM exceeded RMB8 trillion as of March 31, 2025.

Outlook and guidance

• Continued focus on integrated finance and health/senior care strategies, with expansion of premium senior care communities and enhanced multi-channel distribution.

• Technology enablement to further improve efficiency, cut costs, and prevent risks.