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

Executive summary

• Achieved operating profit after tax attributable to shareholders of RMB134,415 million, up 10.3% year-over-year, and net profit attributable to shareholders of RMB134,778 million, up 6.5% year-over-year.

• 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%.

• Equity attributable to shareholders surpassed RMB1 trillion for the first time, reaching RMB1,000,419 million, up 7.7% year-to-date.

• Proposed full-year cash dividend of RMB2.70 per share, up 5.9% year-over-year, with total cash dividends paid of RMB48,891 million.

Financial highlights

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

• Operating ROE was 12.7%, unchanged from the previous year.

• Basic operating earnings per share increased 11.2% year-over-year to RMB7.66.

• Group comprehensive solvency margin ratio stood at 193.3%, well above regulatory requirements.

• Insurance funds investment portfolio grew 13.2% year-to-date to RMB6.49 trillion, with a comprehensive investment yield of 6.3%, up 0.5 percentage points year-over-year.

Outlook and guidance

• The company expects to benefit from China's ongoing economic growth, rising middle class, and increasing demand for integrated finance, health, and senior care services.

• Plans to further leverage technology, AI, and digital transformation to enhance customer experience and operational efficiency.

• Will continue to focus on high-value growth, service innovation, technology enablement, and regulatory compliance.