Ping An Insurance (Group) Company of China (2318) Q2 2025 earnings summary

Executive summary

• Operating profit after tax attributable to shareholders rose 3.7% year-over-year to RMB77,732 million for 1H25, with net profit at RMB68,047 million and revenue at RMB546,469 million.

• Interim cash dividend increased 2.2% year-over-year to RMB0.95 per share.

• Life & Health new business value (NBV) surged 39.8% year-over-year, with strong growth in both agent and bancassurance channels.

• Property & Casualty (P&C) premium income grew 7.1% year-over-year, with combined ratio (COR) improving by 2.6 percentage points to 95.2%.

• Enhanced customer engagement and retention, with nearly 247 million retail customers and high contract retention rates.

Financial highlights

• Equity attributable to shareholders increased 1.7% year-to-date to RMB943,952 million.

• Group comprehensive solvency margin ratio rose to 225.2%, up 21.1 percentage points year-to-date.

• Unannualized comprehensive investment yield reached 3.1%, up 0.3 percentage points year-over-year.

• Basic operating earnings per share increased 4.5% year-over-year to RMB4.42.

• Net profit attributable to shareholders was RMB68,047 million.

Outlook and guidance

• Ongoing commitment to integrated finance and health & senior care, with further expansion of service networks and digital capabilities.

• Focus on channel diversification, customer base growth, and capital optimization.

• Management expects to maintain high solvency and liquidity, supporting future business growth and shareholder returns.