Ping An Insurance (Group) Company of China (2318) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 rose 7.4% year-over-year to RMB832.9 billion, with net profit after tax (NPAT) up 11.5% to RMB132.9 billion and operating profit after tax (OPAT) up 7.2% to RMB116.3 billion.

• Shareholders' equity increased 6.2% year-to-date to RMB986.4 billion, and retail customers grew 2.9% to nearly 250 million.

• Integrated finance and health and senior care strategies drove business improvements, with strong execution across core segments.

• Revenue reached RMB901.7 billion, up 4.6% year-over-year.

• Net profit attributable to shareholders increased 11.5% year-over-year to RMB132,856 million, with a 45.4% surge in Q3 2025.

Financial highlights

• NPAT surged 45.4% year-over-year in 3Q 2025, despite one-off losses totaling RMB9,347 million from consolidations, asset sales, and revaluation losses.

• Comprehensive investment yield (unannualized) reached 5.4%, up 1.0 percentage point year-over-year.

• Premium income in property & casualty (P&C) rose 7.1% to RMB256.2 billion, with the combined operating ratio (COR) improving by 0.8 percentage points to 97.0%.

• Life & Health (L&H) new business value (NBV) increased 46.2% to RMB35.7 billion, with NBV margin up 9.0 percentage points to 30.6%.

• Basic earnings per share increased 12.3% year-over-year to RMB7.56.

Outlook and guidance

• Continued focus on integrated finance and health and senior care, with expansion of home-based senior care services and premium communities in major cities.

• Technology enablement remains a priority to enhance efficiency and risk management.

• Management expects robust business growth through digital innovation and differentiated services.