Ping An Reports 2.4% Profit Growth, Life & Health NBV Soars 35% in Q1 2025
Ping An Insurance Group reported a 2.4% year-on-year increase in operating profit attributable to shareholders, reaching RMB37.9 billion in Q1 2025 amid steady economic conditions in China. The Life & Health insurance segment notably grew its operating profit by 5.0% and delivered a 34.9% surge in new business value (NBV), driven by enhanced multichannel capabilities and a strategy focusing on integrated finance and high-quality development. The group's total assets surpassed RMB13 trillion, with retail customers near 245 million, and a high retention rate of 98% among customers holding four or more contracts. Bancassurance and community finance channels saw NBV increases exceeding 170%, supporting diversification and expansion efforts.
Ping An advanced its health and senior care strategy, integrating financial services with health offerings tied to a service ecosystem benefiting 63% of retail clients. The ecosystem facilitated higher contract holding and asset management per customer. Investments by Ping An's insurance funds yielded an unannualized 1.3% return. Ping An P&C experienced a 7.7% growth in premium income and improved combined ratio to 96.6% aided by AI-enhancements like the DeepSeek technology. Ping An Bank maintained revenue of RMB33.7 billion and a non-performing loan ratio near 1.06%, reflecting stable asset quality.
Significant technological advancement was evidenced by Ping An's "9+5+3" moat for AI implementation, which incorporates nine data repositories, five research labs, and three technology subsidiaries. This infrastructure supports vertical large AI models in finance, health care, and senior care, driving process efficiencies including 93% policy underwriting within seconds and smart claim handling, substantially reducing costs and risks. AI-driven claims fraud detection yielded savings of RMB3.42 billion.
The health and senior care segment includes a robust network of proprietary healthcare entities and extensive partnerships, covering thousands of hospitals and pharmacies. PKU Healthcare Group revenues rose steadily, with outpatient visits increasing notably. Home-based senior care services expanded to 75 cities with over 190,000 customers served.
Ping An's integrated finance model and technology adoption contribute to its strategic positioning in five financial sectors: technology finance, green finance, inclusive finance, pension finance, and digital finance. Green insurance products and rural financial support amount to billions in premium and funds, aligning with broader social and environmental responsibilities.
Looking ahead, Ping An expects China's innovation-driven policies and expanding domestic demand to stimulate growth despite external uncertainties. The group commits to leveraging technology and integrated services to strengthen core financial businesses, improve customer experience, and ensure sustainable value creation for stakeholders. The report underscores the integration of AI and multi-channel strategies as pivotal for scalable insurance business models in the evolving global market.