Ping An Insurance (Group) Company of China, Ltd. (Ping An) announced on 19 March 2025 its financial results for the year ended 31 December 2024, noting that Ping An Insurance achieves 47.8% rise in profits.

Ping An’s operating profit attributable to shareholders of the parent company increased 9.1% year on year to RMB121,862 million and net profit attributable to shareholders of the parent company rose 47.8% year on year to RMB126,607 million in 2024.

Revenue reached RMB1,141,346 million, an increase of 10.6% YoY. Ping An plans to pay a final cash dividend of RMB1.62 per share for 2024, bringing the total annual cash dividend to RMB2.55 per share, a 5% increase from the previous year.

The cash dividend payout ratio, based on operating profit attributable to the parent company’s shareholders, will be 37.9%. Total dividends have now increased for 13 years in a row.

As of 31 December 2024, Ping An had 242 million retail customers, a 4.7% increase since the start of the year. Of these, 25.6% held four or more contracts within the Group, with a retention rate of 98.0%.

Ping An has prioritised developing core technologies and securing proprietary intellectual property. By 31 December 2024, the Group had filed 55,080 patent applications, surpassing most international financial and healthcare institutions.

Ping An strengthened its edge by creating five industry-leading laboratories, establishing nine databases, and developing a three-level large model system.

Strengthening Competitive Advantage with an Integrated Finance Model

In 2024, Life & Health NBV reached RMB28,534 million, a 28.8% increase compared to the previous year on a like-for-like basis.

Ping An Life saw notable improvements in persistency ratios, with the 13-month persistency ratio rising by 3.6 percentage points and the 25-month persistency ratio increasing by 3.9 percentage points year on year.

The bancassurance channel focused on value-driven operations, achieving a 62.7% year-on-year increase in NBV in 2024. Operational efficiency improved through the expansion of high-quality partner outlets.

Ping An Life continued to grow its community finance channel, with the 13-month persistency ratio of orphan policies in these networks rising by 5.7 percentage points year-on-year in 2024, and NBV increasing by nearly 300%. Innovative channels like bancassurance and community finance accounted for 18.7% of Ping An Life’s NBV in 2024.

For products, Ping An Life actively implemented China’s new “Ten National Guidelines” for the insurance industry to meet customer needs for diverse insurance options. It focused on expanding its presence in insurance protection, pension, wealth management, and inclusive insurance markets.

Under services, Ping An Life upgraded its health and senior care services, providing health management to over 21 million customers in 2024. More than 160,000 customers qualified for home-based senior care services, available in 75 cities nationwide as of 31 December 2024.

As Ping An insurance achieves a 47.8% rise, Ping An also launched premium health and senior care communities in five cities, now under construction. The communities in Shanghai and Shenzhen are expected to open in the second half of 2025.

Ping An P&C saw its insurance revenue rise by 4.7% in 2024, reaching RMB328,146 million. Net profit also grew significantly, increasing by 67.7% year-on-year to RMB15,021 million. The overall combined ratio (COR) improved by 2.3 percentage points year-on-year to 98.3%.

Auto insurance performed particularly well, with a COR of 98.1%, consistently surpassing the market average.

The company advanced its “insurance + technology + service” model to boost efficiency and support the real economy. In 2024, Ping An P&C provided RMB220 trillion in insurance coverage for 2.4 million small and micro-enterprises, as well as RMB9 trillion in coverage for 69,000 tech companies.

To enhance service quality and reduce risk, the company developed its Digital Risk System 3.0 (DRS 3.0). In 2024, this system issued 10.55 billion alerts for typhoons, rainstorms, floods, and other disasters, benefiting 67.34 million retail and corporate customers.

The Group’s insurance funds investment portfolio grew by 21.4% in 2024, reaching over RMB5.73 trillion as of 31 December 2024. In 2024, the portfolio delivered a comprehensive investment yield of 5.8%, an increase of 2.2 percentage points compared to the previous year.

Life & Health achieved a 6.0% comprehensive investment yield, up 2.4 percentage points year on year. Over the past decade, the portfolio has maintained an average net investment yield of 5.0% and an average comprehensive investment yield of 5.1%.

Ping An Bank delivered a steady business performance with stable asset quality in 2024. The Bank reported a net profit of RMB44,508 million. Corporate loan balances grew by 12.4% over the year, reflecting its commitment to supporting the real economy. Risk management was a key focus, with adequate risk provisions in place.

As of 31 December 2024, the non-performing loan ratio was 1.06%, and the provision coverage ratio was 250.71%. Retail assets under management (AUM) increased by 4.0% to RMB4,194,074 million, while retail deposits grew by 6.6% to RMB1,287,180 million.

Building the Health and Senior Care Ecosystem

Ping An has improved coordination across its business lines, including insurance, health care, investment, and technology as Ping An insurance achieves 47.8% rise. It has developed a service system that combines an online flagship medical platform with its own medical institutions to support both retail financial customers and corporate clients.

By working with payers and integrating providers, Ping An now offers cost-effective health and senior care services through professional family doctors and senior care concierges.

The Group has developed a comprehensive product and service system to meet customers’ needs throughout their lifecycle. As of 31 December 2024, nearly 63% of Ping An’s retail customers received benefits from the health and senior care ecosystem.

On average, these customers held 3.37 contracts and RMB59.9 thousand in assets under management (AUM) per person—1.6 times and 3.8 times higher than those without these benefits.

For “finance + health care services”, nearly 79% of Ping An Life’s new customers used health management services in 2024. Ping An also offers health management programs to corporate clients through “commercial insurance + health care fund + health care service” products, serving nearly 67,000 corporate clients and over 29 million employees that year.

For “finance + senior care services”, Ping An partnered with over 150 home-based senior care providers by the end of 2024 and launched hundreds of 10-dimensional senior care service benefits.

The Group continues to enhance its alliances around “medical care, nursing, housing, and entertainment,” addressing the needs of different senior groups with a standardised product and service framework.

Ping An Health, also known as Ping An Good Doctor, plays a key role in Ping An Group’s “insurance + health care” model. The company focuses on family doctor memberships and senior care concierge services, offering a one-stop “health and senior care” platform.

In 2024, it generated RMB4,808 million in revenue and RMB81 million in net profit. The “Ping An Family Doctor” program surpassed 14 million members, with each member using the service an average of five times during the year.

PKU Healthcare Group’s revenue also grew, reaching approximately RMB5.51 billion in 2024, while Peking University International Hospital reported revenue exceeding RMB2.48 billion. Ping An has partnered with all top 100 hospitals and 3A hospitals in China, along with over 104,000 health management institutions and around 235,000 pharmacies, covering more than 35% of all pharmacies in the country as of 31 December 2024.

Customer-Focused, Self-Built Large AI Models

As of 31 December 2024, Ping An won 30 championships in domestic and international AI competitions and filed 55,080 patent applications, leading many global financial institutions. The company accumulated vast amounts of data to train large models and has developed specialised models in areas such as finance, health, and senior care.

With 30 trillion bytes of data, 3.2 trillion tokens in its data corpus, approximately 310,000 hours of labeled speech, and over 7.5 billion images, Ping An’s large speech, language, and vision models achieved industry-leading accuracy.

Its three financial databases and five health care databases are among the largest in the world.

In 2024, Ping An’s AI service representatives handled approximately 1.84 billion interactions, making up 80% of the company’s total customer service volume. Through smart tools like automated underwriting, claims processing, and policy renewal, 93% of Ping An Life’s policies were underwritten in seconds.

Additionally, 56% of life insurance claims were processed using Smart Quick Claim, and 27% more life insurance policies were reinstated. Smart fraud detection at Ping An P&C saved RMB11.94 billion, a 10.4% year-on-year increase, as the company continued to focus on risk management.

In healthcare, Ping An provided leading health and senior care solutions through digital innovation. Ping An Health developed a large multi-modal model and 12 AI-driven systems, enabling AI to support medical services at every step and increasing the efficiency of “Ping An Family Doctor” services by 62%.

The AI-based medical system, developed in-house, covers over 2,000 diseases with a 99% recommendation accuracy rate and an assisted diagnosis accuracy rate of over 95%.

By 31 December 2024, the Group had invested nearly RMB10.14 trillion to support the real economy. Green investments from insurance funds reached RMB124,712 million, while green loan balances totaled RMB157,762 million.

In 2024, green insurance premiums amounted to RMB58,608 million, and RMB52,014 million was provided to support rural industrial revitalisation. Ping An achieved an AA rating in MSCI ESG rankings in 2024, securing the top spot in the Asia-Pacific multi-line insurance and brokerage industry for the third year in a row.

Looking Ahead to 2025

Ping An will focus on its core financial businesses and strengthen customer development to improve customer acquisition, activation, migration, and retention. This will drive steady growth in the number of retail customers, contracts per customer, and profit per customer. Additionally, Ping An will enhance synergies to advance its “worry-free, time-saving, and money-saving” value proposition.

In terms of technology, Ping An will continue integrating AI and big data to advance its digitalisation strategy. Building on its existing strengths in research, development, and business applications, Ping An is developing five key systems: digital business, digital operations, digital management, digital marketing, and digital services.

Ping An also seeks to enhance its services by providing professional financial advisory, family doctor, and senior care concierge services through its health and senior care network, which operates “online, in-store, in-home, and in-company.” By doing so, it aims to further strengthen its leadership in applying AI to digital finance, health, and senior care.

In 2025, Ping An will follow its business policy of “focusing on core businesses, boosting revenue, cutting costs, advancing reform and innovation, and preventing risks.” It will also continue driving its “integrated finance + health and senior care” dual-strategy, supported by technology.

The Group will strengthen five key financial areas—technology finance, green finance, inclusive finance, pension finance, and digital finance—contributing to China’s growth as a global financial leader.

Source of image: Edited from Freepik