Customer Growth and Retention - The total number of individual customers reached 24.247 million, an increase from 23.157 million in the previous year, representing a growth of 4.7%[12] - The number of individual customers reached 242 million, with 25.6% holding four or more contracts within the group[71] - The customer retention rate for clients with four or more contracts is 98.0%, indicating strong customer loyalty[38] - The retention rate for individual customers increased to 90.9% in 2024, up by 1.6 percentage points year-on-year[102] - Customers with 4 or more contracts had a retention rate of 98.0%, which is 11.5 percentage points higher than those with only one contract[106] - The average number of contracts per customer is 2.92, with an average profit of 446.90 yuan per person[38] - The average number of contracts per customer enjoying medical and elderly care services was 3.37, which is 1.6 times higher than those not enjoying these services[119] Financial Performance - The operating profit attributable to shareholders was RMB 121.862 billion, up from RMB 111.728 billion, reflecting a growth of 9.6%[12] - The net profit attributable to shareholders increased to RMB 126.607 billion from RMB 85.665 billion, marking a significant rise of 47.8%[12] - The total assets of the company reached RMB 12.958 trillion, compared to RMB 11.583 trillion in the previous year, indicating a growth of 11.9%[12] - The operating return on equity (ROE) was 12.7%, slightly up from 12.5% in the previous year[12] - Total revenue for 2024 was RMB 1,028.925 billion, reflecting a year-on-year growth of 12.6%[67] - The comprehensive investment return rate for 2024 was 5.8%, up by 2.2 percentage points year-on-year[67] - Basic earnings per share for 2024 is RMB 6.89, up 9.2% compared to the previous year[151] Business Segments and New Initiatives - The new business value for the year was RMB 28.534 billion, down from RMB 31.080 billion, a decrease of 8.2%[12][13] - The new business value for 2024 is projected to reach RMB 40.024 billion, representing a growth of 28.8% compared to the previous year[15] - The company has launched new insurance products, including the upgraded "Guardian 100%" series and the "Peace of Mind" series, catering to diverse customer needs[176][177] - The company aims to enhance digital services, providing 24/7 online medical services and integrating various financial products for customer convenience[16] - The company aims to deepen its "comprehensive finance + medical care and elderly services" strategy to build core competitiveness through service differentiation[34] Insurance and Healthcare Services - The net profit from the property insurance business was RMB 15.021 billion, a significant increase from RMB 8.958 billion, representing a growth of 67.5%[12] - The comprehensive cost ratio for property insurance business improved to 98.3%, a year-on-year optimization of 2.3 percentage points, while the net profit for property insurance reached RMB 15.02 billion, a year-on-year increase of 67.7%[53] - The health management service has reached over 21 million customers, providing comprehensive medical health services since its launch in 2021[180] - The company intercepted CNY 11.94 billion in fraudulent claims through intelligent claims management, a year-on-year increase of 10.4%[77] - The company has over 31 million paid users for its healthcare services, covering more than 67,000 paid enterprises and benefiting over 29 million employees, with over 50% coverage of large and medium-sized state-owned and foreign enterprises[40] Digital Transformation and Technology Integration - The company leverages AI and big data to optimize service processes, significantly reducing customer wait times and improving service efficiency[38] - The AI service volume reached approximately 1.84 billion instances in 2024, covering 80% of the company's total customer service volume, demonstrating the effectiveness of its digital transformation[96] - The company has established five leading laboratories and nine databases to support its digital transformation and improve operational efficiency across financial, healthcare, and elderly care sectors[42] - The company has integrated AI technology, achieving a 93% instant underwriting rate for life insurance policies, significantly reducing service costs and improving efficiency[45] Strategic Goals and Market Position - By 2030, China's middle class is expected to account for one-third of the global middle class, indicating a significant demand for comprehensive financial services[30] - The total scale of the health service industry in China is projected to reach 16 trillion yuan by 2030, driven by increasing healthcare needs[33] - The elderly population (65 years and older) in China is expected to exceed 20% of the total population by 2030, with the silver economy projected to reach 30 trillion yuan by 2035, representing 10% of GDP[31][32] - The company maintains a leading position in the Chinese market, being the second-largest life insurance company and the second-largest property insurance company by premium income[93] - The company has received multiple awards for its brand value and corporate governance, ranking 53rd in the Fortune Global 500 and 9th among global financial companies[86][87] Dividend and Shareholder Returns - The company plans to distribute a cash dividend of RMB 1.62 per share for the 2024 year-end, with an annual cash dividend of RMB 2.55 per share, representing a year-on-year increase of 5%[49] - The company has invested nearly RMB 10.14 trillion to support the development of the real economy[62]

Group 1 - The core theme of the event was "Digital Intelligence Technology Empowering Financial Inclusiveness," highlighting the strategic layout and practical achievements of Ping An Group in comprehensive finance and healthcare for the elderly [1] - Ping An Group has established a full value chain service system covering insurance, asset management, banking, and healthcare for the elderly, addressing the challenges of an aging population [3] - In 2024, Ping An Group invested a total of 10.14 trillion yuan to support the real economy, with over 1 trillion yuan of insurance funds directed towards technological innovation [3] Group 2 - The scale of green financial investments from insurance funds reached 124.71 billion yuan, with green loan balances at 157.76 billion yuan [3] - Ping An provided loans totaling 160.22 billion yuan to small and micro enterprises, with a remaining balance of 506.33 billion yuan [3] - The digital finance sector achieved 1.84 billion AI service interactions, with a 93% instant underwriting rate for life insurance policies [3] Group 3 - Ping An's continuous investment in technology exceeds 10 billion yuan annually, with the establishment of five algorithm laboratories, nine databases, and a three-layer model technology platform [4] - The company has over 3,000 scientists and has filed 55,080 patent applications, receiving multiple awards for financial technology from the central bank [4] - Ping An Yizhangtong serves as the core platform for the company's financial technology output, supporting the digital transformation of financial institutions through a "technology + business" empowerment model [4]

Core Viewpoint - Ping An Group is committed to providing comprehensive and diversified financial and healthcare services, leveraging technology to enhance financial inclusivity and address the challenges of an aging population [1][2]. Group 1: Business Overview - Ping An Group operates in various sectors including insurance, asset management, banking, and healthcare, with subsidiaries like Ping An Life Insurance and Ping An Property Insurance catering to different customer needs [1]. - The company has invested 10.14 trillion yuan in supporting the real economy and has allocated over 1 trillion yuan in insurance funds for technological innovation [2]. Group 2: Financial Performance - In the green finance sector, Ping An has achieved a cumulative green investment scale of 124.71 billion yuan and a green loan balance of 157.76 billion yuan [2]. - Ping An Bank has issued loans totaling 160.22 billion yuan to micro and small enterprises, with a loan balance of 506.33 billion yuan [2]. - Over 150 home care service providers have been contracted, benefiting more than 160,000 clients in the elderly care sector [2]. Group 3: Technological Innovation - Ping An invests hundreds of billions annually in technology research and development, establishing five algorithm laboratories and nine databases, with over 3,000 scientists and 55,080 patent applications [2]. - The company utilizes advanced models for precise claims processing in insurance, and has developed the Eagle Eye natural disaster platform for early intervention in flood risks [3]. Group 4: Future Direction - Ping An aims to strengthen its role as a leader in financial technology and artificial intelligence, focusing on internal innovation and external empowerment for financial institutions [3]. - The company is committed to the "Financial for the People" principle, driving its strategy through technological innovation [3].

保险资金入市正在提速。 券商中国记者获悉，第二批保险资金开展长期股票投资试点正加快落地，同时还有更多险资筹划申请试 点。 作为险资入市方式的创新探索，今年保险资金长期股票投资试点的规模已从500亿元增至1620亿元，参与 试点的保险公司也从2家增至8家，均为寿险公司。据了解，第二批试点公司正紧锣密鼓地从架构、流程等 方面推动试点落地，推进私募证券基金设立及投资工作。与第一批试点不同，不少公司倾向于单独发起设 立私募证券基金。 试点规模已达1620亿元 "我们也想申请长期股票投资试点，已经在准备材料。"一位保险资管人士近日告诉券商中国记者。 所谓长期股票投资试点，指的是保险公司出资设立私募证券基金，主要投向二级市场股票，并长期持有。 去年9月，中央金融办和证监会联合印发《关于推动中长期资金入市的指导意见》，明确了推动各类中长 期资金入市、构建"长钱长投"制度环境的重点工作安排。今年1月，中央金融办等六部委印发了《关于推 动中长期资金入市工作的实施方案》，其中要点之一，是提升实际投资比例，包括保险资金长期股票投资 试点扩大等。 公开信息显示，保险资金长期股票投资试点始于2023年10月。第一批获批试点的是中国人寿 ...

Core Viewpoint - The insurance capital market is accelerating, with the second batch of long-term stock investment pilot programs being implemented, increasing the scale from 500 billion to 1,620 billion yuan, and the number of participating insurance companies rising from 2 to 8 [1][2][3]. Group 1: Investment Scale and Participants - The scale of the long-term stock investment pilot has expanded to 1,620 billion yuan, with 8 insurance companies participating, compared to the initial 500 billion yuan with 2 companies [1][3]. - The first batch of pilot companies included China Life and Xinhua Insurance, each contributing 250 billion yuan to establish the Honghu Fund, which was the first insurance capital private equity fund [2][3]. - The second batch of pilot companies includes 8 firms with a total scale of 1,120 billion yuan, exceeding the initial regulatory target of 1,000 billion yuan [3]. Group 2: Policy and Regulatory Support - The pilot program is supported by policies aimed at promoting long-term capital market investments, initiated by the Central Financial Office and the China Securities Regulatory Commission [2][4]. - The pilot program addresses investment challenges faced by insurance companies, particularly in accounting practices that affect profit reporting due to market volatility [5][6]. - New accounting methods for the pilot funds allow for smoother profit reporting, reducing the impact of market fluctuations on insurance companies' financial statements [5][6]. Group 3: Investment Strategies and Focus - Insurance companies are developing investment policies that emphasize long-term holdings, focusing on companies with competitive advantages and strong governance [7][8]. - The investment approach includes a balanced focus on high-dividend stocks and growth stocks, aiming to mitigate equity market volatility [8]. - The pilot program encourages insurance companies to adopt a longer evaluation period for investment performance, shifting from annual to multi-year assessments [7]. Group 4: Market Impact and Future Outlook - The long-term stock investment pilot is expected to enhance the capital supply structure in the market and support the real economy by providing stable capital [7][9]. - The pilot program has attracted interest from various insurance companies, with many planning to apply for participation in future rounds [9][10]. - Despite the growth in the pilot program, the total scale of 1,620 billion yuan remains small compared to the overall insurance capital market, which had a total investment balance of 33.26 trillion yuan by the end of 2024 [10].

4月12日，北京市突发大风天气，某企业厂房采光顶遭异物猛烈撞击，四块玻璃严重破损，其中一块完全碎裂，碎片 摇摇欲坠。平安产险北京分公司接报案后，仅用4小时完成查勘、定损、加固及赔付全流程，以高效行动化解企业安 全危机，赢得客户高度认可。 "没想到当天就能拿到赔款启动修缮，平安的专业能力让人安心！"企业负责人表示，此次高效处置不仅避免了高空坠 物伤亡风险，更将停产影响控制在3小时以内，保障了生产线正常运转。据悉，平安产险针对企业客户推出"灾险联 防"服务体系，通过建立应急服务商储备库、开发智能风控巡检程序等举措，实现大灾场景下"查勘-施救-赔付"全链条 无缝衔接。 平安产险北京分公司相关负责人指出，此次案件是企财险"防重于赔"理念的生动实践："我们不仅要做好事后赔付，更 要在灾情发生时第一时间介入风险管控，这是对企业安全生产的真正守护。"目前，公司已为受损厂房提供定制化风 控方案，计划加装防风锚固装置及智能监测传感器，全面提升抗灾能力。 "当时碎玻璃悬在十几米高的屋顶，底下就是作业区，太危险了！"企业负责人回忆道。平安产险理赔员侯荣、高仕武 接到报案后，30分钟内抵达现场，迅速攀至屋顶查勘。经排查，确认系大风卷 ...

2025年第一季度中国债券市场回顾 2025年第一季度彭博中国债券承销排行榜 2025年第一季度彭博中国债券承销排行榜新鲜出炉，为您带来最新的市场趋势追踪。如需获取报 告，请在彭博终端加载 LEAG"报告"标签页 ，您可看到所有彭博全球和中国排行榜及排行标准。 2025年第一季度榜单亮点 受中国在岸债市融资成本优势推动，2024年熊猫债发行总规模突破2000亿大关， 高达2082.5亿元 。而2025年第一季度，截至3月31 日，境外机构在境内发行的熊猫债规模达到416亿元，发行规模 趋于稳定，与同期相比减少38.28%。 熊猫债2020年至2025年季度发行情况 受新一轮关税政策引发的中美贸易博弈及汇率变化影响，中国较长期国债收益率（尤其是备受关注 的10年期国债收益率）仍处于低位。 2025年1月，境外投资者所持中国国债占有率进一步降至 5.93%。尽管在2月，境外投资者的中国国债持有量录得六个月来首度增长，但增幅仅为10亿元人 民币。中国央行可能希望将10年期国债收益率推向2%至2.3%区间的上端，以便为进一步降息重建 政策空间，但短期来看，中美国债收益率差扩大可能依然不利于中国国债吸引外资流入。 整体 ...

除了备受关注的经营业绩，A股五大上市险企中国平安、中国人寿、中国太保、中国人保、新华保险的分 红情况同样引人注目。 排版：刘珺宇 校对： 刘星莹 证券时报·券商中国记者统计发现，五大上市险企年报分红金额合计638.25亿元，叠加前期中期分红，2024年 上市险企合计分红907.89亿元，同比增长20.21%。 2024年，受国家一系列重大政策利好等因素影响，资本市场回暖上涨，多家险企投资收益同比大幅增长，叠 加保险业务结构优化和规模增长，助推净利润同比大增。在此背景下，上市险企的分红方案也诚意满满。 五大上市险企中，中国平安分红总额最高。据悉，中国平安拟派发2024年末期股息每股现金人民币1.62元， 全年股息为每股现金人民币2.55元，同比增长近5%，年度现金分红总额461.74亿元。按归属于母公司股东的 净利润计算的现金分红比例为36.5%，分红总额连续13年增长。过去10年，中国平安累计分红高达3404.51亿 元；过去5年，中国平安的年度现金分红均超过了400亿元，现金分红总额年复合增长率达到4.3%。 新华保险的分红方案也颇为豪气。拟在2024年中期分红基础上，再向全体股东派发2024年末期现金股利 ...

从2015年初春开始，每个工作日的清晨5点30分，两位海外的顶尖专家，Christopher Hodson、Yunho Song会由香港的家里，赶赴平安集团的深圳办公室。 从那时起，这两位顶尖的海外金融交易专家，以及陆续加盟的各路人才荟聚到平安，着手打造具备国际 水平的FICC（全称Fixed Income, Currencies and Commodities，即固收、外汇和大宗商品）团队。 这是一个投入空前、耗费巨大、且绵延十年的战略规划。 FICC团队首先需要完成复杂的金融交易、风控系统的开发，建立适应中国市场的一系列量化估值模型， 并在此基础上形成领先于市场的交易能力，再将之用于金融市场的做市业务之中——而这样的业务需求 在当年其他机构眼中并不紧迫。 在那个国债收益率超过4%的年代，券商和银行的投资部总经理只需要"买完债锁进保险柜，每年利息就够 发好几次年终奖。"没有机构看得上做市的小钱。 但马明哲看见了高利率水面下的暗流。美国10年期国债收益率正从80年代的15%雪崩到2014年前的3%以 下，日本十年期国债已经成了零利率试验田（下图）。未来，中国国债收益率每下降1%，行业都需要100 倍交易智慧去 ...

"'改革创新'是中国平安2025年度经营方针的重要主题，全面数字化战略是2025开年的首要任务。"中国平安董事长马明哲在年报致辞中如此道。 平安的年报中，不难发现，含"科"量在持续上升，2024年财报中"AI"出现了27次，"数字化"出现了40次，而在2023年同期，"AI"和"数字化"分别出现了24 次和38次。 无论是平安的高管还是平安的财报，言语之间一直在向外透露着一个信号—平安非常重视"科技"。 01 科技赋能 让全面数字化成为平安可持续发展的"压舱石"与"领头雁" 在2024年业绩发布会上，中国平安联席首席执行官郭晓涛也表示，"平安的战略发展方向是综合金融+医疗养老，科技是支撑的底座，核心的定位是赋能。" 科技的赋能在平安的业务中方方面面均有体现。 同时，提升风控水平，平安产险反欺诈智能化理赔拦截减损119.4亿元，同比增长10.4%； 在医疗健康领域，平安健康构建多模态大模型，打造12个系列的业务模型群，AI赋能医疗全流程业务场景，"平安家医" 服务效能提升约62%。 在年报中，马明哲进一步对平安在AI科技方面做出了定调，"当前以DeepSeek为代表的开源大模型，正在深度重塑全球科技革命的方向、 ...