股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中国平安保险（集团）股份有限公司 呈交日期: 2026年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601318 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,660,065,083 | RMB | | | 1 RMB | | 10,660,065,083 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 10,660,065,083 | RMB | | | 1 RMB | | 10,660,065,083 | | ...

Core Viewpoint - The transformation journey of China Ping An reflects a blend of opportunities and challenges, with the insurance industry undergoing significant changes by 2025 due to policy shifts and market dynamics [1][3][14]. Group 1: Overall Performance - In 2025, China Ping An reported total premiums of 10,046.06 billion yuan, a year-on-year increase of 5.58% [3][16]. - The net profit reached 1,583.01 billion yuan, growing by 7.88% year-on-year, influenced by non-recurring gains [3][17]. - The total assets amounted to 138,984.71 billion yuan, reflecting a 7.26% increase, while the net assets attributable to shareholders rose by 7.73% to 10,004.19 billion yuan [3][16]. Group 2: Life Insurance Segment - The total premium for life and health insurance was 6,614.38 billion yuan, up 5.04% year-on-year, with new business value soaring by 29.3% to 368.97 billion yuan [5][18]. - The new single premium for the bancassurance channel surged by 162.89%, while the individual insurance channel saw a decline of 17% in new single premiums [5][18]. - The policy continuation rate reached 97.40% for 13 months and 94.90% for 25 months, indicating strong customer retention [5][18]. Group 3: Property Insurance Segment - The total premium for property insurance was 3,431.68 billion yuan, a 6.6% increase, with a notable 39% growth in new energy vehicle insurance premiums [9][21]. - The underwriting profit for property insurance doubled, reaching 107.17 billion yuan, despite a slight decline in net profit by 2.8% due to one-time asset disposals [9][21]. - Non-auto insurance premiums grew by 14.5%, but profitability varied significantly across different types of non-auto insurance [9][22]. Group 4: Investment Performance - The investment asset scale reached 64,899.62 billion yuan, increasing by 13.23%, with total investment income rising by 13.50% to 2,342.51 billion yuan [11][23]. - The structure of investment assets showed a predominance of fixed income, with equity investments increasing significantly by 119% to 9,580.89 billion yuan [11][24]. - The company emphasized a strategy of matching investments with liabilities and economic cycles, focusing on sectors like infrastructure and healthcare [13][25].

Group 1 - The core viewpoint of the articles indicates that China Ping An leads the health insurance market in 2025 with a premium income of nearly 159 billion yuan, capturing approximately 16% of the total market share [1][2] - China Life Insurance maintains its position as the industry leader in personal insurance premium scale, with total premiums reaching 729.89 billion yuan, a year-on-year increase of 8.7% [3] - The overall health insurance business in the industry achieved a premium income of 997.3 billion yuan, nearing the one trillion yuan mark [2][3] Group 2 - The top five listed insurance companies generated about 450 billion yuan in health insurance premiums, accounting for approximately 45% of the total health insurance market [3] - China Ping An's health insurance premium income includes nearly 73.4 billion yuan from medical insurance, reflecting a year-on-year growth of 2.7% [3] - China Life's health insurance business total premium reached 120.22 billion yuan, representing a year-on-year growth of 0.9%, which is about 12% of the health insurance market [3] Group 3 - China Pacific Insurance's health insurance business achieved a premium income of 89.33 billion yuan, with a year-on-year growth of 14.4% [4] - New China Life Insurance reported a health insurance premium income of 50.77 billion yuan, showing a year-on-year decline of 3.4% [4] - China Re's health management services provided to over 9.52 million clients saw a revenue increase of 17.2% year-on-year [7] Group 4 - The industry is shifting towards "service-oriented products," focusing on a comprehensive competition involving medical resources, health services, and technological empowerment [5] - China Ping An offers a "four-in-one" medical health service model, which includes services delivered to various locations [5] - China Pacific Insurance's "Medical Compensation Pass" solution has served over 289,000 individuals [6]

Core Viewpoint - Morningstar maintains a fair value estimate of HKD 84 for Ping An Insurance (601318) (02318), projecting a significant increase in post-tax operating profit margin to 10% by 2025, driven by improved underwriting profits in property and casualty insurance, aided by reduced catastrophe losses and diminished asset management losses [2] Group 1: Financial Performance - The company's performance met expectations, highlighting improvements in cross-border insurance operations and reduced risks in banking and asset management businesses, supporting the forecast of high single-digit growth in post-tax operating profit margin by 2030 [2] - The bancassurance business began expanding beyond its subsidiary Ping An Bank in 2023, achieving a profit margin of 29%, comparable to AIA's 35%, and nearly double the domestic peers' 15% [2] Group 2: Growth Projections - The new business value (NBV) of Ping An's bancassurance is expected to grow by 139% in 2025, with projections of over 40% growth in 2026 [2] - Agent NBV is anticipated to grow by 10%, with the workforce maintaining double-digit growth since 2023, and expected to rise to around 15% by 2026 as product participation gains market acceptance [2]

Core Viewpoint - The life insurance industry is accelerating its transition to "guaranteed + floating" yield products, with leading companies like Ping An increasing their focus on participating insurance products to optimize liability structures and reduce rigid costs, thereby alleviating investment pressure on the asset side [1][2] Group 1: Business Strategy and Product Development - Ping An plans to increase the proportion of participating insurance in its individual insurance channel to approximately 30% by 2025, with a further push for this product type in 2026 [1] - The company is leveraging its "insurance + service" model, integrating healthcare and elderly care services to enhance product competitiveness amid increasing product homogeneity in the participating insurance market [2] - Ping An has established two major product service systems: "insurance + healthcare" and "insurance + elderly care," covering the entire lifecycle of customer needs [2] Group 2: Market Trends and Consumer Behavior - The current low interest rate environment is driving a shift in consumer asset allocation, with participating insurance products becoming more attractive as they offer stable returns compared to traditional savings [2][3] - There is a notable trend of "deposit migration," where residents are reallocating idle funds from low-yield deposits to life insurance products that provide long-term returns [2] Group 3: Technological Advancements - Ping An's "AI in All" strategy aims to integrate artificial intelligence across its operations, enhancing marketing, service, and management capabilities [3][4] - The company is focusing on building a robust AI infrastructure, investing in algorithms, data, and computing power to maintain a competitive edge in the industry [3] Group 4: Financial Performance and Shareholder Returns - In 2025, Ping An reported an operating profit of 134.415 billion yuan, a 10.3% increase year-on-year, and plans to distribute a cash dividend of 2.70 yuan per share, marking a 5.9% increase [5][6] - The company has maintained a strong dividend payout ratio of 36.4%, reflecting its commitment to shareholder returns and long-term growth potential [5][6] - Ping An's total dividends over the past decade have reached approximately 376 billion yuan, indicating a consistent focus on returning value to shareholders [5] Group 5: Industry Outlook - The life insurance sector is entering a golden development period, with increasing demand for high-quality healthcare and elderly services, as well as diversified asset allocation [6] - Ping An's ongoing optimization of product structures and its focus on the "insurance + service" model are expected to enhance new business value and drive industry growth [6]

Core Viewpoint - Morningstar maintains a fair value estimate of HKD 84 for China Ping An (02318), projecting a significant increase in the company's post-tax operating profit margin to 10% by 2025, driven by improved underwriting profits in property and casualty insurance, aided by reduced catastrophe losses and diminished asset management losses [1][1][1] Group 1: Financial Performance - The company's performance meets expectations, highlighting improvements in cross-border insurance operations and reduced risks in banking and asset management, supporting Morningstar's forecast of high single-digit growth in post-tax operating profit margin by 2030 [1][1][1] Group 2: Bancassurance Business - The bancassurance business began expanding beyond its subsidiary Ping An Bank in 2023, achieving a profit margin of 29%, comparable to AIA's 35%, and nearly double the domestic peers' 15% [1][1][1] - The new business value (NBV) of the bancassurance segment is expected to grow by 139% in 2025, with projections of over 40% growth in 2026 [1][1][1] - Agent NBV is anticipated to grow by 10%, with the workforce maintaining double-digit growth since 2023, and expected to reach around 15% by 2026 as product participation gains market recognition [1][1][1]

Core Insights - China Ping An is transforming its business model by integrating financial services with healthcare and elderly care, driven by the aging population and the "Healthy China" strategy [1][10] - The company reported a strong performance in 2025, with a focus on "comprehensive finance + healthcare and elderly care" strategy, showcasing significant growth and innovation [1][4] Financial Performance - In 2025, Ping An achieved health insurance premium income of 1,590 billion yuan, with medical insurance premiums reaching nearly 734 billion yuan, reflecting a year-on-year growth of 2.7% [2] - The financial returns from the healthcare and elderly care strategy include a 366% increase in profits from Ping An Good Doctor and a 93% customer retention rate [1][3] Technological Integration - The company is leveraging technology to enhance healthcare services, introducing AI products such as digital twins of doctors and AI family doctors, which cover over 11,300 diseases with a diagnostic accuracy of 95.1% [3] - AI doctors have served nearly 12 million users, with a 45% reduction in consultation costs in the fourth quarter [3] Service Model Innovation - Ping An's strategy emphasizes a "product + service" model, leading to increased customer willingness to pay, with significant increases in insurance policy values linked to healthcare services [4][10] - The company has established a comprehensive service network, including "Four Arrivals" (to line, to hospital, to home, to enterprise) to provide 24/7 healthcare services [6] Growth in Elderly Care Services - The revenue of Ping An's flagship healthcare group, Peking University Health, reached 5.723 billion yuan in 2025, indicating a growing trend in the healthcare and elderly care sector [5] - The "Ageing Peaceful" program for home care has successfully engaged over 1 million participants, demonstrating the demand for home care services [7] Strategic Positioning - Ping An's healthcare strategy aligns with national policies promoting high-quality development in the aging economy, positioning the company for long-term growth [10][11] - The company aims to redefine the service experience in 2026, focusing on customer safety, health management, and creating a unique service network [11][12]

Core Insights - China Ping An's 2025 performance reflects strong growth resilience under self-imposed pressure, with a focus on high-value growth, service innovation, technology leadership, and compliance [1][3] - The company achieved a net operating profit of 134.415 billion yuan, a 10.3% increase year-on-year, and a net profit of 143.773 billion yuan, up 22.5% [1][3] - Total revenue reached 1,050.506 billion yuan, a 2.1% increase, and net assets surpassed 1 trillion yuan for the first time, growing by 7.7% [1] Business Performance - In 2025, Ping An's new business value for life and health insurance was 36.897 billion yuan, a 29.3% increase, with a new business value rate of 28.5%, up 5.8 percentage points [3][5] - The property and casualty insurance premium income was 343.168 billion yuan, growing by 6.6%, with a comprehensive cost ratio of 96.8%, improving by 1.5 percentage points [3][5] - The company’s investment performance was strong, with a total investment portfolio of 6.49 trillion yuan, a 13.2% increase, and an investment return rate of 6.3%, up 0.5 percentage points [8] Strategic Focus - Ping An's 2026 strategy emphasizes deepening service system construction, with 2026 defined as the "Year of Service" [2][12] - The company aims to enhance its service offerings through a unified AI-driven platform, integrating over 700 million internet users into a single service entry point [12] - The focus will also be on building a global emergency rescue service system and a unique "four-to" medical and elderly care service network [13][14] Market Positioning - Ping An is positioned as the world's largest insurance group by total assets, with a narrative centered on sustainability, balance, and customer focus [2] - The company is adapting to market trends, particularly in the low-interest-rate environment, by enhancing its life insurance offerings as a long-term asset allocation option for customers [6][10] - The balanced development of distribution channels, including agency and bancassurance, is crucial for maintaining resilience against market fluctuations [4][5][6]

Core Insights - China Ping An is undergoing a profound transformation by integrating finance with healthcare and elderly care, driven by the aging population and the "Healthy China" strategy [1] - The company reported a significant increase in operational profits and net profits for 2025, with a 10.3% and 22.5% year-on-year growth respectively, and a total cash dividend that has increased for 14 consecutive years [1][2] - The healthcare and elderly care strategy has shown strong financial returns, with health insurance premiums reaching 159 billion yuan and a 93% customer retention rate [2][3] Financial Performance - In 2025, the operating profit attributable to shareholders reached 134.415 billion yuan, while the net profit attributable to shareholders was 143.773 billion yuan, both achieving double-digit growth [1] - The new business value in life and health insurance grew by 29.3% to 36.897 billion yuan [1] - The investment performance of insurance funds was strong, achieving a comprehensive investment return rate of 6.3% [1] Healthcare and Elderly Care Strategy - The healthcare and elderly care strategy is becoming a core component of the company's business model, enhancing the financial services offered [2][3] - The company has developed a multi-layered medical payment guarantee system to address the urgent demand for high-quality healthcare services [3] - By integrating financial services with healthcare, the company aims to provide cost-effective solutions covering the entire lifecycle of customers [3] Technological Innovations - The company has introduced AI products such as digital twins of doctors and AI family doctors, which enhance diagnostic efficiency and service experience [4] - AI doctors can diagnose over 11,300 diseases with a diagnostic accuracy of 95.1%, significantly improving the quality of care [4] - The use of AI has reduced the cost of consultations by 45% year-on-year, addressing the shortage of quality medical resources [4] Service Model Transformation - The company is shifting from a traditional insurance model to a service-oriented approach, enhancing customer willingness to pay for comprehensive health management and elderly care solutions [5][6] - The average new policy value for customers using healthcare services has increased significantly, indicating a qualitative leap in customer payment willingness [6] - The company has built a robust network of healthcare providers, including over 50,000 doctors and partnerships with more than 37,000 hospitals [6] Market Position and Growth Potential - The financial performance of Ping An Good Doctor has improved significantly, with total revenue reaching 5.468 billion yuan and a net profit increase of 161.3% [7] - The company is establishing a comprehensive service network that includes online and offline healthcare services, covering a wide range of customer needs [8] - The company's valuation remains low compared to international peers, indicating significant potential for market correction [12] Future Outlook - The company is positioned to benefit from the growing demand for healthcare services as the population ages, aligning with national policies promoting the development of the silver economy [12][13] - The focus on service in 2026 aims to enhance customer experience and create a unique healthcare service network [13][14] - The integration of technology and service in the elderly care sector is expected to drive further growth and innovation [10][14]

Core Insights - China Ping An's Chairman, Ma Mingzhe, sets annual strategic focuses, with 2024 targeting new business growth, 2025 emphasizing "reform and innovation" for full digitalization, and 2026 designated as "Ping An Service Year" to upgrade service systems [1] Strategic Focus and Adjustments - The company maintains its core strategy of "comprehensive finance + healthcare and elderly care" while dynamically adjusting based on macro trends, industry changes, and customer needs [1] - In 2026, the strategic focus will include product, investment, and service dimensions, as detailed by Co-CEO Guo Xiaotao [1] AI Integration - "AI in ALL" is a strategic direction aimed at cost reduction, customer experience optimization, and business growth [2] - AI will help reduce risk costs in finance, such as credit defaults and insurance fraud, which is more impactful than optimizing labor costs [2] - The "Nine to One" plan will integrate multiple customer apps for a seamless service experience, addressing healthcare access issues in remote areas [2] Investment Performance - As of the end of 2025, China Ping An's investment portfolio reached 6.49 trillion yuan, with a comprehensive investment return rate of 6.3%, the highest in five years [2] - The stock allocation in the investment portfolio increased significantly from 7.6% to 14.8% [2] Long-term Investment Strategy - The company adopts a "long-term capital, patient capital" approach, focusing on the difference between investment returns and liability costs rather than absolute values [3] - Over the past decade, the average net investment return rate was 4.8%, and the average comprehensive investment return rate was 4.9%, both exceeding the 4% long-term investment return assumption [3] Product Structure and Specialization - In response to low interest rates, the company is diversifying its product offerings, with a significant increase in the share of participating insurance [4] - In 2026, the company plans to enhance its focus on protection-type products, including specialized insurance for chronic diseases like Alzheimer's and diabetes [4] Health Insurance Development - The core competitiveness of Ping An's insurance products lies in their accompanying healthcare, elderly care, and health benefits [5] - The restructuring of life and health insurance channels aims to align with regulatory trends and enhance competitive advantages in the health insurance market [5] Elderly Care and Medical Services - The government report emphasizes high-quality development in elderly care, aligning with demographic trends of an aging population [6] - In 2026, Ping An will launch an upgraded version of home care services, focusing on multi-disease management and cost reduction for medications [6] - The company aims to enhance emergency response for elderly individuals living alone through advanced monitoring technologies [6] Medical Resource Integration - Ping An has established a four-tier network for medical services, integrating local hospitals and national top-tier medical facilities [7] - The company is working towards a win-win model for clients, hospitals, and itself, facilitating seamless payment processes between public health insurance and commercial insurance [7]