中国平安(02318) - 2025 - 中期财报

About Us Who We Are The company has developed into a leading international "integrated finance + healthcare and elderly care" service group, ranking first in global insurance group brand value, serving nearly 247 million individual customers and over 4 million group customers, and listed in Hong Kong and Shanghai - The company is a leading international "integrated finance + healthcare and elderly care" service group, ranking first in global insurance group brand value[11] - Serves a large number of customers, covering nearly 247 million individual customers and over 4 million group customers[11] - The company is dual-listed on the Main Board of The Stock Exchange of Hong Kong (2318.HK) and the Shanghai Stock Exchange (601318.SH)[11] Company Mission The company is committed to becoming a leading international integrated financial, healthcare, and elderly care service group, upholding the philosophy of "Expertise Makes Life Simpler" by providing "worry-free, time-saving, and cost-effective" services to address customer pain points in finance, healthcare, and elderly care - The company's mission is to become a leading international integrated financial, healthcare, and elderly care service group, creating value for customers, employees, shareholders, and society[14] - Upholds the philosophy of "Expertise Makes Life Simpler," providing "worry-free, time-saving, and cost-effective" services[14][15] - Achieves customer peace of mind, efficiency, convenience, and cost optimization through professional advisors, online/offline services, and integrated benefits[16][17][18] Era Opportunities China's economy enters a medium-to-high-speed growth phase, with an expanding middle class and accelerating population aging, driving strong demand for "insurance + services," efficient healthcare, and high-quality elderly care, ushering in a golden development period for the life insurance industry - China's economy is entering a medium-to-high-speed growth phase, with the middle-class population continuously expanding, projected to account for one-third of the global total by 2030[20][21][25] - Population aging is accelerating, with the proportion of people aged 65 and above expected to exceed 20% by 2030, and the silver economy's scale potentially reaching RMB 30 trillion by 2035[20][23][26] - Healthcare demand is growing, with the total scale of the health service industry projected to reach RMB 16 trillion by 2030, but facing challenges such as uneven resource allocation[22][27] Company Strategy The company continues to deepen its "integrated finance + healthcare and elderly care" strategy, building core competitiveness through "service differentiation," leveraging technology to provide comprehensive financial advisory, family doctor, and elderly care management professional services, achieving service enhancement, efficiency improvement, cost reduction, and risk prevention - The company deepens its "integrated finance + healthcare and elderly care" strategy, building core competitiveness through "service differentiation"[28] - In integrated finance, it builds a "one customer, multiple accounts, diverse products, one-stop service" system to enhance customer loyalty[30] - In healthcare and elderly care, it represents the payer to integrate suppliers, providing cost-effective healthcare and elderly care services, and building professional family doctors and elderly care managers[33][34] - Technology empowerment is central, utilizing AI large models, big data, and other technologies to achieve digital operations, management, and marketing, driving the transformation from "experience-based decision-making" to "data-driven decision-making"[36] - Technology empowerment yields significant results: AI doctors accurately diagnose over 10,000 diseases, 94% of life insurance policies are underwritten in seconds, AI customer service covers 80% of total service volume, and property insurance anti-fraud intelligent claims interception reduces losses by RMB 6.44 billion[38][39][40] Operating Highlights In the first half of 2025, the Group maintained stable operations, with operating profit attributable to shareholders increasing by 3.7% year-on-year, and interim dividend per share growing by 2.2%; life and health insurance new business value surged by 39.8%, property and casualty insurance business grew steadily with optimized combined ratio; bank net profit remained stable with sound asset quality; integrated finance and healthcare & elderly care strategies continued to deepen, improving customer operating efficiency, and the brand value ranked first globally for insurance brands Group Key Financial Indicators for H1 2025 | Indicator | Amount/Ratio | Year-on-year/vs. beginning of year change | Notes | | :--- | :--- | :--- | :--- | | Operating Profit Attributable to Parent Company Shareholders | RMB 77.732 billion | 3.7% increase | | | Net Profit Attributable to Parent Company Shareholders | RMB 68.047 billion | - | | | Operating Revenue | RMB 546.469 billion | - | | | Equity Attributable to Parent Company Shareholders | RMB 943.952 billion | 1.7% increase | vs. beginning of year | | Interim Dividend Per Share | RMB 0.95 | 2.2% increase | | | Life & Health Insurance New Business Value | 39.8% increase | - | | | Property & Casualty Insurance Gross Written Premiums | RMB 171.857 billion | 7.1% increase | | | P&C Overall Combined Ratio | 95.2% | 2.6 percentage points optimization | | | Bank Net Profit | RMB 24.870 billion | - | | | Bank NPL Ratio | 1.05% | - | | | Individual Customers | Nearly 247 million | 1.8% increase | vs. beginning of year | | Retention Rate of Customers Holding 4+ Group Contracts | 97.8% | - | | | Contribution of Healthcare & Elderly Care Ecosystem Service Rights to Life Insurance NBV | Nearly 70% | - | | | Cumulative Investment in Real Economy | Nearly RMB 10.80 trillion | - | | | Brand Finance Global Insurance Brand Value Top 100 Ranking | 1st place | Ranked first for nine consecutive years | | Chairman's Statement The Chairman emphasized the company's inheritance of the Special Economic Zone spirit, reshaping financial models through technological innovation, deepening the "integrated finance + healthcare and elderly care" strategy, leveraging AI technology to achieve service differentiation, enhance customer experience, and actively fulfill social responsibilities; in the first half, the Group maintained stable operations, with significant growth in life insurance new business value, strong performance in property and casualty insurance and banking, deepened implementation of the healthcare and elderly care strategy, and remarkable achievements in technology application - The company inherits the spirit of the Special Economic Zone, driving technological transformation with AI as the core, exploring innovation boundaries, and making financial services inclusive[59][60] - In the first half of 2025, the Group's operating profit attributable to parent company shareholders was RMB 77.732 billion, a 3.7% year-on-year increase; net profit was RMB 68.047 billion[61] - Life and health insurance new business value surged by 39.8% year-on-year, with policy persistency remaining high[61][66] - Property and casualty insurance gross written premiums were RMB 171.857 billion, a 7.1% year-on-year increase; combined ratio was 95.2%, optimizing by 2.6 percentage points year-on-year[67] - Bank net profit was RMB 24.870 billion, non-performing loan ratio was 1.05%, provision coverage ratio was 238.48%, with overall stable asset quality[67] - Healthcare and elderly care strategy deepened, with nearly 63% of individual customers enjoying healthcare and elderly care ecosystem service rights, and Ping An Family Doctor members exceeding 35 million[68][69] - AI technology is widely applied, with large model calls reaching 818 million, assisting sales of RMB 66.157 billion, and property insurance anti-fraud intelligent claims interception reducing losses by RMB 6.44 billion[71] - Actively fulfills social responsibilities, with cumulative investment of nearly RMB 10.80 trillion supporting real economy development, and MSCI ESG rating upgraded to AA[72] Financial Summary This section provides key financial indicators for the Group and its business segments in the first half of 2025, including operating profit, net profit, assets and liabilities, solvency, new business value, combined ratio, and non-performing loan ratio, comprehensively demonstrating the company's stable operating performance and growth trends across all businesses Group and Segment Key Financial Indicators for H1 2025 | Indicator | H1 2025 (RMB million/%) | H1 2024 (RMB million/%) | Change (%) / Percentage Points | | :--- | :--- | :--- | :--- | | Group Performance | | | | | Operating Profit Attributable to Parent Company Shareholders | 77,732 | 74,986 | 3.7% | | Net Profit Attributable to Parent Company Shareholders | 68,047 | 74,619 | -8.8% |