PING AN OF CHINA(601318) 21世纪经济报道·2025-05-07 12:31Core Viewpoint - China Ping An Insurance Group reported a stable performance in Q1 2025, with operating profit reaching 37.907 billion yuan, a year-on-year increase of 2.4%, driven by growth in life and health insurance segments [1][2] Financial Performance - Operating profit attributable to shareholders for Q1 2025 was 37.907 billion yuan, up 2.4% year-on-year - Life and health insurance business contributed 26.864 billion yuan to operating profit, reflecting a 5.0% increase [1] - Total assets surpassed 13 trillion yuan, reaching 13.18 trillion yuan [1] Business Strategy and Development - The company emphasized a focus on high-quality development and maintaining a stable operational foundation amid a complex external environment [1] - The multi-channel strategy, including the "4 channels + 3 products" reform, led to a new business value of 12.891 billion yuan in life and health insurance, a robust growth of 34.9% year-on-year [2] - The agent channel saw an 11.5% increase in new business value, while the bancassurance channel experienced a significant 170.8% growth [2] Health Insurance Collaboration - Ping An Health achieved revenue of 1.062 billion yuan in Q1 2025, with a year-on-year growth rate of 25.8%, exceeding market expectations [3] - The company is focusing on high-margin, synergistic businesses, forming a structure of "insurance + healthcare" and "insurance + home care" [3] - The number of enterprise clients served exceeded 2,100, with B-end paid users growing over 45% year-on-year [3] Medical Service Network - The company has established a comprehensive service network, integrating over 50,000 internal and external doctors and nearly 37,000 partner hospitals [4] - The self-operated flagship, Peking University Health Group, reported a revenue of approximately 1.2 billion yuan in Q1 2025, with a 9% year-on-year increase [5] Product and Service Innovation - The "Tian Ping An" insurance + service solution was launched to enhance customer experience by integrating insurance products with various services [6][7] - The "Three Savings" initiative aims to provide customers with a seamless experience in terms of time, cost, and peace of mind [6][7] Technology and Innovation - The company is advancing its "953" AI technology framework, which includes 9 databases, 5 laboratories, and 3 technology companies, to enhance operational efficiency [8][9] - In Q1 2025, AI service interactions reached approximately 450 million, covering 80% of customer service inquiries, significantly reducing operational costs [10] - The application of technology has improved underwriting speed, with 93% of life insurance policies processed in seconds and a 56% claim settlement rate [10]