2 1 Shi Ji Jing Ji Bao Dao·2025-08-27 11:29Core Viewpoint - The overall performance of Ping An Group is stable, with strong growth in its main business and continuous innovation efforts [2] Financial Performance - For the first half of the year, Ping An reported revenue exceeding 500 billion yuan, with operating profit of 77.732 billion yuan, a year-on-year increase of 3.7%, and net profit of 68.047 billion yuan [2] - The company announced an interim dividend of 0.95 yuan per share, representing a year-on-year increase of 2.2%. Since 2015, cash dividends have increased for 10 consecutive years, with total dividends exceeding 400 billion yuan since its listing [2] Life Insurance Business - The core life and health insurance business showed particularly strong growth, with new business value reaching 22.335 billion yuan, a year-on-year increase of 39.8%, and new business value rate rising by 9 percentage points [3] - The agent channel's new business value grew by 17%, while per capita new business value increased by 21.6%. The bank insurance channel saw a significant increase of 168.6% in new business value [3] Reform and Transformation - Since initiating reform and transformation in 2019, Ping An Life Insurance has restructured its growth logic through a "channel + product" strategy [4] - The life insurance sector is currently in a golden development period, providing threefold value: wealth preservation and appreciation, family protection, and enhanced medical and retirement services, aligning with market demand for the next 5-10 years [4] Reform Benefits - The life insurance reform has released three major benefits: 1. Multi-channel strategy: Expanding from agent channels to bank insurance and community financial service channels, significantly increasing new business value from non-agent channels [6] 2. Product + service benefits: Differentiation through value-added services such as "insurance + healthcare" and "insurance + retirement," effectively driving customer purchases [7] 3. AI empowerment: Enhancing the efficiency of customer acquisition, marketing, and conversion for the sales team [9][10] Market Position - Recently, Ping An's stock price has rebounded, with its market value exceeding one trillion yuan. The CFO noted that the valuation multiples remain low, suggesting potential for further appreciation [11]