Mei Ri Jing Ji Xin Wen·2025-08-27 15:20Core Viewpoint - China Ping An reported a 3.7% year-on-year increase in operating profit for the first half of the year, while net profit attributable to shareholders decreased by 8.8%, raising market concerns about the disparity between these two profit indicators [3][4]. Financial Performance - The decline in net profit is attributed to three main factors: a one-time impact from the consolidation of Ping An Good Doctor resulting in a 3.4 billion yuan impairment, a non-operating impact from the revaluation of convertible bonds, and significant unrealized gains from stock investments classified under other comprehensive income [5][6][7]. - The company emphasized that operating profit is a more accurate reflection of the insurance industry's true profitability [7]. Business Growth - The new business value from the life insurance agent channel grew by 17% year-on-year, with a significant 168.6% increase from the bancassurance channel [8]. - The overall quality of business improved, with a 13-month policy continuation rate of 96.9%, up 0.3 percentage points year-on-year [7]. Industry Trends - The life insurance sector is experiencing a golden development period, driven by a low-interest-rate environment and increasing demand for wealth preservation, family protection, and value-added services related to health and retirement [8][9]. - The company is leveraging three key reform dividends: multi-channel strategies, product-service integration, and AI-driven enhancements to sales efficiency [9]. Dividend and Shareholder Value - Ping An plans to distribute a mid-term dividend of 0.95 yuan per share, reflecting a 2.2% year-on-year increase [10]. - The company believes that the life insurance industry's growth potential and its comprehensive financial and healthcare advantages will enhance shareholder value over time [11]. AI and Technology Investment - The company has significantly invested in AI and digital transformation, with over 818 million calls to its AI model and more than 650 application scenarios [11][12]. - The strategic focus on comprehensive AI integration aims to enhance the entire financial and healthcare value chain [11][12]. Investment Strategy - Ping An's investment strategy emphasizes asset-liability matching, considering factors such as duration, cost, cash flow, yield, and regulatory compliance [13]. - The company aims to optimize asset allocation to improve investment returns while reducing liability costs [14]. Future Outlook - The company anticipates that as liability costs decrease and capital markets stabilize, it will dynamically match investments across high-yield, value, and growth stocks [14]. - Ping An's valuation is expected to rise due to its strategic leadership and technological empowerment in the comprehensive financial and healthcare sectors [15].