Xin Lang Cai Jing·2025-08-31 02:32Core Viewpoint - China Ping An reported a strong growth in new business value (NBV) for H1 2025, achieving 22.335 billion yuan, a year-on-year increase of 39.8%, despite a slight decline in net profit [1][3]. Financial Performance - The company achieved a net profit of 68.047 billion yuan in H1 2025, down 8.8% year-on-year, influenced by various factors including investment return assumptions and the consolidation of Ping An Good Doctor [2][3]. - Operating profit for H1 2025 was 77.732 billion yuan, reflecting a 3.7% year-on-year increase, indicating stable growth across various business segments [2][3]. - Total investment income was 96.216 billion yuan, a decrease of 1.8% year-on-year, while comprehensive investment income rose by 24.5% to 157.809 billion yuan [2]. New Business Value (NBV) and Margin - The NBV margin improved to 26.1% in H1 2025, up 8.8 percentage points year-on-year, contributing to the significant growth in NBV [3]. - The first-year premium used for calculating NBV was 85.574 billion yuan, down 7.2% year-on-year, with contributions from various channels showing positive trends [3]. Expense Ratio (COR) Improvement - The combined ratio (COR) for property and casualty insurance improved to 95.2%, a year-on-year improvement of 2.6 percentage points, driven by better performance in health insurance [3]. Embedded Value (EV) and Net Assets - The EV for life and health insurance reached 903.419 billion yuan, an increase of 8.2% from the end of 2024, while the group's total EV was 1.5 trillion yuan, up 5.5% [4]. - The net assets attributable to shareholders were 943.952 billion yuan, reflecting a 1.7% increase from the end of 2024 [4]. Dividend Payout - The company announced an interim dividend of 0.95 yuan per share, a year-on-year increase of 2.2%, maintaining a link between dividends and operating profit [4]. Investment Outlook - The company is expected to achieve insurance business revenues of 575.7 billion yuan, 600.5 billion yuan, and 628.3 billion yuan for 2025-2027, with corresponding growth rates of 4.4%, 4.3%, and 4.6% [5]. - Net profit attributable to shareholders is projected to be 141.4 billion yuan, 164.2 billion yuan, and 193.7 billion yuan for the same period, with growth rates of 11.7%, 16.1%, and 17.9% respectively [5].