中国平安，业绩大增

Core Insights - China Ping An reported a significant increase in net profit for the third quarter, with a year-on-year growth of 45.4% [1][3] Financial Performance - For the first three quarters of 2025, the company achieved an operating profit attributable to shareholders of 116.26 billion yuan, representing a year-on-year increase of 7.2% [3] - The net profit attributable to shareholders for the first three quarters reached 132.86 billion yuan, up 11.5% year-on-year, with a 45.4% increase in the third quarter alone [3] - As of September 30, 2025, the company's net assets attributable to shareholders stood at 986.41 billion yuan, reflecting a 6.2% growth after dividends [3] Insurance Business Growth - The new business value of life and health insurance saw a robust growth of 46.2% in the first three quarters of 2025 [4] - The average new business value per agent increased by 29.9%, while the new business value from the bancassurance channel surged by 170.9% [4] - Property insurance premium income reached 256.25 billion yuan, marking a 7.1% year-on-year growth, with a combined cost ratio of 97.0%, improving by 0.8 percentage points [4] Investment Performance - The investment portfolio of the insurance funds achieved a non-annualized comprehensive investment return of 5.4%, up by 1.0 percentage point year-on-year [4] - The scale of the investment portfolio exceeded 6.41 trillion yuan, growing by 11.9% since the beginning of the year [4] AI and Technology Integration - The company has accumulated 30 trillion bytes of data covering nearly 250 million individual customers, enhancing its AI capabilities [6] - AI technologies have enabled significant improvements in customer experience, risk control, cost reduction, and sales promotion [6][7] - In the first three quarters of 2025, AI-driven claims processing intercepted fraud losses amounting to 9.15 billion yuan [7] - AI service interactions exceeded 1.292 billion, covering 80% of total customer service volume [7]