Core Viewpoint - The mid-year performance report of Chinese insurance companies has begun, with Ping An Insurance (Group) Company of China, Ltd. being the first to disclose its results for the first half of 2025, showing a stable growth in profits despite a challenging low-interest-rate environment [1][3]. Financial Performance - In the first half of 2025, Ping An achieved an operating profit of 77.732 billion yuan, a year-on-year increase of 3.7%, and a net profit attributable to shareholders of 68.047 billion yuan [3]. - The company's total revenue reached 500.076 billion yuan [3]. - Ping An announced an interim dividend of 0.95 yuan per share, reflecting a 2.2% increase, continuing its trend of increasing dividends for 13 consecutive years [3]. Investment Strategy - Ping An emphasizes a long-term investment approach in equity investments, focusing on a balanced allocation between value and technology growth investments to achieve stable returns that exceed market performance [4]. - In fixed income, the company actively allocates to interest rate bonds to enhance returns [4]. New Business Value Growth - The new business value of Ping An's life and health insurance segment grew by 39.8% year-on-year, reaching 22.335 billion yuan, with a new business value rate increasing by 9.0 percentage points [6]. - The agency channel saw a 17.0% increase in new business value, while the bank insurance channel experienced a significant growth of 168.6% [6]. AI Empowerment in Financial Services - Ping An is leveraging AI technology to enhance its competitive edge, with a database containing 30 trillion bytes of data covering nearly 247 million individual customers [7]. - The company reported 818 million calls to its AI models in the first half of 2025, with over 650 applications across various scenarios [7]. - AI applications are expected to reduce customer service costs, mitigate risks, and innovate service channels [7]. Healthcare and Elderly Care Strategy - Ping An is actively building an "insurance + health care" ecosystem, with nearly 70% of new business value in life insurance coming from clients with access to healthcare services [8]. - The company reported health insurance premium income of nearly 87 billion yuan, with medical insurance premiums exceeding 41 billion yuan, reflecting a 3.3% year-on-year growth [8]. - Ping An's healthcare services have reached over 13 million customers, and its home care services cover 85 cities [9].