Investment Rating - The report maintains a "Buy-A" investment rating for the company [7] Core Insights - The company reported a net profit attributable to shareholders of 68.047 billion yuan for the first half of 2025, a year-on-year decrease of 8.8%, while the operating profit attributable to shareholders increased by 3.7% to 77.732 billion yuan [2] - The new business value (NBV) of the life and health insurance segment reached 22.335 billion yuan, reflecting a year-on-year growth of 39.8% [2] - The comprehensive cost ratio of the property and casualty insurance business improved significantly, decreasing by 2.6 percentage points to 95.2% [3] - The investment portfolio achieved a non-annualized comprehensive investment return of 3.1%, up by 0.3 percentage points year-on-year, with a total investment scale exceeding 6.2 trillion yuan, an increase of 8.2% from the beginning of the year [3] Financial Performance Summary - For the first half of 2025, the life and health insurance business generated an operating profit of 52.435 billion yuan, a year-on-year increase of 2.5% [2] - The insurance service revenue for the property and casualty insurance business was 165.661 billion yuan, a year-on-year increase of 2.3% [3] - The company expects earnings per share (EPS) for 2025 to be 7.85 yuan, with projections of 9.07 yuan and 10.49 yuan for 2026 and 2027, respectively [3] - The target price for the stock is set at 66.87 yuan, based on a price-to-embedded value (P/EV) of 0.8 times for 2025 [3]

Core Insights - The five major A-share listed insurance companies reported a total net profit attributable to shareholders of 178.19 billion yuan for the first half of 2025, representing a year-on-year increase of 3.7% [1] - The overall performance of A-share listed insurance companies showed a "four increases and one decrease" trend in net profit, with notable growth in new business value for life insurance [2] Group 1: Financial Performance - China Ping An achieved the largest net profit of 68.05 billion yuan, while China Life reported a net profit of 40.93 billion yuan, up 6.9% year-on-year [2] - China Pacific Insurance's net profit reached 27.88 billion yuan, growing by 11%, and China People's Insurance reported a net profit of 26.53 billion yuan, up 16.9% [2] - New China Life Insurance saw the highest growth rate in net profit at 14.8 billion yuan, with a year-on-year increase of 33.5% [2] Group 2: New Business Value - The new business value for life insurance across listed companies showed significant improvement, with China Life's new business value increasing by 20.3% year-on-year to 28.55 billion yuan [2] - China Ping An's new business value for life and health insurance grew by 39.8%, with a new business value rate increasing by 9.0 percentage points [2] - New China Life achieved a new business value of 6.18 billion yuan, up 58.4%, while China Pacific Insurance's new business value reached 9.54 billion yuan, growing by 32.3% [3] Group 3: Underwriting Business - The comprehensive cost ratio for property insurance among China People's Insurance, China Ping An, and China Pacific Insurance all showed a year-on-year decline, indicating improved underwriting profits [3][4] - China People's Insurance's property insurance comprehensive cost ratio was 95.3%, the best level in nearly a decade [4] - China Ping An's overall comprehensive cost ratio was 95.2%, down 2.6 percentage points, attributed to effective cost control and the use of technology [4] Group 4: Investment Strategies - Listed insurance companies increased their equity investment proportion, achieving better investment returns while supporting the recovery of the capital market [5] - China Life's equity investment scale increased by over 150 billion yuan compared to the beginning of the year, with a net investment yield of 2.78% and a total investment yield of 3.29% [6] - China People's Insurance reported a 26.1% growth in A-share investment assets, with an increase in the proportion of total investment assets [6]

Core Viewpoint - China Ping An demonstrates resilience and growth in a challenging macroeconomic environment, achieving a significant increase in new business value and stable profit growth, reflecting the effectiveness of its dual strategy of "comprehensive finance + medical care and elderly care" [1][4][16] Financial Performance - For the six months ending June 30, 2025, China Ping An reported an operating profit of 77.732 billion RMB, a year-on-year increase of 3.7%, and a net profit of 68.047 billion RMB [1] - The company announced an interim cash dividend of 0.95 RMB per share, marking a 2.2% increase and representing ten consecutive years of dividend growth [1] Business Growth - The new business value of life and health insurance reached 22.335 billion RMB in the first half of 2025, with a year-on-year growth of 39.8% [4] - The new business value rate (based on standard premiums) increased by 9 percentage points, driven by improved channel quality [4] - The agent channel's new business value grew by 17.0%, while the bank insurance channel saw a remarkable increase of 168.6% [4][5] Customer Retention and Engagement - The company added 15.71 million new customers in the first half of 2025, a 12.9% increase year-on-year, with a customer retention rate of 94.6% [7] - Customers holding four or more contracts with the group accounted for 26.6% of the total, with a retention rate of 97.8% [7] Insurance Sector Performance - The property and casualty insurance segment reported a premium income of 171.857 billion RMB, a 7.1% increase, while insurance service income rose by 2.3% [7] - The overall combined cost ratio improved by 2.6 percentage points to 95.2% [7] Banking Sector Performance - Ping An Bank achieved an operating income of 69.385 billion RMB and a net profit of 24.870 billion RMB in the first half of 2025 [8] - The non-performing loan ratio decreased by 0.01 percentage points to 1.05%, with a provision coverage ratio of 238.48% [8] Medical and Elderly Care Strategy - Approximately 63% of Ping An's nearly 247 million personal customers utilized services from its medical and elderly care ecosystem [11] - Health insurance premium income reached nearly 87 billion RMB, with medical insurance premiums exceeding 41 billion RMB, reflecting a 3.3% year-on-year growth [11] Technological Advancements - The application of AI technology has significantly enhanced operational efficiency, with AI-driven service volume reaching approximately 8.82 billion interactions, covering 80% of total customer service [14][15] - The AI tool "QianZhi" improved sales script generation efficiency by five times, contributing to a 92% year-on-year increase in productivity for the bank insurance channel [14][15] Strategic Outlook - The company plans to continue focusing on its dual strategy of "comprehensive finance + medical care and elderly care," while enhancing digital transformation and service efficiency [16]

中国平安"AI IN All" 21世纪经济报道记者 曹媛 香港报道 8月27日，中国平安（601318.SH、2318.HK）举行2025年中期业绩发布会。 中国平安是"深圳创新四姐妹"中唯一的金融企业。上半年，平安归母公司营运利润达777.32亿元，同比 增长3.7%；寿险及健康险业务新业务价值同比增39.8%。平安还将派发中期股息每股现金人民币0.95 元，同比增长2.2%，其分红水平已经连续超十年保持增长。 中国平安联席CEO郭晓涛称2025年是平安"创新力度最大、改革推动力最强、战略纵深最深"的一年。此 次发布会也释放了平安多重业务与战略信号： 平安寿险渠道改革进入收获期，医养战略差异化赋能效果显著；资产配置方面，明确将围绕新质生产力 与高分红方向适度加大权益配置；科技战略层面，平安首次公开"AI IN ALL"核心逻辑，披露"五智"战 略布局。 会后，围绕市场关心的热点话题，21世纪经济报道专访郭晓涛，详解中国平安在科技战略、医养赛道差 异化布局及股东回报规划。 "四到"包括："到线"指通过家庭医生、养老管家提供在线健康咨询、疾病管理、慢病管理等服务；"到 店"指依托线下医疗网络、体检网络、健康管 ...

Core Insights - China Ping An's operating profit attributable to shareholders reached 77.732 billion yuan, reflecting a year-on-year growth of 3.7% [1] - The total revenue for the first half of 2025 was 500.076 billion yuan [1] - The new business value for life and health insurance showed a robust growth of 39.8% [1] - The property insurance and banking operations remained stable [1] Summary by Categories Financial Performance - Operating profit attributable to shareholders: 77.732 billion yuan, up 3.7% year-on-year [1] - Total revenue: 500.076 billion yuan [1] Business Segments - Life and health insurance new business value growth: 39.8% [1] - Stability in property insurance and banking operations [1]

Core Viewpoint - The article emphasizes the resilience and strategic foresight of Ping An Insurance in navigating market cycles, highlighting its long-term commitment to sustainable growth through innovation and ecosystem development [2][20]. Group 1: Financial Performance - In 2024, Ping An achieved revenue of 1.03 trillion yuan, a year-on-year increase of 12.6%, and a net profit attributable to shareholders of 126.6 billion yuan, up 47.8% [4]. - The weighted average return on equity was 13.8%, an increase of 4.1 percentage points year-on-year, indicating strong overall performance [4]. - The life insurance and health insurance business generated new business value of 28.534 billion yuan, a year-on-year growth of 28.8% [5]. Group 2: Business Segments - The life insurance segment showed high-quality growth, with a 3.6 percentage point increase in the 13-month policy continuation rate and a 3.9 percentage point increase in the 25-month policy continuation rate [5]. - The property insurance segment reported service revenue of 328.146 billion yuan, a 4.7% increase, and a net profit of 15.021 billion yuan, up 67.7% [6]. - The overall combined cost ratio for property insurance improved by 2.3 percentage points to 98.3%, with the auto insurance combined cost ratio at 98.1%, outperforming the market average [7]. Group 3: Investment Strategy - As of the end of 2024, Ping An's insurance fund investment portfolio exceeded 5.73 trillion yuan, a growth of 21.4% from the beginning of the year, with a comprehensive investment return rate of 5.8%, up 2.2 percentage points year-on-year [8]. - The company’s long-term investment discipline is reflected in its consistent performance, with an average comprehensive investment return rate of 5.1% over the past decade [8]. Group 4: Shareholder Returns and Innovation - Ping An plans to distribute a cash dividend of 1.62 yuan per share for the 2024 year-end, marking a 5% increase in total annual dividends to 2.55 yuan per share, with a cash dividend payout ratio of 37.9% [10]. - The company has filed 55,080 patent applications, ranking among the top international financial institutions, showcasing its commitment to technological innovation [12]. - In 2024, Ping An's AI service volume reached approximately 1.84 billion, covering 80% of its total customer service, demonstrating the integration of technology into its operations [12]. Group 5: Strategic Positioning - The aging population in China, with over 20% of the population aged 60 and above, presents significant opportunities for Ping An's healthcare and pension services [14][15]. - Ping An's "insurance + service" model transforms infrequent insurance transactions into frequent health management interactions, enhancing customer loyalty and creating a competitive advantage [16]. - The integration of AI in healthcare services is expected to improve service quality and accessibility, with Ping An developing a leading remote diagnosis platform covering over 2,000 diseases [18].