Core Viewpoint - China Ping An's overall business performance showed significant improvement in the first three quarters of 2025, with steady growth across its core business segments [1][4]. Financial Performance - The group reported a net profit attributable to shareholders of 132.9 billion yuan, a year-on-year increase of 11.5% [4]. - Total assets reached 13.65 trillion yuan, growing by 5.3% since the beginning of the year, while net assets increased by 6.2% to 986.4 billion yuan [4]. - Operating revenue for the first three quarters was 832.9 billion yuan, up 7.4%, with Q3 revenue alone at 332.9 billion yuan, reflecting an 18.7% year-on-year growth [4]. - Operating profit attributable to shareholders was 116.3 billion yuan, a 7.2% increase, with Q3 showing a remarkable 45.4% growth year-on-year [4]. Business Segment Performance - The three core business segments—life and health insurance, property insurance, and banking—achieved an operating profit of 116.1 billion yuan, a 1.6% increase [6]. - Life and health insurance contributed 78.77 billion yuan (67.7% of total), property insurance 15.07 billion yuan (13.0%), and banking 22.22 billion yuan (19.1%) [6]. - The investment portfolio of insurance funds exceeded 6.41 trillion yuan, growing by 11.9% since the beginning of the year [7]. Solvency and Investment Returns - As of Q3 2025, the solvency ratios for Ping An Life and Ping An Property remained healthy, well above regulatory requirements [9]. - The annualized comprehensive investment return rate was 5.4%, an increase of 1.0 percentage points year-on-year [10]. Life and Health Insurance Business - New business value in life and health insurance reached 35.72 billion yuan, a significant increase of 46.2% year-on-year [13]. - The new business value rate improved to 30.6%, up 9.0 percentage points year-on-year [16]. - The number of personal customers approached 250 million, with a 2.9% increase since the beginning of the year [14]. Property Insurance Business - Property insurance achieved a premium income of 256.25 billion yuan, a 7.1% increase, with auto insurance premiums at 166.12 billion yuan, up 3.5% [21]. - The comprehensive cost ratio improved to 97.0%, a reduction of 0.8 percentage points, marking the best performance since 2020 [23]. Healthcare and Elderly Care Services - Health insurance premium income was nearly 127 billion yuan, with medical insurance premiums close to 58.8 billion yuan, reflecting a 2.6% growth [25]. - The company has expanded its elderly care services, covering 85 cities and serving nearly 240,000 clients [26]. Financial Empowerment and AI Capabilities - Ping An is leveraging vast data resources to enhance its AI capabilities, with a database containing 30 trillion bytes of data covering nearly 250 million personal customers [27]. - AI applications have improved operational efficiency, with 94% of life insurance policies being underwritten in seconds [29]. Future Outlook - Looking ahead, Ping An aims to maintain strategic focus on its core financial business while deepening its dual strategy of "comprehensive finance + healthcare" and driving digital transformation [30].

Core Insights - The article emphasizes the transformation of ESG (Environmental, Social, and Governance) from an optional aspect of corporate development to a mandatory requirement, with a forecast that global ESG assets will reach $53 trillion by 2025, accounting for one-third of global asset management [1] - China Ping An has achieved significant recognition in ESG performance, receiving an upgraded sustainability rating of A from the Hang Seng Index Company and the highest AAA rating from Wind, making it the only company in its industry to achieve this [1][2] Group 1: ESG Performance and Recognition - China Ping An is recognized as the only insurance company from mainland China to be included in S&P Global's "Sustainability Yearbook (China Edition)" [2] - Morgan Stanley increased its long position in China Ping An's H-shares from 6.78% to 6.99% as of September 8, 2025, reflecting growing confidence in the company's sustainable development [2] - The company has integrated ESG principles deeply into its operations, resulting in both external recognition and internal cohesion [2] Group 2: Green Finance and Technology - China Ping An focuses on "green finance" as a core strategy, creating a three-dimensional funding support system comprising investment, loans, and insurance to support low-carbon industries [3] - As of mid-2025, the company has invested approximately ¥144.48 billion in green projects, with green loan balances reaching ¥251.75 billion and green insurance premiums totaling ¥35.84 billion [3] - The company aims for operational carbon neutrality by 2030 and has initiated a "-5% carbon reduction action," achieving an 11% year-on-year reduction in operational carbon emissions [3] Group 3: Social Responsibility and Community Engagement - China Ping An extends its financial services to meet urgent social needs through inclusive finance, healthcare, and digital inclusion [5] - By mid-2025, the company has invested nearly ¥10.8 trillion in supporting the real economy, with ¥32.81 billion allocated for rural revitalization and healthcare services [6] - The company has developed AI-driven solutions to address financing challenges for small and micro enterprises, serving over 1.27 million clients by the end of 2024 [6] Group 4: Healthcare and Elderly Services - In response to the aging population, China Ping An has created a comprehensive healthcare and pension ecosystem, with over 35 million members in its "Ping An Family Doctor" program [7] - By mid-2025, approximately 63% of the company's nearly 247 million individual clients benefit from services provided by its healthcare and pension ecosystem [7] - The company has also upgraded elderly care equipment to monitor risks at home, showcasing its commitment to social responsibility [7] Group 5: Conclusion and Future Outlook - China Ping An's ESG practices are structured into a coherent system that integrates green finance, inclusive services, and healthcare, supported by technology and data [8] - The company aims to leverage ESG as a tool for cross-sector collaboration and contribute to global sustainable development goals [8]

Core Insights - The article emphasizes the transformation of ESG (Environmental, Social, and Governance) from an optional aspect of corporate development to a mandatory requirement, with a forecast that global ESG assets will reach $53 trillion by 2025, accounting for one-third of global asset management [1] - China Ping An has achieved significant recognition in ESG performance, receiving an upgraded sustainability rating of A from the Hang Seng Index Company and the highest AAA rating from Wind, making it the only company in its industry to achieve this [1][2] Group 1: ESG Performance and Recognition - China Ping An is the only insurance company from mainland China included in S&P Global's "Sustainability Yearbook (China Edition)" [2] - Morgan Stanley increased its long position in China Ping An's H-shares from 6.78% to 6.99% as of September 8, 2025, reflecting growing confidence in the company's sustainable development [2] - The company has integrated ESG principles deeply into its operations, resulting in both external recognition and internal cohesion [2] Group 2: Green Finance and Technology - China Ping An focuses on "green finance" as a core strategy, creating a three-dimensional funding support system comprising investment, loans, and insurance to support low-carbon industries [3] - As of mid-2025, the company has invested approximately 144.48 billion yuan in green projects, with green loan balances at 251.75 billion yuan and green insurance premium income at 35.84 billion yuan [3] - The company aims for operational carbon neutrality by 2030 and has initiated a "-5% carbon reduction action," achieving an 11% year-on-year reduction in operational carbon emissions [3] Group 3: Social Responsibility Initiatives - China Ping An extends its financial services to meet urgent social needs through inclusive finance, healthcare, and digital inclusion [5] - By mid-2025, the company has invested nearly 10.8 trillion yuan to support the real economy, with 32.81 billion yuan allocated for rural revitalization and healthcare services [6] - The company has developed AI-based lending solutions to address financing challenges for small and micro enterprises, serving 1.276 million clients by the end of 2024 [6] Group 4: Healthcare and Elderly Services - In response to the aging population, China Ping An has created a comprehensive healthcare and pension ecosystem, with over 35 million members in its "Ping An Family Doctor" program [7] - Approximately 63% of the company's 247 million individual clients benefit from services provided by its healthcare and pension ecosystem [7] - The company has also upgraded elderly care equipment to monitor risks at home, showcasing its commitment to social responsibility [7] Group 5: Conclusion - China Ping An's ESG practices are characterized by a coherent closed-loop system that integrates ESG strategy with business operations, ensuring the coexistence of corporate and social value [8] - The company aims to leverage ESG as a tool for cross-sector collaboration and contribute to global sustainable development goals [8]

Core Viewpoint - The article highlights the unprecedented transformation of Ping An, showcasing its strategic upgrades, service innovations, and technological advancements that redefine its business model and expand its growth potential [3][4][29]. Group 1: Business Performance and Growth - In the first half of 2025, Ping An achieved revenue of 500.1 billion yuan and an operating profit of 77.732 billion yuan, reflecting a steady growth of 3.7% [3]. - The company has established a dual-wheel strategy focusing on "comprehensive finance + medical and elderly care," which aims to address the pressing needs of healthcare and aging populations in China [10][12]. Group 2: Strategic Upgrades - Ping An is undergoing three significant changes: strategic upgrade, service upgrade, and technology upgrade, which are reshaping its financial model and exploring new boundaries for innovation [4][16]. - The company is deepening its medical and elderly care ecosystem, which is expected to create new value growth channels by integrating payment and supply sides to provide high-quality medical services [5][10]. Group 3: Service Innovations - The service innovation is centered around the "Three Savings" concept—saving time, saving money, and saving worry—aiming to enhance customer experience across various financial and life services [20][27]. - Ping An has transitioned from merely selling products to offering comprehensive services that cover the entire lifecycle of customer needs, thus enhancing its core competitiveness [21][27]. Group 4: Technological Advancements - The company has committed to an "AI in All" strategy, integrating artificial intelligence across its operations to improve efficiency and customer service [32][34]. - By leveraging extensive data resources and proprietary AI models, Ping An has significantly enhanced its operational capabilities, achieving a service volume of approximately 882 million AI-assisted interactions in the first half of 2025 [34][36]. Group 5: Market Position and Future Outlook - Ping An's unique positioning in the market, combining traditional finance with healthcare and technology, allows it to create a robust ecosystem that meets diverse customer needs [48]. - The ongoing transformation and strategic initiatives are expected to unlock greater value for Ping An's high-retention and high-value customer base, particularly in the context of an aging population and increasing healthcare demands [47][48].

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]

Core Viewpoint - China Ping An Insurance Group has achieved significant progress in strategic advancement and service upgrades in the first half of 2025, focusing on comprehensive financial services and the dual strategy of "comprehensive finance + medical and elderly care" [1][19]. Financial Performance - The group reported an operating profit of 77.732 billion yuan, a year-on-year increase of 3.7%, and a net profit of 68.047 billion yuan for the first half of 2025 [1][3]. - The total revenue reached 500.076 billion yuan, with total equity attributable to shareholders increasing by 1.7% to 943.952 billion yuan [3]. - The company will distribute an interim cash dividend of 0.95 yuan per share, reflecting a 2.2% increase year-on-year [3]. Insurance Business Development - The new business value of life and health insurance increased by 39.8% year-on-year, with a new business value rate rising by 9.0 percentage points [3][8]. - The agent channel's new business value grew by 17.0%, while the bank insurance channel saw a remarkable increase of 168.6% [3][8]. Investment Performance - The investment portfolio achieved a non-annualized comprehensive investment return rate of 3.1%, up by 0.3 percentage points year-on-year [1][4]. - The average net investment return over the past ten years stands at 5.0%, with an average comprehensive investment return of 5.1% [4][11]. Customer Growth and Retention - As of June 30, 2025, the number of individual customers reached nearly 247 million, a 4.6% increase from the previous year [2][4]. - The retention rate for customers with five or more years of service is 73.8%, with a retention rate of 94.6% [7][4]. Medical and Elderly Care Strategy - The company has achieved 100% cooperation coverage with top hospitals and has provided home care services to nearly 210,000 customers across 85 cities [5][12]. - The health insurance premium income reached nearly 87 billion yuan, with medical insurance premium income exceeding 41 billion yuan, reflecting a 3.3% year-on-year growth [12][5]. Social Responsibility and Sustainability - The company has invested nearly 10.8 trillion yuan to support the real economy and has a green investment scale of 144.482 billion yuan [5][18]. - The MSCI ESG rating has improved to AA, ranking first in the Asia-Pacific region for comprehensive insurance and brokerage [5][18]. Brand Value and Recognition - China Ping An ranks 47th in the Fortune Global 500 and 9th among global financial companies, maintaining its position as the top insurance company in China [6][5].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作 出。 茲載列中國平安保險（集團）股份有限公司在上海證券交易所網站刊登的 根據中國會計準則編制的「中國平安保險（集團）股份有限公司2025年中 期報告」，僅供參閱。 承董事會命 盛瑞生 公司秘書 中國深圳，2025年8月26日 於本公告日期，本公司的執行董事為馬明哲、謝永林、郭曉濤、付欣及蔡方方；非執行 董事為謝吉人、楊小平、何建鋒及蔡潯；獨立非執行董事為伍成業、儲一昀、劉宏、吳 港平、金李及王廣謙。 二零二五年中报 目录 关于我们 公司管治 | 重要提示及释义 | 1 | | --- | --- | | 我们是谁 | 3 | | 公司使命 | 4 | | 时代机遇 | 5 | | 公司战略 | 6 | | 经营亮点 | 10 | | 董事长致辞 | 12 | | 财务摘要 | 15 | 经营情况讨论及分析 | 综合金融 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 2025年中期报告摘要 （股票代码：601318） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列中國平安保險（集團）股份有限公司在上海證券交易所網站刊登的根 據中國會計準則編制的「中國平安保險（集團）股份有限公司2025年中期報 告摘要」，僅供參閱。 承董事會命 盛瑞生 公司秘書 中國深圳，2025年8月26日 於本公告日期，本公司的執行董事為馬明哲、謝永林、郭曉濤、付欣及蔡方方；非執 行董事為謝吉人、楊小平、何建鋒及蔡潯；獨立非執行董事為伍成業、儲一昀、劉宏、 吳港平、金李及王廣謙。 二〇二五年八月二十六日 2025 年中期报告摘要 一、重要提示 1.4 公司简介 | 股票简称 | 中国平安 | | | --- | --- | --- | | 股票代码 | H A 股：601318 | 股：02318（港币柜台） | | | | 82318（人民币柜 ...

Core Viewpoint - China Ping An (601318) reported a solid performance in the first half of 2025, with significant growth in various business segments, particularly in life and health insurance, showcasing its innovative service models and strong customer retention strategies [1][4][5]. Financial Performance - The company achieved operating revenue of 546.469 billion yuan, with operating profit attributable to shareholders at 77.732 billion yuan, a year-on-year increase of 3.7% [1]. - Net profit attributable to shareholders reached 68.047 billion yuan, with basic earnings per share at 3.87 yuan and an interim cash dividend of 0.95 yuan per share [1]. Service Model Innovation - Ping An introduced the "Tian Ping An" insurance and service solution, which includes home-based elderly care services, combining pension benefits with a three-in-one service model of "smart housekeeper, life housekeeper, and doctor housekeeper" [2]. - The company upgraded its global emergency rescue service, covering 233 countries and regions, with the ability to dispatch medical aircraft within 48 hours for urgent medical needs [2]. Customer Management and Retention - As of June 2025, the company had nearly 247 million individual customers, a 4.6% increase from June 2024, with an average of 2.94 contracts per customer [3]. - The retention rate for long-term customers (5 years and above) was 73.8%, and the overall customer retention rate stood at 94.6% [3]. Business Segment Performance - The new business value for life and health insurance reached 22.335 billion yuan, a significant increase of 39.8% year-on-year, with high policy continuation rates [4]. - Property insurance premium income was 171.857 billion yuan, up 7.1%, with a comprehensive cost ratio of 95.2%, showing improvement [5]. Healthcare and Elderly Care Strategy - The company integrated its insurance and healthcare services, with nearly 63% of its individual customers enjoying benefits from its healthcare and elderly care ecosystem [6]. - Health insurance premium income was close to 87 billion yuan, with medical insurance premium income exceeding 41 billion yuan, reflecting a 3.3% year-on-year growth [6]. AI and Technology Integration - Ping An has developed a leading AI capability, utilizing a vast database of 30 trillion bytes of data, enhancing service efficiency and customer experience [8]. - The company reported 8.18 billion calls to its AI models in the first half of 2025, with over 650 application scenarios [8][9].

Core Insights - Ping An Good Doctor has shown significant growth, with revenue reaching 2.5 billion yuan and net profit of 134 million yuan for the first half of 2025, marking year-on-year increases of 19.5% and 136.8% respectively [1] - The company has established itself as a key player in the healthcare and elderly care sectors, focusing on a "medical care + comprehensive finance" strategy, which has positioned it centrally within the Ping An Group [1][3] Business Model and Strategy - The business model of Ping An Good Doctor revolves around two main services: family doctors and home elderly care, addressing the public's needs for medical access and elder care [3] - Unlike competitors that focus on pharmaceutical e-commerce or heavy investments in building elderly care facilities, Ping An Good Doctor has opted for a platform-based approach that integrates quality medical and care resources [5][6] Market Position and Competitive Advantage - The company has built a comprehensive medical ecosystem, establishing partnerships with over 5,000 hospitals and 106,000 health service providers, which enhances its service delivery capabilities [7] - By focusing on preventive care, diagnosis, and rehabilitation, Ping An Good Doctor has differentiated itself from other internet healthcare platforms that primarily rely on drug sales [4][5] Data and AI Integration - Ping An possesses extensive medical data, including 1.46 billion medical consultations and 12 million health check reports, which supports its AI-driven healthcare solutions [19][20] - The company has developed a multi-modal AI model, "Ping An Medical Assistant," which enhances service efficiency and accuracy in various healthcare scenarios [22][23] Financial Performance and Growth Potential - The integration of healthcare services has positively impacted Ping An's insurance business, with new business value in life and health insurance reaching 12.89 billion yuan, a growth rate of 34.9% [12][13] - The company's strategy of combining healthcare with financial services is expected to create a robust entry point for high-value business opportunities, similar to successful models in other industries [15][23]