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].

在当今全球经济格局深度调整、科技革命与产业变革风起云涌的时代背景下，高质量发展已成为保险机 构可持续发展的必由之路。中国平安作为中国金融保险行业的领军者和开拓者，积极响应国家号召，切 实做好"科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇大文章，以平安实践探索出优质金 融助力高质量发展的独特路径和有益经验。中国平安努力为一份"保险"赋予新的内涵，兑现对亿万客户 坚定的"三省"承诺。 锚定高质量发展前进航向 当前，机遇与挑战并存。在国际形势复杂多变，国内经济也正处于转型升级的关键时期，新一轮科技革 命和产业变革为经济发展注入了全新活力。 中国平安近20年各项经营指标稳健增长，整体经营基本面稳固、核心主业向好，交出一份稳中有进、创 新提质、凸显韧性的高质量发展答卷。 2024年平安集团实现归属于母公司股东的营运利润1218.62亿元，同比增长9.1%，近20年均复合增长率 7.5%；营业收入达10289.25亿元，同比增长12.6%。2024年总资产12.96万亿元，近20年年均复合增长率 21.5%。拟派发2024年末期股息每股现金人民币1.62元，派发全年股息每股现金人民币2.55元，同比增 长5%， ...

Core Viewpoint - China Ping An Insurance Group reported a stable performance in Q1 2025, with operating profit reaching 37.907 billion yuan, a year-on-year increase of 2.4%, driven by growth in life and health insurance segments [1][2] Financial Performance - Operating profit attributable to shareholders for Q1 2025 was 37.907 billion yuan, up 2.4% year-on-year - Life and health insurance business contributed 26.864 billion yuan to operating profit, reflecting a 5.0% increase [1] - Total assets surpassed 13 trillion yuan, reaching 13.18 trillion yuan [1] Business Strategy and Development - The company emphasized a focus on high-quality development and maintaining a stable operational foundation amid a complex external environment [1] - The multi-channel strategy, including the "4 channels + 3 products" reform, led to a new business value of 12.891 billion yuan in life and health insurance, a robust growth of 34.9% year-on-year [2] - The agent channel saw an 11.5% increase in new business value, while the bancassurance channel experienced a significant 170.8% growth [2] Health Insurance Collaboration - Ping An Health achieved revenue of 1.062 billion yuan in Q1 2025, with a year-on-year growth rate of 25.8%, exceeding market expectations [3] - The company is focusing on high-margin, synergistic businesses, forming a structure of "insurance + healthcare" and "insurance + home care" [3] - The number of enterprise clients served exceeded 2,100, with B-end paid users growing over 45% year-on-year [3] Medical Service Network - The company has established a comprehensive service network, integrating over 50,000 internal and external doctors and nearly 37,000 partner hospitals [4] - The self-operated flagship, Peking University Health Group, reported a revenue of approximately 1.2 billion yuan in Q1 2025, with a 9% year-on-year increase [5] Product and Service Innovation - The "Tian Ping An" insurance + service solution was launched to enhance customer experience by integrating insurance products with various services [6][7] - The "Three Savings" initiative aims to provide customers with a seamless experience in terms of time, cost, and peace of mind [6][7] Technology and Innovation - The company is advancing its "953" AI technology framework, which includes 9 databases, 5 laboratories, and 3 technology companies, to enhance operational efficiency [8][9] - In Q1 2025, AI service interactions reached approximately 450 million, covering 80% of customer service inquiries, significantly reducing operational costs [10] - The application of technology has improved underwriting speed, with 93% of life insurance policies processed in seconds and a 56% claim settlement rate [10]

近年来，中国家庭的风险管理需求正经历结构性跃迁。人们对于保险的期待，逐渐超越单一的经济补偿功能，更希望通过保险，链接起高品质的健康、医 疗、养老等多元服务。这种"保障+服务"的价值重构，不仅呼应了老龄化社会与健康中国战略的深层诉求，也为险企带来新的时代课题：如何定义真正的"好 保险"？ 变化：从"赔付"到"陪伴" 长期以来，我国保险业发展的核心词之一是"赔付"——赔得快、赔得足便是传统意义上的"好保险"。 2024年，国务院正式对外发布《关于加强监管防范风险推动保险业高质量发展的若干意见》（简称"新国十条"），锚定中国保险业转型航向，定调高质量发 展"航线"。其中，明确鼓励"保险业与养老服务业协同发展、商业健康保险与健康管理深度融合"，为险企发展提供了极具价值的"保险+服务"战略支点。 作为保险行业的标杆企业，中国平安认为，"保险+服务"深度融合，才能更好满足客户全生命周期的健康、医疗、养老等多元需求。为重塑客户真正需要 的"好保险"，中国平安旗下平安人寿近日召开"好保险 添平安"发布会，重磅推出了中国平安"三省"工程又一创新实践——"添平安"保险+服务解决方案（以 下简称"添平安"），通过6大产品服务系列， ...