Core Viewpoint - Ping An Insurance reported steady growth in its interim results for the first half of 2025, demonstrating resilience and innovation in a challenging economic environment, with a focus on integrated finance and health services [2][4]. Financial Performance - Operating profit attributable to shareholders reached RMB 77,732 million, up 3.7% YoY, while net profit was RMB 68,047 million [4]. - Revenue for the Group was RMB 546,469 million, and equity attributable to shareholders increased by 1.7% to RMB 943,952 million [4]. - An interim dividend of RMB 0.95 per share was declared, reflecting a 2.2% increase YoY [4]. Business Development - The Life and Health insurance segment saw a new business value (NBV) surge of 39.8% YoY, reaching RMB 22,335 million [7]. - The agent channel NBV grew by 17.0% YoY, while the bancassurance channel experienced a remarkable increase of 168.6% YoY [4][7]. - The number of retail customers increased by 4.6% YoY to nearly 247 million, with a retention rate of 94.6% for customers served for five or more years [3][6]. Integrated Finance Strategy - Ping An's integrated finance model achieved balanced growth, with customers entitled to health and senior care services contributing nearly 70% of Ping An Life's NBV [3][6]. - The Group launched innovative products and services, including an "insurance + service" solution and upgraded emergency rescue services [3][8]. Investment Performance - The unannualized comprehensive investment yield for the insurance funds portfolio rose to 3.1%, up 0.3 percentage points YoY [4][11]. - The insurance funds investment portfolio grew by 8.2% from the beginning of the year, exceeding RMB 6.20 trillion [11]. Technological Advancements - Ping An's large AI models were utilized 818 million times across over 650 scenarios, enhancing service efficiency and customer experience [19]. - The Group's databases accumulated 30 trillion bytes of data, supporting advanced AI capabilities for precise service delivery [18]. Social Responsibility and Sustainability - Ping An invested nearly RMB 10.80 trillion to support the real economy, with green investments totaling RMB 144,482 million [20][21]. - The Group's operational carbon emissions decreased by 11% YoY, reflecting its commitment to sustainability [21]. Future Outlook - In the second half of 2025, Ping An aims to continue its dual-pronged strategy of integrated finance and health services, focusing on technological advancements and service differentiation to meet customer needs [22].