China’s leading insurer Ping An Insurance has reported a 6.45% rise in net profit for 2025, driven primarily by robust performance in its life and health insurance operations as well as stronger investment gains. While the result came in slightly below market expectations, the group maintained a broadly stable financial position amid a complex macroeconomic environment.
According to a company filing released on Thursday, net profit for the year reached 134.778 billion yuan (approximately USD 19.51 billion), marginally below the LSEG consensus estimate of 136.774 billion yuan. Despite this slight shortfall, operating profit increased by 10.3%, underscoring continued underlying business expansion and operational resilience.
A key highlight was the strong growth in the value of new business (NBV) within the life and health insurance segment, which surged by 29.3% to 36.897 billion yuan. This metric, widely used to gauge the profitability of newly sold policies, reflects rising demand for higher-margin protection products in China’s evolving insurance landscape, where consumers are increasingly prioritising long-term financial security and health coverage.
The company also expanded its customer base steadily, with retail clients rising by 3.5% to 250.97 million. This reinforces its dominant position in China’s highly competitive insurance market and demonstrates continued success in digital distribution and integrated financial services.
Investment performance provided an additional tailwind. The insurer’s portfolio grew by 13.2% to 6.49 trillion yuan, supported by a rebound in Chinese equity markets and policy-driven capital market stabilisation measures. In particular, government encouragement for large insurers to deploy substantial funds into domestic equities during early 2025 helped improve overall investment returns.
Financial Performance Overview (2025)
| Indicator | Result (2025) | Year-on-year Change |
|---|---|---|
| Net profit | 134.778 billion yuan | +6.45% |
| Operating profit | — | +10.3% |
| New Business Value (NBV) | 36.897 billion yuan | +29.3% |
| Retail customers | 250.97 million | +3.5% |
| Investment portfolio | 6.49 trillion yuan | +13.2% |
Despite these encouraging figures, the group adopted a cautious outlook, warning that global economic volatility and domestic short-term pressures could weigh on future performance. Management emphasised the importance of risk discipline and maintaining balance across insurance underwriting and investment activities.
Meanwhile, the group’s banking subsidiary Ping An Bank reported a 4.2% decline in net profit, primarily due to compressed net interest margins in a challenging banking environment. This divergence highlights ongoing sectoral pressures within China’s financial system, even as the insurance arm continues to deliver growth.
Overall, the 2025 results illustrate the structural shift underway in China’s insurance sector, characterised by rising demand for protection-oriented products, improving investment conditions, and increasingly diversified financial ecosystems led by large integrated groups such as Ping An.