Ping An Group posts 2.4% profit rise with life and health segment growth

New business value (NBV) surged 34.9%.

Ping An Insurance (Group) Company of China Ltd. reported a 2.4% year-on-year (YoY) increase in operating profit attributable to shareholders of the parent company to $5.31b (RMB37.91b) for the first quarter of 2025 (Q1 2025), supported by solid growth in its life and health insurance business.

Operating profit from the Life & Health segment rose 5.0% to $3.76b (RMB26.86b).

New business value (NBV) surged 34.9% YoY to $1.80b (RMB12.89b), with the NBV margin climbing 10.4 percentage points to 32.0%.

Strong growth in bancassurance and community finance channels, where NBV jumped over 170% YoY, supported this performance.

The Group’s total assets exceeded $1.82t (RMB13t), reaching $1.85t (RMB13.18t) as of March 31, 2025.

Retail customer numbers rose 1.0% from the beginning of the year to nearly 245 million, with a 98.0% retention rate amongst customers holding four or more contracts.

Ping An’s insurance investment portfolio delivered an unannualized comprehensive investment yield of 1.3%, up 0.2 percentage points from a year earlier.

Total insurance fund investments grew 3.3% year-to-date to over $0.83t (RMB5.92t).

Ping An Property & Casualty (P&C) recorded a 7.7% increase in premium income to $11.92b (RMB85.14b) and a 0.7% rise in insurance revenue to $11.36b (RMB81.15b).

Ping An also advanced ESG initiatives, generating $2.36b (RMB16.88b) in green insurance premium income and providing $2.19b (RMB15.65b) in rural industrial support financing during the quarter.