Ping An Insurance earnings dip 7% in H1 2025

But it’s life and health segment kept it afloat with NBV surging 39.8% YoY.

Ping An Insurance (Group) Company of China, Ltd.’s consolidated net profit for the first half of the year (H1 2025) dipped 7.0% year-on-year (YoY) to $11.55b (RMB82.53b).

The company’s H1 2025 revenue also inched down 1.4% YoY to $76.51b (RMB546.5b).

The board declared an interim dividend of $0.13 (RMB0.95) per share in cash, up 2.2% from last year.

The life and health business was a key driver, with new business value (NBV) surging 39.8% YoY to $3.13b (RMB22.34b).

NBV margin based on annualised new premium rose 9 percentage points. The agent channel saw NBV growth of 17%, whilst bancassurance NBV rose 168.6% to $0.84b (RMB5.97b).

Ping An property & casualty posted premium income of $24.06b (RMB171.86b), up 7.1% YoY, with a combined ratio of 95.2%, improving 2.6 percentage points.

Auto insurance combined ratio was 95.5%, also better than the market average.

As of June 30, Ping An had nearly 247 million retail customers, up 4.6% YoY, with an average of 2.94 contracts per customer.

Customers entitled to health and senior care services contributed nearly 70% of Ping An Life’s NBV.

($1.00 = RMB7.15)