China’s leading insurer, Ping An Insurance, reported a 6.45% rise in net profit for 2025, underpinned by strong expansion in its life and health insurance businesses as well as improved investment returns. According to its financial statement released on Thursday, the results slightly missed market expectations but nevertheless reflected a broadly stable and resilient financial performance in a challenging macroeconomic environment.
The company’s net profit for 2025 reached 134.78 billion yuan, marking a notable year-on-year increase. Operating profit also climbed by 10.3%, demonstrating sustained growth across core business lines and continued gains in operational efficiency. Management attributed the performance to disciplined underwriting, improved product mix, and steady demand for long-term protection products.
A key highlight of the results was the sharp rise in the value of new business (VNB) within the life and health insurance segment, which surged by 29.3% to 36.9 billion yuan. This indicator, widely used to measure the profitability of newly sold policies, suggests a growing consumer preference for protection-oriented and long-duration insurance products in China’s evolving financial landscape.
Ping An also recorded an expansion in its retail customer base, which increased by 3.5% to approximately 251 million individuals. This reinforces the company’s extensive footprint in one of the world’s largest insurance markets and highlights its continued success in customer acquisition and retention strategies.
Meanwhile, the group’s investment portfolio expanded significantly, rising by 13.2% to 6.49 trillion yuan. Strong performance in Chinese equity markets, coupled with policy support for capital markets, contributed to improved investment income, which played a meaningful role in overall earnings growth.
Financial performance overview
| Indicator | 2025 Result | Change (YoY) |
|---|---|---|
| Net profit | 134.78 billion yuan | +6.45% |
| Operating profit | — | +10.3% |
| New Business Value (Life & Health) | 36.9 billion yuan | +29.3% |
| Retail customers | 251 million | +3.5% |
| Investment portfolio | 6.49 trillion yuan | +13.2% |
Analysts suggest that the strong performance in life insurance reflects a structural shift in consumer behaviour, with rising demand for financial security, healthcare coverage, and long-term protection products. At the same time, improved investment returns provided an additional boost to profitability, helping offset pressure from other segments.
However, the company struck a cautiously optimistic tone regarding the outlook. It warned that global economic uncertainty, combined with short-term volatility in domestic financial markets, could pose challenges ahead. Fluctuations in asset prices may continue to affect investment income, which remains a key driver of overall earnings.
In contrast, Ping An Bank reported a 4.2% decline in net profit during the same period, primarily due to narrowing interest margins and continued pressure within the broader banking sector. This divergence highlights the relative resilience of the insurance arm compared with more challenging conditions in banking operations.
Overall, Ping An’s 2025 results present a balanced picture of steady growth and underlying resilience. Strong momentum in its core insurance business and robust investment performance have supported stable expansion, even as macroeconomic risks and financial market uncertainty continue to shape the operating environment.