Ping An Insurance Company of China Ltd. expanded its health and senior care ecosystem in 2025, linking insurance products with medical and elderly services while reporting RMB159 billion ($22.26 billion) in related premiums.

The group recorded nearly RMB73.4 billion ($10.28 billion) in medical insurance premiums, up 2.7% year on year. Health and senior care services were used by 18,298 thousand life insurance customers.

Ping An cited demand linked to a population aged 60 and above exceeding 300 million, with life expectancy at 79 years.

Technology tools were applied across diagnosis and treatment. The company reported that its AI systems identified over 11,300 diseases with 95.1% accuracy, while AI-enabled multi-disciplinary tools reached about 90% accuracy in complex cases. Nearly 12 million users accessed AI doctor services annually, and consultation costs in the fourth quarter declined 45% year on year.

The company maintained a network of about 50,000 doctors and partnerships with more than 37,000 hospitals. Senior care services included home-based support for over 240,000 customers and corporate health programs covering more than 95,000 clients and over 60 million employees.

Ping An Healthcare and Technology Co. Ltd., the group’s listed healthcare unit, reported RMB379.5 million ($53.13 million) in profit attributable to shareholders, up 366.1% year on year. Revenue from its commercial insurance enablement business reached RMB3.3 billion ($462.00 million), up 11.0%, driven by services integrated with insurance offerings.

Earnings and investment returns

Operating profit attributable to shareholders reached RMB134,415 million ($18.82 billion), up 10.3% year on year. Net profit excluding non-recurring items rose 22.5% to RMB143,773 million ($20.13 billion).

Equity attributable to shareholders totaled RMB1,000,419 million ($140.06 billion), up 7.7%. Ping An proposed a final dividend of RMB1.75 per share, bringing total cash dividends to RMB48,891 million ($6.84 billion), extending its dividend increase to 14 consecutive years.

Insurance funds generated a 6.3% comprehensive investment yield, while the investment portfolio increased 13.2% to RMB6.49 trillion ($908.60 billion).

Hoi Tung, CEO and chairman of Ping An Overseas Holdings, said at a Milken Institute event in Hong Kong that the group is reviewing exposure to US assets following recent global market volatility, according to published reports.

Customer base tied to service-led model

Ping An reported 251 million retail customers, up 3.5% from the start of the year. Retention among customers holding three or more product categories reached 99%.

Contracts per customer rose to 2.94. About 75% of customers have been with the company for at least five years, holding 1.7 times more contracts than first-year customers.

Service-linked offerings recorded a 93% retention rate within the health and senior care ecosystem. High-value customers increased 6% during the year.

The company operated more than 7,000 offline outlets across 330 cities and employed over 1.30 million sales agents. Online platforms recorded about 90 million average monthly active users. Internal customer acquisition costs were 35-45% lower than external acquisition.

Insurance growth linked to service usage

Life and health insurance new business value reached RMB36,897 million ($5.17 billion), up 29.3%, with NBV margin at 28.5%, up 5.8 percentage points.

Agency channel NBV increased 10.4%, supported by a 17.2% rise in NBV per agent. Bancassurance channel NBV increased 138.0%, with its share rising 12.1 percentage points.

Persistency ratios improved, with the 13-month ratio at 97.4% and the 25-month ratio at 94.9%.

Health and senior care integration corresponded with higher policy values. First-year premiums per new policy increased by 1.5 times for healthcare customers and 5.2 times for home-based senior care customers within the group’s insurance operations.

Property, casualty, and banking metrics

Property and casualty insurance recorded premium income of RMB343,168 million ($48.04 billion), up 6.6%, and insurance revenue of RMB338,912 million ($47.45 billion), up 3.3%. The combined ratio improved to 96.8%, while auto insurance combined ratio reached 95.8%.

The segment provided RMB373.04 trillion ($52.23 trillion) in coverage to 2.93 million small and micro-enterprises and issued 3.26 million technology-related policies totaling RMB9.29 trillion ($1.30 trillion).

Ping An Bank reported net profit of RMB42,633 million ($5.97 billion). The non-performing loan ratio declined to 1.05%, and the provision coverage ratio stood at 220.88%. Core tier 1 capital adequacy ratio reached 9.36%.

Retail assets under management rose to RMB4,238,409 million ($593.38 billion), up 1.1%. Corporate loan balances increased 3.5%, with 31.9 thousand technology companies served, up 21.1%.

AI deployment across underwriting and claims

Ping An reported 33 terabytes of customer data and over 3.2 trillion tokens of text data, alongside 500,000 hours of voice data and 8.5 billion image entries.

More than 230,000 employees used internal AI platforms, generating over 70,000 applications and 3.65 billion model calls. AI systems processed 94% of life insurance underwriting within seconds.

AI service representatives handled about 1,702 million interactions, accounting for 80% of total customer service volume. Smart fraud detection contributed RMB10.51 billion ($1.47 billion) in claims savings, while AI-assisted sales reached RMB133,179 million ($18.65 billion).

Ping An reported cumulative investment of over RMB10.88 trillion ($1.52 trillion) in the real economy. Green investment of insurance funds totaled RMB530,087 million ($74.21 billion), while green loan balances reached RMB266,433 million ($37.30 billion).

Green insurance premium income reached RMB76,474 million ($10.71 billion), and RMB57,148 million ($8.00 billion) was allocated to rural industrial development.

The company’s MSCI ESG rating rose to AAA, ranking first in the Asia-Pacific multi-line insurance and brokerage sector for the fourth consecutive year.

Ping An is scheduled to review its first-quarter 2026 results on April 28, a timeline that may provide further indication of business conditions in China’s insurance sector.