China's Ping An Insurance (2318), opens new tab reported a 6.45 percent year-on-year rise in net profit in 2025, driven by growth in new business value margin and equity investment gains, according to a filing on Thursday.
The insurance company posted 134.78 billion yuan (HK$152.79 billion) in net profit last year, below a median estimate of 136.774 billion yuan, according to LSEG data. Operating profit rose 10.3 percent in 2025.
New business value (NBV) in its life and health insurance segment, which measures the profitability of new policies sold, grew 29.3 percent year-on-year to 36.897 billion yuan.
The insurer's NBV growth reflects a broader industry shift toward higher-margin protection products after years of declining agent productivity and weak consumer demand.
Still, Ping An warned that the "impact from the changing external environment will heighten" and the domestic economy is facing certain challenges in the short term.
The number of retail customers rose 3.5 percent to 250.97 million by end-December from a year earlier, the filing showed.
Ping An's insurance funds investment portfolio grew 13.2 percent to 6.49 trillion yuan as of December from the beginning of 2025, the filing showed.
The insurer's investment performance benefited from a rally in Chinese equities as authorities strengthened support for capital markets, including measures introduced in early 2025 aimed at channelling hundreds of billions of yuan from major insurers into stocks.
China's push into artificial intelligence and advanced technologies drew global investors back to the market, which helped sustain bullish sentiment through 2025.
Banking unit Ping An Bank, opens new tab last week reported its net profit in 2025 fell 4.2 percent year-on-year as pressure on interest margin persists.
Reuters
