Ping An Insurance's Deputy General Manager and Chief Financial Officer Fu Xin expressed strong confidence in sustainable future growth during the company's 2025 results briefing. Reviewing the double-digit growth achieved in 2025, senior executives believe Ping An can maintain its upward trajectory through 2026.
According to Ping An's 2025 financial report, the company achieved operating profit attributable to shareholders of the parent company reaching 134.415 billion yuan, a year-on-year increase of 10.3%. The company's net assets exceeded one trillion yuan for the first time, growing 7.7% from the beginning of the year.
Benefiting from Ping An's ongoing deep reform of "insurance products + channels" in recent years, the life insurance and health insurance business maintained growth momentum. The 2025 new business value reached 36.897 billion yuan, increasing 29.3% year-on-year, with new business value from bancassurance channels surging 138%.
Ping An's General Manager and Co-CEO Xie Yonglin stated that with 2026 being a peak year for deposit maturities, insurance products will become important components of household asset allocation. Insurers with strong product capabilities and distribution channels are positioned to benefit.
On the investment side, Ping An's insurance fund investment portfolio achieved a comprehensive investment yield of 6.3% in 2025, up 0.5 percentage points year-on-year. Discussing investment strategy for 2026, Co-CEO Guo Xiaotao indicated Ping An will "seek certainty amid uncertainty." Guo anticipates overall improvement in capital markets this year, with Ping An focusing investments on strategic national priorities including financial strength and Healthy China initiatives, expressing confidence in the team's ability to navigate cycles and deliver stable returns.
The bancassurance channel is positioned to capture migrating deposit funds as 2026 is widely regarded as a peak maturity year for deposits. On January 15, relevant PBOC officials noted that significant volumes of three-year and five-year long-term deposits will reach maturity and require repricing in 2026. CICC estimates suggest approximately 75 trillion yuan in household time deposits will mature during 2026, including about 67 trillion yuan in one-year-plus deposits, representing a 10 trillion yuan increase and 17% growth year-on-year.
Industry analysts believe the peak deposit maturity period could trigger large-scale deposit migration in the low-interest rate environment, where households shift savings into alternative assets based on return considerations. Xie Yonglin noted that deposit migration presents two positive impacts for banks: facilitating transition from high-cost time deposits to diversified liabilities including current accounts, wealth management products, funds, insurance and structured deposits, thereby effectively reducing funding costs; and enhancing fee-based income contribution as households shift from pure savings to comprehensive wealth allocation, optimizing revenue structure and improving earnings stability. However, this also challenges banks to transform from traditional interest margin reliance to comprehensive financial services.
During this deposit migration process, insurance products will become significant components of household asset allocation. With declining deposit rates, maturing savings funds require diversified investment options, and insurance products' low-risk, stable-return characteristics align well with this demand. Xie emphasized that only insurers with robust product capabilities and distribution channels can effectively capture these migrating deposits.
From product perspective, Ping An's competitive advantage lies in precise pricing capability and ecosystem service integration, developing lifecycle-appropriate savings, pension and inheritance products while connecting customers with high-quality retirement communities and health management services. Against this backdrop, bancassurance has become strategically crucial, representing a rapidly developing channel for Ping An in recent years.
Fu Xin highlighted Ping An Bank's industry-leading capabilities in bancassurance, reflecting the group's integrated finance strategy. Key characteristics include high productivity - with monthly per capita premium exceeding 300,000 yuan, ranking first in the industry and ten times higher than leading foreign insurers. Monthly per outlet premium reaches 1.5 million yuan, exceeding market average by 5-10 times. Additionally, recurring premium growth reached 117%. Fu attributed these high-value, high-growth metrics to Ping An Bank's unique model emphasizing customer retention, needs identification and quality sales force development.
Ping An resumed non-Ping An Bank bancassurance partnerships in 2023, establishing cooperation with all six state-owned banks, major joint-stock banks and quality city commercial banks by end-2025. External bank outlets reached 25,000 with over 9,000 dedicated staff, complementing Ping An Bank's bancassurance network. By 2025, bancassurance new business value achieved leapfrog growth, becoming a crucial engine for life insurance development with 138% year-on-year increase. Bancassurance, community finance and other channels contributed 12.1 percentage points higher share of life insurance new business value, with non-individual channels reaching 34% proportion. Xie projects this ratio will continue rising.
Fu noted Ping An's multi-channel approach as distinctive, leveraging individual agency, high-growth bancassurance, and unique community finance channels simultaneously. These channels' quality development represents key foundations for sustainable growth and initial results of recent life insurance reforms.
Beyond liability-side performance improvement, Ping An's investment side also demonstrated growth in 2025. The insurance fund investment portfolio reached 6.49 trillion yuan by end-2025, growing 13.2% from beginning of year. Despite current low-rate environment, comprehensive investment yield reached 6.3%, up 0.5 percentage points year-on-year.
Since 2024, Ping An has emphasized "dividends over bonds" strategy, reducing bond duration extension while significantly increasing allocation to high-dividend assets and growth stocks. The group's equity ratio reached 20% by end-2025, up 9 percentage points year-on-year. Over past decade, Ping An averaged 4.8% net investment yield and 4.9% comprehensive investment yield, exceeding embedded value's 4% long-term return assumption. Within nearly 1 trillion yuan equity holdings, 57% classified as fair value through other comprehensive income, contributing over 90 billion yuan pre-tax unrealized gains. Fu clarified these gains bolster net assets rather than profits, supporting sustainable dividend capacity.
According to annual report, Ping An proposed 2025 final dividend of 1.75 yuan per share, with full-year dividend reaching 2.70 yuan per share (up 5.9% year-on-year) and total cash dividend payout of 48.891 billion yuan, representing 36.4% cash dividend ratio based on operating profit.
Discussing current investment approach, Guo Xiaotao reiterated Ping An's focus on "seeking certainty amid uncertainty." While acknowledging market volatility, he maintains overall positive outlook for 2026 capital markets. Regarding first-quarter performance, Guo emphasized cycle-transcending perspective over short-term fluctuations, prioritizing long-term, stable, sustainable returns for customers and shareholders.
Guo outlined Ping An's five alignment investment philosophy requiring close integration between investment and liability sides: duration matching, cost matching, product matching, economic cycle matching and regulatory compliance matching. As patient, long-cycle capital, Ping An's investments must fully align with national economic development direction. He identified new quality productive forces, infrastructure development, healthcare, retirement services, financial strength and Healthy China as确定性 factors guiding long-term investment and asset allocation decisions.
Regarding gold, Guo confirmed its importance within Ping An's asset allocation strategy. Since early last year, the company allocated to gold investments, achieving expected returns under current market conditions, with continued monitoring of gold trends planned. Guo expressed confidence in Ping An's investment team's extensive experience navigating major cycles, having accumulated fundamental capabilities in delivering stable, sustainable returns across market cycles despite increasing volatility and uncertainty.
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