At the 2025 Annual General Meeting on May 20th, Chairman Ma Mingzhe outlined the strategic direction for Ping An Insurance (Group) Company of China, Ltd., addressing key topics including strategic positioning, market layout, life insurance reform, technology investment, and corporate governance with the company's senior management.
The company's overall strategy, as defined by Ma Mingzhe, is the dual-wheel drive of "Integrated Finance + Healthcare and Elderly Care," empowered by technology. This is considered Ping An's unique advantage, both present and future. The 2025 annual report supports this strategy's success, showing Ping An serves approximately 251 million individual customers. The healthcare and elderly care business is accelerating as a "second growth curve," with data indicating that clients using these services have a 4-percentage-point higher policy addition rate. For clients with home-based elderly care benefits, the average premium for new life insurance policies increased to 5.2 times, and for high-quality elderly care benefit clients, it surged to 23.4 times.
Ma Mingzhe characterized the current state of Ping An with four descriptors: a clearer strategy, more robust finances, a stronger moat, and a more promising future following recent deep reforms.
Regarding overseas expansion, Ma Mingzhe adopted a notably cautious stance, emphasizing that the Chinese market represents the most growth-oriented and profitable financial insurance market globally. Therefore, focusing on China remains Ping An's unwavering primary strategy. The rationale is that limited capital must be directed to the most promising market, and deep cultivation of the domestic market creates more substantial and sustainable returns for shareholders. He indicated that further global expansion would only be considered once Ping An establishes an absolute advantage in AI and technological innovation that surpasses local institutions in target markets.
Addressing life insurance reform and agent team development, Ma Mingzhe highlighted a core challenge: the industry is "visible, tangible, learnable, but difficult to execute well," attributing the issue to a lack of confidence and persistence. He proposed a four-part methodology for agents: simplify complex tasks, repeat simple tasks, standardize repeated tasks, and persist with standardized tasks. Ping An is concurrently rolling out a "High Talent Plan" to cultivate a top-tier team of health and elderly care advisors embodying the triple value of "financial consultant, family doctor, and elderly care manager."
Focus on the individual insurance (agent) channel is yielding results. In 2025, the channel's total premium reached approximately 529.72 billion yuan, accounting for 80.09% of total life insurance premiums. The new business value (NBV) for individual insurance grew 10.4% year-on-year to 23.82 billion yuan, with the NBV margin improving by 9.5 percentage points to 38%. The agent force stood at 351,000, with average monthly income per agent at 9,299 yuan. Ma Mingzhe reaffirmed that the agent team is the core channel for Ping An Life's development, pledging continued resource support.
On technology investment, management clarified that Ping An's AI initiatives are not pursued for their own sake but to enhance customer service efficiency, integrate applications, and reduce customer acquisition and operational costs. In 2025, AI handled approximately 1.702 billion customer service interactions, covering 80% of total service volume. AI-assisted sales amounted to 133.18 billion yuan, and intelligent anti-fraud claim interception reduced losses by 10.51 billion yuan. Over 230,000 employees group-wide used an internal intelligent agent platform.
Ma Mingzhe definitively stated that technology's role at Ping An is solely to "empower" integrated finance and healthcare/elderly care, viewing it as a means to strengthen the company's moat.
In terms of governance, a significant new rule was passed: the "Regulations on the Compensation of Directors and Senior Management Personnel (2026 Edition)". Key details include performance-based pay constituting no less than 50% of total compensation, with a cap at three times the base salary. Assessment criteria now extend beyond profit to include compliance, risk control, and social responsibility. A notable "deferred payment + clawback" mechanism was introduced: at least 40% of executive performance pay (50% for core roles like Chairman and CEO) will be deferred for a period of no less than three years. In cases of major risk losses, financial fraud, or违规担保 during the tenure, unpaid compensation can be suspended, and already paid amounts can be legally recovered.
The overall message from the AGM was clear: Ping An is anchored to its "Integrated Finance + Healthcare and Elderly Care" strategy, committed to deepening its domestic market, consolidating its core business, leveraging technology for efficiency, and strengthening governance. In an era of uncertainty, this sense of strategic clarity and operational discipline itself may represent a significant anchor of value.
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