Ping An Reports Stable Growth in Operating Profit Attributable to Shareholders of the Parent Company in 2024, Net Profit Attributable to Shareholders of the Parent Company Surges 47.8% YoY
Cash Dividend Increases for 13th Consecutive Year
HONG KONG and SHANGHAI, March 19, 2025 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or the "Group", HKEX: 2318; SSE: 601318) today announced its financial results for the year ended December 31, 2024.
In 2024, China's domestic economy was generally stable with a positive long-term economic outlook. However, China still faced short- and medium-term challenges including lackluster domestic demand, volatile markets, and insufficient confidence amid a complex and uncertain external environment. Facing the opportunities and challenges, Ping An adhered to a people-centered approach and focused on its core financial businesses, pushing forward its technology-enabled "integrated finance + health and senior care" dual-driver strategy. With solid fundamentals and rebounding core businesses, Ping An achieved high-quality development characterized by steady progress, deepened strategy, and reform and innovation.
Ping An's operating profit attributable to shareholders of the parent company increased 9.1% year on year to RMB121,862 million and net profit attributable to shareholders of the parent company rose 47.8% year on year to RMB126,607 million in 2024. Revenue was RMB1,141,346 million, up 10.6% year on year. Ping An plans to pay a final dividend of RMB1.62 per share in cash for 2024. The full-year cash dividend will be RMB2.55 per share, up 5% year on year. The cash dividend payout ratio based on operating profit attributable to shareholders of the parent company will be 37.9%, with total dividends increasing for 13 consecutive years.
In addition, according to the announcement by the Board of Directors of Ping An, the tenures of Mr. Ng Sing Yip, Mr. Chu Yiyun and Mr. Liu Hong as Independent Non-executive Directors are coming to an end, and Mr. Hong Xiaoyuan ("Mr. Hong"), Mr. Song Xianzhong ("Mr. Song") and Mr. Chan Hiu Fung Nicholas ("Mr. Chan") have been nominated as candidates for Independent Non-executive Directors of the 13th session of the Board. Mr. Hong is a Senior Economist, previously served as Assistant to General Manager of China Merchants Group Limited and General Manager of China Merchants Finance Holdings Company Limited. Mr. Hong is currently a member of Hong Kong Chief Executive's Policy Unit Expert Group and the Chairman of Supervisory Committee of China Reform Foundation. Mr. Song holds a Doctorate degree in Public Finance. He is currently an Executive Director of the Accounting Society of China and a former President of Jinan University. Mr. Chan is a qualified solicitor. He is currently a Deputy of the Hong Kong Special Administrative Region to the National People's Congress and also a member of the Hong Kong Chief Executive's Policy Unit Expert Group. The proposed appointments shall become effective upon the approval from the shareholders at the annual general meeting and the National Financial Regulatory Administration.
Ping An continued to strengthen its "integrated finance + health and senior care" strategy. The Group has built financial solutions of "one customer, multiple accounts, multiple products, and one-stop services." In this way, Ping An delivers "worry-free, time-saving, and money-saving" service experience to customers, driving continuous growth in the number of retail customers, contracts per customer and profit per customer. The number of Ping An's retail customers was 242 million as of December 31, 2024, up 4.7% from the beginning of the year. 25.6% of them held four or more contracts within the Group, with a retention rate of 98.0%. Nearly 63% of Ping An's 242 million retail customers were entitled to service benefits in the health and senior care ecosystem as of December 31, 2024. Customers entitled to service benefits in the health and senior care ecosystem contributed about 70% of Ping An Life's NBV.
Self-developed vertical large AI models enabled the accelerating development of the ecosystems. Ping An focused on developing core technologies and securing proprietary intellectual property rights. The Group cumulatively filed 55,080 patent applications as of December 31, 2024, leading most international financial and healthcare institutions. Ping An established its competitive moat by building industry-leading five laboratories and nine databases, and establishing a three-level large model system, further integrating large models with business application scenarios.
Building Core Competitive Moat Through the Integrated Finance Model; Enhancing Customer Development.
Life & Health NBV surged and business quality improved steadily. In 2024, Life & Health NBV amounted to RMB28,534 million, up 28.8% year on year on a like-for-like basis. Ping An Life significantly improved persistency ratios in 2024, with 13-month persistency ratio up 3.6 pps year on year, and 25-month persistency ratio up 3.9 pps year on year.
Ping An Life enhanced multi-channel professional sales capabilities. The Company continued to deepen transformation and significantly improved the performance and productivity of its agency channel. In 2024, agent channel NBV on a like-for-like basis grew 26.5% year on year and NBV per agent surged 43.3% year on year. Agent income increased 5.9% to RMB10,395 per agent per month.
Bancassurance channel focused on value-driven operations with NBV rising 62.7% year on year in 2024. Operational efficiency was boosted by increasing high-quality partner outlets. Ping An Life continuously developed the community finance channel. The 13-month persistency ratio of orphan policies within community finance networks improved by 5.7 pps year on year in 2024, with NBV up by nearly 300% year on year. Ping An Life had built elite teams of nearly 24,000 "high-competence, high-performing, and high-quality" agents as of December 31, 2024. Innovative channels including bancassurance and community finance contributed 18.7% of Ping An Life's NBV in 2024.
"Insurance + service" offerings are gaining traction. In products, Ping An Life actively implemented China's new "Ten National Guidelines" for the insurance industry to meet customer demands for diverse insurance products, delved deeper into insurance protection, pension and wealth management markets, and actively built its business presence in inclusive insurance. In services, Ping An Life continuously upgraded its health and senior care service system and provided health management services to over 21 million customers in 2024. Over 160,000 customers were qualified for Ping An's home-based senior care services, which covered 75 cities nationwide as of December 31, 2024. Ping An had unveiled premium health and senior care communities in five cities as of December 31, 2024, which are currently under construction. The communities in Shanghai and Shenzhen are scheduled to open for business in the second half of 2025.
Ping An P&C maintained steady revenue growth and good business quality. Its insurance revenue rose by 4.7% year on year to RMB328,146 million in 2024. Net profit grew by 67.7% year on year to RMB15,021 million. Overall COR was 98.3%, improved by 2.3 pps year on year in 2024. Auto insurance's COR was 98.1%, consistently better than the market average. The Company was honored as "No.1 Brand" in China's auto insurance market by the Ministry of ...
