Ping An Insurance (Group) Company of China, Ltd.

Ping An said 2024 revenue was CNY 1,028.9 billion, up 12.6% year over year. Net profit rose 47.8% to CNY 126.6 billion, and OPAT increased 9.1%. On the insurance side, like-for-like life & health NBV increased 28.8%; agent-channel NBV rose 26.5%; per-agent NBV rose 43.3%; and banca NBV rose 62.7%. P&C revenue rose 4.7% and net profit reached CNY 15 billion, up 67.7%. Comprehensive investment income on insurance funds was 5.8%, up 2.2 percentage points, and the group proposed a 2024 dividend of RMB 2.55 per share, up 5%. Forward-looking, management said 2025–2027 should be promising, but did not provide quarterly or full-year numeric guidance beyond the dividend and strategic direction.

Management said the 2024 performance was in line with or slightly above expectations, despite a difficult environment. The CEO/co-CEO commentary stressed that Ping An is deepening its integrated finance plus health and senior care strategy, with a focus on customer retention, multi-channel distribution, and technology-led service improvement. Tone-wise, management was upbeat and confident, repeatedly citing reform progress, stronger NBV, and a long-term growth outlook.

Fu Xin highlighted the core numbers: revenue of CNY 1,028.9 billion, net profit up 47.8%, OPAT up 9.1%, and like-for-like life & health NBV up 28.8%. She said the insurance investment portfolio generated a 5.8% CII, and life & health CII reached 6%; she also noted the property market exposure narrowed to 3.5% from 4.1% and 4.5% in prior periods. On capital returns, she said the proposed dividend is RMB 2.55 per share, up 5%, with 13 consecutive years of dividend growth and total dividends since IPO approaching CNY 400 billion. She framed the balance sheet, solvency, and insurance fund returns as stable and said the group remains confident in its future dividend policy.

Analysts pressed management on why net profit jumped 47.8%, the outlook for participating insurance, the use of insurance funds in equities, AI strategy, and whether Hong Kong senior care is a future market. Management said 2024 met expectations, that participating insurance should take a larger share of the mix while margins improve as pricing rates fall, and that current investment returns should support competitiveness. On equities, management said allocations will remain long-term and value-oriented, with focus on high-dividend, banking, new energy, manufacturing, robots, AI, and other quality assets; they also said they had been approved for a long-term stock investment pilot. On AI and technology, they emphasized a 9-database/5-lab/3-application setup, saying AI is improving efficiency, claims, underwriting, diagnostics, and fraud prevention. They also said they are actively exploring senior care expansion in Hong Kong and the Greater Bay Area.