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%; and OPAT increased 9.1%. On the insurance side, like-for-like NBV rose 28.8%, P&C revenue increased 4.7%, and P&C net profit rose to RMB 15 billion, up 67.7%. Group comprehensive investment income was 5.8%, up 2.2 percentage points, and Life & Health CII reached 6.0%. The proposed 2024 cash dividend is RMB 2.55 per share, up 5% year over year, or RMB 0.12 per share more than last year. Management did not give formal next-quarter or full-year 2025 financial guidance, but said they expect to continue raising revenue, reducing costs, and pursuing reform, innovation, and risk prevention through 2025-2027.

Management described 2024 as a challenging year in which Ping An still delivered steady operating progress and results that were in line with or slightly above expectations. The CEO commentary emphasized continued deepening of the group’s integrated finance plus health and senior care strategy, with customer retention and multi-product penetration highlighted as evidence that the reform is working. Tone-wise, management was confident and constructive, repeatedly framing Ping An as a long-term, patient investor and a business with a clear strategic moat.

Fu Xin emphasized that the group’s strategy is built around three professionals — financial adviser, family doctor, and senior care concierge — supported by technology, data, and AI. She highlighted CNY 1,028.9 billion of revenue, 12.6% growth, net profit up 47.8%, OPAT up 9.1%, and a 5.8% group CII, noting that insurance funds grew 21.4% and property exposure was reduced to 3.5% from 4.1% last year and 4.5% in 2023. She also pointed to a proposed RMB 2.55 per share dividend, up 5%, and said the company remains confident in future dividend policy and shareholder returns.

Analysts asked about the sharp rise in profit, the impact of lower pricing rates, participating insurance mix, equity allocation, AI/DeepSeek strategy, senior care expansion in Hong Kong, and the reasons behind the 5.8% insurance-fund investment return. Management said the 2024 performance was in line with expectations, attributed life insurance gains to reform progress and investment returns, and said participating insurance should keep rising in product mix as pricing rates fall. On investments, management said it will stay a long-term patient investor using multiple instruments, with emphasis on high-quality Chinese assets, while keeping a stable value-investing framework and matching assets, liabilities, and regulations. On AI and tech, they said the goal is to enable core businesses through efficiency and intelligence, and on Hong Kong/Greater Bay Area senior care they said they are actively exploring expansion opportunities.