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Ping An Insurance Sees Significant Growth in 2024

In a recent announcement dated March 19, 2025, Ping An Insurance (Group) Company of China, Ltd. (Ping An) reported impressive financial results for the year ending December 31, 2024. The Group, which trades on both the Hong Kong Stock Exchange (HKEX: 2318) and Shanghai Stock Exchange (SSE: 601318), displayed remarkable resilience amidst ongoing economic challenges.

Despite a backdrop of fluctuating domestic demand and external uncertainties, Ping An's strategic focus on core financial operations and technology-enhanced services yielded substantial growth. The company’s operating profit attributed to shareholders registered a 9.1% year-on-year increase, amounting to RMB 121.86 billion (approximately USD 18 billion). In an even more noteworthy achievement, the net profit attributable to the parent company's shareholders surged by a staggering 47.8% year-on-year, totaling RMB 126.61 billion (around USD 18.6 billion).

Ping An's revenue also reflected robust growth, reaching RMB 1.14 trillion, which marks a 10.6% increase from the previous year. The company has consistently rewarded its investors with dividends, planning a final cash dividend of RMB 1.62 per share for 2024, culminating in a total full-year cash dividend of RMB 2.55 per share. This represents a 5% year-on-year increase, with dividends rising for the past thirteen consecutive years.

Strategic Focus and Customer Growth

As Ping An navigates a complex market landscape, it remains committed to implementing a “integrated finance + health and senior care” dual-driver strategy. This approach emphasizes technology-driven financial solutions tailored to meet customer needs. With a people-centric approach, the company expanded its retail customer base to 242 million as of the end of 2024, marking an impressive 4.7% increase compared to the beginning of the year. A significant 25.6% of these customers held multiple contracts, leading to a remarkable retention rate of 98.0%.

Moreover, nearly 63% of Ping An's retail customers benefited from services within the health and senior care ecosystem, substantially contributing to the company’s profit margins. Customers receiving such benefits were responsible for approximately 70% of the new business value (NBV) of Ping An Life.

Technological Advancements

The company also capitalized on its technological infrastructure, where advanced AI models played a pivotal role in enhancing service delivery across various platforms. As of the end of 2024, Ping An had filed a total of 55,080 patent applications, leading innovations in both finance and healthcare services. The company developed cutting-edge AI-driven models that significantly improved operational efficiency, with 93% of life insurance policies underwritten in seconds, drastically simplifying the customer service experience.

Furthermore, the health and senior care sectors of Ping An have shown marked improvement, as the company's investment in these areas fostered a comprehensive service system. This included operational collaborations with numerous medical institutions, creating a vast network to streamline patient care and financial services. By the end of 2024, the revenue generated from Ping An Health reached RMB 4.81 billion, with a net profit of RMB 81 million.

Looking Ahead

As Ping An moves forward into 2025, the company is set to harness digitalization to further strengthen its market position. Their strategy remains focused on leveraging advanced technologies to enhance customer acquisition and retention, while also adapting to evolving market conditions. The Group’s emphasis on integrating finance with health care and senior services is projected to remain at the forefront of its operational ethos.

Ping An's objectives for the coming year include solidifying its technological capabilities, addressing customer needs, and contributing significantly to the financial landscape in China. Their comprehensive digitalization strategy aims to redefine the financial advisory, health care, and senior care services, establishing Ping An as a key player in these interconnected industries.

In conclusion, Ping An Insurance’s robust growth trajectory in 2024 exemplifies its ability to adapt and innovate despite economic headwinds. With a steadfast commitment to customer service and technological advancement, the company is well-positioned to capitalize on emerging opportunities in the financial and healthcare domains throughout the next decade.