Ping An Reports Stable Growth in Operating Profit and Interim Dividend Increase in 1H2025

NewsNews
PostsPosts
SelectionSelection

- MGHuatMGHuat
  ·08-30
  $PING AN(02318)$ . .! Jvm ! Gm l S
  Ping An: Three Reform Dividends Drive Continuous Growth in New Business Value, AI in All with Established Vertical Domain Advantages
  On August 27, Ping An Insurance (Group) Company Of China, Ltd. (601318.SH) released its 2025 interim report. According to core data, in the first half of the year, Ping An achieved operating profit...
  Ping An: Three Reform Dividends Drive Continuous Growth in New Business Value, AI in All with Established Vertical Domain Advantages
  746 Comment
  1
  Share
  Report
- MGHuatMGHuat
  ·08-30
  $PING AN(02318)$ . .! Jvm ! Gm l S
  Sorry, this post has been deleted
  746 Comment
  1
  Share
  Report

{"themeInfo":{"themeId":"a22497fdd4bb0e0561995403e90ad79a","name":"Ping An Reports Stable Growth in Operating Profit and Interim Dividend Increase in 1H2025","description":"Ping An reports stable growth in operating profit attributable to shareholders of the parent company in the first half of 2025. The life and health NBV surged by 39.8% year over year, leading to an interim dividend increase to RMB0.95 per share.","image":"https://community-static.tradeup.com/news/1201dcc0482be040348fb8d4f228bb68","type":2,"style":4,"follow":false,"createTime":1756212363388,"userCounts":0,"rnLink":"https://laohu8.com/RN?name=RNTheme&page=/theme/special/finance&rndata={\"themeId\":a22497fdd4bb0e0561995403e90ad79a}&rnconfig={\"headerBarHidden\": true}","subscribe":false,"allowFollow":false,"hasReward":false,"rewardScore":0,"rewardValidDate":0,"rewardEnd":false,"symbols":["02318"],"tweetCounts":1,"categoryId":"2929bb7468f5415f853fd96fb35d7c3b","options":[],"votedOptionId":"","totalUserCount":0,"followStatus":false,"themeName":"Ping An Reports Stable Growth in Operating Profit and Interim Dividend Increase in 1H2025","tweetAmount":1,"imageIsDefault":false,"aiDerivativeIssues":[]},"tab":"news","newsList":[{"id":341816,"article_id":"1164571259","title":"Ping An Asset Management Co., Ltd. Increases Holdings in CHINA LIFE (02628) by 12.683 Million Shares at Approximately HK$24.93 per Share","subtitle":"","subtitle_show":0,"pub_time":1756380037043,"source_id":"Stock News","language":"en","url":"","is_publish_highlight":0,"symbols_score_info":{"601628":1,"02628":1},"rights":null},{"id":341442,"article_id":"2562768706","title":"Ping An Insurance Reports 3.7% YoY Increase in Operating Profit, Interim Dividend Rises to RMB0.95 Per Share","subtitle":"","subtitle_show":0,"pub_time":1756352744000,"source_id":"reuters_news_en","language":"en","url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20250828:nNDL5MVLWD:1","is_publish_highlight":0,"symbols_score_info":{"601318":0.9,"FLLIY":0.9},"rights":null},{"id":340609,"article_id":"1193738742","title":"Ping An: Three Reform Dividends Drive Continuous Growth in New Business Value, AI in All with Established Vertical Domain Advantages","subtitle":"","subtitle_show":0,"pub_time":1756292491679,"source_id":"Deep News","language":"en","url":"","is_publish_highlight":0,"symbols_score_info":{"82318":1,"601318":1,"02318":1,"03145":1,"PAImain":1,"HPAD.SI":1,"LU":1,"PNGAY":1},"rights":null},{"id":340301,"article_id":"2562767907","title":"平安中期营运利润增长3.7%，二季度归母净利润增长8.2%","subtitle":"","subtitle_show":0,"pub_time":1756259983000,"source_id":"live_gelonghui","language":"zh","url":"https://www.gelonghui.com/rss/live/live.xml","is_publish_highlight":0,"symbols_score_info":{"82318":0.6,"601318":1,"02318":1,"03145":0.6,"CYB":0.6,"CNHmain":1,"MCNHmain":1,"MUCmain":1,"PAImain":1,"UCmain":1,"HPAD.SI":0.6,"LU":1,"PNGAY":0.6},"rights":null},{"id":340058,"article_id":"2562750791","title":"Ping An Insurance (Group) Q2 EPS $0.60 Up From $0.58 YoY, Sales $40.084B Up From $38.421B YoY","subtitle":"","subtitle_show":0,"pub_time":1756244031000,"source_id":"benzinga_earnings","language":"en","url":"https://www.benzinga.com/news/earnings/25/08/47347040/ping-an-insurance-group-q2-eps-0-60-up-from-0-58-yoy-sales-40-084b-up-from-38-421b-yoy","is_publish_highlight":0,"symbols_score_info":{"PNGAY":0.9},"rights":null},{"id":339744,"article_id":"1104952713","title":"中国平安公布2025年上半年归母营业利润稳定增长 寿险及健康险NBV同比激增39.8% 中期股息提升至每股0.95元","subtitle":"","subtitle_show":0,"pub_time":1756211737324,"source_id":"美股速递","language":"zh","url":"","is_publish_highlight":0,"symbols_score_info":{"601318":1},"rights":null},{"id":339743,"article_id":"2562364187","title":"Ping an Reports Stable Growth in Operating Profit Attributable to Shareholders of the Parent Company in 1H2025; Life & Health Nbv Surges 39.8% YoY Interim Dividend Increases to RMB0.95 per Share","subtitle":"","subtitle_show":0,"pub_time":1756211605633,"source_id":"reuters_en_live","language":"en","url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20250826:nTUA2GMTWK:1","is_publish_highlight":0,"symbols_score_info":{"601318":0.9},"rights":null},{"id":339745,"article_id":"1161361974","title":"Ping An Insurance Reports Steady Growth in Operating Profit for H1 2025, Life and Health Insurance New Business Value Surges 39.8%","subtitle":"","subtitle_show":0,"pub_time":1756204942855,"source_id":"Deep News","language":"en","url":"","is_publish_highlight":0,"symbols_score_info":{"82318":1,"601318":1,"02318":1,"03145":1,"PAImain":1,"HPAD.SI":1,"LU":1,"PNGAY":1},"rights":null},{"id":339746,"article_id":"2562782110","title":"中国平安上半年归母营运利润增长3.7% 寿险新业务价值强劲增长39.8%","subtitle":"","subtitle_show":0,"pub_time":1756203242000,"source_id":"live_gelonghui","language":"zh","url":"https://www.gelonghui.com/rss/live/live.xml","is_publish_highlight":0,"symbols_score_info":{"82318":0.6,"159891":1,"159940":1,"601318":1,"02318":1,"03145":0.6,"PAImain":1,"HPAD.SI":0.6,"LU":1,"PNGAY":0.6},"rights":null},{"id":339747,"article_id":"2562727784","title":"Ping an Insurance - Declared Interim Cash Dividend of RMB0.95 (Tax Inclusive) per Share","subtitle":"","subtitle_show":0,"pub_time":1756202413246,"source_id":"reuters_en_live","language":"en","url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20250826:nFWN3UI06R:1","is_publish_highlight":0,"symbols_score_info":{"601318":0.9},"rights":null}],"isFinancial":true,"allList":[{"id":472995062354304,"gmtCreate":1756513002731,"gmtModify":1756513006267,"author":{"id":"3572388238861982","authorId":"3572388238861982","name":"MGHuat","avatar":"https://static.tigerbbs.com/bd2cbc6e014ed9c700e2d9cd01ae2b08","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572388238861982","idStr":"3572388238861982"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/02318\">$PING AN(02318)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp; .&nbsp; .! Jvm ! &nbsp;Gm l &nbsp;S","listText":"<a href=\"https://ttm.financial/S/02318\">$PING AN(02318)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp; .&nbsp; .! Jvm ! &nbsp;Gm l &nbsp;S","text":"$PING AN(02318)$ . .! Jvm ! Gm l S","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/472995062354304","repostId":"1193738742","repostType":2,"repost":{"id":"1193738742","kind":"news","weMediaInfo":{"introduction":"Global Stock Market Deep Analysis","home_visible":1,"media_name":"Deep News","id":"1039043262","head_image":"https://community-static.tradeup.com/news/8296859682db4b478146245e72de1922"},"pubTimestamp":1756292491,"share":"https://ttm.financial/m/news/1193738742?lang=&edition=fundamental","pubTime":"2025-08-27 19:01","market":"hk","language":"en","title":"Ping An: Three Reform Dividends Drive Continuous Growth in New Business Value, AI in All with Established Vertical Domain Advantages","url":"https://stock-news.laohu8.com/highlight/detail?id=1193738742","media":"Deep News","summary":"On August 27, Ping An Insurance (Group) Company Of China, Ltd. (601318.SH) released its 2025 interim report. According to core data, in the first half of the year, Ping An achieved operating profit...","content":"On August 27, Ping An Insurance (Group) Company Of China, Ltd. (601318.SH) released its 2025 interim report. According to core data, in the first half of the year, Ping An achieved operating profit attributable to shareholders of 77.732 billion yuan, up 3.7% year-on-year; net profit attributable to shareholders of 68.047 billion yuan, down 8.8% year-on-year. The company will distribute an interim cash dividend of 0.95 yuan per share to shareholders, representing a 2.2% increase year-on-year. On the business front, new business value for life and health insurance increased significantly by 39.8% year-on-year in the first half of 2025; on the investment side, the insurance funds investment portfolio achieved a non-annualized comprehensive investment return rate of 3.1%, up 0.3 percentage points year-on-year.\nAt today's interim results presentation, Ping An's senior management attended and addressed market concerns regarding profit changes, new business value, investment allocation, and AI applications.\nRegarding the year-on-year decline in net profit attributable to shareholders, Ping An's Deputy General Manager and CFO Fu Xin explained three underlying factors: First, the impairment impact from the consolidation of Ping An Good Doctor in the first quarter; second, the accounting treatment of Ping An's Hong Kong-listed convertible bonds, where rising stock prices paradoxically cause short-term declines in convertible bond valuations; third, approximately 60 billion yuan in unrealized gains from substantial stock allocations over the past two years, classified under OCI and not reflected in the profit statement. Excluding these factors, Ping An's net profit achieved double-digit growth in the first half.\n**New Business Value Growth: Driven by Three Reform Dividends**\nIn the first half of 2025, Ping An's life and health insurance new business value grew 39.8% year-on-year, with new business value margin (by standard premium) rising 9% year-on-year; agent channel new business value increased 17% year-on-year, with per capita new business value up 21.6% year-on-year; bancassurance channel new business value surged 168.6% year-on-year.\nRegarding the sustained growth in new business value, Ping An's Co-CEO and Deputy General Manager Guo Xiaotao explained the driving forces from two dimensions at the presentation: \"First, in the current low interest rate environment, life insurance has entered a golden development period, becoming a cornerstone for wealth allocation among middle-class and above households. Life insurance products provide value to customers in three areas: wealth preservation and appreciation, medical health and accident protection, and value-added services.\"\nSecond, Guo further analyzed that Ping An's life insurance business has released reform dividends in products and channels, with three reform dividends continuously driving new business value growth.\nSpecifically, the first reform dividend comes from multi-channel strategy. Ping An evolved from early single agent channels to a diversified system encompassing agents, bancassurance channels, and community finance channels. Currently, both Ping An's bancassurance channels and community grid channels show substantial growth.\nThe second layer is the \"product + service\" model. Guo emphasized that the current financial industry, especially life insurance, is gradually entering a phase of homogeneous competition, where only value-added services can truly create differentiation. Ping An has proactively developed value-added services in \"insurance + medical,\" \"insurance + health,\" and \"insurance + elderly care,\" driving sustained development in product sales through differentiated services.\nThe third reform dividend is based on Ping An's technology empowerment. Over the past few years, Ping An has invested substantial resources in empowering its sales force, utilizing AI and data analysis to help sales teams acquire customers and continuously improve conversion efficiency.\n\"We are very confident about this year's overall business development. Driven by industry trends and the gradual release of three reform dividends, we believe the healthy, sustained, and stable development of our life insurance business this year will deliver satisfactory results,\" Guo stated.\n**Asset Allocation: Dynamic Matching Among High-Dividend Stocks, Value Stocks, and Growth Stocks**\nIn the first half of 2025, Ping An's insurance funds investment portfolio achieved a non-annualized comprehensive investment return rate of 3.1%, up 0.3 percentage points year-on-year; the average net investment return rate over the past 10 years was 5%; the average comprehensive investment return rate over the past 10 years was 5.1%.\nDiscussing investment strategy, Guo indicated that Ping An's investment core lies in asset-liability matching, requiring consideration of effective matching with front-end liability business, including duration matching, cost matching, cash flow matching, yield matching, and regulatory requirement matching.\n\"On the liability side, Ping An continuously promotes transformation from traditional insurance to participating insurance, effectively reducing liability costs while providing competitive settlement rates for participating insurance by controlling operating costs. This competitiveness stems from effective asset allocation on the asset side, helping Ping An improve investment returns and achieve favorable spreads between liability costs and investment returns.\"\nRegarding Ping An's frequent investment activities in secondary markets, including strategic holdings in peer companies, Guo responded that Ping An's investments follow the \"Three Reliables\" principle, evaluating whether enterprises have \"reliable operations, promising growth, and sustainable dividends\" - the core criteria for determining long-term, stable holdings of company stocks.\nGuo stated that with continuously declining liability costs, ongoing asset allocation optimization, and healthy, stable capital market development, Ping An will conduct further dynamic matching among high-dividend stocks, value stocks, and growth stocks, enabling asset allocation to effectively keep pace with capital market development and provide better investment returns for traditional insurance and participating insurance customers.\nNotably, regarding investments, Fu Xin also introduced Ping An's current real estate investment situation, stating that Ping An's current real estate insurance fund exposure is only 3.3%, approximately 200 billion yuan, with over 82% being rental properties that provide stable rental cash flows. \"This portion of assets is very safe. Moreover, Ping An uses cost method measurement for many assets, and its accounting measurement methods are very prudent.\"\n**AI Layout: Ping An Has Vertical Domain Advantages with 67 Self-Developed Large Models**\nTechnology and AI were another key topic at Ping An's presentation. Guo responded that comprehensive digital transformation is one of Ping An's most important systematic projects, with Ping An continuously investing heavily in technology, digitalization, and AI over the past decade.\n\"The four core elements of technology are computing power, data, algorithms, and scenarios,\" based on which Guo introduced Ping An's strategic considerations in AI.\nPing An currently implements comprehensive AI-ization and comprehensive intelligentization. The \"Five Intelligence\" (intelligent marketing, intelligent service, intelligent operations, intelligent management, intelligent business) core logic is \"AI in All.\" Guo stated, \"We will use AI to completely redo the entire financial value chain from beginning to end, and completely redo the medical and elderly care value chain from beginning to end. This is our overall strategic thinking.\"\nHow are Ping An's advantages manifested? In Guo's view, based on AI's four major elements, Ping An's advantages are reflected in vertical domain advantages. \"In algorithms, we use the most advanced large models from the open-source market at the foundation level, but in vertical domains, including underwriting, pricing, claims, operations, management, etc., Ping An owns self-developed large models. Ping An also has massive databases, and internal proprietary databases combined with self-developed large models together create powerful competitive advantages in vertical domains.\"\nTaking auto insurance costs as an example, through intelligent agents and digital employee applications, costs are reduced by one percentage point across underwriting, claims, marketing, and operations levels.\nAccording to reports, Ping An currently has 67 self-developed large models, adding 14 new ones this year. Ping An's intelligent agents are widely applied across the group, with over 20% of employees group-wide using intelligent agents to help handle daily tasks. \"We also believe that with continued investment in AI technology and sustained innovation in AI empowerment, the 'Five Intelligence' will produce tremendous effects,\" Guo pointed out.","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ping An: Three Reform Dividends Drive Continuous Growth in New Business Value, AI in All with Established Vertical Domain Advantages</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPing An: Three Reform Dividends Drive Continuous Growth in New Business Value, AI in All with Established Vertical Domain Advantages\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1039043262\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/8296859682db4b478146245e72de1922);background-size:cover;\"></div>\n\n<div class=\"h-content\">\nDeep News \n2025-08-27 19:01\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\nOn August 27, Ping An Insurance (Group) Company Of China, Ltd. (601318.SH) released its 2025 interim report. According to core data, in the first half of the year, Ping An achieved operating profit attributable to shareholders of 77.732 billion yuan, up 3.7% year-on-year; net profit attributable to shareholders of 68.047 billion yuan, down 8.8% year-on-year. The company will distribute an interim cash dividend of 0.95 yuan per share to shareholders, representing a 2.2% increase year-on-year. On the business front, new business value for life and health insurance increased significantly by 39.8% year-on-year in the first half of 2025; on the investment side, the insurance funds investment portfolio achieved a non-annualized comprehensive investment return rate of 3.1%, up 0.3 percentage points year-on-year.\nAt today's interim results presentation, Ping An's senior management attended and addressed market concerns regarding profit changes, new business value, investment allocation, and AI applications.\nRegarding the year-on-year decline in net profit attributable to shareholders, Ping An's Deputy General Manager and CFO Fu Xin explained three underlying factors: First, the impairment impact from the consolidation of Ping An Good Doctor in the first quarter; second, the accounting treatment of Ping An's Hong Kong-listed convertible bonds, where rising stock prices paradoxically cause short-term declines in convertible bond valuations; third, approximately 60 billion yuan in unrealized gains from substantial stock allocations over the past two years, classified under OCI and not reflected in the profit statement. Excluding these factors, Ping An's net profit achieved double-digit growth in the first half.\n**New Business Value Growth: Driven by Three Reform Dividends**\nIn the first half of 2025, Ping An's life and health insurance new business value grew 39.8% year-on-year, with new business value margin (by standard premium) rising 9% year-on-year; agent channel new business value increased 17% year-on-year, with per capita new business value up 21.6% year-on-year; bancassurance channel new business value surged 168.6% year-on-year.\nRegarding the sustained growth in new business value, Ping An's Co-CEO and Deputy General Manager Guo Xiaotao explained the driving forces from two dimensions at the presentation: \"First, in the current low interest rate environment, life insurance has entered a golden development period, becoming a cornerstone for wealth allocation among middle-class and above households. Life insurance products provide value to customers in three areas: wealth preservation and appreciation, medical health and accident protection, and value-added services.\"\nSecond, Guo further analyzed that Ping An's life insurance business has released reform dividends in products and channels, with three reform dividends continuously driving new business value growth.\nSpecifically, the first reform dividend comes from multi-channel strategy. Ping An evolved from early single agent channels to a diversified system encompassing agents, bancassurance channels, and community finance channels. Currently, both Ping An's bancassurance channels and community grid channels show substantial growth.\nThe second layer is the \"product + service\" model. Guo emphasized that the current financial industry, especially life insurance, is gradually entering a phase of homogeneous competition, where only value-added services can truly create differentiation. Ping An has proactively developed value-added services in \"insurance + medical,\" \"insurance + health,\" and \"insurance + elderly care,\" driving sustained development in product sales through differentiated services.\nThe third reform dividend is based on Ping An's technology empowerment. Over the past few years, Ping An has invested substantial resources in empowering its sales force, utilizing AI and data analysis to help sales teams acquire customers and continuously improve conversion efficiency.\n\"We are very confident about this year's overall business development. Driven by industry trends and the gradual release of three reform dividends, we believe the healthy, sustained, and stable development of our life insurance business this year will deliver satisfactory results,\" Guo stated.\n**Asset Allocation: Dynamic Matching Among High-Dividend Stocks, Value Stocks, and Growth Stocks**\nIn the first half of 2025, Ping An's insurance funds investment portfolio achieved a non-annualized comprehensive investment return rate of 3.1%, up 0.3 percentage points year-on-year; the average net investment return rate over the past 10 years was 5%; the average comprehensive investment return rate over the past 10 years was 5.1%.\nDiscussing investment strategy, Guo indicated that Ping An's investment core lies in asset-liability matching, requiring consideration of effective matching with front-end liability business, including duration matching, cost matching, cash flow matching, yield matching, and regulatory requirement matching.\n\"On the liability side, Ping An continuously promotes transformation from traditional insurance to participating insurance, effectively reducing liability costs while providing competitive settlement rates for participating insurance by controlling operating costs. This competitiveness stems from effective asset allocation on the asset side, helping Ping An improve investment returns and achieve favorable spreads between liability costs and investment returns.\"\nRegarding Ping An's frequent investment activities in secondary markets, including strategic holdings in peer companies, Guo responded that Ping An's investments follow the \"Three Reliables\" principle, evaluating whether enterprises have \"reliable operations, promising growth, and sustainable dividends\" - the core criteria for determining long-term, stable holdings of company stocks.\nGuo stated that with continuously declining liability costs, ongoing asset allocation optimization, and healthy, stable capital market development, Ping An will conduct further dynamic matching among high-dividend stocks, value stocks, and growth stocks, enabling asset allocation to effectively keep pace with capital market development and provide better investment returns for traditional insurance and participating insurance customers.\nNotably, regarding investments, Fu Xin also introduced Ping An's current real estate investment situation, stating that Ping An's current real estate insurance fund exposure is only 3.3%, approximately 200 billion yuan, with over 82% being rental properties that provide stable rental cash flows. \"This portion of assets is very safe. Moreover, Ping An uses cost method measurement for many assets, and its accounting measurement methods are very prudent.\"\n**AI Layout: Ping An Has Vertical Domain Advantages with 67 Self-Developed Large Models**\nTechnology and AI were another key topic at Ping An's presentation. Guo responded that comprehensive digital transformation is one of Ping An's most important systematic projects, with Ping An continuously investing heavily in technology, digitalization, and AI over the past decade.\n\"The four core elements of technology are computing power, data, algorithms, and scenarios,\" based on which Guo introduced Ping An's strategic considerations in AI.\nPing An currently implements comprehensive AI-ization and comprehensive intelligentization. The \"Five Intelligence\" (intelligent marketing, intelligent service, intelligent operations, intelligent management, intelligent business) core logic is \"AI in All.\" Guo stated, \"We will use AI to completely redo the entire financial value chain from beginning to end, and completely redo the medical and elderly care value chain from beginning to end. This is our overall strategic thinking.\"\nHow are Ping An's advantages manifested? In Guo's view, based on AI's four major elements, Ping An's advantages are reflected in vertical domain advantages. \"In algorithms, we use the most advanced large models from the open-source market at the foundation level, but in vertical domains, including underwriting, pricing, claims, operations, management, etc., Ping An owns self-developed large models. Ping An also has massive databases, and internal proprietary databases combined with self-developed large models together create powerful competitive advantages in vertical domains.\"\nTaking auto insurance costs as an example, through intelligent agents and digital employee applications, costs are reduced by one percentage point across underwriting, claims, marketing, and operations levels.\nAccording to reports, Ping An currently has 67 self-developed large models, adding 14 new ones this year. Ping An's intelligent agents are widely applied across the group, with over 20% of employees group-wide using intelligent agents to help handle daily tasks. \"We also believe that with continued investment in AI technology and sustained innovation in AI empowerment, the 'Five Intelligence' will produce tremendous effects,\" Guo pointed out.\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"82318":"中国平安-R","601318":"中国平安","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","IE0005HP3H50.USD":"GUINNESS CHINA \"C\" (USD) ACC","LU0831093199.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM3\" (SGDHDG) INC","LU0052750758.USD":"富兰克林中国基金A Acc","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0791591158.USD":"ALLSPRING EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","LU1997245094.SGD":"安联神州A股基金AT Acc SGD","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0630378692.HKD":"HSBC GIF ASIA PACIFIC EX JAPAN EQ HD \"AM2\" (HKD) INC","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","BK0196":"行业龙头","LU0630378429.USD":"HSBC GIF ASIA PACIFIC EX JAPAN EQ HD \"AM2\" (USD) INC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","LU1979443071.USD":"AB CHINA A SHARES EQUITY PORTFOLIO \"AD\" (USDHDG) INC","LU1146622755.USD":"安本中国A股股票基金A Acc","LU1046422090.SGD":"Fidelity Pacific A-SGD","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","BK1521":"挪威政府全球养老基金持仓","LU0405327494.USD":"ALLSPRING CHINA A FOCUS \"I\" (USD) ACC","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU0417516571.SGD":"Allianz Oriental Income Cl AT Acc SGD","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0048580855.USD":"富达大中华区A","LU0067412154.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY \"P\" (USD) ACC","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU0315179316.USD":"EASTSPRING INVESTMENTS ASIAN DYNAMIC \"A\" (USD) ACC","IE00BGHQDM52.EUR":"GUINNESS ASIAN EQUITY INCOME \"C\" (EUR) ACC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","BK0012":"证金概念","SG9999004220.SGD":"Nikko AM Shenton Asia Dividend Equity Fund SGD","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","LU0359201612.USD":"贝莱德中国基金A2","LU0878005551.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) ACC","LU0878004406.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) INC","LU1580142542.USD":"Blackrock Systematic China A-Share Opportunities A2 USD","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU0882747503.HKD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (HKD) INC","LU0862451753.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD","LU2153592121.USD":"Aberdeen Standard SICAV I - Emerging Markets Sustainable Development Equity A Acc USD","LU1720050803.USD":"安联全方位中国股票基金","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","BK1610":"ETF&股票定投概念","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU0762541174.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM2\" (USD) INC","LU1235295612.USD":"FIDELITY PACIFIC \"A\" (USDHDG) INC","LU0791590937.USD":"ALLSPRING EMERGING MARKTES EQUITY INCOME \"A\" (USD)","LU1226287529.USD":"UBS (LUX) KEY SELECTION SICAV - CHINA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) ACC","LU0348784397.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USD) ACC","BK0070":"员工持股","03145":"华夏亚洲高息股","LU2348774022.SGD":"Aberdeen Standard SICAV I - Emerging Markets Sustainable Development Equity A Acc SGD-H","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU0197773160.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AC\" ACC","LU0640798160.USD":"EASTSPRING INVESTMENTS GLOBAL EMERGING MARKET DYNAMIC \"A\" (USD) ACC","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0762540952.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AC\" (USD) ACC","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","BK0207":"保险","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","BK1550":"内险股","BK1507":"粤港澳大湾区","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","LU0197773673.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AS\" (USD) INC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","IE00BZ08YR35.GBP":"GUINNESS BEST OF CHINA \"C\" (GBP) ACC","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","BK4504":"桥水持仓","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","IE00BZ08YS42.EUR":"GUINNESS BEST OF CHINA \"C\" (EUR) ACC","LU2293587155.HKD":"ALLIANZ ORIENTAL INCOME \"AT\" (HKD) ACC","BK4166":"消费信贷","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","IE00BZ08YT58.USD":"GUINNESS BEST OF CHINA \"C\" (USD) ACC","LU1820825898.SGD":"Aberdeen Standard SICAV I - China A Share Equity A Acc SGD-H","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU2289578879.USD":"ALLIANZ CHINA A OPPORTUNITIES \"AT\" (USD) ACC","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","IE00BYV24P56.USD":"GUINNESS EMERGING MARKETS EQUITY INCOME \"C\" (USD) ACC","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0594300419.USD":"富达中国消费基金A","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU0072462343.USD":"贝莱德亚洲巨龙基金","LU1997245177.USD":"安联神洲A股基金","LU0072913022.USD":"UBS (LUX) EQUITY FUND - GREATER CHINA \"P\" (USD) ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","IE00BMCWC346.EUR":"GUINNESS EMERGING MARKETS EQUITY INCOME \"C\" (EUR) ACC","LU2328871848.SGD":"Eastspring Investments - China A Shares Growth AS SGD","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","BK0175":"白马股","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU0890818403.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD-H","BK1184":"人寿与健康保险","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU1211504680.USD":"ALLIANZ HIGH DIVIDEND ASIA PACIFIC EQUITY \"AM\" (USD) INC","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU0648948544.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AM\" (HKD) INC","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","BK4526":"热门中概股","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","IE00BVYPNQ40.USD":"GUINNESS ASIAN EQUITY INCOME \"C\" (USD) ACC","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU1044875133.USD":"天利亚洲反向股票 AU Acc","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","LU1934453819.USD":"AB CHINA A SHARES EQUITY PORTFOLIO \"A\" (USD) ACC","IE00BVYPNP33.GBP":"GUINNESS ASIAN EQUITY INCOME \"C\" (GBP) ACC","PNGAY":"中国平安ADR","LU0348783662.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USDHDG) INC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU1997244956.HKD":"ALLIANZ CHINA A-SHARES \"AT\" (HKD) ACC A","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU2213484517.USD":"FRANKLIN TEMPLETON CHINA A-SHARES \"A\" (USD) ACC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","BK0183":"MSCI概念","LU0823426308.USD":"法巴中国股票基金","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU1655091616.SGD":"JPMorgan Funds - China A-Share Opportunities A (acc) SGD","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU1282649141.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (HKD) INC","LU0051755006.USD":"摩根大通中国A (dist)","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","LU0370786039.SGD":"Fidelity Greater China A-SGD","BK0028":"国家队","LU1115378108.SGD":"Eastspring Investments - Global Emerging Markets Dynamic AS SGD","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","LU1642822792.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"A\" (SGD) ACC","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","IE00BF5LJ272.USD":"Legg Mason Martin Currie - Global Emerging Markets A Acc USD","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","LU1781817850.SGD":"Blackrock Systematic China A-Share Opportunities A2 SGD-H","LU1255011170.USD":"JPM CHINA A-SHARE OPPORTUNITIES \"A\" (USD) ACC","02318":"中国平安","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","LU0348783233.USD":"安联东方收入型 CI A Dis美元","LU1044874839.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" (SGDHDG) ACC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","LU0084288322.USD":"Natixis Asia Equity RD USD","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0762542818.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM\" (HKD) INC","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC NC","HPAD.SI":"Ping An Ins HK SDR2to1","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU1969619763.USD":"EASTSPRING INV CHINA A SHARES GROWTH \"A\" (USD) ACC","LU2495084118.USD":"ALLIANZ CHINA A-SHARES \"ATH\" (USDHDG) ACC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0228367735.SGD":"Eastspring Investments - Asian Equity Fund AS SGD","LU0140636845.USD":"施罗德大中华区股票A Acc","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","BK0032":"征信","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU0823426480.USD":"法巴中国股票经典Dis","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU":"陆金所","LU0651946864.USD":"贝莱德新兴市场股票收益A2","BK0188":"融资融券","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","IE0003895053.USD":"PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION \"AD\" USD ACC","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","BK0187":"一线龙头","LU1051768304.USD":"贝莱德新兴市场股票收益A6","SG9999014674.SGD":"Nikko AM All China Equity A SGD","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0196878994.USD":"MANULIFE GF CHINA VALUE \"AA\" (USD) INC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0049112450.USD":"FIDELITY PACIFIC \"A\" INC","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","IE0008368742.USD":"首域中国增长基金I Acc","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","LU0405327148.USD":"ALLSPRING CHINA A FOCUS \"A\" (USD) ACC"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193738742","content_text":"On August 27, Ping An Insurance (Group) Company Of China, Ltd. (601318.SH) released its 2025 interim report. According to core data, in the first half of the year, Ping An achieved operating profit attributable to shareholders of 77.732 billion yuan, up 3.7% year-on-year; net profit attributable to shareholders of 68.047 billion yuan, down 8.8% year-on-year. The company will distribute an interim cash dividend of 0.95 yuan per share to shareholders, representing a 2.2% increase year-on-year. On the business front, new business value for life and health insurance increased significantly by 39.8% year-on-year in the first half of 2025; on the investment side, the insurance funds investment portfolio achieved a non-annualized comprehensive investment return rate of 3.1%, up 0.3 percentage points year-on-year.\nAt today's interim results presentation, Ping An's senior management attended and addressed market concerns regarding profit changes, new business value, investment allocation, and AI applications.\nRegarding the year-on-year decline in net profit attributable to shareholders, Ping An's Deputy General Manager and CFO Fu Xin explained three underlying factors: First, the impairment impact from the consolidation of Ping An Good Doctor in the first quarter; second, the accounting treatment of Ping An's Hong Kong-listed convertible bonds, where rising stock prices paradoxically cause short-term declines in convertible bond valuations; third, approximately 60 billion yuan in unrealized gains from substantial stock allocations over the past two years, classified under OCI and not reflected in the profit statement. Excluding these factors, Ping An's net profit achieved double-digit growth in the first half.\n**New Business Value Growth: Driven by Three Reform Dividends**\nIn the first half of 2025, Ping An's life and health insurance new business value grew 39.8% year-on-year, with new business value margin (by standard premium) rising 9% year-on-year; agent channel new business value increased 17% year-on-year, with per capita new business value up 21.6% year-on-year; bancassurance channel new business value surged 168.6% year-on-year.\nRegarding the sustained growth in new business value, Ping An's Co-CEO and Deputy General Manager Guo Xiaotao explained the driving forces from two dimensions at the presentation: \"First, in the current low interest rate environment, life insurance has entered a golden development period, becoming a cornerstone for wealth allocation among middle-class and above households. Life insurance products provide value to customers in three areas: wealth preservation and appreciation, medical health and accident protection, and value-added services.\"\nSecond, Guo further analyzed that Ping An's life insurance business has released reform dividends in products and channels, with three reform dividends continuously driving new business value growth.\nSpecifically, the first reform dividend comes from multi-channel strategy. Ping An evolved from early single agent channels to a diversified system encompassing agents, bancassurance channels, and community finance channels. Currently, both Ping An's bancassurance channels and community grid channels show substantial growth.\nThe second layer is the \"product + service\" model. Guo emphasized that the current financial industry, especially life insurance, is gradually entering a phase of homogeneous competition, where only value-added services can truly create differentiation. Ping An has proactively developed value-added services in \"insurance + medical,\" \"insurance + health,\" and \"insurance + elderly care,\" driving sustained development in product sales through differentiated services.\nThe third reform dividend is based on Ping An's technology empowerment. Over the past few years, Ping An has invested substantial resources in empowering its sales force, utilizing AI and data analysis to help sales teams acquire customers and continuously improve conversion efficiency.\n\"We are very confident about this year's overall business development. Driven by industry trends and the gradual release of three reform dividends, we believe the healthy, sustained, and stable development of our life insurance business this year will deliver satisfactory results,\" Guo stated.\n**Asset Allocation: Dynamic Matching Among High-Dividend Stocks, Value Stocks, and Growth Stocks**\nIn the first half of 2025, Ping An's insurance funds investment portfolio achieved a non-annualized comprehensive investment return rate of 3.1%, up 0.3 percentage points year-on-year; the average net investment return rate over the past 10 years was 5%; the average comprehensive investment return rate over the past 10 years was 5.1%.\nDiscussing investment strategy, Guo indicated that Ping An's investment core lies in asset-liability matching, requiring consideration of effective matching with front-end liability business, including duration matching, cost matching, cash flow matching, yield matching, and regulatory requirement matching.\n\"On the liability side, Ping An continuously promotes transformation from traditional insurance to participating insurance, effectively reducing liability costs while providing competitive settlement rates for participating insurance by controlling operating costs. This competitiveness stems from effective asset allocation on the asset side, helping Ping An improve investment returns and achieve favorable spreads between liability costs and investment returns.\"\nRegarding Ping An's frequent investment activities in secondary markets, including strategic holdings in peer companies, Guo responded that Ping An's investments follow the \"Three Reliables\" principle, evaluating whether enterprises have \"reliable operations, promising growth, and sustainable dividends\" - the core criteria for determining long-term, stable holdings of company stocks.\nGuo stated that with continuously declining liability costs, ongoing asset allocation optimization, and healthy, stable capital market development, Ping An will conduct further dynamic matching among high-dividend stocks, value stocks, and growth stocks, enabling asset allocation to effectively keep pace with capital market development and provide better investment returns for traditional insurance and participating insurance customers.\nNotably, regarding investments, Fu Xin also introduced Ping An's current real estate investment situation, stating that Ping An's current real estate insurance fund exposure is only 3.3%, approximately 200 billion yuan, with over 82% being rental properties that provide stable rental cash flows. \"This portion of assets is very safe. Moreover, Ping An uses cost method measurement for many assets, and its accounting measurement methods are very prudent.\"\n**AI Layout: Ping An Has Vertical Domain Advantages with 67 Self-Developed Large Models**\nTechnology and AI were another key topic at Ping An's presentation. Guo responded that comprehensive digital transformation is one of Ping An's most important systematic projects, with Ping An continuously investing heavily in technology, digitalization, and AI over the past decade.\n\"The four core elements of technology are computing power, data, algorithms, and scenarios,\" based on which Guo introduced Ping An's strategic considerations in AI.\nPing An currently implements comprehensive AI-ization and comprehensive intelligentization. The \"Five Intelligence\" (intelligent marketing, intelligent service, intelligent operations, intelligent management, intelligent business) core logic is \"AI in All.\" Guo stated, \"We will use AI to completely redo the entire financial value chain from beginning to end, and completely redo the medical and elderly care value chain from beginning to end. This is our overall strategic thinking.\"\nHow are Ping An's advantages manifested? In Guo's view, based on AI's four major elements, Ping An's advantages are reflected in vertical domain advantages. \"In algorithms, we use the most advanced large models from the open-source market at the foundation level, but in vertical domains, including underwriting, pricing, claims, operations, management, etc., Ping An owns self-developed large models. Ping An also has massive databases, and internal proprietary databases combined with self-developed large models together create powerful competitive advantages in vertical domains.\"\nTaking auto insurance costs as an example, through intelligent agents and digital employee applications, costs are reduced by one percentage point across underwriting, claims, marketing, and operations levels.\nAccording to reports, Ping An currently has 67 self-developed large models, adding 14 new ones this year. Ping An's intelligent agents are widely applied across the group, with over 20% of employees group-wide using intelligent agents to help handle daily tasks. \"We also believe that with continued investment in AI technology and sustained innovation in AI empowerment, the 'Five Intelligence' will produce tremendous effects,\" Guo pointed out.","news_type":1,"symbols_score_info":{"82318":1,"601318":1,"HPAD.SI":1,"PAImain":1,"PNGAY":1,"03145":1,"02318":1,"LU":1}},"isVote":1,"tweetType":1,"viewCount":746,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"essenList":[{"id":472995062354304,"gmtCreate":1756513002731,"gmtModify":1756513006267,"author":{"id":"3572388238861982","authorId":"3572388238861982","name":"MGHuat","avatar":"https://static.tigerbbs.com/bd2cbc6e014ed9c700e2d9cd01ae2b08","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572388238861982","idStr":"3572388238861982"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/02318\">$PING AN(02318)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp; .&nbsp; .! Jvm ! &nbsp;Gm l &nbsp;S","listText":"<a href=\"https://ttm.financial/S/02318\">$PING AN(02318)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp; .&nbsp; .! Jvm ! &nbsp;Gm l &nbsp;S","text":"$PING AN(02318)$ . .! Jvm ! Gm l S","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/472995062354304","repostId":"1193738742","repostType":2,"isVote":1,"tweetType":1,"viewCount":746,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"allBottom":false,"essenBottom":false}

To The Moon

Ping An Reports Stable Growth in Operating Profit and Interim Dividend Increase in 1H2025

Ping An Asset Management Co., Ltd. Increases Holdings in CHINA LIFE (02628) by 12.683 Million Shares at Approximately HK$24.93 per Share

Ping An Insurance Reports 3.7% YoY Increase in Operating Profit, Interim Dividend Rises to RMB0.95 Per Share

Ping An: Three Reform Dividends Drive Continuous Growth in New Business Value, AI in All with Established Vertical Domain Advantages

平安中期营运利润增长3.7%，二季度归母净利润增长8.2%

Ping An Insurance (Group) Q2 EPS $0.60 Up From $0.58 YoY, Sales $40.084B Up From $38.421B YoY

中国平安公布2025年上半年归母营业利润稳定增长寿险及健康险NBV同比激增39.8% 中期股息提升至每股0.95元

Ping an Reports Stable Growth in Operating Profit Attributable to Shareholders of the Parent Company in 1H2025; Life & Health Nbv Surges 39.8% YoY Interim Dividend Increases to RMB0.95 per Share

Ping An Insurance Reports Steady Growth in Operating Profit for H1 2025, Life and Health Insurance New Business Value Surges 39.8%

中国平安上半年归母营运利润增长3.7% 寿险新业务价值强劲增长39.8%

Ping an Insurance - Declared Interim Cash Dividend of RMB0.95 (Tax Inclusive) per Share

Ping An: Three Reform Dividends Drive Continuous Growth in New Business Value, AI in All with Established Vertical Domain Advantages

Ping An Reports Stable Growth in Operating Profit and Interim Dividend Increase in 1H2025

Ping An Asset Management Co., Ltd. Increases Holdings in CHINA LIFE (02628) by 12.683 Million Shares at Approximately HK$24.93 per Share

Ping An Insurance Reports 3.7% YoY Increase in Operating Profit, Interim Dividend Rises to RMB0.95 Per Share

Ping An: Three Reform Dividends Drive Continuous Growth in New Business Value, AI in All with Established Vertical Domain Advantages

平安中期营运利润增长3.7%，二季度归母净利润增长8.2%

Ping An Insurance (Group) Q2 EPS $0.60 Up From $0.58 YoY, Sales $40.084B Up From $38.421B YoY

中国平安公布2025年上半年归母营业利润稳定增长 寿险及健康险NBV同比激增39.8% 中期股息提升至每股0.95元

Ping an Reports Stable Growth in Operating Profit Attributable to Shareholders of the Parent Company in 1H2025; Life & Health Nbv Surges 39.8% YoY Interim Dividend Increases to RMB0.95 per Share

Ping An Insurance Reports Steady Growth in Operating Profit for H1 2025, Life and Health Insurance New Business Value Surges 39.8%

中国平安上半年归母营运利润增长3.7% 寿险新业务价值强劲增长39.8%

Ping an Insurance - Declared Interim Cash Dividend of RMB0.95 (Tax Inclusive) per Share

Ping An: Three Reform Dividends Drive Continuous Growth in New Business Value, AI in All with Established Vertical Domain Advantages

中国平安公布2025年上半年归母营业利润稳定增长寿险及健康险NBV同比激增39.8% 中期股息提升至每股0.95元