Ping An posts 96.6% P&C combined ratio for Q1 2025
By Rebecca Delaney
April 28 - (The Insurer) - China's Ping An has reported a P&C combined ratio of 96.6% for the first three months of 2025, a year-on-year improvement of 3.0 percentage points.
Ping An P&C delivered steady insurance business growth during the quarter, with premium income up 7.7% year on year to 85.1 billion yuan ($11.7 billion).
P&C insurance revenue increased 0.7% from the prior-year quarter to 81.2 billion yuan in Q1 2025.
Ping An said the growth in the P&C business was driven by China's overall growth across five key sectors: technology finance, inclusive finance, pension finance, digital finance and green finance.
For the latter, overall group green insurance premium totalled 16.9 billion yuan.
In the group's life and health insurance unit, operating profit increased by 5% to 26.9 billion yuan.
Life and health new business value totalled 12.9 billion yuan, while the unit's new business value margin increased by 10.4 points to 32.0%.
Group operating profit attributable to shareholders of the parent company was up 2.4% year on year to 37.9 billion yuan, of which P&C accounted for 3.2 billion yuan.
The group's insurance funds investment portfolio recorded an unannualised comprehensive investment yield of 1.3%, up 0.2 points.
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