Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's operating profit showed steady growth, with a year-on-year increase in New Business Value (NBV) of 35% driven by an improvement in value rates [1] - The report highlights a decline in net profit attributable to the parent company by 26.4% year-on-year, primarily due to the downturn in the bond market and the consolidation of Ping An Good Doctor [1] - The report anticipates that the company's net profit for 2025-2027 will be 135.2 billion, 154.4 billion, and 177.0 billion respectively, maintaining previous profit forecasts [1] Financial Performance Summary - Total revenue for 2023 is projected at 913.79 billion, with a year-on-year growth of 3.8% [1] - The net profit attributable to the parent company for 2023 is expected to be 85.665 billion, reflecting a year-on-year decrease of 22.8% [1] - The company's net assets at the end of Q1 2025 reached 939.7 billion, an increase of 1.2% from the beginning of the year [1] Business Segment Analysis - Life Insurance: The NBV margin increased by 11.4 percentage points to 28.3%, with individual insurance and bank insurance channels contributing significantly [1] - Property Insurance: The combined cost ratio improved by 3.0 percentage points to 96.6%, attributed to reduced disaster claims and risk clearance in credit insurance [1] - Investment: The non-annualized comprehensive investment return rate increased by 0.2 percentage points year-on-year to 1.3% [1] Capital Strength - The core and comprehensive solvency ratios for life insurance improved significantly, reaching 164% and 228% respectively [1] - The company plans to issue up to 50 billion in domestic bond financing tools over the next three years to enhance capital strength [1]

Core Viewpoint - The company reported a stable performance in the first quarter of 2025, with a focus on high-quality development and maintaining a solid operational foundation despite a complex external environment [14][25]. Financial Performance - The company achieved an operating profit of 37.907 billion yuan, a year-on-year increase of 2.4% [14][25]. - The profit attributable to the shareholders of the parent company was 2.16 yuan per share, reflecting a 3.3% increase year-on-year [25]. - The new business value for life and health insurance reached 12.891 billion yuan, up 34.9% year-on-year, with a new business value rate of 32.0%, an increase of 10.4 percentage points [14][30]. Business Segments Life and Health Insurance - The life and health insurance segment showed robust growth, with the new business value increasing significantly across various channels, including a 170.8% increase in the bancassurance channel [14][30]. - The company has enhanced its multi-channel development, with agent channel new business value growing by 11.5% [14][30]. Property Insurance - The property insurance segment reported an insurance service income of 81.153 billion yuan, a 0.7% increase year-on-year, with a comprehensive cost ratio of 96.6%, improving by 3.0 percentage points [14][37]. Investment Performance - The investment portfolio achieved a non-annualized comprehensive investment return of 1.3%, up 0.2 percentage points year-on-year, with total investment assets exceeding 5.92 trillion yuan, a 3.3% increase from the beginning of the year [14][39]. Customer Base and Services - The company served nearly 245 million individual customers as of March 31, 2025, with a customer retention rate of 98.0% for those holding four or more contracts [14][18]. - The medical and elderly care strategy has been effectively implemented, with coverage in 75 cities and over 190,000 customers qualifying for home care services [14][21]. Corporate Governance - The board of directors and senior management have ensured the accuracy and completeness of the quarterly report, taking legal responsibility for its content [2][3]. - The company has implemented a core personnel shareholding plan and a long-term service plan to align the interests of shareholders, the company, and employees [50][51].

Core Viewpoint - China Ping An Insurance (Group) Co., Ltd. plans to issue bonds up to 50 billion yuan to optimize its capital structure and reduce financing costs, amid a favorable market interest rate environment [1][2][3] Group 1: Bond Issuance Plans - The company intends to issue bonds in one or multiple tranches, with a total principal amount not exceeding 50 billion yuan, including various types of bonds such as capital supplement bonds and financial bonds [2][3] - The total bond issuance by insurance companies this year has reached 49.6 billion yuan, with an additional planned issuance of 70 billion yuan [1][4] Group 2: Market Conditions and Financial Performance - The current market interest rates are at historical lows, leading to significantly reduced bond issuance costs, which supports the company's strategic expansion in sectors like healthcare and elderly care [3][5] - In 2024, the company reported a net profit attributable to shareholders of 126.6 billion yuan, a substantial increase of 47.8% year-on-year, with operating profit rising by 9.1% [2] Group 3: Capital Demand and Debt Structure - The demand for capital among insurance companies remains high, driven by the need to lower financing costs and enhance solvency ratios [4][5] - The issuance of perpetual bonds has become a favored method for capital supplementation, with 45.7 billion yuan of the total bond issuance this year being perpetual bonds [4] Group 4: Future Outlook - The transition period for the new solvency regulation has been extended to the end of 2025, indicating that insurance companies will need to address potential capital shortfalls as regulatory standards tighten [5] - The industry anticipates that companies will continue to enhance their capital strength through various means, including bond issuance and retained earnings, to support long-term stable development [5]

（2）《公司 2025 年第一季度报告》内容真实、准确、完整地反映了本公司 的实际情况； （3）未发现参与《公司 2025 年第一季度报告》编制和审议的人员有违反保 密规定的行为。 证券代码：601318 证券简称：中国平安 公告编号：临 2025-020 中国平安保险（集团）股份有限公司 第十一届监事会第七次会议决议公告 中国平安保险（集团）股份有限公司（以下简称"本公司"或"公司"）监事会及全 体监事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其 内容的真实性、准确性和完整性承担法律责任。 本公司第十一届监事会第七次会议（以下简称"会议"）通知于 2025 年 4 月 11 日发出，会议于 2025 年 4 月 25 日在深圳市召开。会议应出席监事 5 人，实 到监事 5 人，会议有效行使表决权票数 5 票。本公司部分高级管理人员列席了会 议，会议的召集、召开程序符合《中华人民共和国公司法》和《中国平安保险（集 团）股份有限公司章程》（以下简称"《公司章程》"）的相关规定，会议合法、 有效。 会议由本公司监事会主席孙建一主持，与会监事经充分讨论，审议通过了如 下议案： 一、审议通过了《关 ...

证券代码：601318 证券简称：中国平安 公告编号：临 2025-019 中国平安保险（集团）股份有限公司 第十三届董事会第九次会议决议公告 中国平安保险（集团）股份有限公司（以下简称"本公司"）董事会及全体董事 保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的 真实性、准确性和完整性承担法律责任。 本公司第十三届董事会第九次会议（以下简称"会议"）通知于 2025 年 4 月 11 日发出，会议于 2025 年 4 月 25 日在深圳市召开。会议应出席董事 15 人， 实到董事 15 人，会议有效行使表决权票数 15 票。本公司全体监事和高级管理人 员列席了会议。会议的召集、召开程序符合《中华人民共和国公司法》和《中国 平安保险（集团）股份有限公司章程》的相关规定，会议合法、有效。 会议由本公司董事长马明哲主持，与会董事经充分讨论，审议通过了如下议 案： 一、审议通过了公司 2025 年第一季度报告及截至 2025 年 3 月 31 日止 3 个月的 未经审核业绩公布 三、审议通过了《关于审议〈张小璐女士合规负责人职务离任审计报告〉的议 案》 本公司董事会审计与风险管理委员会已审议通 ...

保险公司的一季报业绩，在各方瞩目中开始披露。 4月25日下午，中国平安率先公告2025年1季度业绩。 季报显示，中国平安集团在2025年一季度实现归营运利润379.07亿元，同比增长2.4%。这其中，寿险及健康险业务尤为强势，两项业务创造的归 母营运利润达到268.64亿元，占总营运利润的比七成，寿险及健康险业务的新价值收入增长达到了34.9%，凸显了平安主营上的强势表现和业绩韧 性。 综合金融模式继续给平安带来客户留存。截至一季度，平安个人客户数近2.45亿，较年初增长1.0%，持有其中持有集团內4个及以上合同的客户留 存率达98.0%。 医疗康养是所有大型寿险机构的战略方向，一季报内平安实现了国内百强医院和所有三甲医院的合作覆盖率100%。个人客户中有近63%同时享有 平安医疗养老生态圈提供的服务权益。 产险业务方面继续保持此前发展态势，一季报平安产险实现原保险保费收入851.38亿元，同比增长7.7%；实现保险服务收入811.53亿元，同比增 长0.7%；整体综合成本率96.6%，同比优化3.0个百分点。 除此以外，银行业务、保险资金投资组合、资产管理业务、金融科技业务则各有表现。商业银行和保险资金投资 ...

平安银行股份有限公司 2025年第一季度报告 二〇二五年四月十九日 平安银行股份有限公司 2025 年第一季度报告 本行及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示 1、本行董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2、本行董事长谢永林、行长冀光恒、副行长兼首席财务官项有志、会计机构负责人郁辰声明： 保证季度报告中财务信息的真实、准确、完整。 3、第一季度报告是否经过审计 □是 √否 本季度合并及公司财务报表未经审计。 4、审计师发表非标意见的事项 □适用 √不适用 1 平安银行股份有限公司 2025 年第一季度报告 第一节 主要财务数据 1.1 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 5、本报告中"本集团"指平安银行股份有限公司及其全资子公司平安理财有限责任公司；"平 安银行""本行"均指平安银行股份有限公司；"平安理财"指平安理财有限责任公司；"平安集团" 指中国平安保险（集团）股份有限公司。 | 项 目 | ...

昨天晚上，中国平安集团发布了一个要融资500亿的公告，以优化资本结构，调整公司债务结构，降低财务融资成本。 融资方式为在境内一次或分多次发行本金不超（含）500亿元人民币债券融资工具，包括但不限于资本补充债券、金融债券、公司债券及其他 监管机构许可发行的境内人民币债券融资工具。 不过本次债券融资工具不包含可转换债券。 3月份，中国平安刚发布了2024年度利润分配方案，每股派发现金红利1.62元，累计分红293.34亿。加上2024年中的168.4亿分红（已经实 施），2024年中国平安累计给股东分红461.74亿。 | 项目 | 2024年度 | 2023年度 | 2022年度 | | --- | --- | --- | --- | | 现金分红总额(元) | 46,174,487,087.25 | 44,001,570,047.85 | 43,820,493,627.90 | | 回购注销总额(元) | | 5,993,765,118.20 | | | 归属于上市公司股东的净利 | 126,607,086,261.46 | 85,665,372,025.38 | 83,774,261,864.34 (17 ...

中国平安（601318）公告，截至2025年3月31日止三个月期间，营业收入2566.18亿元，同比下降7.0%； 归属于母公司股东的净利润270.16亿元，同比下降26.4%；基本每股收益1.54元，同比下降25.6%；归属 于母公司股东的营运利润379.07亿元，同比增长2.4%；基本每股营运收益2.16元，同比增长3.3%。 ...

中国平安(02318.HK)2025年Q1营收2566.2亿元，去年同期2758.9亿元。 ...