中国平安保险（集团）股份有限公司 2025年第一季度报告

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].