Ping An Insurance Company of China has announced its first quarter financial results, reporting that its property & casualty (P&C) segment maintained steady insurance business growth and good business quality.

The P&C sector demonstrated a strong performance, with premium income increasing by 7.7% year-on-year to RMB 85.138 billion. Insurance revenue also saw a positive uptick, rising by 0.7% year-on-year to RMB 81.153 billion during the quarter.

Notably, the overall combined ratio improved significantly by 3.0 percentage points year-on-year, reaching a healthy 96.6%.

Ping An noted that its accelerated transformation was mainly driven by actively applying artificial intelligence (AI) technologies, represented by the DeepSeek model, to its core business processes.

This strategic application of AI has optimised operational and business models, forging a new engine for high-quality growth.

The company’s Life & Health business also experienced a steady development with enhanced multi-channel capabilities and high quality, the insurer reported.

Operating profit attributable to shareholders of the parent company in this segment grew by a solid 5.0% year-on-year to RMB 26.864 billion.

Life & Health NBV grew 34.9% year on year to RMB12,891 million with NBV margin based on annualised new premium rising 10.4 pps year on year to 32.0% in the first three months of 2025.

The bancassurance channel NBV surged by 170.8% year on year, as Ping An Life adhered to a diversification strategy, standardised outlet operations, and developed high-performing teams.

Overall, Ping An “maintained steady performance with solid fundamentals in overall operations by focusing on its core financial businesses, driving innovation, and pursuing high-quality development,” the firm stated.

The Group’s operating profit attributable to shareholders of the parent company rose 2.4% year on year to RMB37,907 million in Q1 2025.

At the Group level, the operating profit attributable to shareholders of the parent company rose by 2.4% year-on-year to RMB 37.907 billion in the first quarter of 2025. The Group’s total assets surpassed the RMB 13 trillion mark, reaching RMB 13.18 trillion as of March 31, 2025.

Ping An also reported further advancements in its integrated finance model. The retail customer base expanded by 1.0% since the beginning of the year, reaching nearly 245 million as of March 31, 2025.

Demonstrating strong customer loyalty, the retention rate of retail customers holding four or more contracts within the Group remained high at 98.0%.

The post Ping An P&C reports 1% insurance revenue and 8% premium income growth in Q1’25 appeared first on ReinsuranceNe.ws.