Value Creation Through Health and Senior Care

Customer value

Ping An provides all-around health and senior care services to customers through diverse channels, consistently improving user experience, market reputation and service satisfaction.

Shareholder value

Core business enablement

Ping An has effectively driven increases in the upsell rate and the premium per policy by enabling core financial business development via the health and senior care ecosystem.

• In 2025, health and senior care users recorded a 4 pps increase in upsell rate, while first-year premium per new policy increased by 1.5 times for health care customers.

Long-term revenue

Health and senior care services are rapidly becoming a key driver of Ping An’s second growth curve.

• Since its management was taken over by Ping An in 2021, PKU Healthcare Group has maintained prudent operations, positive development, and consistent revenue growth, reaching RMB 5,723 million in 2025
• As the core flagship of the Group’s health and senior care ecosystem, Ping An Health has further strengthened its synergy with the Group, reaching revenue of RMB5,648 million in 2025
• Premium senior care communities such as Zhen City have opened for business successively.

Social value

Ping An delivers effective, supplementary solutions to China’s population aging challenge under a market driven sustainable approach by building an innovative “insurance + health care” model to help develop a multi-tiered medical security system.

By leveraging intelligent triage and referral through family doctors, Ping An precisely matches patient needs with medical resources, delivering “online-merge-offline” closed-loop medical services and improving China’s overall health care efficiency.

Health and Senior Care Services

Ping An provides full-lifecycle services covering health services and senior care services.

Health services

• Health management: Ping An realizes online-to-offline collaboration and extensive geographic coverage with services span key areas including physical activity, longevity, anti-aging and sleep management, upgrading reactive care into proactive intervention via proactive health management.
• Chronic disease management: Ping An delivers personalized, proactive health management services centered around medication, lifestyle, and medical resource arrangement, designed to control diabetes, hypertension, fatty liver, hyperuricemia, and hyperlipidemia as well as manage body weight and comorbidities.

Senior care services

• Home-based senior care: Ping An is committed to “making the elderly comfortable and their children worry-free through committed concierges” with upgraded health care service.

• Community-based senior care: Ping An provides full-process assistance before, during, and after customers’ residence for customers entitled to home-based senior care.

• Institutional senior care: Ping An has unveiled a total of 6 Zhen Living premium health and senior care communities in 5 cities and carefully selects operators and formulates operational standards and requirements, creating “one-stop” premium health and senior care communities.

Ping An’s Strategic Advantages

Ping An has been deeply rooted in the Chinese market under a business philosophy of “international standards and local advantages:”  

• Customer base: A vast financial customer base of 251 million retail customers, with approximately one out of every six Chinese people being a Ping An customer.

• Payment capability: Ping An leverages innovative “insurance + service” offerings to integrate a broader range of financial products with health and senior care service benefits, with health insurance premium income reaching RMB159 billion in 2025, including nearly RMB73.4 billion in medical insurance premium income.

• Technological strength: Through its proprietary medical AI model “Ping An Medical Master,” Ping An has built a full-process digital capability covering disease prevention, precise diagnosis, and health management. Retail customers covered by “AI + human doctor” services reached 100% in 2025.

 Health and Senior Care Ecosystem Progress

Ping An acts as a payer and integrates providers into its ecosystem to deliver cost-effective health and senior care services. In 2025, Ping An continues to expand its health and senior care ecosystem and strengthen its service network:

 Payers

• Health and senior care services used by nearly 18.3 million or 38.5% of Ping An Life's customers, including 71% of those newly-enrolled.
• Over 95,000 corporate clients and their over 60 million employees served.
• More than 240,000 customers qualified for home-based senior care services.

Ecosystem

• Started to provide “direct billing” services at online pharmacies for corporate health accounts to be “directly billed” after members purchase medicines online.
• Launched a QR code payment service for the offline medicine purchase scenario of members of corporate health management programs, covering 77,000 pharmacies in China.

Payers

• Approximately 50,000 in-house and contracted external doctors, with over 3,500 contracted expert doctors.
• 5 general hospitals, 2 rehabilitation hospitals, and 1 cardiovascular and cerebrovascular hospital in the proprietary network.
• Over 37,000 hospitals (including all top 100 hospitals and 3A hospitals) in China and over 1,300 medical institutions overseas in the partner network.

Over 240,000 partner pharmacies, covering over 35% of pharmacies in China.

Ping An's health and senior care ecosystem is a core pillar of the Group's broader "integrated finance + health and senior care" strategy, working in close synergy with Integrated Finance to deliver lifetime value to customers through multi-product, one-stop services. This ecosystem is continuously enhanced by Technology capabilities — including proprietary vertical AI models, data-driven decision-making, and the four elements of AI (algorithms, data, scenarios, and computing power) — enabling Ping An to provide more accurate, cost-effective, and personalized health and senior care services at scale.