Health and Senior Care

Health and Senior Care as a New Driver of Value Growth

Amid intense competition and homogeneous offerings in the financial market, Ping An continues to enhance its “integrated finance + health and senior care” strategy to build a strong competitive edge via “Product + Service” differentiation.

Leveraging over a decade of expertise in insurance and healthcare, Ping An has developed a comprehensive health and senior care ecosystem in China that seamlessly integrates its online and offline services with its financial offerings, where it acts as a payer. This ecosystem provides significant advantages, including “online, in-store, in-home, and in-company” service capabilities, extensive access to hundreds of health and senior care resources, and high-quality proprietary services.

Ping An’s health and senior care ecosystem creates direct and indirect value by supporting its core financial businesses with unique “Product + Service” offerings.

“Health and senior care ecosystem” strategy

Ping An has spent over a decade building its health and senior care ecosystem, spanning key business areas such as insurance, health care, investment, and technology. This strategy is implemented through the coordinated efforts of Group companies including Ping An Life, Ping An P&C, Ping An Annuity, Ping An Health Insurance, and Ping An Health (stock name: PA GOODDOCTOR).

Opportunities in China’s health and senior care market

Per capita health spending¹: China’s health spending is over RMB5,400 per person, much lower than Japan (RMB28,000) and Singapore (RMB26,000), showing significant growth potential
Aging population: China’s elderly population² surpassed 210 million in 2023 and is expected to exceed 300 million by 2035. It has a far larger aging population compared to Japan’s 37.44 million and Singapore’s 0.95 million in 2023.

Service moat and business model

Ping An has built a strong competitive edge by combining health and senior care services with its financial businesses, creating three key revenue streams:

Retail financial services: Providing health and senior care services to group’s retail financial customers, including customers from Ping An Life and Ping An Bank
Corporate health solutions: Offering employee health management programs to corporate clients, integrated with products from Ping An P&C, Ping An Annuity, and Ping An Health Insurance
Premium health and senior care services: Developing an online flagship medical platform and proprietary medical institutions to meet the needs of mid-range and high-end customers

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. As the online flagship of Ping An’s health and senior care ecosystem, Ping An Health connects retail and corporate customers to online and offline services.

With the acquisition of PKU Healthcare Group in 2021, Ping An is enhancing its healthcare ecosystem strategy, expanding offline medical resources, and building a strong proprietary flagship brand.

Payers

Ping An has achieved strong growth in retail and corporate customers by combining insurance with health and senior care services:

In 2024, the health and senior care ecosystem served nearly 67,000 corporate clients
Ping An Health had over 31 million paying users for its strategic business by the end of 2024
More than 160,000 customers qualified for home-based senior care services

“Finance + health care”

For retail customers: Ping An offers "insurance + health" products like the Zhen Xiang RUN Health Services Plan, which includes 18 services such as checkups, blood sugar control, online consultations, outpatient appointments and critical illness management. In 2024, more than 21 million Ping An Life customers used these health management services, with usage up 2.1 percentage points from 2023. Nearly 79% of new Ping An Life customers used health management services.
For corporate clients: Ping An provides employee health management programs combining insurance, health care funds, and services. In 2024, nearly 67,000 corporate clients and over 29 million employees benefited from these programs.

Finance + Senior Care

Ping An focuses on “insurance + home-based senior care” and “insurance + high-end senior care” to provide premium, international-standard services for high-value customers.

Home-based senior care

Partnered with 150+ providers in 75 cities as of the end of December 2024, offering hundreds of home-care benefits
More than160,000 customers qualified for services in 2024, up 70,000 from the start of the year
Built four alliances for senior care: Medical, Nursing, Housing, and Entertainment, integrating top providers and experts to meet diverse needs
Monitoring service quality using standardized procedures and apps, and requesting suppliers to continuously improve cost-effectiveness and protect consumer rights

High-end senior care

Developed six premium senior care communities in five cities as of the end of 2024, with facilities in Shanghai and Shenzhen set to open in late 2025

Providers: Proprietary flagships

Peking University Healthcare Group:

Revenue reached RMB5.51 billion in 2024, driven by strong operations since Ping An’s takeover in 2021
Focuses on medical, health management, rehabilitation, and digital services as it strives to become a leading medical group in China

Peking University International Hospital:

Revenue exceeded RMB2.48 billion in 2024, with 1.25 million outpatient visits and 1,306 beds available
Collaborates with top global hospitals, such as Mayo Clinic, Cleveland Clinic, and UCLA Health

Ping An’s healthcare facilities (as of December 31, 2024):

5 general hospitals, 1 rehabilitation hospital, 1 cardiovascular and cerebrovascular hospital, 18 health management centers, and 10 children’s rehabilitation center

Unique services

In 2024, Ping An Health focused on meeting customers' physical, safety, and emotional needs:

Physical needs: Provided in-home rehabilitative care with improved quality control and service supervision
Safety needs: Upgraded smart senior-friendly devices for quick installation and precise monitoring
Emotional needs: Offered diverse artificial intelligence (AI) chatbot companions for support

Ping An Family Doctor

In 2024, Ping An Family Doctor served over 14 million members, with an average of five uses per person.

Before visits: 24/7 instant consultations, doctor/hospital recommendations, and appointment booking
During visits: Guidance and accompanying services for a smooth experience
After visits: Personalized recovery plans and follow-up tracking

Partner networks

Ping An integrates premium domestic and international resources for medical services, health care, commodities, and medicines through an “online, in-store, in-home, and in-company” network.

Domestic network (as of December 31, 2024):

50,000 in-house and contracted doctors
Partnerships with: 36,000+ hospitals (all top 100 and 3A hospitals)，104,000+ health management institutions，235,000 pharmacies (35% of all pharmacies, up 4,000 from early 2024).
Hundreds of home-based senior care benefits

Global network:

Partnered with 1,300+ medical institutions in 35 countries, including seven of the global top 10 and 56 of the global top 100

Notes:

1. Per capita health expenditure for 2021. Data on China is from the database of the National Bureau of Statistics of China. Data on Japan and Singapore is from the World Bank’s database and estimated in RMB.

2. Elderly population data on China is from the database of the National Bureau of Statistics of China and the Research Report on Aging in China 2023. Elderly population data on Japan and Singapore is from the World Bank’s database.

3. The elderly population refers to people aged 65 and above.