Imagine what your 'peace' looks like in the AI era?

At the 2025 annual report and subsequent performance conference of Ping An (601318. SH) in China, "service" was pushed to the forefront of strategy; At the service upgrade conference on April 9th, the three English words' Anytime ',' Anywhere ', and' Anything 'were clearly summarized as the' 3A 'concept of its global emergency rescue services; Interpreted as "full-time response, global rescue, and wholehearted protection", it transforms from abstract boundaries to more perceptible service commitments.

On the same day, Guo Xiaotao, Co CEO of Ping An China, announced the launch of the 2026 "Service Year" and introduced two major service upgrades: AI "Quick Service" that achieves "one sentence can do things" through intelligent assistants, providing one-stop solutions to customer needs with one entrance; The "Global Emergency Rescue" service relies on the "3A" concept, providing 38 rescue services for over 100 emergency risks in three major scenarios: home, outdoor, and overseas, and guarding customer safety 24/7.

If "3A" injects tension into its service narrative, then financial data solidifies the reality: in 2025, Ping An's operating profit attributable to its parent company shareholders reached 134.415 billion yuan, a year-on-year increase of 10.3%; The new business value of life insurance and health insurance increased by 29.3% year-on-year, reaching 36.897 billion yuan; The total cash dividends for the year were 48.891 billion yuan, maintaining growth for 14 consecutive years; The equity attributable to shareholders of the parent company has exceeded 1 trillion yuan for the first time, reaching 1000.419 billion yuan.

More profound than numbers is the redefinition of service boundaries. Whether it's encountering lost documents, property, or sudden illness while living abroad, or being in danger during geopolitical conflicts, Ping An is always trying to put "rescue" truly at the customer's side. According to publicly disclosed cases, an elderly person in Beijing suffered a sudden cerebral infarction at home and was urgently sent to the hospital. The client was transported back to China after suffering an accidental spinal injury in Mexico; Against the backdrop of the escalating situation in the Middle East, Ping An also assisted two corporate clients in safely evacuating from the "danger zone" in the Middle East within 24 hours.

Against the grand backdrop of the end of the 14th Five Year Plan, the beginning of the 15th Five Year Plan, and the acceleration of Chinese enterprises' overseas expansion and the construction of a strong domestic market, these micro cases convey the signal that in a high uncertainty environment, financial services are expanding from a cold "post compensation contract" to a set of risk response and service systems that can be dispatched at any time, which is also a micro footnote to "improving quality and benefiting the people".

As Ping An Chairman Ma Mingzhe wrote in his annual report speech, "We constantly question ourselves: In the era of change and challenge, what is your 'peace' in your heart? It is the steady appreciation of assets, the calm protection of health, the peace of mind for retirement, and the unwavering sense of security, steadfastness, and trust in every important moment of life

And this may also mean that 'Ping An' is moving from a blessing, a brand symbol, to a deliverable and verifiable service capability

From 'Three Provinces' to' Three Ones': How Ping An Rewrite Service Delivery

On April 9th, Ping An of China held a service upgrade press conference, announcing that it will take the "Service Year" of 2026 as an opportunity to upgrade two innovative services, AI "Quick Service" and "Global Emergency Rescue". At the press conference, a sudden and urgent bell rang. The screen immediately switches to the emergency rescue scene: from customer assistance, system response, to contacting family members, calling 120, and initiating medical evacuation, the originally abstract "service capability" is placed in the spotlight for the first time in such an intuitive way.

Previously, it was said that 'buying insurance is buying peace', but now we hope to use 'one sentence for handling affairs, one button for emergency response, and a lifetime of dignity protection' to bring you peace of mind through these three professional services. "Shen Teng, the ambassador of Ping An brand service, expressed it very bluntly. This indicates that Ping An is attempting to shift its brand awareness from being a "financial compensator after accidents" to being an "active guardian before risks and a convenient service provider in daily life".

If in the past, Ping An emphasized the "three provinces" experience of "worry free, time-saving, and cost-effective", then in the "service year" of 2026, this set of expressions is further broken down into more specific and perceptible customer delivery.

Guo Xiaotao summarized the upcoming services of Ping An as the "Three Ones": one sentence can handle things, one button can respond to emergencies, and a lifetime of dignity protection. Compared to abstract strategic concepts, these three "ones" are more like Ping An's re translation of how to implement "finance+services": it is no longer just an additional item outside the product, but compressed into a more unified entrance, more immediate response, and more complete life experience.

He said that this round of service upgrade is not only a trend, but also the result of enterprises actively seeking change: at the macro level, it is the service orientation of the first year of the 15th Five Year Plan; At the meso level, the financial industry has entered a stage of homogeneous competition; At the micro level, customer demand has shifted from simply purchasing products to more specific needs for experience, safety, and elderly care.

The first "one" is "one sentence can do things", corresponding to AI's "quick service". What it needs to solve is the long-standing experience friction in financial services: scattered accounts, complex products, numerous entrances, lengthy processes, and customers often consume patience in complex experiences that are "troublesome, time-consuming, and costly". Guo Xiaotao mentioned that Ping An is integrating multiple apps of the group onto one platform, and leveraging the capabilities of intelligent agents to enable customers to complete transactions, claims, emergency situations, and other operations while speaking. Public information shows that in 2025, Ping An Line had an average of about 90 million active users last month, and "Quick Service" is positioned as an entrance and one-stop solution to meet demand.

Wang Xiaohang, Chief Technology Officer of Ping An China, further defined it as an exclusive financial AI assistant designed for 251 million individual customers, capable of trading, financing, claims settlement, and emergency rescue, allowing AI to move from an information tool that can be consulted to a service entrance that can handle affairs, and then to a personal assistant that can be managed. Its essence is to promote the concept of integrated finance from backend integration to frontend experience.

The second "one" is "one button for emergency response", which means global emergency rescue services. This service may best reflect the substantive changes in Ping An's service upgrade: financial services are now engaged in post compensation, further moving towards the reality of accepting risks when they occur.

It is reported that Ping An has integrated global rescue resources to address over a hundred types of emergency risk events that customers may encounter in three major scenarios: home, outdoor, and overseas. A total of 38 service systems have been created, including on-site emergency verification, accompanying medical transportation, medical transfer, field search, and safe evacuation.

At the event, Shi Weiyu, General Manager of Ping An Life Insurance, systematically explained the "3A" concept of emergency rescue services: Anytime (full-time response), Anywhere (global rescue), Anything (wholehearted protection). Among them, "full-time response" corresponds to a global emergency rescue service center that responds 24/7 without time difference, as well as the "SOS One Click Call" and "95511-9" service hotlines within the Ping An APP; Global Rescue relies on a network covering 233 countries and regions, connecting over 200000 medical institutions and 600000 high-quality service providers, and can quickly mobilize global rescue resources in an average of 20 minutes; 'Wholeheartedly guarding' is reflected in the care of customers throughout the entire process, from risk perception and emergency response to 'rescue medical rehabilitation compensation', allowing services to truly move from compensation to acceptance.

The third "one" is "having a lifetime of dignity to protect", corresponding to the service of safeguarding life dignity. It no longer only responds to elderly care itself, but also to the medical decisions, financial arrangements, wealth inheritance, and dignified care that may be faced in the final stage of life. According to the press conference, the service is still in preparation, but its direction is clear enough: Ping An is attempting to extend the service boundary from wealth management and health protection to the order and dignity of the end of life.

Looking back at the "three major scenarios and 4+1 service system" summarized in Ping An's annual report, its internal logic becomes clearer: medical and health, home-based elderly care, and emergency rescue. There are four service touchpoints: online, hospital, home, and enterprise. In addition, global emergency rescue is not just a stack of service labels, but has been reorganized into a more unified, perceptible, and verifiable customer delivery capability under the three new levers of "fast service", "emergency rescue", and "lifelong protection".

Service feeds back growth, becoming increasingly evident

Whether "finance+services" is a good story ultimately depends on whether it can be transformed into real money.

From the financial performance in 2025, Ping An's traditional financial foundation remains stable: net profit attributable to shareholders of the parent company after deducting non recurring gains and losses was 143.773 billion yuan, a year-on-year increase of 22.5%; Life insurance and health insurance businesses maintained a growth trend, with a new business value of 36.897 billion yuan, a year-on-year increase of 29.3%; The scale of insurance fund investment portfolio increased by 13.2% year-on-year to 6.49 trillion yuan; The comprehensive investment return rate is 6.3%.

This is the most familiar Ping An in the market: high dividends, thick capital, life insurance repair, and stable profits.

But if we only stay at this level, our understanding of peace is still incomplete. Because from the disclosed data, the driving effect of services on the main business is becoming increasingly evident. Public information shows that the number of new life insurance items brought by medical and health rights customers has increased by 1.5 times, the number of home-based elderly care rights customers has increased by 5.2 times, and the number of high-quality elderly care rights customers has increased by 23.4 times. At the same time, the network of cooperative doctors, cooperative hospitals, cooperative pharmacies, home-based elderly care coverage cities, and corporate customers is still expanding.

More noteworthy is that the management has officially incorporated "service" into the scope of customer operations. Ping An Deputy General Manager and Chief Financial Officer Fu Xin revealed that Ping An has divided its customers into four categories: protection, asset, credit, and service. Among them, the number of service customers has reached 158 million, a year-on-year increase of 4%. This indicates that customers' recognition of Ping An is no longer just a recognition of the product itself, but also a recognition of the "product+service" model. Ping An Life Insurance summarizes this change as a differentiated service strategy from compensation to companionship, which is driving the increase of new business value.

This means that services are no longer just cost or brand items, but are beginning to enter the growth logic itself. It no longer only affects a single report item, but also relates to the depth, length, and convertibility of customer relationships. The annual report shows that Ping An has a personal customer base of 251 million, with an average of 2.94 contracts per customer. The retention rate of customers holding three or more types of products has reached 99%; The retention rate of customers who enjoy the service rights of the medical and elderly care ecosystem has also reached 93%.

In this sense, by 2025, Ping An's growth logic has shown a clearer shift from "product addition" to "financial chassis x service stickiness x life cycle extension".

The valuation framework is changing

If we summarize the changes of Ping An in recent years into a few sentences, its new role and positioning are already quite clear.

It is no longer just a traditional financial institution, but closer to a service system that connects wealth management, medical and elderly care, and emergency rescue: with comprehensive finance as the chassis, medical and elderly care as the pillar, and AI and service networks as connectors, it attempts to reorganize the needs that were originally scattered in the policy, hospital, elderly care, rescue, and payment processes into a set of callable service capabilities.

Traditionally, when pricing Ping An, the market still considers the most classic indicators of insurance stocks: new business value, property insurance cost ratio, capital thickness, dividend yield, investment return, and safety margin. This framework has not failed. From the perspective of debt, Ping An's core business maintains high-quality development and its channel structure continues to be optimized; From an asset perspective, investment performance is stable and equity allocation is becoming more active.

Public information shows that in 2025, some international investment banks have raised their ratings or target prices for Ping An, and one of the core logics is still life insurance repair and valuation attractiveness. More broadly speaking, the research framework of international institutions on Chinese assets is also shifting towards "how AI can improve profitability, valuation, and capital flow": Goldman Sachs has stated that AI applications are expected to enhance Chinese companies' profit growth and improve valuation expectations; According to a Reuters report, Morgan Stanley has raised its China stock index target for 2025, citing factors such as improved profit expectations, progress in generative AI, and policy expectations.

From this perspective, another valuation approach that is closer to platform based service language is also beginning to emerge. It not only looks at policies and investments, but also at customer lifecycle value, service networks, cross scenario collaboration, and AI empowerment. The former still constitutes the pricing foundation of Ping An, while the latter has begun to enter the explanatory framework but has not yet been fully discounted.

And the underlying question is: when risks arise, can financial services go beyond cold compensation and stand on the side of life? This is not only a question that Ping An is trying to answer, but also a question that cannot be avoided in the process of China's financial industry moving towards high-quality development.

AI: The underlying infrastructure for service organization capabilities

In the past year, almost all large companies have been talking about AI. For financial institutions, the most direct application scenarios usually include customer service substitution, business processing automation, risk control optimization, and efficiency improvement. But if we only understand Ping An's AI investment in this round from the perspective of "efficiency improvement", it is obviously not enough.

Wang Xiaohang mentioned at the "Quick Service" launch ceremony that AI applications are currently moving from information tools that can provide consultation to service entrances that can handle tasks; By 2026, the explosion of autonomous agents will make it possible for "manageable" personal assistants. What Ping An is doing is fully encapsulating over 300 digital services, enabling AI to understand customer intentions, complete task decomposition, plan processes, and call services, while building proactive service capabilities, moving services from "passive response" to "active management".

From this perspective, the significance of AI in security is not to answer calls faster, but to reorganize resources that were originally scattered in financial, medical, elderly care, rescue and other scenarios, providing a truly practical technological foundation for service commitments such as one word of service, one button emergency rescue, and lifelong protection. The reason why fast services can become a unified entrance for "transactions, financing, claims, and emergency", and the reason why global emergency rescue can quickly mobilize network resources after customers seek help, essentially relies on AI's understanding, connection, and scheduling capabilities of service processes.

According to public disclosure, Ping An has accumulated 33 trillion bytes of data, over 3.2 trillion yuan of high-quality text corpus, 500000 hours of annotated speech corpus, and over 8.5 billion yuan of image corpus; By 2025, over 230000 employees of the group will use the internal intelligent agent platform to develop over 70000 intelligent agent applications, with 3.65 billion model calls made throughout the year. The accuracy rate of AI doctor assisted diagnosis and treatment reached 95.1%, and the accuracy rate of multidisciplinary consultation plans for complex diseases was close to 90%. The cost of single consultation in the fourth quarter decreased by 45% year-on-year.

In the era of AI, products are becoming increasingly easy to replicate, but service organization capabilities are not easy. Especially in high complexity, high timeliness, and high trust threshold scenarios such as healthcare, elderly care, and emergency situations, what users really need is not a faster question and answer system, but a service system that can mobilize dispersed resources and complete practical tasks at critical moments.

Therefore, Ping An's use of AI should not be understood solely as a technological upgrade, but rather as the underlying infrastructure for service upgrades.

What does' Service Year 'really test

Perhaps the true value of 'peace' lies not in the promise of no risk, but in the ability to prevent people from having to bear risks alone when they arise.

Ping An's comprehensive financial and medical elderly care strategy is not a new term. Therefore, the significance of the 'Service Year' in 2026 lies in pushing existing strategies to a stage that must be validated: whether it can truly translate into customer experience, customer retention, and growth quality.

What the market needs to see next is not just whether Ping An has services, but whether these services can form fewer entrances, shorter paths, and stronger reach, ultimately realizing deeper customer relationships and more stable business results. From this perspective, the meaning of Ping An's "finance+services" lies not in the introduction of many new concepts, but in its attempt to answer a more specific question: when risks arise, can financial services go beyond compensation and stand on the side of life.

Answering this question also requires redefining the strategic role of Ping An during the 15th Five Year Plan period.

In the past, discussions on boosting domestic demand focused more on income, employment, subsidies, and commodity supply. At the beginning of the 15th Five Year Plan, a deeper constraint gradually emerged: what affects residents' consumption and household decisions is not only current income, but also expectations of future uncertainty.

Variables such as healthcare, elderly care, sudden accidents, long-term care, and cross-border risks continue to shape families' risk preferences. Many times, it's not just about whether there's money or not that suppresses the willingness to consume, but also about whether something will happen in the future and who will take over if something happens.

From Maslow's hierarchy of needs, after satisfying survival, the "safety needs" for health, property, and future order are the most urgent. If this sense of security is lacking, ordinary people will not dare to consume. In this regard, expanding domestic demand to the present day is not only a matter of payment ability, but also increasingly a matter of service supply and expected stability.

This means that the functions of financial services are also expanding. In addition to allocating wealth, selling products, and post compensation, they have also begun to play a role in connecting resources, reducing risk exposure, and stabilizing family expectations.

The market may use the "three new" to describe its blueprint: the new role is to transform from traditional financial institutions to a risk response service system that connects wealth management, medical and elderly care, and emergency rescue, becoming the carrier and solver of customers' entire life cycle risks; The new positioning is driven by the dual wheels of "comprehensive finance+medical and elderly care", creating a comprehensive platform of "finance+services", which is highly synchronized with the national plan of "investing in goods and investing in people"; The new mission is to use professional planning, precise analysis, and meticulous execution to fundamentally meet people's aspirations for a better life, so that everyone is no longer alone in the face of risks, and has a firm sense of security, steadfastness, and trust.

As Ma Mingzhe said in his annual report speech, "Every inch of service depth advances, the foundation of growth becomes solid." Ping An is taking the "3A" service symbol as a starting point, trying to promote its transformation from an "insurance company" to a "risk response service system" during the "15th Five Year Plan" period, and fulfilling its commitment of "you don't have to face risks alone.

In the era of AI, "safety" is not only a technically controllable certainty, but also a temperature that reaches people's hearts through services.