Ping An dividend: history, cash cover and yield
Ping An proposed a full-year 2025 ordinary dividend of RMB2.70 per share and an interim dividend of RMB0.98. Across five years, earnings for common shareholders totalled RMB559,676 million; ordinary dividends absorbed RMB219,830 million, buybacks took RMB5,001 million and RMB334,845 million was retained.
How much does Ping An pay in dividends?
A proposed 2008 refinancing involving shares, bonds and detachable warrants was shelved after investors feared dilution. Later, Ping An proposed a full-year 2025 ordinary dividend of RMB2.70 per share and an interim dividend of RMB0.98. The important question remains where retained capital went and what it earned.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 7.44 | 6.99 | 4.74 | 6.27 | 5.72 |
| − Dividends, per share | 2.57 | 2.43 | 2.43 | 2.47 | 2.33 |
| − Share buybacks, per share | 0.00 | 0.00 | 0.00 | 0.06 | 0.22 |
| = Kept, per share | 4.87 | 4.56 | 2.31 | 3.73 | 3.17 |
| Book value per share | 55.25 | 51.28 | 49.65 | 48.00 | 44.80 |
Does Ping An's dividend fit where its cash goes?
Across five years, earnings for common shareholders totalled RMB559,676 million. Ordinary dividends absorbed RMB219,830 million. Buybacks took RMB5,001 million, leaving RMB334,845 million retained. Acquisitions were concentrated in 2022, while long-term spending on property, equipment and intangibles was much smaller. The pattern shows a financial group directing capital mainly through investments and regulated balance sheets rather than physical expansion.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Net income | 134,778 | 126,607 | 85,665 | 111,008 | 101,618 |
| − Preferred, minority and other claims | 0 | 0 | 0 | 0 | 0 |
| = Earnings for common shareholders | 134,778 | 126,607 | 85,665 | 111,008 | 101,618 |
| − Dividends paid on ordinary shares | 46,537 | 44,002 | 44,002 | 43,820 | 41,469 |
| − Share buybacks | 0 | 0 | 0 | 1,101 | 3,900 |
| = Kept to grow and build capital | 88,241 | 82,605 | 41,663 | 66,087 | 56,249 |
What could change Ping An's dividend?
Management promises a conditional floor: over a rolling three-year period, cash distributions must total at least 30.0% of average yearly distributable parent-company profit, if profit is positive and legal and solvency rules permit. The 2026 interim dividend is approved, but no verified numerical group growth target has been given.
The Q3 2026 checkpoint is life new business value and margin: NBV is forecast to fall 27% year on year. Through FY2027, recurring investment yields and bank credit costs will test earnings and subsidiary remittances. By October 2028, health and senior-care services, persistency—the rate at which policyholders keep coverage—and remittances must improve customer economics.
What is Ping An's dividend yield today?
The shares trade at HK$51.35, or 5.3 times trailing earnings and 0.8 times book value. The 6.2% dividend yield has no buyback yield. Revenue growth is modest, while P&C’s combined ratio turned below 100% in 2024 and improved to 96.8% in 2025. Operating ROE remains below its 2021 level as finance-arm borrowings rise.
| Today (Oct 13, 2026) | |
|---|---|
| Share price | 51.35 |
| Market value (calculated) | 929,827 |
| P/E, last 12 months (calculated) | 5.3x |
| Price to book (calculated) | 0.8x |
| Dividend yield (calculated) | 6.2% |