Ping An Health Achieves First Full-Year Profit in 2024: A Financial Milestone Revealed

Ping An Health Reports Strong 2024 Results, Driven by AI and Strategic Synergies

Ping An Health showcases robust growth in 2024, fueled by strategic integration with insurance, AI-driven healthcare solutions, and expansion in senior care services.

Key Highlights from Ping An Health’s 2024 performance

Ping An Healthcare and Technology Company Limited (“Ping An Good Doctor”) reported its 2024 annual results, demonstrating critically important growth and profitability. The company’s strategic focus on family doctors and senior care concierges has positioned it as a leading health service provider in China.

• Revenue: RMB4.81 billion
• Adjusted Net Profit: RMB158 million
• F-end and B-end Revenue Growth: 17.2% year-on-year
• Home-Based Senior Care Services Revenue Growth: 413.5% year-on-year
• B-end Paying users: Approximately 5.81 million, a 13.0% year-on-year increase

Synergies Between Health Care and Insurance: A Powerful Growth Driver

Ping An Health’s success is deeply rooted in its strategic alignment with Ping An Group’s “integrated finance + health and senior care” model. This approach fosters collaboration between health care and insurance, creating scalable effects in both F-end (integrated finance buisness) and B-end (corporate clients) sectors.

The company has established three major models:

• “Insurance + health and senior care membership”
• “Collaboration between health care and claim settlement”
• “Medical and health benefit services”

These models have proven effective in driving customer acquisition, retention, and repeat purchases within the Ping An ecosystem. The revenue from the F-end business exceeded RMB2.4 billion, reflecting a 9.6% year-on-year increase. As of the end of September 2024, Ping An Group’s retail integrated financial customers using services from its health and senior care ecosystem had 1.6 times more contracts and 3.9 times higher AUM per capita than non-users.

Corporate Health Management: A Core Growth Engine

The corporate health management business has also demonstrated robust development.Ping An health continuously improved its capabilities in product design, customer acquisition, and user engagement. The “Ping An Corporate Health Protection Plan” offers health entrusted management, membership-based health management services, and “insurance +” offerings, catering to diverse enterprise needs.

In 2024,revenue from the B-end business exceeded RMB1.4 billion, an impressive 32.7% year-on-year increase. The company served 2,049 B-end enterprises, a 35.9% year-on-year increase.

Expanding Service Hubs: Family Doctors and Senior Care Concierges

Ping An Health has capitalized on favorable national policies that encourage innovative medical service models and address population aging. The company has focused on strengthening its two core service hubs: family doctors and senior care concierges.

Ping An Family doctor: A Extensive Upgrade

the “Ping An Family Doctor” service has been comprehensively upgraded, establishing a “1-1-3-12” one-stop, proactive health management service system. The family doctor team is certified by reputable institutions such as Peking University International Hospital and the World association of Family Doctors (WONCA). “During the reporting period, family doctor services under the collaboration between health care and claim settlement served over 2 million customers.” With integrated service scenarios and improved capabilities, the company has amassed over 14 million users with access to family doctor service benefits.

Home-Based Senior Care: Meeting the Needs of an Aging population

Ping An Health is actively expanding its home-based senior care business, developing the “insurance + home-based senior care” model. The company has constructed a “3-in-1” senior care concierge system integrating smart concierges, daily life concierges, and doctor concierges. The company offers personalized services for seniors, including smart age-amiable home modifications, emergency rescue services, and professional medical care.

home-based senior care benefits are available in 75 cities across china, contributing to a remarkable 413.5% year-on-year revenue increase.

AI Empowerment: Transforming Healthcare Delivery

AI plays a crucial role in ping An Health’s strategy. “Through AI empowerment, significant improvements were achieved in efficiency and quality metrics across all aspects of medical services during the reporting period.”

• AI-powered Health Checkup Interpretation Accuracy: 98%
• AI-assisted Diagnosis Accuracy: Over 95%
• Intelligent Recommendation Accuracy: 99%
• Chronic Disease Management Improvement Rates: 90%
• Efficiency Improvements: Family doctor services (62%), specialist doctor services (42%), health managers services (55%)

The company has launched “Ping An Xin Yi” service, providing 24/7 AI-assisted expert health consultation services. These advancements contribute significantly to enhancing healthcare service coverage and establishing health records for Ping An Group’s extensive customer base.

Online, In-store, Home and Company-delivered: An Integrated Service Network

Ping An Health has upgraded its O2O service network, focusing on medical, health, and senior care scenarios. The company leverages its platform-based advantages to improve service cost-effectiveness and experience, launching innovative products such as “Ping An worry-free care.”

As of the end of 2024, Ping An Health boasts a vast network, including:

• Approximately 50,000 internal and external doctors
• Contracts with over 2,900 specialist doctors
• Partnerships with nearly 4,000 hospitals
• Approximately 105,000 cooperative health service providers
• Nearly 2,600 physical examination providers
• 235,000 pharmacies
• Over 150 senior care service providers

Commitment to Sustainability and ESG

Ping An Health has demonstrated a strong commitment to sustainable development, achieving an upgrade in its MSCI ESG rating from A to AA. The company actively contributes to public health awareness through initiatives such as the ” Healthy Steps” National Health Literacy Improvement Campaign.

Looking Ahead: The “15th Five-Year Plan”

As 2025 marks the transition towards the “15th Five-Year Plan,” Ping An Health will continue to focus on “worry-free, time-saving and money-saving” services. The company will promote the “integrated finance + health and senior care” strategy, aiming to create long-term value for its stakeholders and contribute to the Digital China and Healthy China initiatives.

The company will continue adhering to the value proposition of “worry-free, time-saving and money-saving”, focusing on the operating principle of “deep empowerment, word-of-mouth service, and innovative growth,” promoting the “integrated finance + health and senior care” strategy, constructing a collaborative model of health and senior care services and financial payers, creating long-term value for users, shareholders, and society, and contributing to the solid implementation of the Digital China and Healthy China strategies.

Conclusion

Ping An Health’s impressive 2024 results showcase its strategic vision and effective execution. By leveraging AI, fostering synergies between health care and insurance, and expanding its service offerings, the company is well-positioned for continued growth and success. To learn more about Ping An Health’s innovative solutions and services, visit their website today.

What role do AI-powered diagnoses contribute to Ping an Health’s efficiency and impact on the overall healthcare experiance?

Ping An Health’s AI-Driven Success: An Interview wiht Dr. Mei lin

Ping An Health recently released remarkable 2024 results, showcasing meaningful growth driven by AI and its strategic synergies. Archyde News sat down with Dr. Mei Lin, a leading health tech analyst at Golden Bridge Insights, to unpack these findings and understand the company’s future trajectory.

Behind Ping An Health’s Impressive 2024 Results

Archyde: Dr. Lin, thank you for joining us.Ping An Health’s 2024 report shows considerable growth, notably in revenue and adjusted net profit. What are your initial thoughts on these results, and what stands out to you the most?

Dr. Lin: Thank you for having me. The results are indeed impressive. What stands out is the balanced growth across different revenue streams. While the overall revenue growth is notable, the surge in home-based senior care services, a massive 413.5% year-on-year increase, signals a strong response to the aging population’s needs and smart strategic diversification. This signals big success in the health and senior care strategy.

The Power of “Integrated Finance + Health and Senior Care”

Archyde: A key part of Ping An Health’s strategy is the “integrated finance + health and senior care” model. How effective do you believe this synergy between healthcare and insurance is in driving customer acquisition and retention?

Dr. Lin: I think it demonstrates a powerful strategy. by integrating health services with insurance products, Ping An Health has created a closed-loop ecosystem. Customers are incentivized to stay within the Ping An network because they see tangible benefits–better healthcare access,more complete coverage,and even prioritized claim settlement. This strengthens customer loyalty and creates a strong competitive advantage in the health and senior care markets.

The Role of AI in Transforming Healthcare Delivery

Archyde: AI appears to be a crucial component of Ping An Health’s strategy. With reported accuracy rates of over 95% in AI-assisted diagnoses, how considerably does AI effect the company’s efficiency and the overall healthcare experience?

Dr. Lin: The role of AI is transformative. The numbers speak for themselves. They highlight that AI is going beyond simple automation; it is actively improving the accuracy and speed of medical services, from checkup interpretations to aiding doctors in arriving at diagnoses. this not only affects efficiency for the doctors involved, but makes healthcare services accessible to more people in less time. AI empowers healthcare professionals, enhances accuracy, and ultimately democratizes access to quality care, contributing to digital health betterment and health equality.

Expanding into Family Doctor and Senior Care Services

Archyde: Ping An Health is expanding the role of “Ping An Family Doctor” and developing home-based senior care services. what impact does this have on the company’s business strategy and how it aligns with changing demographics?

Dr. Lin: This represents a smart strategy to meet evolving market demands. Focusing on family doctor services provides a fundamental level of personalized, preventative care accessible to a wider population with benefits like the “insurance + home-based senior care” model. By offering home-based senior care services, Ping An Health caters directly to the growing elderly population, ensuring they receive specialized care in the comfort of their homes. This not only creates new revenue streams but also addresses a critical societal need.

Looking Towards the Future

Archyde: With the “15th Five-Year Plan” in sight, where do you see Ping An Health positioned in the next phase of its growth, and what key challenges might they face?

Dr. Lin: Ping An Health seems very well-positioned for future growth.Their AI-driven strategy, integrated approach, and expanding service network provide a strong foundation. However, challenges remain.Data privacy and security will be paramount as AI and digital health initiatives grow. Scaling their operations while maintaining service quality is another hurdle. Successfully navigating the regulatory landscape for digital health services in China will also be critical.

A Final Thought

Archyde: Dr. Lin, thank you for sharing your valuable insights. What’s one thing you believe readers should take away from Ping An Health’s success story?

Dr. Lin: It’s the power of strategic integration and technological innovation in healthcare. Ping An Health successfully combines the strengths of insurance, healthcare, and AI to create a synergistic ecosystem. This integrated model, coupled with a strong focus on customer needs and societal trends, provides a compelling blueprint for the future of healthcare, and opens up opportunities in health and wellness. Let’s encourage a discussion below – what other companies are applying similar innovative strategies and experiencing market success today?