ZhongAn Online P & C Insurance (6060) investor relations material

Executive summary

• Achieved strong growth in 2025, with GWP up 6.9% year-on-year to RMB 35.735 billion and insurance service revenue up 5.5% to RMB 33.48 billion.

• Adjusted net profit attributable to shareholders surged 198.3% year-on-year to RMB 1.8 billion, driven by improvements in both underwriting and investment income.

• Robust underwriting performance and profitability turnaround, supported by both insurance and banking segments.

• Significant technological advancements, transitioning from digital-native to AI-native, with deep integration of AI across the insurance value chain.

• ZA Bank achieved its first full-year profit, with net income of HKD 892 million and net profit of HKD 17 million, marking a milestone for the digital banking segment.

Financial highlights

• Underwriting combined ratio improved to 95.8%, a 1.0 percentage point improvement year-on-year, driving a 42.5% increase in underwriting profit.

• Total investment income rose 59.1% year-on-year to RMB 2.124 billion, with investment return rate increasing from 3.3% to 5.3%.

• Comprehensive solvency adequacy ratio reached 242%, with core solvency at 235%.

• Moody’s and AM Best upgraded outlooks to positive, affirming profitability and sustainability.

• ZA Bank net revenue reached HKD 892 million (+62.7%), with first annual profit of HKD 17 million.

Outlook and guidance

• 2026 GWP growth target set at 10.7%, focusing on health, pet, and auto insurance as core drivers.

• Continued emphasis on AI integration and product innovation to sustain long-term growth.

• Plans to expand auto insurance business to more provinces, pending regulatory support.

• Focus on compounding growth, digital innovation, and expanding ecosystem partnerships.

• Positive outlooks from Moody’s and AM Best, both upgraded to Positive.