ZhongAn Online P & C Insurance (6060) H1 2026 earnings summary

Executive summary

• Net profit attributable to owners surged 132.2% year-over-year to RMB 1.55 billion, driven by strong underwriting, investment performance, and banking segment growth.

• Insurance service revenue rose 12.9% year-on-year to RMB 16.989 billion, with GWP stable at RMB 16.558 billion.

• Total assets reached RMB 47,562 million, up 1.8% from year-end 2025; net assets increased 5.9% to RMB 26,939 million.

• Moody’s upgraded the insurance financial strength rating to A3.

• Continued focus on technology-driven finance, AI integration, and omni-channel user engagement, with advances in digital banking and insurance ecosystems.

Financial highlights

• Underwriting profit increased 17.8% to RMB 773 million; combined operating ratio improved to 95.5%.

• Total investment income surged 150% year-on-year to RMB 1.596 billion; annualized investment return rose from 3.3% to 7.8%.

• ZA Bank net revenue reached HKD 578 million (+26.6%), net profit HKD 71 million (up 1.5x YoY).

• Basic and diluted EPS both rose to RMB 0.92 from RMB 0.45 in H1 2025.

• Total income for H1 2026 was RMB 18,966 million, up 17.2% year-over-year.

Outlook and guidance

• Focus remains on technology-driven insurance innovation, sustainable development, and expanding digital ecosystems.

• Ongoing investment in AI and digital capabilities to drive operational efficiency and product innovation.

• Continued scaling down of consumer finance business to manage risk and maintain profitability.

• Plans to further export InsurTech capabilities domestically and internationally.

• ZA Bank to expand investment product suite and customer AUM, targeting sustainable non-interest income growth.