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

Executive summary

• Net profit attributable to owners surged 132.2% year-over-year to RMB1,550 million in H1 2026, driven by strong insurance and banking segment performance, robust underwriting, a 150% increase in investment income, and a turnaround in the technology segment.

• Insurance service revenue rose 12.9% year-over-year to RMB16,989 million, while GWP remained stable at RMB16,558 million.

• Total assets reached RMB47,562 million, up 1.8% from year-end 2025; net assets increased 5.9% to RMB26,939 million.

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

Financial highlights

• Underwriting profit increased 17.8% to RMB773 million; combined operating ratio improved to 95.5%.

• Total investment income surged 150% year-over-year to RMB1,596 million; annualized total investment yield reached 7.8%.

• Total income for H1 2026 was RMB18,966 million, up 17.2% year-over-year.

• Basic and diluted EPS both rose to RMB0.92 from RMB0.45 in H1 2025.

• ZA Bank net revenue reached HKD578 million (+26.6%), net profit HKD71 million (up 1.5x YoY).

Outlook and guidance

• Focus remains on dual-engine growth of "Insurance + Technology" and sustainable, quality-driven expansion, with ongoing investment in AI and digital capabilities.

• Plans to further export InsurTech capabilities domestically and internationally.

• Consumer finance business to be further scaled down, focusing on asset quality and risk control.

• No interim dividend declared to retain resources for business development.