ZhongAn Online P & C Insurance (6060) H2 2024 earnings summary

Executive summary

• Achieved RMB 33.417 billion in gross written premiums (GWP) in 2024, up 13.3% year-over-year, ranking 8th in the domestic P&C industry and fastest-growing among the top 10.

• Net profit attributable to parent company reached RMB 603 million, a 105.4% increase from adjusted 2023 net profit, excluding one-off gains.

• Maintained underwriting profitability for the fourth consecutive year with a combined ratio of 96.9%.

• Technology and banking segments saw significant revenue growth and narrowed losses, with ZA Bank's net revenue up 52.6% and Peak3 expanding internationally.

• Comprehensive solvency margin ratio at 227%.

Financial highlights

• GWP: RMB 33.417 billion (+13.3% YoY); Insurance service revenue: RMB 31.744 billion (+15.3% YoY).

• Net profit attributable to parent: RMB 603 million (+105.4% YoY, adjusted basis).

• Total investment income increased to RMB 1.335 billion (+85.4% YoY).

• Technology segment revenue: RMB 956 million (+15.3% YoY); net profit: RMB 78 million.

• ZA Bank net revenue: HKD 548 million (+52.6% YoY); net loss narrowed by HKD 167 million.

Outlook and guidance

• Aims to maintain growth at or above industry average in 2025, with focus on proprietary channel expansion and improved combined ratio.

• Plans to expand compulsory auto insurance coverage geographically.

• Continued investment in AI and digital transformation to drive future growth and operational efficiency.

• Overseas tech arm Peak3 accelerating EMEA expansion after USD 35 million Series A financing.