ZhongAn Online P & C Insurance (6060) H2 2025 earnings summary

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, maintaining 8th place in the domestic P&C insurance industry.

• 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.

• Significant technological advancements, transitioning from digital-native to AI-native, with deep integration of AI across the insurance value chain and continued leadership in digital insurance innovation and ESG integration.

• ZA Bank achieved its first full-year profit, with net income of HKD 892 million and net profit of HKD 17.27 million, marking a milestone for the digital banking segment.

• Total assets rose to RMB 46.7 billion, and equity attributable to owners increased 21.6% to RMB 25.4 billion.

Financial highlights

• Underwriting combined ratio improved to 95.8%, a 1.1 percentage point improvement year-on-year, driving a 42.5% increase in underwriting profit to RMB 1.41 billion.

• Total investment income rose 59.1% year-on-year to RMB 2.124 billion, with total investment yield increasing to 5.3%.

• Comprehensive solvency adequacy ratio reached 242%, with core solvency at 233.2%.

• 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 17.27 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, product innovation, and expanding ecosystem partnerships to sustain long-term growth.

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

• Expects continued growth opportunities from China's digital economy and new quality productive forces.

• Will continue dual-engine strategy of "Insurance + Technology" and focus on sustainable, high-quality growth.