ZhongAn Online P & C Insurance (6060) H1 2025 earnings summary

Executive summary

• Achieved net profit of RMB668 million for H1 2025, up 1,103.5% year-over-year, driven by improved insurance segment profitability, banking turnaround, and reduced technology losses.

• Gross written premiums (GWP) rose 9.3% year-over-year to RMB16,661 million, with market share gains across ecosystems.

• Insurance revenue was RMB15,041 million, nearly flat year-over-year, with strong growth in health, auto, and consumer finance segments offsetting declines in digital lifestyle.

• Total income reached RMB16,183 million, up 0.9% year-over-year.

Financial highlights

• Underwriting profit increased 109.1% year-over-year to RMB656 million; combined ratio improved to 95.6%.

• Net investment income rebounded to RMB698 million from a loss of RMB171 million in H1 2024.

• Earnings per share rose to RMB0.45 from RMB0.04 in H1 2024.

• Return on equity improved to 3.1% (H1 2024: 0.3%).

• Combined ratio improved to 95.6% from 97.9% year-over-year.

Outlook and guidance

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

• Plans to utilize recent HKD3.9 billion share placement proceeds for underwriting, asset management, fintech innovation, and general corporate purposes.

• Intends to further expand InsurTech exports and digital banking in Hong Kong and overseas.