Full Year 2024 ZhongAn Online P & C Insurance Co Ltd Earnings Call Transcript
Key Points
- ZhongAn Online P&C Insurance Co Ltd (FRA:1ZO) achieved a gross written premium (GWP) of RMB33.417 billion in 2024, marking a 13.3% year-on-year increase.
- The company reported a net profit attributable to the parent company of RMB603 million, a significant 105.4% increase from the previous year.
- The underwriting combined ratio was 96.9%, marking the fourth consecutive year of underwriting profitability.
- ZA Bank, ZhongAn's Hong Kong digital bank, achieved a net revenue of HKD548 million, a 52.6% year-on-year increase, and significantly narrowed its losses.
- ZhongAn's technology segment saw a 15.3% year-on-year increase in revenue, reaching RMB956 million, with a profit of RMB78 million for the year.
- The consumer finance ecosystem experienced a 13.2% year-on-year decline in insurance service revenue, reflecting a challenging external environment.
- The health ecosystem's combined ratio increased by 8.5 percentage points to 95.7%, due to changes in product structure and increased renewal premium ratio.
- The digital life ecosystem's loss ratio increased by 2.1 percentage points to 68%, despite maintaining a steady combined ratio.
- The auto ecosystem's loss ratio increased by 2.4 percentage points to 67.5%, influenced by increased user travel.
- Despite improvements, the technology and banking segments still reported losses, although they were significantly reduced compared to previous years.
Hello, everyone. Welcome to the ZhongAn Online 2024 full-year earnings conference call. (Operator Instructions)
Now, give the call to Lin Zhang, the Head of the Capital Markets and IR, to give us the opening.
Dear investors, analysts, and media friends, good afternoon. Welcome, everyone, to attend today's ZhongAn Online 2024 full-year earnings conference call. I am Zhang Lin, in charge of IR and Capital Markets. Please allow me to introduce the management.
We have the General Manager, Chief Executive Officer of ZhongAn Online, Mr. Jiang Xing; CFO and Chief Investment Officer, Mr. Li Gaofeng; and for ZhongAn Online, Secretary of the Board, Mr. Wang Min. And also, we have from ZhongAn International, Wayne Xu.
Now, please give the floor to Mr. Jiang Xing.
Hello. Good
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