Sunshine Insurance (06963.HK) was officially listed in Hong Kong on December 9.
Sunshine Insurance, founded in 2005, is the first successful listed company among the Mesozoic insurance companies in China. Sunshine Insurance, as the 79th insurance company established, has become one of the ten listed insurance companies and eight traditional direct insurance listed companies among the 235 insurance companies in China. In addition to pure Internet insurance companies such as Zhongan, it is the only private insurance company that has been listed since Ping An Insurance was listed in 2004.
Sunshine Insurance's final offering price is HK $5.83 per share, and the net capital raised by IPO is about HK $6.4195 billion, with an over-allotment of up to 173 million shares. Assuming that all over-allotment rights are exercised, Sunshine Insurance Group expects to raise HK $7.4 billion.
Focus on the balanced development of the main business and lay the advantages of entrepreneurial genes.
As a fast-growing private insurance company in China, Sunshine Insurance has maintained a good growth trend since its establishment, and has become the backbone of the development of China's insurance industry. From 2007 to 2021, its premium income grew at an average annual compound growth rate of 26%, 11 percentage points higher than the average annual compound growth rate of the insurance industry in the same period; its assets increased from 11.146 billion yuan at the end of 2007 to 441.623 billion yuan at the end of 2021, with an average annual compound growth rate of 30%, 13 percentage points higher than the average annual compound growth rate of the same industry.
It focuses on the main insurance industry and pays attention to the enhancement of value, and its life insurance and property insurance business have achieved a more balanced and rapid development. In the six months ended June 30, 2022, Sunshine's total premium income was 62.952 billion yuan, of which life insurance business total premium income accounted for 66.8%, property insurance business total premium income accounted for 33.2%.
It is understood that Sunshine Insurance is a rare enterprise with unique entrepreneurial experience in China's insurance industry. In May 2004, Zhang Weigong, the founder of Sunshine Insurance, with a sunny dream, resolutely gave up his public office and led an entrepreneurial team of five people to start a difficult business from scratch. Due to the sudden change in the "attitude" and "idea" of the original investors, Zhang Weigong can only rely on Zhang Weigong's personal savings of less than one million yuan as start-up funds, which further confirms that he "must be based on financial investors." the concept of shareholder selection based on the identity of values. After more than 220 days and nights, he traveled to 17 provinces in China and discussed 389 enterprises. He chose investors with values, started a business in a completely market-oriented way, set up Sunshine property Insurance, and established Sunshine Insurance Group on this basis.
The entrepreneurial spirit, market-oriented mechanism and value creation principle of "dare to challenge perseverance" formed by the company at that time laid the foundation of sunshine's value proposition and entrepreneurial spirit, and became the genetic force of its continuous development and growth.
The development of value runs through the continuous implementation of the original mission.
Today, Sunshine Insurance is not only full of vitality that dares to challenge in the period of birth, but also has the steadiness and steadiness of "peasant mentality and craftsman spirit", and walks out of an upward curve of value development.
For example, Sunshine insists on infiltrating innovative culture into all aspects of operation and management, and promotes comprehensive competitiveness and enables sustainable business development through a series of effective product innovation, model innovation and service innovation. Since 2020, Sunshine Life has innovatively implemented "breakthrough projects" in central cities and provincial capitals in agent channels, effectively improving the quality and production capacity of agents, and innovatively establishing a multi-level customer management system. including the "sunshine orange meaning" system for the mass customer group, and the "sunshine promotion" system for the high net worth customer group. Its Sunshine property Insurance innovates to explore the channel operation mode of exclusive agency stores ("EA stores"), forming a flat and standardized operation mode of "platform + entrepreneurship", and uses big data technology to constantly optimize the selection, location and layout model of stores. After continuous breakthroughs, upgrading and deep ploughing, Sunshine Insurance has formed a strong market competitiveness, with about 31.5 million individual customers and about 800000 group customers.
In terms of value-related indicators, Sunshine Insurance is particularly prominent among listed insurance companies: in terms of new business value, the new business value of Sunshine Insurance reached 2 billion yuan in the first half of 2022; in terms of embedded value, Sunshine Insurance increased by 15.5% in 2021 compared with the same period last year, higher than the average value of listed companies, and the included value reached 92.9 billion yuan in the first half of 2022.
At the listing ceremony, Chairman Zhang Weigong said: "Sunshine's listing is a preparation for sunshine in the capital market, and it can be said to be the best 'bar mitzvah' that the company has ever harvested!"
Zhang Weigong also talked about the impact of listing on Sunshine and the future development path of the company. "stepping into the international capital market and becoming a global public company, which is very helpful to broaden the international vision and enhance the driving force for development." in the new stage, Sunshine will serve the national strategy and meet people's insurance needs in the new era as the fundamental starting point. The business pursuit of "to be a professional leading family insurance service provider and trusted enterprise risk management partner" will continue to carry forward the original entrepreneurial spirit and comprehensively promote the healthy and high-quality development of the company with higher standards. practice the original mission of 'creating value for customers, making employees rich in achievements, creating harmony for society, and making shareholders get rich reports' with more outstanding achievements. Create a better future for Sunshine Insurance. "
The successful listing of Sunshine Insurance on the one hand proves the long-term value recognition of the insurance companies that stick to the main business in the capital market, on the other hand, it also brings more positive significance to the development and growth of China's insurance industry.