Jinwu Financial News | Sunshine Insurance (06963) announced that for the year ended December 31, 2023, it recorded net profit attributable to shareholders of the parent company of 3,738 billion yuan (RMB, same below), a year-on-year decrease of 16.82%. Basic earnings per share of $0.32, with proposed final interest of $0.18.
During the period, total revenue was 78.224 billion yuan, a slight increase of 0.84% year on year; the Group's total annual premium income was 118.91 billion yuan, up 9.3% year on year; insurance service revenue reached 59.9 billion yuan, up 7.5% year on year.
During the period, the total premium income of personal insurance was 74.60 billion yuan, up 9.2% year on year; of this, the new single premium income was 18.10 billion yuan, up 22.7% year on year, and back premium income decreased by 28.3% year on year; the value of the new business was 3.6 billion yuan, with a comparable increase of 44.2% year on year. As of the end of 2023, the number of active customers was 1.37 million.
Looking at personal insurance sub-channels, individual insurance channels achieved total premium income of 18.67 billion yuan, with a year-on-year increase of 18.1%, of which the new single premium income was 4.30 billion yuan, up 46.5% year on year; banking insurance channels achieved total premium income of 49.15 billion yuan, up 8.5% year on year, of which the new single premium income was 13.29 billion yuan, up 17.5% year on year; total premium revenue from other channels such as group insurance, e-commerce, online sales, and generation totaled 6.78 billion yuan, a year-on-year decrease of 5.7%.
The Personal Insurance Division's income from insurance services fell slightly by 0.3% year on year to 14.394 billion yuan. In 2023, the Personal Insurance Division released a marginal release of 3.624 billion yuan for contract services, and a change of 415 million yuan in non-financial risk adjustments. The cost of insurance services in the Personal Insurance Division decreased by 9.9% year on year to 12.075 billion yuan, mainly due to the year-on-year decrease in costs related to the dividend business.
Sunshine Financial Insurance's original insurance premium income was 44.24 billion yuan, up 9.6% year on year; the comprehensive underwriting cost ratio was 98.7%, down 0.7 percentage points year on year, and underwritten profit was 570 million yuan, up 340 million yuan year on year; as of December 31, 2023, the number of active customers was 19.2 million.