According to the Zhitong Finance App, Zhongan Online (06060) announced the results for the year ended December 31, 2023. The group obtained total premiums of RMB 29.685 billion (same unit), an increase of 23.66% over the previous year; net profit of RMB 3.845 billion, compared with a loss of RMB 1,384 billion in the same period last year; net profit attributable to shareholders of the parent company of RMB 4,078 billion, a loss of RMB 1,112 million for the same period last year; and basic income per share of RMB 2.77 billion.

Taking advantage of the digital economy, the company “accelerated” on the e-commerce circuit. In 2023, the total premium of the digital lifestyle ecosystem exceeded 12.563 billion yuan, an increase of 41.6% over the previous year. In e-commerce platforms, the company covers all fields, including platform e-commerce, live streaming, short video e-commerce, private e-commerce, etc. The entire chain covers e-commerce transaction links, including quality assurance, account security, logistics support, etc., and the total premium of e-commerce business increased by 25.3% year-on-year. In the air travel sector, people have rekindled their enthusiasm for travel, demand surged, and business grew by nearly 90%. The pet insurance market is growing rapidly, with a total transaction volume of 500 million yuan. For every 22 pet owners, 1 person wears Zhong An armor for their “family”. In addition, the company has also launched accident insurance products covering various popular sports scenarios. The company also pays attention to green insurance and actively promotes cooperation with green companies such as photovoltaics to jointly promote sustainable development.

The company uses strong technological strength to establish cooperative relationships with many Internet platforms to promote innovation in the consumer finance industry. Through extensive coverage of Internet platforms, the company uses diverse scenario resources to accurately reach potential borrowers and comprehensively evaluate credit. Zhongan adheres to the principle of cooperation with licensed financial institutions, provides them with accurate credit technology services, and builds a stable and safe consumer finance ecosystem. Facing a challenging industry environment, the company strictly complies with risk control guidelines. The total premium for the consumer finance ecosystem reached 5.551 billion yuan in 2023, an increase of 22.5% over the previous year, and achieved continuous business profit.

In 2023, the total premiums of the auto insurance ecosystem reached 1.58 billion yuan, an increase of 24.7% over the previous year, far exceeding the average growth rate of the industry. The company aims for long-term steady operation, optimizes the business structure, and actively develops new business models. Zhongan closely follows the development trend of new energy vehicles, seizes insurance opportunities and policy dividends, and provides car insurance products and services to new energy vehicle owners of more than 100 brands by improving the pricing risk control model to meet market demand and promote overall car insurance growth. Total premiums for NEV insurance increased by 196.1% year-on-year in 2023.

The Zhongan brand continues to deepen its market layout and implement a multi-scenario and multi-dimensional in-depth reach strategy. In terms of self-operated channels, the company has enriched its product matrix, upgraded medical, family, pet and other services to better provide users with comprehensive protection. Based on the self-developed data center and customer center, the company realized real-time data sharing in the global ecosystem, carried out refined operations for each user, and served the entire life cycle of the user. In 2023, the total premiums of self-operated channels increased by 31.0% year on year to 7.614 billion yuan, accounting for 25.8% of the total premiums of domestic financial insurance business, up 1.3 percentage points; paying users increased 47.6% year over year to 11.36 million; the number of insurance policies per paying user reached 1.6; and the total premium contribution of self-operated channels plus repeat users reached 39.0%.

The company has always been at the cutting edge of the industry and has a firm focus on core technology sectors such as artificial intelligence, blockchain, cloud computing, and big data. In 2023, R&D investment was 1.192 billion yuan, accounting for 4.0% of total premiums. The firm investment in R&D not only built a technical moat for the company, but also injected strong impetus into the booming development of the business. In 2023, the company achieved a double harvest of cost and efficiency. The cloud-based core system “Unbounded Mountain” issued 12.234 billion insurance policies, served 500 million users, and achieved timely and effective claims settlement. The company increased the insurance automation rate to 99%, achieved direct claims processing for 95% of health insurance cases, and digitized automatic claims accounted for more than 99% of digital life scenario insurance, which truly achieved instant payouts.