The Underwriting Combined Ratio Improved by 2.3 Percentage Points, Underwriting Profit Doubled, and Net Profit Surged by Over 11 Times
Underwriting Profit of RMB656 Million, with a 108.9% YoY Increase
ZA Bank Turned a Profit with Net Profit of HKD49 Million, Marking a Historical Breakthrough
AI Reshapes Insurance Value Chain, Driving Industry Leadership and Full-Business Empowerment
HONG KONG, Aug. 20, 2025 /PRNewswire/ -- On 20 August, ZhongAn Online P & C Insurance Co., Ltd. (Stock Code: 6060.HK, "ZhongAn" or the "Company") released its 2025 interim report. In the first half of 2025 (the "Reporting Period"), ZhongAn Online recorded GWP of RMB16,661 million, representing a year-on-year increase of 9.3%. During the Reporting Period, the underwriting combined ratio was 95.6%, representing an improvement of 2.3 percentage points year-on-year, while underwriting profit grew by 108.9%. Supported by stable investment returns and a historic turnaround in its digital banking business to profitability, ZhongAn's net profit attributable to its shareholders reached RMB668 million, soaring 1,103.5% year-on-year.
AI Revolutionizing the Insurance Value Chain and Leading Industry Development
ZhongAn has continued to deepen its cutting-edge technological layout in innovative fields such as artificial intelligence, blockchain, cloud computing and big data, striving to reshape the entire insurance value chain through technological innovation. ZhongAn actively embraces technology, leveraging mainstream domestic big models and proprietary data to forge its AI middle platform "Lingxi", reconstructing the insurance value chain from the ground up and making insurance services more human-centric and caring. ZhongAn consistently integrates AI technologies deeply into insurance business scenarios, supporting full-chain applications, code development, and mid-to-back-office operations. In terms of the invocation volume of mainstream general-purpose big models, ZhongAn leads the industry. The self-developed AI middle-office platform "Lingxi" has become a core engine for business transformation. Its collaborative modules, including knowledge engineering, voice services, and AI-Gateway, cover the entire insurance process. In the first half of 2025, nearly 110 robots were active on the "Lingxi" platform. The usage frequency of robots in the production environment of the "Lingxi" Middle Platform reached 450 million in the first half of the year, ranking among the top in the industry.
Sustained Growth in Core Business Drives Value Creation
The health ecosystem recorded gross written premiums (GWP) of RMB6,275 million, representing a year-on-year increase of 38.3%. During the Reporting Period, it provided health protection to approximately 15.21 million insured users. As the flagship health insurance product, the "Personal Clinic Policy" series has undergone 25 iterations and upgrades over the past decade. These enhancements not only closely align with users' personalized health needs but also adapt to the trends in healthcare payment reform. Key improvements include expanded coverage for externally purchased drugs and medical devices, as well as an expanded panel of in-network hospitals. During the Reporting Period, the "Personal Clinic Policy" series achieved GWP of approximately RMB4,250 million. Adhering to the concept of inclusive health protection, ZhongAn launched the "Zhong Min Bao" series, which precisely covers user groups with substandard risk such as people with pre-existing conditions, the elderly, and chronic disease patients, by waiving health declarations and occupational restrictions. In February 2025, ZhongAn further introduced the "Zhong Min Bao Mid-to-High-End Medical Insurance," which includes critical illnesses coverage through high-end medical institutions, thereby broadening the scope of inclusive protection. During the Reporting Period, the "Zhong Min Bao" series generated GWP of approximately RMB1,030 million, a year-on-year increase of 638.8%.
The Digital Lifestyle ecosystem generated GWP of RMB6,209 million, with innovative business contributing RMB2,490 million in GWP, accounting for 40.1% of the total and representing a year-on-year increase of 40.0%. In the pet insurance sector, ZhongAn has continued to lead the development and breakthroughs in China's pet insurance industry. In the first half of 2025, pet insurance GWP reached nearly RMB563 million, a year-on-year increase of over 51.3%, maintaining a leading market share. ZhongAn has cumulatively served over 7.11 million pet owners. In terms of product innovation, ZhongAn integrated "tap and pay" NFC technology to simplify the purchase and claims process and launched the "NFT Digital Pet ID" series of digital collectibles. Leveraging blockchain technology, these digital assets create unique digital identities for pets and their owners, pioneering a new digital interaction experience in the pet care market. At the same time, ZhongAn actively seized opportunities in the low-altitude economy to enable accurate pricing for different drone models and service types. ZhongAn launched solutions such as drone damage insurance and third-party liability insurance, cumulatively serving more than one million drone owners. During the Reporting Period, the GWP of low-altitude economy business grew by more than 20% year-on-year.
The auto ecosystem achieved GWP of RMB1,478 million, representing a year-on-year increase of 34.2%. ZhongAn obtained approval to independently operate compulsory traffic accident liability insurance in Shanghai and Zhejiang, making a breakthrough from zero to one in this business. Meanwhile, ZhongAn also commenced independent operation of commercial auto insurance business in Shanghai. Actively capturing opportunities from the vigorous development of NEV auto insurance in China, ZhongAn has provided auto insurance products and services to owners of over 100 NEV brands. In the first half of 2025, the GWP of NEV auto insurance increased by approximately 125.4% year-on-year, accounting for over 18% of total GWP of ZhongAn's auto insurance. In response to unmet needs in the NEV market, ZhongAn launched " Zhong Yan Bao ", a warranty extension insurance product tailored for individual NEV owners, which effectively covers repair costs after the original vehicle warranty expires.
ZhongAn's proprietary D2C channels generated GWP of RMB3,697 million, accounting for 22.2% of total GWP with a year-on-year increase of 16.9%. ZhongAn continued to deepen its digital marketing strategy, leveraging emerging touchpoints such as short videos and livestreaming to acquire customers with higher precision. Supported by AI-powered intelligent customer service systems, ZhongAn achieved efficient conversion and delivered highly personalized services. By closely tracking algorithm trends on public domain traffic platforms, ZhongAn strengthened the building of its private domain traffic ecosystem. The implementation of AI-powered Q&A features on social media platforms has significantly improved premium conversion rates and brand user loyalty.
ZA Bank's Breakthrough Ignites the Dawn of Digital Assets
ZA Bank, a subsidiary of ZhongAn's joint venture, ZA Global, has become one of the most comprehensive digital banks with the widest range of products in the Hong Kong market, building a one-stop integrated financial service platform through its mobile app. It is currently the only digital bank in Hong Kong offering users 24/7 services of deposits, loans, transfers, card spending, foreign exchange, insurance, investment and business banking.
In the first half of 2025, ZA Bank turned to a profit with net profit of HKD49 million, marking a historic breakthrough. During the Reporting Period, ZA Bank recorded net revenue of approximately HKD457 million, representing a year-on-year increase of 82.1%. Net interest income was HKD297 million, representing a year-on-year increase of 42.8%, and non- interest income was HKD160 million, representing a year-on-year increase of 272.1%, with a net interest margin of 2.38%, delivering robust performance across key indicators. At present, ZA Bank has become one of the digital banks in the Hong Kong market that offers the most comprehensive functions and products and is poised to launch Hong Kong stock trading services shortly. ZA Bank continued to expand its retail wealth management business, aiming to create a one-stop investment and wealth management experience. ZA Bank is currently one of the few licensed banks in Asia offering retail investors access to fund, US stock and cryptocurrency trading, placing it at the forefront of the new era of digital wealth management. As of June 30, 2025, ZA Bank's Invest client assets grew by 125.3% year-on-year.
In the first half of 2025, ZhongAn's dual-engine strategy of "Insurance + Technology" achieved remarkable results. Adhering to a customer-centric approach, the company swiftly responded to market changes, strengthening its foundations while pursuing innovative breakthroughs. By leveraging technologies such as AI, blockchain, cloud computing, and big data, ZhongAn enhanced the warmth and personalization of its services. Moving forward, ZhongAn will remain committed to the mission of "empowering finance with technology and providing insurance service with a caring hand", continuously creating value for customers, shareholders, and society.
About ZhongAn Online P&C Insurance Co Ltd (Stock Code: 6060.HK)
As the first internet-based InsurTech company in China, ZhongAn redefines insurance with cutting-edge technology and innovative business models. The Company operates on a dual engine "Insurance + Technology" strategy, embedding technology end-to-end throughout the insurance value chain. This deep integration empowers underwriting, distribution, and service innovation while unlocking new efficiencies. By leveraging users' digital lifestyles via proprietary platforms and ecosystem partners, ZhongAn delivers innovative, accessible insurance solutions tailored to evolving protection needs. Its ecosystem-centric approach creates sustainable value for users while redefining industry standards.
SOURCE ZHONGAN ONLINE P & C INSURANCE CO., LTD.
