Half 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 total premium income of RMB15.23 billion in the first half of 2024, a year-on-year increase of 5.4%.
- The company maintained a market share of over 20% in the finance matter P&C insurance sector, holding the first position.
- The technology export revenue increased by RMB55.5 million year-on-year to RMB4.24 billion, driven by the expansion of new clients in various sectors.
- ZA Bank, the company's Hong Kong Digital Bank, achieved a net income of HKD255 million in the first half of the year, a year-on-year increase of 45.9%.
- The company's solvency remains ample with a comprehensive solvency adequacy ratio of 224% at the end of the first half of the year.
- The consumer finance ecosystem saw a decrease in insurance service revenue by 1.7% year-on-year due to a challenging macroeconomic and industrial environment.
- The combined ratio for the consumer finance ecosystem increased by 8.4 percentage points year-on-year, indicating higher costs and lower profitability.
- The overall growth rate of total premium income slowed down in the first half of the year due to strategic adjustments and external macroeconomic factors.
- The combined loss ratio for the automotive ecosystem increased by 7.6 percentage points year-on-year, primarily due to increased travel in the first half of the year.
- The company faces pressure from the interest rate environment, which could impact net spreads and overall profitability.
to attend this 2024 interim results call of ZhongAn Online. I am the Director of the Investor Relations and Capital Markets. My name is Lin. [Furthermore] allow me to introduce the management, the General Manager of ZhongAn and CEO, Jiang Xing. Mr. Li Gaofeng, the Chief Investor Officer and Chief Financial Officer; the Vice General Manager and Board of the -- Secretary of the Board, Mr. Wang Min; and also Wayne Xu, the President of International of ZhongAn. Now please give the floor to Mr. Jiang Xing.
All right. So good afternoon, dear investors and management. I am Jiang Xing, the General Manager of ZhongAn Online. I would like to welcome everybody who attend the 2024 interim results conference of ZhongAn Online. And also, I'm appreciating your continuous attention and support to ZhongAn.
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