ZhongAn Online P & C Insurance Co., Ltd. (HKEx: 6060), an online-only Chinese insurance company, announced its audited results today for the year ended 31 December 2019.
Amid positive but slower growth in China's economy, ZhongAn reported a sharply narrowed net loss of 454.1 million yuan this year compared with 1.74 billion yuan in 2018, driven by a 30% year-on-year increase in gross written premium (GWP) for 2019.
In particular, ZhongAn's GWP realised a year-on-year growth of 146.4% from its core products, namely Personal Clinic Policy and Healthcare Ecosystem of Alipay Insurance (the "Personal Clinic Policy Series"). In addition, the company enhanced its strategic cooperation with Ant Financial and other ecosystem partners to actively explore product innovations and upgrades, driving a year-on-year GWP growth of 130.8% from the lifestyle consumption ecosystem business.
Going forward, the company said it will continue to increase investments in the development of proprietary platforms, including APP, mini program and official websites for handsets. In 2019, the proprietary platform business achieved rapid growth. Paying users reached 1.5 million, and GWP generated from the proprietary platforms amounted to 1.11 billion yuan, five times that of 2018.
Founded in October 2013, the company offers insurance products and solutions in five major ecosystems, namely health, consumer finance, auto, lifestyle consumption and travel. On 28 September 2017, ZhongAn became the first Fintech company to be listed on the HKEX (Ticker: 6060) and in 2018, the company started expanding its Fintech and InsureTech solutions to various international markets.