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Public company info - ZhongAn Online P & C Insurance Co. Ltd.-H shares , 06060.HK
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ZhongAn Online P & C Insurance Co. Ltd.-H shares, 06060.HK - Company Profile
Chairman Yaping Ou
Share Issued (share) 1,420,000,000
Par Currency Renminbi
Par Value 1.0
Industry Insurance
Corporate Profile Business Summary: The group is an online-only Insuretech company in China. The group’s mission is to redefine insurance value chain through developing connective ecosystems and applying cutting-edge technologies. The group primarily offers products in five ecosystems, including lifestyle consumption ecosystem, consumer finance ecosystem, health ecosystem, auto ecosystem and travel ecosystem. Performance for the year: Total income increased by approximately 57.4% from approximately RMB9,610.3 million for the year ended December 31, 2018 to approximately RMB15,124.0 million for the year ended December 31, 2019. Total loss before tax of the Company was approximately RMB610.8 million for the year ended December 31, 2019 compared with total loss before tax of approximately RMB1,810.2 million for the year ended December 31, 2018. Business Review： In 2019, ZhongAn continued to promote the in-depth integration of technology and insurance, achieving continuous improvement in technology strength, product portfolio and brand recognition. ZhongAn continued to deliver quality-minded growth in 2019, despite the structural adjustment of the property and casualty insurance industry as well as the slower momentum and intense competition across the industry. The Group’s GWP for the year amounted to RMB14.63 billion, representing a year-onyear growth of 30%. In terms of the absolute value of GWP, the Group ranked 11th in the PRC property and casualty insurance market, and remained 1st in the PRC Internet non-auto property and casualty insurance market. By leveraging on the Group’s technology strength to improve operating efficiency, the Group’s combined ratio decreased from 120.9% in 2018 to 113.3% in 2019, down by 7.6 percentage points year-on-year. In 2019, the Group served 486 million users, with the total number of insurance policies exceeding 8 billion. Upon calculation, one out of six insurance policies across the country was underwritten by ZhongAn. ZhongAn is committed to building an image as a young and progressive brand dedicated to creating sustainable value for its users by leveraging on technology strength. Since its establishment, ZhongAn has made promoting the integration of technology and insurance its mission, and is always committed to making business innovations. By improving its technology strengths, ZhongAn is dedicated to promoting the digital transformation and the technology improvement of the industry. In 2019, the Group underwent an overall upgrade of the Group’s core insurance system from Wujieshan version 1.0 to 2.0, with an aim to accomplish the Group’s goal of achieving a GWP of 100 billion in the future. The proportion of artificial intelligence application to online customer service reached 85%. The automatic testing rate for core application was 80%. Powered by algorithms, the Group developed 534 user labels, with the repeated purchase rate of the Personal Clinic Policy Series by the users through the Group’s proprietary platforms reaching 15% (excluding renewal rate). With the application of video interactive technology, the auto ecosystem launched the “Ma Shang Pei Intelligent Radio Claim Services 2.0 (馬上賠2.0)” which is designed to provide customers with an excellent claim settlement experience, enabling the Company to settle any claim with an amount of less than RMB10,000 in just 11 minutes and 6 seconds on average. As a pioneer and leader in Insuretech, ZhongAn is dedicated to offering customers with quality products through the application of technology, and has adopted various innovative approaches to effectively reach more customers, so as to provide more inclusive insurance services. The health ecosystem adhered to the strategy of universal health ecosystem with a focus on the Personal Clinic Policy (尊享e生) series, and rolled out 14 releases with whole-new insights on product design based on data technology. The Group provided access to a health policy with RMB1 million coverage for people suffering from diabetes and hypertension, and launched the optimized Personal Clinic Policy customized for people suffering from thyroid nodules and postoperative patients. The Group also introduced over 10 customized policy packages, including policy packages designed to provide insurance coverage for medical treatments in Japan, the U.S. and proton heavy ion hospitals. In 2019, the Group continued to enhance the integration with Ant Financial and the e-commerce ecosystem, and joined hands with them to upgrade Hao Yi Bao 2020 (好醫保2020 版). In the lifestyle consumption and other ecosystems, the Group made great efforts to explore customer needs and provided customers with merchant security deposits insurance, overseas shipping return insurance and pet medical treatment insurance which are applicable to various online purchase scenarios. In addition, the Group explored new contact-points with various users, and stimulated greater market potential by leveraging on various new scenarios. Leveraging on new scenarios and new contact-points, the total GWP from the Group’s proprietary platforms exceeded the milestone of RMB1 billion, among which the GWP from the Personal Clinic Policy Series was 7.6 times that of the corresponding period last year. While empowering its insurance business with technology, the Company achieved breakthroughs in technology export. In 2019, revenue from technology export by ZhongAn reached RMB269.7 million, representing a year-on-year increase of 139.9%. In 2019, the number of contracted customers was nearly 260, with 73% of existing customers of the Group’s insurance system products choosing to renew and upgrade business cooperation in 2019. The Group launched the insurance middle platform application to help peer insurance companies quickly upgrade their digital operation through shared service without replacing their core systems. In Southeast Asia, the Group established a joint venture with Grab to jointly develop the first online commercial auto insurance with premium payment on a per-day basis in Malaysia, which recorded 10,000 registered driver users within eight hours of being launched, having assisted Grab ecosystem to underwrite over 5 million insurance policies so far. In addition, the Group reached a strategic cooperation agreement with NTUC Income, an insurer in Singapore, to promote insurance product innovation and digital transformation through technology export. While continuing to focus on internal improvement, enhance technology strength, accelerate product innovation and explore various ecosystem scenarios, ZhongAn also continued to expand business coverage and made great efforts to explore and expand new development paths. ZhongAn became one of Hong Kong’s first batch applicants to receive a virtual banking license in March, and launched its trial pilot in December, offering customers with a series of new and comprehensive online finance services. After obtaining an Internet hospital license in July, the Company officially launched its Internet hospital in December, which offers a one-stop “online insurance + medical treatment” healthcare service to users by integrating online insurances with Internet hospital related business. Nova Technology, incubated by the Company, has established connections with more than 1,100 hospitals, is committed to creating a closed loop of integrated services for health insurance by leveraging on its leading technology, and has obtained capital contributions of approximately RMB100 million from Sequoia Capital as an angel investment. ZhongAn Microloan obtained capital contributions of RMB210 million from China Telecom BestPay Co., Ltd., which is operated by China Telecom Corp., Ltd., with an aim to further enhance innovation of consumer finance products under the telecom operator scenario. The Group are witnessing spectacular technological advancement in the Group’s era. The emergence of cloud computing, artificial intelligence, big data, blockchain and other new technologies has affected and redefined the industrial chain of various sectors, promoting the in-depth integration of digital intelligence and internet collaboration. Looking back, ZhongAn has been cooperating with ecosystem partners in various aspects, from exploring service scenarios to connecting service systems to technology export for companies all over the world, promoting digital transformation, business innovation and mutual development. In 2020, with a focus on the new starting point, the Group will continue to enhance the Group’s technology strength, accelerate product innovation and ecosystem integration, improve refined management and stimulate greater market potential, with an aim to create long-term value for the Group’s users and Shareholders. Prospects: Looking forward into 2020, by staying committed and grateful and shouldering the duties and responsibilities as a pioneer in the Fintech industry, ZhongAn will further explore the indepth integration of technology and insurance to maximize the synergetic value of various ecosystems, with an aim to accomplish more milestone achievements across the world in the new era of Insuretech.

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