- "Insurance + Tech" dual-engine strategy made sustained breakthroughs; total revenue from technology export business reached RMB829 million, with a year-on-year increase of 40%

- Developing a one-stop digital bank in Hong Kong; net revenue of ZA Bank grew by 42.9% year-on-year to HK$366 million in 2023

On March 26, 2024, ZhongAn Online (6060.HK) released its 2023 annual results. For the year ended December 31, 2023, ZhongAn Online achieved gross written premiums (GWP) of RMB29,501 million, with a year-on-year increase of 24.7%. ZhongAn remained as the 9th largest P&C insurance company in the Chinese market as measured by GWP in 2023, and the fastest growing company among the top 10 P&C insurance companies in China, with underwriting profits for three consecutive years. The Group has adopted the new accounting standard for insurance contracts, HKFRS 17, starting from January 1, 2023. Insurance revenue from the P&C insurance business under HKFRS 17 amounted to RMB27,521 million, an increase of 24.2% year-on-year.

In 2023, we celebrated ZhongAn's 10th anniversary. With a decade of dedicated cultivation, ZhongAn has always adhered to "Insurance + Tech" dual-engine strategy, and has achieved high-quality growth by adopting a customer-centric approach and focusing on its core insurance business. During the past decade, ZhongAn has been dedicated to improving its technology, product, service and brand strengths, thereby achieving numerous breakthroughs from scratch, and contributing its one-of-a-kind strengths to accelerating the digital and intelligent transformation of the insurance industry. In 2023, as the only InsurTech company selected, ZhongAn Online was included in the 2023 China 500 list published by Fortune with honor, demonstrating the market's recognition to ZhongAn's decade-long brand and technology.

For a long term, ZhongAn Online adhered to the strategy of "sustainable growth with quality" as well as technology-driven cost-efficiency. In 2023, our underwriting combined ratio for 2023 was 95.2%, achieving underwriting profit for three consecutive years, and beyond the industry average performance. The Group recorded net profit attributable to owners of the parent of RMB4,078 million, this included a one-off investment gain of approximately RMB3,784 million as ZA International ceased to be a subsidiary of the Company and was accounted for as a joint venture under the equity method with effect from August 14, 2023. Excluding this one-off investment gain, the Group's adjusted net profit to owners of the Company amounted to RMB294 million, a turnaround from the previous year.

Benefiting from the domestic economic recovery and the ongoing digital transformation in the global financial industry, the Group's technology segment recorded technology export revenue of RMB829 million, representing a year-on-year increase of 40.0%., of which domestic revenue grew by more than 73% year-on-year.

Building user-centric proprietary channels

In 2023, the Company stayed focused on multi-scenario and multi-dimensional touchpoints with potential customers around the "ZhongAn" brand, continuously exploring and grasping online traffic dividend from mainstream content platforms via short video and livestreaming.

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