Investment Rating - Maintain "Overweight" rating with a target price of HKD 29.88 per share, corresponding to a 2024 P/B of 2.0x [3] Core Views - The company achieved a turnaround in 2023 with adjusted net profit attributable to shareholders of RMB 294 million, driven by improved investment returns [3] - Premium income grew rapidly, with underwriting profitability remaining stable [3] - Technology output expanded rapidly, and the virtual bank further reduced losses [3] Financial Performance - 2023 net profit attributable to shareholders was RMB 4.078 billion, including a one-time investment gain of RMB 3.784 billion from the conversion of ZhongAn International to a joint venture [3] - Adjusted net profit attributable to shareholders was RMB 294 million, achieving a turnaround due to three factors: 1) slight improvement in underwriting profitability, 2) significant improvement in investment returns, and 3) better exchange rate gains [3] - 2023 premium income reached RMB 29.501 billion, up 24.7% YoY, driven by digital life and health ecosystems [3] - 2023 investment income was RMB 4.961 billion, with adjusted investment income of RMB 1.177 billion, turning from a loss to a profit YoY [3] Business Segments Health Ecosystem - Premium income increased by 9.2% YoY to RMB 9.806 billion, driven by a 23.6% increase in paying users [3] - New premium contribution reached 52%, up 10 percentage points YoY [3] - Underwriting combined ratio improved by 1.4 percentage points to 87.2% [3] Digital Life Ecosystem - Premium income surged 41.6% YoY to RMB 12.563 billion, mainly driven by e-commerce return insurance and travel business [3] - Underwriting combined ratio remained flat at 99.5% [3] Consumer Finance Ecosystem - Premium income grew 22.5% YoY to RMB 5.551 billion [3] - Underwriting combined ratio increased by 6.5 percentage points to 96.4% due to external environmental impacts [3] Auto Ecosystem - Premium income rose 24.7% YoY to RMB 1.580 billion, with new energy vehicle premiums surging 196.1% [3] - Underwriting combined ratio improved by 2.0 percentage points to 97.4% due to significant compression in expense ratio [3] Technology Output and Virtual Bank - Technology output revenue reached RMB 829 million, up 40.0% YoY, with 101 new insurance industry chain clients and 12 new bank and securities clients [3] - ZhongAn Bank's net revenue was HKD 366 million, up 42.9% YoY, with net loss ratio narrowing by 85.6 percentage points to 109.1% [3] Market Data - Current share price: HKD 11.92 [4] - 52-week price range: HKD 11.50-26.55 [5] - Current market capitalization: HKD 17.520 billion [5]

非银金融/保险Ⅱ 公 司 研 众安在线（06060.HK） 连续 3 年承保盈利，创新基因或带动保费持续增长 究 2024年03月27日 ——众安在线 2023 年业绩点评 投资评级：买入（维持） 高超（分析师） 吕晨雨（分析师） gaochao1@kysec.cn lvchenyu@kysec.cn 证 书编号：S0790520050001 证书编号：S0790522090002 日期 2024/3/26  连续3年承保盈利，保费增速有望维持，维持“买入”评级 港 当前股价(港元) 11.840 公司披露2023年年报，新准则下归母净利润40.8亿元、同比转盈，主要受到众 股 一年最高最低(港元) 26.800/11.300 公 安国际出售带来一次性损益 37.8 亿元，超此前预期，剔除一次性损益后，归母 司 总市值(亿港元) 174.03 净利润约为2.9亿元，同比转正，略低于此前预期，预计主要受到投资收益低于 信 流通市值(亿港元) 168.11 预期拖累，总投资收益率 1.9%，较 2022 年改善 2.9pct。承保端看，公司 2023 息 总股本(亿股) 14.70 年保费收入295亿元、同比+ ...

Investment Rating - The report maintains a "Buy" rating for ZhongAn Online (06060 HK) [1][4] Core Views - ZhongAn Online has achieved a turnaround from loss to profit through its "insurance + technology" dual-engine strategy [1] - The company's total premium income reached 29 501 billion yuan in 2023, a year-on-year increase of 24 7% [1] - Net profit attributable to the parent company was 4 078 billion yuan, marking a significant improvement from the previous year [1] - The comprehensive cost ratio improved to 95 2%, down by 1 0 percentage points year-on-year [1] - The company's self-operated channels achieved total premium income of 7 614 billion yuan, up 31 0% year-on-year [1] - ZA Bank, a subsidiary, has shown positive indicators with its interest margin increasing from 1 84% in 2022 to 1 94% in 2023 [1] Business Performance and Strategy - ZhongAn Online has built a diversified product matrix across four ecosystems: health, digital life, consumer finance, and automotive [1] - Health insurance premium income grew by 9 2%, with the "Million Medical" product contributing 6 515 billion yuan [1] - Digital life insurance premium income increased by 41 6%, driven by customized services for e-commerce and travel sectors [1] - Consumer finance premium income rose by 22 5%, with a focus on high-quality small-amount customers [1] - Automotive insurance premium income grew by 24 7%, with new energy vehicle insurance surging by 196% [1] - The company's technology output revenue reached 829 million yuan, up 40% year-on-year [1] - ZA Bank launched US stock trading services in February 2024, expanding its financial service offerings [1] Financial Forecasts - The report raises earnings forecasts for 2024 and 2025, and introduces a new forecast for 2026 [1] - Expected EPS for 2024-2026: 0 63/1 10/1 29 yuan per share [1] - Corresponding PB ratios: 0 82/0 77/0 75 times [1] - Revenue is projected to grow from 32 143 billion yuan in 2024E to 36 374 billion yuan in 2026E [2] - Net profit attributable to the parent company is expected to increase from 855 million yuan in 2024E to 1 761 billion yuan in 2026E [2] Market Position - ZhongAn Online maintains its leading position in the internet property insurance market [1] - The company's pet insurance business ranks at the top of the industry, with a cumulative transaction volume of 500 million yuan and a growth rate of 150% [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致 的任何損失承擔任何責任。 眾安在綫財產保險股份有限公司 ZHONGAN ONLINE P & C INSURANCE CO., LTD.* （於中華人民共和國註冊成立的股份有限公司，並以「ZA Online Fintech P & C」在香港經營業務） （股份代號：6060） 截 至 2023 年 12 月 31 日止年度 的全年業績公告 眾安在綫財產保險股份有限公司（「本公司」）董事會宣佈本公司及其子公司截至 2023年 12月31日止年度的經審計年度業績如下。本公告載有本公司2023年年度報告的若干章 節，乃符合香港聯合交易所有限公司（「香港聯交所」）證券上市規則中有關年度業績初步 公告附載資料的相關要求。 本業績公告的中英文版本可在本公司網站 www.zhongan.com及香港聯交所網站 www.hkexnews.hk 查閱。本公司2023年年度報告將於2024年4月發出予本公司H股持有 人，並可於香港聯交所網站www. ...

| 目錄 | | --- | | 管理層討論與分析 | 2 | | --- | --- | | 權益披露 | 28 | | 其他資料 | 32 | | 中期財務資料的審閱報告 | 41 | | 中期簡明合併損益表 | 42 | | 中期簡明合併綜合收益表 | 43 | | 中期簡明合併資產負債表 | 44 | | 中期簡明合併權益變動表 | 46 | | 中期簡明合併現金流量表 | 47 | | 中期簡明合併財務資料附註 | 48 | | 釋義 | 106 | | 專用詞彙 | 109 | | 公司資料 | 110 | 02 眾安在綫財產保險股份有限公司 / 2023年中期報告 管理層討論與分析 本集團已自2023年1月1日起採納香港財務報告準則第 17號「保險合同」以取代香港財務報告準則第 4號「保險合 同」，故比較期間財務數據已追溯重述。本中期報告中，除 總保費相關披露外，財務數據均按照香港財務報告準則第 17號「保險合同」口徑披露。 開篇 我們的使命 科技驅動金融，做有溫度的保險。 概覽 眾安是中國首家互聯網保險科技公司，旨在以前沿的科技 手段和創新的業務模式重新定義保險行業。我們的戰略是 以「保險+科 ...

[0 -> 7] 女士们先生们大家好,欢迎参加今天重案在线2023年中期业绩发布会。 [7 -> 24] 我需要提醒各位,在会议进行期间,在座各位的电话将被设置于静音状态,会议结束前将会有一个问答环节,如果您想提问,请按新一一键,在此提醒大家,今天的会议将会被录音。 [25 -> 54] 现在请公司资本市场及投资者关系负责人张琳女士发言,有请各位投资者,分析师及媒体朋友下午好,欢迎参加中安在线2023年发布会,我是中安在线资本市场及投资者关系负责人张琳,首先由我介绍今天出席会议的中安管理层,中安在线总经理江青先生, [54 -> 68] 中安在线首席财务官及首席投资官李高峰先生,中安在线常务副总经理兼董事会秘书王敏先生,以及中安国际总裁徐伟先生,现在有请江青先生。 [69 -> 94] 好,各位投资者,分析师朋友,大家下午好,我是中安在线总经理江青,首先感谢大家参加中安2023年中期业绩发布会,也谢谢大家一直以来对中安的关注和支持,那2023年是中安成立的周年, [94 -> 125] 在这十年中,我们始终肩负科技驱动金融作有温度的保险的使命,累计出具超过了574亿账保单,服务了超过5亿用户,我们始终坚持保险 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何 聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 眾 安 在 綫 財 產 保 險 股 份 有 限 公 司 ZHONGAN ONLINE P & C INSURANCE CO., LTD.* （於中華人民共和國註冊成立的股份有限公司，並以「ZA Online Fintech P & C」在香港經營業務） （股份代號：6060） 截 至 2023 年 6 月 30 日 止 六 個 月 的 中 期 業 績 公 告 眾安在綫財產保險股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈本公司及其子公司（「本集 團」）截至2023年6月30日止六個月的未經審計中期業績連同截至2022年6月30日止六個月的比較 數字。本公告載有本公司2023年中期報告全文，乃符合香港聯合交易所有限公司證券上市規則中 有關中期業績初步公告附載資料的相關要求。 承董事會命 眾安在綫財產保險股份有限公司 董事長 歐亞平 中國上海，2023年8月28日 ...

Financial Performance - Total premium for 2022 reached RMB 24,005.33 million, an increase of 16.1% compared to RMB 20,480.12 million in 2021[4] - Net profit attributable to shareholders was a loss of RMB 1,356.10 million, compared to a profit of RMB 1,164.59 million in 2021[4] - The comprehensive cost ratio improved to 98.5% in 2022 from 99.6% in 2021, with a claims ratio of 55.2% and an expense ratio of 43.3%[12] - The total assets of the company as of December 31, 2022, were RMB 54,557.39 million, up from RMB 51,772.33 million in 2021[4] - The solvency adequacy ratio was 299% as of December 31, 2022, reflecting the impact of new regulatory changes[4] - The company achieved a 49.2% increase in per capita premium from self-operated channels, reaching RMB 755 in 2022[5] - In 2022, the total premium achieved by the company was RMB 23.651 billion, representing a year-on-year growth of 16.1%[24] - The underwriting profit reached RMB 329 million, a year-on-year increase of 337.7%[24] - The company recorded a net loss of approximately RMB 1.63 billion for the year ended December 31, 2022, compared to a net profit of approximately RMB 757 million for the year ended December 31, 2021[83] User Engagement and Market Reach - The company issued 9.132 billion insurance policies in 2022, serving over 500 million insured users[12] - As of December 31, 2022, the company has served over 109 million insured users, with approximately 38 million new users added in the year[13] - The average monthly active users of the company's app reached 4.23 million, with a 49.2% year-on-year increase in per capita premium from self-operated channels[17] - The health ecosystem served over 109 million insured users by the end of 2022, with a focus on comprehensive health services[31] - The company provided corporate group insurance services to over 31,000 enterprises, covering more than 1.31 million employees, with total premiums of approximately RMB 475 million, a year-on-year growth of 68.3%[35] Technology and Innovation - Technology output revenue increased by 13.8% to RMB 592 million in 2022[5] - The company aims to leverage technology to enhance user experience and optimize underwriting efficiency in the insurance industry[12] - The company achieved an automation rate of 99% in underwriting processes and a 96% online claims processing rate[18] - The company aims to leverage its technology capabilities to expand into banking and securities sectors, enhancing its digital marketing and operational efficiency[18] - The company signed 112 new insurance industry clients for its technology output business in 2022, a year-on-year increase of 14.3%[46] Product Development and Segmentation - Total premium income from the health insurance segment grew by approximately 29.3% year-on-year, while critical illness insurance premiums surged by about 145.9%[13] - The e-commerce business segment generated total premiums of 5.261 billion RMB, reflecting a year-on-year growth of approximately 25.7%[14] - The annualized premium for pet insurance reached about 200 million RMB, doubling year-on-year, with a market share among the top in the domestic market[14] - Total premiums in the auto insurance segment increased by approximately 33.9% year-on-year, with a claims ratio improvement of 12.2 percentage points to 55.8%[16] - The total premiums for the digital life segment increased to RMB 8.87 billion, with a net premium growth from RMB 7.28 billion in 2021[29] Financial Investments and Returns - The total investment income for the company decreased from RMB 2.08 billion in 2021 to a total investment loss of RMB 377 million in 2022, influenced by market volatility and accounting standard changes[59] - The company's total investment return rate and net investment return rate were approximately -1.0% and 3.2% respectively in 2022, compared to 6.7% and 2.5% in 2021[60] - The company experienced a significant decline in investment income due to a downturn in the capital market and changes in accounting standards[83] Governance and Management - The company has a strong governance structure with independent directors to ensure compliance and strategic oversight[91] - The company emphasizes strict corporate governance and effective internal control measures[103] - The board of directors consists of independent non-executive directors, accounting for at least one-third of the board, ensuring diverse business experience and expertise[106] - The company has established a mechanism for assessing board independence, ensuring strong independent elements for better shareholder protection[106] - The company has made several board changes, including the appointment of Jiang Xing and Li Gaofeng as Executive Directors on November 28, 2022[101] Strategic Partnerships and Collaborations - The company has established connections with nearly 10,000 offline pet hospitals and service providers across major cities in China[36] - The company partnered with Sumitomo Life Insurance in Japan to launch an innovative heatstroke insurance product through the PayPay mobile payment platform[52] - A strategic collaboration was established with Carro, Southeast Asia's largest used car trading platform, to optimize online insurance distribution and claims processes using the company's insurance financial solutions[53] - The company has established a partnership with WeBank to expand its insurance product offerings and reach a broader customer base, enhancing its service to internet clients[174] Future Outlook and Growth Projections - The company provided a positive outlook for 2023, projecting a revenue growth of 20% driven by new product launches and market expansion initiatives[97] - The company aims to launch three new insurance products in 2023, which are anticipated to contribute an additional 2 billion RMB in revenue[97] - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[97] - The company is committed to sustainability, with plans to allocate 1 billion RMB towards eco-friendly initiatives and corporate social responsibility programs[97]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致 的任何損失承擔任何責任。 眾安在綫財產保險股份有限公司 ZHONGAN ONLINE P & C INSURANCE CO., LTD.* （於中華人民共和國註冊成立的股份有限公司，並以「ZA Online Fintech P & C」在香港經營業務） （股份代號：6060） 截 至 2022 年 12 月 31 日止年度 的全年業績公告 眾安在綫財產保險股份有限公司（「本公司」）董事會宣佈本公司及其子公司截至 2022年 12月31日止年度的經審計年度業績如下。本公告載有本公司2022年年度報告的若干章 節，乃符合香港聯合交易所有限公司（「香港聯交所」）證券上市規則中有關年度業績初步 公告附載資料的相關要求。 本業績公告的中英文版本可在本公司網站 www.zhongan.com及香港聯交所網站 www.hkexnews.hk查 閱。 本 公 司2022年年度報告的印刷版本將於 2023年4月 寄 發予本公司H股持有人，並可於香 ...