Nan Fang Du Shi Bao·2025-08-17 23:12Core Viewpoint - BYD Insurance has shown significant improvement in its financial performance, achieving profitability in the first half of 2025, with a net profit of 31.35 million yuan, following a substantial reduction in its combined loss ratio and cost ratio [1][2]. Financial Performance - In the first half of 2025, BYD Insurance reported insurance business revenue of 1.398 billion yuan and a net profit of 31.35 million yuan, a notable increase from the first quarter's net profit of 5.77 million yuan [1][2]. - The combined loss ratio decreased to 95.13% and the combined cost ratio fell to 101.23%, moving closer to industry averages, which are around 70% and 100% respectively [2]. Business Operations - The average premium per vehicle for BYD Insurance in the first half of 2025 was 4,300 yuan, an increase of 100 yuan from the first quarter, aligning closely with the industry average of 4,395 yuan for new energy vehicles [3]. - The company generated 1.389 billion yuan in vehicle insurance premiums, accounting for 99% of total premiums, primarily through direct sales channels [3]. Regulatory Background - BYD Insurance was formed from the restructuring of Easy安 Insurance, which was taken over by the regulatory authority in July 2020 due to inadequate solvency [4]. - After completing the market-oriented restructuring in May 2023, BYD acquired 100% of Easy安 Insurance, which was subsequently renamed Shenzhen BYD Property Insurance Co., Ltd [4].