Jing Ji Guan Cha Wang·2025-08-22 02:09Core Insights - ZhongAn Online (6060.HK) reported a strong performance in its mid-year results for 2025, with total premiums and net profit both increasing significantly, leading to a stock price rise of 6.98% to HKD 20.08 [2] - The company achieved total premiums of CNY 16.661 billion, a year-on-year increase of 9.30%, and a net profit attributable to shareholders of CNY 668 million, up 1103.5% compared to the same period in 2024 [2] - The digital bank ZA Bank, a subsidiary of ZhongAn, turned profitable with a net profit of HKD 49 million [2] Premium Growth and Business Structure - The health ecosystem emerged as the largest contributor to ZhongAn's premiums, generating CNY 6.274 billion, a 38.30% increase, and accounting for 37.70% of total premium income [4] - The Zhongminbao series of health insurance products saw a remarkable growth in premiums, reaching CNY 1.03 billion, up 638.80% [4] - The digital life ecosystem's contribution to premiums decreased from 48.7% to 37.3%, with total premiums falling to CNY 6.209 billion, a decline of 16.13% [6] - The pet insurance segment within the digital life ecosystem grew by 51.3%, reaching nearly CNY 563 million [6] Cost and Profitability Metrics - The comprehensive claims ratio for health insurance increased to 42.5%, up 4.4 percentage points year-on-year, while the comprehensive expense ratio improved to 50.4%, down 7.2 percentage points [5] - The comprehensive cost ratio for the health ecosystem was reported at 92.9%, a decrease of 2.8 percentage points, indicating underwriting profitability [5] Automotive Ecosystem Developments - The automotive ecosystem, focusing on auto insurance, achieved total premiums of CNY 1.478 billion, a growth of 34.2% [7] - ZhongAn began independently operating its auto insurance business, previously in partnership with Ping An Insurance, marking a significant operational shift [7] - Premiums from new energy vehicle insurance surged by approximately 125.4%, now accounting for over 18% of total auto insurance premiums [7]