Investment Rating - The investment rating for ZhongAn Online P&C Insurance is "Buy" with a target price of HK$24.00, representing an expected share price return of 46.4% [5]. Core Insights - The company aims to maintain a combined ratio (CoR) of approximately 95-96% in its domestic P&C insurance business, with significant growth opportunities identified in health, innovative, and auto insurance sectors [2]. - The customer base of ZA Bank has expanded to 1.2 million, with expectations to break even in FY25E, driven by the launch of H-share trading services and a focus on retail customers [3]. - Management anticipates notable improvement in FY25E net profit due to stabilized profitability in domestic underwriting, breakeven of ZA Bank, and increased investment returns [4]. Summary by Sections Domestic P&C Insurance Business - Management expects ample opportunities in health insurance driven by regulatory support and product offerings, pet insurance expansion, and rapid growth in auto insurance due to online purchase penetration and expense rationalization [2]. - The CoR for auto insurance was reported at 91% in 1H25, attributed to a higher mix of household vehicles [2]. ZA Bank - ZA Bank's customer base grew from approximately 1 million to 1.2 million, with plans to target foreign passport holders in 2026E [3]. - The number of wealth management accounts exceeded 300,000, and customer acquisition costs have significantly decreased [3]. Financial Performance - Management expects a notable improvement in FY25E net profit, driven by the stabilization of the domestic underwriting business and narrowing losses in the technology segment [4].