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众安在线上半年净利同比增11倍 ZA Bank实现扭亏
Zhong Guo Jing Ying Bao· 2025-08-26 08:34
中经记者 陈晶晶 北京报道 中国首家互联网保险公司众安在线(6060.HK)近期发布2025年中期业绩。 根据中报,截至2025年6月30日,众安在线实现总保费人民币166.61亿元,同比增长9.3%;报告期内, 综合成本率为95.6%,同比改善2.3个百分点;承保利润为6.56亿元,同比增长109.1%。 《中国经营报》记者注意到,2025年上半年,众安在线归属于母公司股东的净溢利为6.68亿元,同比上 升1103.5%。同期,总投资收益率和净投资收益率分别为3.3%、2.1%。 众安在线在半年报中表示,此次净利润大幅提升,主要来自保险业务的利润提升、众安银行(ZA Bank)的扭亏为盈以及科技业务的净亏损收窄,其中众安银行实现净利润0.49亿港元。 核心生态业务保费增长 保费收入情况是衡量保险主业经营的重要指标之一。 2025年上半年,众安在线四大生态业务总保费合计达到166.61亿元,其中健康生态通过"尊享e生""众民 保"两大核心品牌总保费达62.75亿元,同比大幅增长38.3%。 汽车生态方面,众安在线实现总保费14.78亿元,同比增长34.2%,新能源车险总保费收入同比增长约 125.4%,在车险 ...
【众安在线(6060.HK)】承保改善推动利润高增,银行板块首次扭亏为盈——2025年半年报点评(王一峰/黄怡婷)
光大证券研究· 2025-08-22 01:03
以下文章来源于一丰看金融 ,作者王一峰、黄怡婷 点评: 承保利润同比大幅改善,ZA Bank首次实现半年度盈利 一丰看金融 . 分享经济金融领域大事小情,路边新闻 点击注册小程序 查看完整报告 特别申明: 本订阅号中所涉及的证券研究信息由光大证券研究所编写,仅面向光大证券专业投资者客户,用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户,请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限,若给您造成不便,敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件: 2025年上半年,众安在线实现营业收入161.8亿元,同比+0.9%;保险服务收入150.4亿元,同比-0.3%;归 母净利润6.7亿元,同比+1103.5%;承保利润6.6亿元,同比+109.1%;集团净投资收益率(年化)2.0%, 同比+0.2pct,总投资收益率(年化)3.4%,同比+0.6pct;保险板块净投资收益率(年化)2.1%,同 比-0.2pct,总投资收益率(年化)3.3%,同比持平。 3)消费金融生态通过链接翼支付、爱奇艺等互联网平台为持 ...
众安在线(6060.HK)2025年半年报点评:承保改善推动利润高增 银行板块首次扭亏为盈
Ge Long Hui· 2025-08-21 19:56
事件: 2025 年上半年,众安在线实现营业收入161.8 亿元,同比+0.9%;保险服务收入150.4 亿元,同 比-0.3%;归母净利润6.7 亿元,同比+1103.5%;承保利润6.6亿元,同比+109.1%;集团净投资收益率 (年化)2.0%,同比+0.2pct,总投资收益率(年化)3.4%,同比+0.6pct;保险板块净投资收益率(年 化)2.1%,同比-0.2pct,总投资收益率(年化)3.3%,同比持平。 点评: 承保利润同比大幅改善,ZA Bank 首次实现半年度盈利。2025 年上半年,公司实现归母净利润6.7 亿 元,较低基数下同比大幅增长1103.5%,主要受益于保险业务利润提升、ZA Bank 扭亏为盈至0.5 亿港元 (去年同期亏损1.1 亿港元)以及科技业务净亏损同比改善32.2%至0.6 亿元。其中,保险分部受益于承 保利润同比大幅改善以及投资收益表现稳健,上半年净利润同比增长387.7%至6.7 亿元,具体来看: 1)2025 年上半年,集团年化净投资收益率/总投资收益率分别为2.0%/3.4%,分别同比变动 +0.2pct/+0.6pct,主要受益于权益市场震荡上行。其中,境 ...
众安在线(6060.HK):业绩亮眼 承保利润高增
Ge Long Hui· 2025-08-21 19:56
机构:华泰证券 研究员:李健 汽车生态方面,保费同比增长高增34%至14.8 亿元,COR 同比改善3.0pcts至91.2%。2024 年底公司获批 上海、浙江两地的交强险经营资质,1H25完成两地交强险独立经营落地,同时2025 年中开始在上海独 立经营商业车险,带动车险保费快速提升。考虑到车险业务质量提升,我们预计2025 年车险COR 为 92.9%。消费金融生态方面,1H25 实现保费增长24%,与1H24基数较低有关;COR 同比下降5.1pcts 至 94.0%,体现公司审慎经营策略下底层资产质量的改善。预计该业务COR 表现平稳,2025 年为94%。数 字生活生态方面,1H25 总保费下降16%,但是宠物险等创新业务保费同比增长40.0%;COR 维持99.9% 的微盈利水平。预计数字生活的COR 在2025年维持99.9%。 银行扭亏为盈,科技亏损收窄 众安银行实现扭亏,1H25 盈利0.49 亿港元。截至1H25,客户存款为211亿港元(同比+8.8%),净息差 同比提升至2.38%(1H24 2.28%)。众安银行覆盖银行、证券、加密货币交易等业务,并成为首家为稳 定币沙盒发行人提供专 ...
众安在线(06060):2025 年半年报点评:利润高增,ZABank实现半年度盈利
Huachuang Securities· 2025-08-21 15:25
证 券 研 究 报 告 利润高增,ZA Bank 实现半年度盈利 目标价区间:22.87-25.39 港元 事项: ❖ 众安在线公布 2025 年半年报。2025 年上半年总保费收入 166.61 亿元,同比 +9.3%;综合成本率同比改善 2.3pct 至 95.6%,归母净利润 6.68 亿元(同比 +1103.5%)。 评论: ❖ 基本盘:COR 改善,健康生态、汽车生态保费高增。2025 年上半年,实现总 保费收入 166.61 亿元(同比+9.3%)。综合成本率同比-2.3pct 至 95.6%。赔付 率同比大幅改善 6.0pct 至 54.7%;费用率同比上升 3.7pct 至 40.9%。 (1)健康生态:稳扎稳打,COR 同比改善。2025H1,健康生态实现总保费收 入 62.75 亿元(同比+38.3%),占总保费比例同比+7.9pct 至 37.7%。旗舰产品 "尊享 e 生"已历经 25 次迭代,25H1 保费规模达 42.5 亿元。此外,众安专 门为非标体人群定制的"众民保"填补了市场空白,并进一步拓展到中高端产 品线,25H1"众民保"系列产品保费收入 10.3 亿元(同比+638. ...
众安在线(06060):1H25盈利超预期,上调目标价
BOCOM International· 2025-08-21 13:13
Investment Rating - The report assigns a "Buy" rating to the company, with a target price raised to HKD 23.00, indicating a potential upside of 22.5% from the current closing price of HKD 18.77 [1][7][11]. Core Insights - The company's 1H25 earnings exceeded expectations, with a net profit of RMB 668 million, surpassing the full-year forecast for 2024. This growth is attributed to underwriting profits and the turnaround of its banking operations [2][8]. - Premium income grew by 9.3% year-on-year, primarily driven by the health ecosystem, consumer finance, and automotive sectors, although the digital life ecosystem saw a decline of 16% [8]. - The combined ratio improved year-on-year, with underwriting profits increasing by 109%, mainly from the health ecosystem and consumer finance [8]. - Investment income remained stable, with total investment income growing by 3% year-on-year, and the annualized total/net investment return rates at 3.3%/2.1% [8]. Financial Overview - Revenue projections for the company show a steady increase from RMB 27,535 million in 2023 to RMB 33,504 million in 2025E, with a year-on-year growth rate of 5.5% [6][9]. - Net profit is expected to rise significantly, from RMB 603 million in 2024 to RMB 1,205 million in 2025E, reflecting a growth rate of 99.7% [6][10]. - The report highlights a decrease in the combined ratio from 97.3% to 96.0% for 2025E, indicating improved underwriting efficiency [10][16]. Key Assumptions and Forecasts - The report outlines key assumptions for various segments, with health insurance expected to grow by 33.3% in 2025E, while the digital life segment is projected to decline by 18.7% [9][16]. - The underwriting profit for 2025E is forecasted at RMB 1,334 million, a 34.7% increase from the previous year [10][16]. - The adjusted net profit for 2025E is projected to be RMB 1,205 million, with an EPS of RMB 0.82, reflecting a significant upward revision from previous estimates [10][15].
众安发布2025半年报:AI重塑保险价值链,半年度承保综合成本率历史最优
13个精算师· 2025-08-21 11:06
Core Viewpoint - ZhongAn Online reported a significant increase in net profit and total premium for the first half of 2025, indicating strong performance across its insurance segments and a focus on technology-driven growth [3][4][28]. Group 1: Insurance Segment Performance - Total premium reached 166.61 billion yuan, a year-on-year increase of 9.3%, outperforming the overall growth rate of the property insurance industry by 4 percentage points [5][28]. - The self-operated channel contributed 36.97 billion yuan to total premium, accounting for 22.2% of the total, with a year-on-year growth of 16.9% [7]. - Health and automotive ecosystems were key contributors, with health premiums at 62.75 billion yuan (up 38.3%) and automotive premiums at 14.78 billion yuan (up 34.2%) [9][10]. Group 2: Underwriting Profit and Cost Ratio - The comprehensive cost ratio improved to 95.6%, a decrease of 2.3 percentage points year-on-year, marking the lowest half-year ratio in company history [14][16]. - Underwriting profit reached 627 million yuan, an increase of 346 million yuan year-on-year, driven by improved claims ratios [16][18]. - The health ecosystem's cost ratio was 92.9%, while the automotive ecosystem's cost ratio improved to 91.2% [17]. Group 3: Banking Division Achievements - ZA Bank achieved a historic turnaround with a net profit of 49 million HKD, and net income increased by 82.1% to approximately 457 million HKD [18][19]. - The bank's customer deposits grew by 8.8% to about 211 billion HKD, indicating strong market positioning [19]. Group 4: Technology Division Growth - Technology revenue reached 496 million yuan, a year-on-year increase of 12.2%, with over 1,000 clients served [20][23]. - R&D investment totaled 398 million yuan, focusing on AI, big data, and cloud computing to enhance the insurance value chain [23][24]. - The AI platform significantly improved operational efficiency, with a claims processing time reduction of 70% for small injury cases [24]. Group 5: Market Sentiment and Future Outlook - Norges Bank increased its stake in ZhongAn Online, reflecting foreign confidence in Chinese insurance assets and the effectiveness of the company's dual-engine strategy of "insurance + technology" [27][28]. - Analysts expect continued growth in health insurance innovation and profitability in the automotive insurance sector, driven by regulatory support and market trends [28].
众安在线(06060):2025年半年报点评:承保改善推动利润高增,银行板块首次扭亏为盈
EBSCN· 2025-08-21 08:30
——众安在线(6060.HK)2025 年半年报点评 买入(维持) 当前价:18.77 港元 作者 分析师:王一峰 执业证书编号:S0930519050002 010-57378038 wangyf@ebscn.com 2025 年 8 月 21 日 公司研究 承保改善推动利润高增,银行板块首次扭亏为盈 分析师:黄怡婷 执业证书编号:S0930524070003 010-57378023 huangyiting@ebscn.com 市场数据 | 总股本(亿股) | 16.85 | | --- | --- | | 总市值(亿元港币): | 316.24 | | 一年最低/最高(元港币): | 9.29/22.75 | | 近 3 月换手率: | 497.8% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -3.6 | 48.5 | 5.7 | | 绝对 | -2.9 | 54.1 | 49.4 | 资料来源:Wind 相关研报 投资大幅改善,科技扭亏为盈——2024 年年报点评(2025-03-21) ...
众安在线(06060):业绩亮眼,承保利润高增
HTSC· 2025-08-21 03:24
证券研究报告 众安在线 (6060 HK) 港股通 1H25:业绩亮眼,承保利润高增 | 华泰研究 | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | | 2025 年 | 8 月 21 日│中国香港 | 保险 | 目标价(港币): | 28.00 | 李健,PhD 研究员 SAC No. S0570521010001 SFC No. AWF297 lijian@htsc.com +(852) 3658 6112 于明汇* 联系人 SAC No. S0570124070107 yuminghui@htsc.com +(86) 21 2897 2228 基本数据 | 目标价 (港币) | 28.00 | | --- | --- | | 收盘价 (港币 截至 8 月 20 日) | 18.77 | | 市值 (港币百万) | 31,624 | | 6 个月平均日成交额 (港币百万) | 821.27 | | 52 周价格范围 (港币) | 9.29-22.75 | | BVPS (人民币) | 14.67 | 股价走势图 众安公布 1H25 业绩 ...
上半年承保利润增长108.9%,众安保险正发力哪些领域
Bei Jing Shang Bao· 2025-08-20 14:48
Core Viewpoint - The mid-year performance report of ZhongAn Online P&C Insurance Co., Ltd. shows significant growth in both underwriting profit and net profit, indicating a strong recovery and strategic positioning in the insurance market [1][3][4]. Group 1: Financial Performance - The company achieved an underwriting profit of 656 million yuan, a year-on-year increase of 108.9% [5]. - Total premium income reached 16.661 billion yuan, reflecting a growth of 9.3% compared to the previous year [3][5]. - Net profit attributable to shareholders was 668 million yuan, a remarkable increase of 1103.5% year-on-year [4][5]. Group 2: Investment Strategy - The company maintains a focus on high liquidity working assets in a low-interest-rate environment, aiming for stable returns while balancing long-term and short-term opportunities [4]. - Total investment income for the first half of the year was 639 million yuan, up 3.1% from 620 million yuan in the same period last year [3][4]. Group 3: Digital Banking and Technology - The digital banking business, under ZA Bank, turned profitable with a net profit of 49 million HKD and a net income of approximately 457 million HKD, marking an 82.1% year-on-year growth [4]. - The company invested 398 million yuan in research and development, focusing on AI, cloud computing, big data, and blockchain to reshape the insurance value chain [10][12]. Group 4: Business Segments - The health insurance segment reported a total premium of 6.275 billion yuan, a significant increase of 38.3% year-on-year, serving approximately 15.21 million insured users [8]. - The auto insurance segment achieved a total premium of 1.478 billion yuan, growing by 34.2% year-on-year, with notable growth in new energy vehicle insurance, which increased by about 125.4% [9]. Group 5: Market Position and External Investment - Norges Bank increased its stake in ZhongAn Insurance, acquiring 1.3481 million shares, raising its holding to 5.07%, indicating confidence in the company's performance and growth potential [5][6]. - The company is positioned to leverage external investments to enhance governance and attract more foreign capital, boosting market confidence [6].