Group 1 - Modern Property Insurance (China) Co., Ltd. has appointed Hong Young as the new chairman, effective July 28, marking a significant leadership change in the company [1][2] - The company has recently completed a business transformation focusing on ride-hailing vehicle insurance, which is considered a high-cost segment within the insurance industry [1][4] - The appointment of Hong Young is seen as a move to enhance the governance structure of the company and to maintain its strategic focus on becoming a risk management expert in the new mobility ecosystem [2][3] Group 2 - Modern Property Insurance has experienced rapid growth in its premium income, particularly in vehicle insurance, which reached 555 million yuan in 2024, with the share of vehicle insurance rising from 29.97% to 61.92% [4] - The company is focusing on the burgeoning market for new energy vehicle insurance, which is expected to grow significantly due to the increasing demand and insufficient coverage for operational new energy vehicles [5][6] - Despite the growth, the company faces challenges with high cost ratios in the vehicle insurance sector, particularly in ride-hailing insurance, which has a comprehensive cost ratio of 118.02% [6][7] Group 3 - To improve profitability, the company plans to enhance risk compliance, optimize business structure, and increase operational efficiency while deepening its strategic focus on the new mobility ecosystem [7][8] - The company recognizes the need for data integration and innovative pricing models to better manage risks and costs associated with ride-hailing insurance [9]