证券研究报告|港股公司深度研究报告 [Table_Title2] 众安在线（6060.HK） [Table_Summary] 主要观点: ► 保险主业韧性凸显，四大生态驱动高质量增长。 众安在线作为国内首家互联网险企，依托"保险+科技" 双引擎战略，保费持续高增长。2024 年总保费达 334.17 亿元 （2018-2024 年 CAGR=19.9%），市占率位列国内财险行业第 八，互联网财险市场份额第一。 [Table_Date] 2025 年 06 月 17 日 核心生态表现优异：1）数字生活生态（保费占比 48.5%） 受益电商高景气及创新业务（宠物险、碎屏险等），2024 年保 费同比+28.9%至 161.97 亿元，创新业务增速达 77.2%。综合成 本率 99.7%保持稳定，费用率优化至 31.7%。2）健康生态（保 费占比 30.9%）以"尊享 e 生"为核心构建多层次产品矩阵， 2024 年保费 103.38 亿元（CAGR=23.8%）。赔付率优化至 39.0%，普惠型产品（如众民保）保费同比+177%，慢病、女性 专属险种贡献增量。3）消费金融生态主动收缩规模但提质增 效，2024 年 ...

近日，国家金融监督管理总局对国泰财产保险有限责任公司（下称"国泰产险"）开出196万元罚单，直指其关联交易遗漏、不当利益输送、条款费率使用违 规等四大问题。 对此，国泰产险在公告中回应称，公司高度重视并已完成整改，目前经营稳定并将持续提升合规经营水平。有业内声音指出，互联网巨头蚂蚁集团注资控股 后，给国泰产险带来全新的转型方向，同时也暴露出国泰产险依赖股东的商业模式或存隐忧。 存在四大违规问题 公司称已整改完毕 处罚决定书显示，国泰产险因存在四大违规问题，合计被国家金融监督管理总局罚款196万元。首当其冲的是关联交易问题，涉及"关联交易报告遗漏，未完 整披露与股东方的关联交易"；其次还包括：不当利益输送，向投保人提供合同约定外的其他利益；条款费率违规，未按备案条款执行；承保理赔信息缺 失，关键业务数据记载不完整。 对于此次处罚，国泰产险6月6日发布公告回应称：针对存在的问题，公司高度重视并已完成整改，目前经营稳定并将持续提升合规经营水平。 值得注意的是，国泰产险与第一大股东蚂蚁集团的关联交易规模庞大，涵盖退货运费险、保险代理、信息技术服务等，年交易数额巨大。此类业务虽支撑了 公司业绩增长，但也引发监管对交易公 ...

Core Viewpoint - The government is prioritizing the stimulation of consumption and investment efficiency to expand domestic demand, with companies like Sunshine Insurance actively responding to these policies by innovating financial services and products to meet evolving consumer needs [1] Group 1: Promotion of Green Consumption - The new energy vehicle market in China is experiencing rapid growth, with 11.25 million new registrations in 2024, a year-on-year increase of 51.49%, accounting for 41.83% of new car registrations [2] - Sunshine Insurance has developed a Motor Vehicle Replacement Cost Compensation Insurance (GAP Insurance) to support green consumption and sustainable development, providing compensation for vehicle depreciation and repair costs [2] - As of March 2024, Sunshine Insurance has issued 158 GAP Insurance policies, covering risks of 22.64 million yuan, thereby alleviating economic losses for consumers and enhancing consumption confidence [2] Group 2: Innovation in Digital Consumption Insurance - Digital consumption is transforming shopping habits, with consumers increasingly relying on online platforms for purchases [3] - Sunshine Insurance has created scenario-based insurance products tailored to digital consumption, such as return shipping insurance for e-commerce and liability coverage for online service platforms [3] - In 2024, Sunshine Insurance's digital economy insurance coverage reached 71.5 trillion yuan, providing protection for approximately 324 million orders, thereby improving consumer shopping experiences and willingness to spend [3] Group 3: Contribution to Social Security System - A robust multi-level social security system is essential for fostering a consumption-friendly environment, enhancing consumer confidence and willingness to spend [4] - Sunshine Insurance has provided risk coverage of 31.14 trillion yuan in 2024, with claims payments totaling 2.236 billion yuan, focusing on health insurance for urban and rural residents [4] - The company has also addressed the needs of new citizens, such as construction workers, by offering wage payment guarantees and has provided over 7.7 billion yuan in wage payment protection for 21,000 enterprises in 2024 [4] Group 4: Future Directions - Sunshine Insurance plans to continue adapting to changes in consumption structure by innovating its insurance services and extending comprehensive risk protection products to meet diverse consumer needs [5]

从退货运费险，到服务 6 亿用户。 10 月 10 日，互联网保险优选平台蚂蚁保宣布，知名演员刘亦菲成为蚂蚁保首位全球品牌代言人。这是蚂 蚁保成立 8 年来首次启用品牌代言人，也是其少见的高调行动。 和电商、本地生活、短视频等行业相比，互联网保险行业一直相对低调。2010 年，支付宝联合淘宝推出退 货运费险，这一互联网创新险种的试水，如今已是中国数十万亿电商市场的标配，也是蚂蚁保平台的源 起。 2016 年，蚂蚁又在原先支付宝保险的基础上，成立了互联网保险优选平台蚂蚁保，陆续上线好医保、宠物 险、电诈险、惠民保等爆款产品。八年后，蚂蚁保已成长为一个一站式综合保险平台，覆盖健康险、家财 险、储蓄险、车险等全系列险种，连接近百家保险公司和 6 亿保民。 从运费险到成立蚂蚁保，再到如今签下刘亦菲冲上热搜，蚂蚁的保险业务绝大多数时候远离舆论场中心。 蚂蚁集团副总裁、蚂蚁保总经理陈冠华对我们说，保险是最复杂的金融产品之一，做保险需要坚持长期主 义，有时候得慢工出细活。蚂蚁保和保险公司已经一起走过 8 年时间，但也还只是长征路途的开始。 从爆款健康险开始，回归保障本质 运费险成功之后，大概 2012 年开始，当时的支付宝 ...