众安在线 - 2025 年上半年 - 强劲的收益增长和优异的综合赔付率；银行实现盈利ZhongAn Online P & C Insurance Co Ltd-1H25 – Strong Earnings Growth and Superior CoR; Bank Turned Profitable

August 20, 2025 12:52 PM GMT ZhongAn Online P & C Insurance Co Ltd | Asia Pacific 1H25 – Strong Earnings Growth and Superior CoR; Bank Turned Profitable Reaction to earnings Strengthens our thesis Modest upside Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways 1H25 earnings increased strongly: ZhongAn reported net earnings at Rmb668mn, up 1103.5% y-y and beat MSe at Rmb523mn, tha ...