Business GrowthGrowth in premiums within ZhongAn’s health ecosystem has contracted 9.6%, while the underwriting quality of its consumer finance business has also deteriorated.
Financial Performance1H24 net profit declined by 75% year-on-year to RMB55mn, missing expectations, mainly stemming from health insurance.
Market CompetitionSubstantial slowdown in GWP growth, rising competition from internet giants and traditional insurers.