CompetitionSubstantial slowdown in GWP growth, rising competition from internet giants and traditional insurers, slower China GDP growth, policy risk, and worsening equity market performance.
Earnings Decline1H24 net profit declined by 75% year-on-year to RMB55mn, missing expectations, mainly stemming from health insurance.
Health EcosystemGrowth in premiums within ZhongAn’s health ecosystem has contracted 9.6%, while the underwriting quality of its consumer finance business has also deteriorated.