ZhongAn Online P&C's 2020 net profit hits $85m

Gross written premiums grew 14.2% to $2.6b.

ZhongAn Online P&C Insurance posted a net profit of $85m (CNY553.8m) for 2020 as gross written premiums (GWP) grew 14.2% YoY to $2.6b (CNY16.7b), an announcement read.

The insurer’s combined ratio improved by 10.8 percentage points to 102.5%, which helped to drive its first profit since its listing.

ZhongAn’s health ecosystem provided insurance and medical services to approximately 23.90 million users and recorded $1.01b (CNY6.6b) in GWP, an increase of 37.4% YoY attributed to the insurer’s efforts to enhance insurance awareness amongst users, develop medical services for a closed-loop ecosystem, and provide users with personalised products.

The revenue per user of individual health insurance products reached $69.44 (CNY453) in 2020 at a compound annual growth rate of 23.4%.