P&C insurance profits bolster ZhongAn's performance

AM Best expects ZhongAn’s to continue facing challenges from investment fluctuations.

ZhongAn Online P & C Insurance outlook is seen to be closely tied to its capital strength and technological innovation, according to AM Best.

Under the HKFRS 17 accounting standard, ZhongAn reported capital and surplus growth, reaching $2.84b by the end of 2023, which was mainly driven by a one-off investment gain following the deconsolidation of ZhongAn Technologies International Group in August 2023.

This growth, alongside a liquid and diversified investment portfolio, reflects ZhongAn's robust balance sheet and financial flexibility.

AM Best noted that, whilst ZhongAn’s underwriting business in the P&C insurance segment has been profitable since 2021, the company’s operating performance remains sensitive to market volatility and the ongoing turnaround strategies within its banking and technology sectors.

Excluding one-off gains, AM Best expects ZhongAn’s operating performance to continue facing challenges from investment fluctuations and business risks in non-insurance areas.

AM Best anticipates that ZhongAn will maintain its industry leadership by leveraging its technology capabilities, supporting its core insurance business whilst expanding its tech service revenues across various industries.

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