Sunshine Insurance net profit soars 45.8% in FY 2024

The group’s customer base reached 30.19 million last year.

Sunshine Insurance saw its fiscal year 2024 (FY 2024) net profit attributable to shareholders surge 45.8% year-on-year (YoY) to $763m (RMB5.45b).

The company recorded a total premium income of $17.9b (RMB128.38b), an 8.0% increase YoY. The company’s embedded value grew 11.2% to $16.2b (RMB115.76b).

The group’s customer base reached 30.19 million. Sunshine Life Insurance expanded its high-value customer segment, with customers holding first-year standard premium policies of $21,000 (RMB150,000) or more rising by 22.7%, whilst those with policies of $7,000 (RMB50,000) or more increased by 18.2%.

Sunshine Property Insurance saw a 5.4% growth in its private car business, with its target customer group expanding by 14.1 percentage points.

Its corporate risk management services covered more than 15,000 businesses, with hotel customers rising 54.7%YoY and a 97.0% renewal rate for service clients.

($1.00 = RMB7.26)