Leading Chinese insurtech firm ZhongAn Online has posted surging growth in premium income for the first half of 2018.
According to its mid-year report released on 27 August ZhongAn Online posted total premium income of 5.1482 billion yuan, for year-on-year growth of 106.6%, on the back of robust expansion in the health, consumer finance and automobile sectors.
ZhongAn Online is now China’s 13th biggest insurer in terms of premium revenue, moving up 5 spots since he end of 2017.
The company also saw net losses of 666.8 million yuan, for an increase of 132% compared to the figure of 286.8 million for the same period last year, while first half underwriting losses saw YoY growth of 51%.
The company’s comprehensive cost rate was 124.0%, for a decline of 9.1% compared to the full year figure for 2017.
As of 30 June 2018 more than 300 million policyholders were covered by ZhongAn products.
Total insurance premiums from the three sectors of health, consumer finance and automobiles saw YoY growth of 402% in the first half, accounting for 68% of the company’s total premium income.
Health premium income was 1.5572 billion yuan in the first half, for YoY growth of 255.9%, covering 11.50 million policy holders and accounting for 30.2% of total premium income.
ZhongAn has 54 partners in the consumer finance space, helping it to achieve first half premium income of 1.484 billion yuan, for YoY growth of 478.8%, accounting for 28.8% of total premium income.
First half automobile premium income was 460 million yuan, accounting for 9.0% of the total.
According to ZhongAn the prudent selection of co-operative platforms and products as well as big data control capabilities helped to control the company’s loss rate, despite a rise in risk since the end of last year.