Chinese insurtech company ZhongAn Online P&C Insurance has posted profits from its insurance underwriting business for the first time on record.
ZhongAn posted total premiums of 20.37 billion yuan in 2021, for a year-on-year (YoY) rise of 21.9%, according to its 2021 annual report released on 23 March.
2021 marks the first time since ZhongAn’s founding that its insurance underwriting business has proved profitable, achieving net profits attributable to the parent company of 1.16 billion yuan in 2021, for YoY growth of 110.3%.
ZhongAn’s tech service revenues were 520 million yuan in 2021, for YoY growth of 42%, providing services to 109 clients in the insurance sector.
