ZhongAn Insurance (众安保险)

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    ZhongAn Online P & C Insurance Co.., Ltd. (众安在线财产保险股份有限公司) is a Shanghai-headquartered internet-only insurance company established in 2013 by Alibaba, Tencent and Ping An Insurance.

    ZhongAn is an exclusively online insurer, providing all services via the internet and lacking any branch establishments within China.

    ZhongAn’s headquarters are located at 169 Mingyuan road in Shanghai’s Huangpu district, and the company has registered capital of 1.4698129 billion yuan.

    Its official business scope encompasses “enterprise/ household asset insurance, freight insurance, liability insurance, credit guarantee insurance short-term health/ unexpected injury insurance directly related to internet transactions” and  “automobile insurance including compulsory traffic accident liability insurance and automobile commercial insurance.”

    The China Insurance Regulatory Commission (CIRC) gave its approval to ZhongAn’s establishment on 29 September 2013, and by April 2014 the company had provided over 100 million insurance policies to more than 54 million customers China.

    By December 2014 insurance policies provided by ZhongAn exceeded 1 billion, while its customer base had breached the 200 million threshold.

    In June 2015 ZhongAn obtained USD$934 million in series A round funding from five investors led by Morgan Stanley.

    ZhongAn listed on the Hong Kong Stock Exchange (HKEX) on 28 September 2017, where it raised HKD$16 billion (approx. USD$2.05 billion) via an offering of 199.3 million shares.

    The IPO was Hong Kong’s first major fintech listing, as well as HKEX’s largest since Guotai Junan raised HKD$16 billion in April of the same year.

    As of October 2018 ZhongAn’s market capitalisation was 307.42 trillion yuan (approx USD$44.756 billion).

    According to ZhongAn’s 2018 mid-year fiscal report its first half insurance fee revenues were 5.1482 billion yuan, for YoY growth of 106.6%, putting it in 13th place amongst Chinese insurers.

    ZhongAn posted net losses of 666.8 million yuan in the first half of 2018.