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眾安在綫財產保險股份有限公司 Zhongan Online P & C

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眾安在綫財產保險股份有限公司 Zhongan Online P & C Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 眾安在綫財產保險股份有限公司 ZHONGAN ONLINE P & C INSURANCE CO., LTD.* (A joint stock limited company incorporated in the People’s Republic of China with limited liability and carrying on business in Hong Kong as “ZA Online Fintech P & C”) (Stock Code: 6060) ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED DECEMBER 31, 2019 The board of directors of ZhongAn Online P & C Insurance Co., Ltd. (the “Company”) announces the following audited annual results of the Company and its subsidiaries for the year ended December 31, 2019. This announcement, containing the full text of the 2019 Annual Report of the Company, complies with the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”) in relation to information accompanying preliminary announcements of annual results. Both the Chinese and English versions of this results announcement are available on the websites of the Company (www.zhongan.com) and the Hong Kong Stock Exchange (www.hkexnews.hk). Printed version of the Company’s 2019 Annual Report will be delivered to the holders of H shares of the Company and available for viewing on the websites of the Hong Kong Stock Exchange (www.hkexnews.hk) and of the Company (www.zhongan.com) in early April 2020. By Order of the Board ZhongAn Online P & C Insurance Co., Ltd. Yaping Ou Chairman Shanghai, the PRC, March 23, 2020 As at the date of this announcement, the board of directors of the Company comprises three executive directors, namely Mr. Yaping Ou (chairman), Mr. Jin Chen and Mr. Hugo Jin Yi Ou, four non-executive directors, namely Mr. Xinyi Han, Mr. Xiaoming Hu, Mr. Liangxun Shi and Mr. Ming Yin and five independent non-executive directors, namely Mr. Shuang Zhang, Ms. Hui Chen, Mr. Yifan Li, Mr. Ying Wu and Mr. Wei Ou. * For identification purposes only and carrying on business in Hong Kong as “ZA Online Fintech P & C” Contents Five-Year Financial Summary 2 Results Summary 3 Message from the Chairman and CEO 6 Corporate Milestone 12 Management Discussion and Analysis 15 Directors, Supervisors and 41 Senior Management Corporate Governance Report 48 Report of Directors 59 Report of the Supervisory Committee 78 Environmental, Social and 80 Governance (ESG) Report Independent Auditor’s Report 113 Definitions 211 Glossary 215 Corporate Information 216 2 ZhongAn Online P & C Insurance Co., Ltd. / Annual Report 2019 Five-Year Financial Summary CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (RMB’000) Y2019 Y2018 Y2017 Y2016 Y2015 per audit per audit per audit per audit per audit Gross written premiums 14,629,589 11,255,718 5,954,475 3,408,048 2,283,042 Net profit/(loss) for the year (638,645) (1,796,718) (996,356) 9,372 44,257 Net profit/(loss) attributable to owners of the Company (454,101) (1,743,895) (997,250) 9,372 44,257 Basic earnings/(loss) per share (in RMB) (0.31) (1.19) (0.77) 0.01 0.04 Total assets 30,907,575 26,341,096 21,149,492 9,332,223 8,069,143 Total liabilities 14,402,044 9,866,423 3,878,796 2,473,251 1,170,825 Total equity 16,505,531 16,474,673 17,270,696 6,858,972 6,898,318 Equity attributable to equity owners of the Company 14,911,655 15,432,039 17,126,913 6,858,972 6,898,318 Combined ratio (%) 113.3% 120.9% 133.1% 104.7% 126.6% Net investment yield (%) 4.8% 4.2% 3.8% 3.6% 3.5% Total investment yield (%) 9.3% 2.6% 7.7% 1.8% 12.6% Comprehensive solvency margin ratio (%) 502% 600% 1,178% 722% 1,620% 200279-01r-M (ZhongAn - AR) p.2 Typeset01 18-03-2020 20:08 OUTPUT: 23-03-2020 14:21:18 \\ptdc01\Production\JobFolder\Report\200279-01r (ZhongAn - AR)\200279-01r (e)\02.Five-Year Financial-200279-01r(e).indd ZhongAn Online P & C Insurance Co., Ltd. / Annual Report 2019 3 Results Summary Overall Operating Results Gross written premiums Net loss attributable to owners of Underwriting loss (RMB million) the Company (RMB million) (RMB million) -7.4% 30.0% 14,630 1,835 1,699 11,256 -74.0% 1,744 454 2018 2019 2018 2019 2018 2019 Total investment income(1) Combined ratio% Expense ratio% (RMB million) -7.6pct 264.0% 120.9% 113.3% -15.1pct 1,816 61.0% 45.9% 499 2018 2019 2018 2019 2018 2019 Revenue from technology export Number of insurance industry (RMB million) customers of insurance system products 44.0% 139.9% 36 25 270 (1) Total investment income is defined as the sum of net investment income, net fair value changes through profit or loss and share of 112 net profit of associates and joint ventures less interest expense relating to securities sold under agreements to repurchase and impairment relating to investment assets. 2018 2019 2018 2019 4 ZhongAn Online P & C Insurance Co., Ltd. / Annual Report 2019 Business Highlights Pursuing growth with quality ‧ We ranked 11th in the PRC property and casualty insurance market and remained 1st in the PRC internet non-auto property and casualty insurance market in terms of GWP in 2019 ‧ We recorded RMB14,629.6 million in total GWP which represented a year-on-year increase of 30.0% and a year-on-year improvement of 7.6% in the combined ratio ‧ We served 486 million users and underwrote 8,040 million policies ‧ We enhanced education on users’ insurance awareness and released the potential of the mid-end health insurance market, recording a year-on-year increase of 146.4% in GWP generated from the Personal Clinic Policy Series, the core product of the health ecosystem business ‧ We enhanced strategic cooperation with Ant Financial and other ecosystem partners to actively explore product innovation and upgrade, achieving a year-on- year growth of 130.8% in GWP from the lifestyle consumption ecosystem business Providing targeted services through new scenario channels ‧ We actively explored new online scenarios, leading to a growth of 5.0 times in the business volume of our proprietary platforms as compared with last year ‧ Due to new growth drivers brought by new scenarios, GWP generated through our proprietary platforms exceeded the mark of RMB1 billion, of which GWP generated from the Personal Clinic Policy Series was 7.6 times of that recorded for last year Promoting digital transformation of insurance ecosystem around the world ‧ We exported Insuretech to both the domestic and overseas markets and recorded a revenue of RMB269.7 million from technology export, representing a year-on-year growth of 139.9% ‧ We provided system products to 36 customers in the insurance industry ‧ We cooperated with Sompo, Income and Grab to provide users with customized and usage-based insurance products, with over 5 million policies underwritten by the ecosystem business of Grab ‧ The virtual bank launched its trial pilot in December 2019 and adopts a “user participation” mode in designing banking products ZhongAn Online P & C Insurance Co., Ltd. / Annual Report 2019 5 Promoting refined operation with the application of technology Provide more intelligent services ‧ We launched the intelligent video claim settlement service for auto insurance by integrating the optical character recognition (OCR) and AI loss assessment technology, reducing the average time for claim settlement to 11 minutes ‧ Nova Technology connected with the systems of 1,100 hospitals, providing users with expeditious claim settlement Simplify business process ‧ The automatic adjustment ratio of our health insurance exceeded 90% ‧ The proportion of AI application for online customer service reached 85% ‧ The automatic testing rate for core application reached 80% Provide customized products based on user profiles ‧ We established 534 user labels and implemented algorithm-based guidance, with the repeated purchases rate of the Personal Clinic Policy Series through our proprietary platforms reaching 15% (excluding renewal rate) Create a closed-loop of ecosystems ‧ The Internet hospital was launched in December 2019, with an aim to create a closed-loop of ecosystems and provide users with one-stop services Message from the Chairman and CEO 8 ZhongAn Online P & C Insurance Co., Ltd. / Annual Report 2019 Message from Chairman As a company featuring Fintech as core to its competitiveness, ZhongAn continued to stick to its two- winged strategy of “Insurance + Technology” during the year where it drove growth of its insurance business with technology while testing its technology strength in the operation of its insurance business, and has achieved steady growth in GWP and business operation. Yaping Ou Chairman Dear Shareholders, Over the past year, we witnessed the in-depth interaction and comprehensive consumption, in an effort to create a closed integration between technology and various sectors of the loop of quality insurance services. Looking forward, I hope that PRC economy, ushering in a new cycle of profound industry all our staff will continue their passion and bravery as pioneers reform where the driving force behind industry development to explore the potential business opportunities, and leverage and reform has shifted from external pressure to endogenous on our technology strengths to build a brighter future, carving powers. As a company featuring Fintech as core to its out an unrivalled niche at the forefront of the “new insurance” competitiveness, ZhongAn continued to stick to its two-winged era.
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