News Technology22 Mar 2018

China:Online-only insurer posts net loss of more than US$150 mln for 2017

22 Mar 2018

China's first online insurer Zhongan Online P&C Insurance reported a net loss of CNY996 million (US$157 million) in 2017, against a profit of CNY9.37 million in 2016, according to its annual financial statements.

This was the first time the online insurer reported full-year results since its initial public offer in Hong Kong last September.

Rising commissions and management costs as well as unearned premium reserve payments and exchange rate losses were to blame for the net loss.

Premium revenue reached CNY5.95 billion in 2017, up by 75% year on year, according to the statements.

Accident insurance, return freight insurance and health insurance were the top three contributors to the premiums, it said.

The Shanghai-based online insurer was set up in 2013 by Alibaba, Tencent and Chinese insurance giant Ping An Insurance. The company claims to have 492 million people enrolled in its system.

 

 

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