Sunshine Insurance shows bright preliminary H1 2023 performance

It saw its gross written premiums climb 7.7% to RMB67.81b in the first semester.

Sunshine Insurance and its subsidiaries experienced steady overall operational growth in the first six months of 2023, driven by China’s economic reopening.

Preliminary results showed the group's gross written premiums (GWPs) reached RMB67.81b, a 7.7% year-on-year (YoY)  increase, while insurance revenue amounted to RMB30.16b, reflecting a 7.3% YoY climb. 

The net profit attributable to the parent's equity owners increased by 9.0% YoY, totalling RMB2.90b. 

The embedded value surged by 3.7% from the previous year's end, reaching RMB104.98b. The annualised total investment yield stood at 4.9%. As of June 30, 2023, the Group had approximately 31.92 million active customers.

Maintaining a focus on high-quality development in the core insurance business led to a 9.0% increase in net profit attributable to the parent's equity owners.

In the first half of the year, China's national economy displayed signs of recovery and improvement, establishing a solid foundation for the insurance industry's robust rebound. 

ALSO READ: Sunshine Insurance Group to seek $2b in Hong Kong IPO listing

Throughout the first half of the year, the group reinforced its diversified and synergistic sales channel approach in the life insurance business, resulting in continued growth in the value of new business, Sunshine Insurance expressed.

Additionally, for the property and casualty insurance business, the group boosted its projects involving intelligent life tables for automobile insurance and non-automobile data insurance life tables, leading to improved profitability.

During the reporting period, we continued to enhance the structure of our life insurance business, leading to substantial growth in the value of new business. Within the life insurance sector, GWP amounted to RMB45.85b, marking a 9.0% YoY increase. 

Single premiums reached RMB13.95b, representing an impressive 53.4% YoY increase. The value of new business for the first half of the year stood at RMB2.68b, reflecting a strong YoY growth of 37.1%.

Within the same reporting period, the Property and Casualty (P&C) segment's original premium income (OPI) reached RMB21.93b, signifying a 5.1% YoY increase. 

Notably, value-oriented businesses and strategic sectors experienced rapid expansion. 

Among these, personal vehicle premiums grew by 9.5%, new energy vehicle premiums surged by 80.3%, agricultural insurance premiums rose by 42.9%, and policy-supported health insurance premiums soared by 74.6%. 

Through fortified business management and risk assessment, the underwriting combined ratio reached 98.2%, indicating a 0.7 percentage point YoY increase.