On March 19, 2026, ZA ONLINE Property Insurance Co., Ltd. (Stock Code: 06060) released its annual performance report for 2025. As China's first internet insurance technology company, ZA ONLINE adhered to its dual-engine "Insurance + Technology" strategy. The company achieved total premiums of RMB 35.735 billion in 2025, a year-on-year increase of 6.9%, maintaining its position as the eighth largest player in the domestic property insurance industry. Adjusted net profit attributable to parent company shareholders reached RMB 1.800 billion, surging 198.3% year-on-year, marking the fifth consecutive year of underwriting profitability. Multiple core indicators showed strong performance, with the value of its technological attributes and ecosystem layout continuing to become more prominent.
Core financial indicators were robust, and profit quality improved steadily. In 2025, ZA ONLINE achieved comprehensive performance breakthroughs under its high-quality growth strategy. Insurance service revenue reached RMB 33.485 billion, up 5.5% year-on-year. The combined ratio improved to 95.8%, a 1.1 percentage point enhancement compared to 2024, with a loss ratio of 57.1% and an expense ratio of 38.7%, demonstrating significant results from refined operations. This led to an underwriting profit of RMB 1.412 billion, an increase of 42.5% year-on-year. Benefiting from the recovery in capital markets throughout the year, the total investment income from the company's insurance investment assets grew significantly by 59.1% year-on-year to RMB 2.124 billion. The total investment return rate reached 5.3%, providing strong momentum for overall profit growth. As of December 31, 2025, the Group's total assets amounted to RMB 46.710 billion, and net assets reached RMB 25.450 billion, increasing by 3.1% and 21.6% respectively since the start of the year. The comprehensive solvency adequacy ratio remained at a sufficient level of 242%. The company received a Moody's Baa1 insurance financial strength rating and a Baa2 senior unsecured debt rating (both investment grade), with the outlook revised to positive, reflecting broad recognition of its capital strength and risk resilience.
The four ecosystems developed synergistically, with key businesses flourishing across multiple areas. Guided by its ecosystem approach, ZA ONLINE deepened its presence in four core scenarios: health, digital lifestyle, automotive, and consumer finance, forming a differentiated competitive advantage. The health ecosystem became the primary growth driver, with total premiums reaching RMB 12.682 billion in 2025, a 22.7% year-on-year increase. It has served over 150 million health insurance users cumulatively, with the dual-brand matrix of "Zun Xiang E Sheng + Zhong Min Bao" proving highly effective. Service efficiency is industry-leading, empowered by AI technology. The digital lifestyle ecosystem remained the largest, with total premiums of RMB 15.973 billion. Premiums from innovative businesses grew by 37.2%, with emerging segments like pet insurance and insurance related to the low-altitude economy performing notably well. The automotive ecosystem capitalized on new energy opportunities, with total premiums of RMB 2.76 billion, a 34.6% year-on-year increase. New energy vehicle insurance premiums surged by 206.2%, and the independent operation of compulsory traffic insurance in Shanghai and Zhejiang yielded positive results. The consumer finance ecosystem maintained prudent operations, controlling risks through a full-process AI risk management model. The loan balance was steadily reduced, maintaining the characteristics of small-amount, dispersed assets.
AI comprehensively penetrated the value chain, and technology export achieved global breakthroughs. In 2025, ZA ONLINE deepened its "OneAI" strategy. The AI mid-platform "Zhong You Ling Xi" became the core engine for business transformation, with large model calls exceeding 2 billion for the year and a multimodal corpus of over 10 billion business-related texts accumulated. AI technology has been fully integrated across the entire insurance process, enhancing both efficiency and user experience in product design, marketing, underwriting, service, and claims settlement. The technology export business achieved significant results domestically by providing intelligent solutions for multiple industries, with AI capabilities achieving cross-sector "breakout" applications. Internationally, Peak3 completed a major core platform update, entered several new markets, secured multinational cooperation projects, and won multiple international awards, gaining recognition from global authoritative institutions.
A milestone breakthrough in international business: ZA Bank achieved annual profitability. As Hong Kong's first officially launched digital bank, ZA Bank achieved a historic breakthrough in 2025: its retail user base exceeded 1 million, making it the first digital bank in Hong Kong to reach this scale. For the full year, it achieved net revenue of approximately HK$892 million, a 62.7% year-on-year increase, and a net profit of HK$17.27 million, achieving annual profitability for the first time. Its non-interest income surged 277.9% year-on-year, the net interest margin improved to 2.69%, and the cost-to-income ratio was optimized to 77.7%. Through innovative products, it has built a one-stop wealth management platform covering diverse categories such as Hong Kong stocks, US stocks, funds, and cryptocurrencies, continuously enhancing user stickiness and market competitiveness.
Brand and channel development accelerated, solidifying the foundation for long-term growth. In 2025, ZA ONLINE prioritized brand building and proprietary channels as strategic focuses. Total premiums from proprietary channels reached RMB 7.557 billion, accounting for 21.1% of total premiums. The average number of policies per paying user increased to 1.9. By collaborating with over 150 large-scale sports events, the company deepened its "sports + insurance" brand image, covering more than 100 cities. In public domains, it leveraged AIGC for mass production of educational content, while in private domains, it utilized over 2,000 user tags for refined operations, continuously unlocking user lifetime value. By year-end, the company had over 300 ecosystem partners, including 33 core partners, forming an ecosystem layout covering multiple scenarios such as e-commerce, mobility, and health.
Looking ahead to 2026, ZA ONLINE will continue to stay true to its original aspirations, empowering the entire insurance value chain with technology. It will deeply understand and continuously meet customers' increasingly diverse needs for insurance protection and financial services, embarking on a new chapter of growth through innovation and breakthroughs. ZA ONLINE is confident that, relying on its forward-looking strategic layout and profound technological积淀, the company will navigate steadily towards the vast future of deep integration between insurance and AI.