Digital insurer issues positive profit alert

ZhongAn Online P&C Insurance Co Ltd, China's first digital insurer, issued a positive profit alert on Monday.

Net profit for the year ended June 30 is expected to increase by no less than 100 percent compared with the corresponding period of last year, according to its announcement to the Stock Exchange of Hong Kong.

Unaudited consolidated net profit attributable to owners of the company came to approximately 94.5 million yuan (US$13.3 million) in the first half of 2019.

The improvement in business performance is mainly due to a decrease in underwriting losses, ZhongAn Online noted.

As it continued to pursue growth with quality, its combined ratio further improved with a steady increase in gross written premiums, the company said.