ZhongAn Online announces positive profit alert
ZhongAn Online P&C Insurance Co Ltd expects to achieve a turnaround from net loss to net profit for the year ended December 31, 2020, it announced on Friday.
For the year 2019, the digital insurer recorded a net loss of approximately 454.1million yuan (US$70 million) attributable to owners of the company.
The improvement in the performance was primarily due to a substantial decrease in underwriting loss and as the company persisted in pursuing growth with quality, the combined ratio further improved accompanied by the steady increase in the gross written premiums, according to an announcement filed to the Hong Kong Stock Exchange.
The positive profit alert was made based on the company’s preliminary review of the unaudited management accounts and the information currently available to the board of directors, ZhongAn Online said.
The firm is still in the process of finalizing its results and shareholders and investors are advised to exercise caution when dealing in the shares of the company, the statement added.