In the first 11 months, ZA ONLINE's premium growth was 5.63%, with health and auto insurance becoming the "new engines."

As the year-end approaches, the performance trends of many leading insurance companies have gradually become clear.

Recently, ZhongAn Online announced the company's liabilities performance for the first 11 months, revealing that it has recorded premium income of 32.904 billion yuan, a year-on-year increase of 5.63%;

Compared to the same period last year, the nearly 33 billion yuan in premiums is already a historical high, just a step away from the full-year premium of 33.418 billion yuan in 2024.

Previously, ZhongAn had disclosed a net profit of 668 million yuan for the first half of the year, which has already surpassed last year's total of 608 million yuan;

This indicates that the company is very likely to achieve a dual surpass in premiums and profits in 2025.

The interim report revealed more specific changes in liabilities:

In the first half of the year, ZhongAn's premium contribution rates from health, digital life, consumer finance, and automotive ecosystems were 37.7%, 37.3%, 16.2%, and 8.8%, respectively, with significant revenue growth in both the health and automotive sectors.

The growth of the health ecosystem is attributed to the deepening reform of medical insurance payment methods and the enhanced synergy between health insurance and basic medical insurance.

In the first half of 2025, the domestic health insurance premium scale continued to grow by 3.1%. ZhongAn has built a product matrix around million medical insurance, including inclusive, chronic disease, outpatient and emergency insurance, critical illness, and mid-to-high-end medical products, further increasing its market share.

The automotive ecosystem focuses on auto insurance business, shifting from joint operations with Ping An Property & Casualty to independent operations in the first half of the year.

According to a relevant person in charge at ZhongAn Online, the company has independently operated compulsory traffic accident insurance in Shanghai and Zhejiang, achieving a breakthrough of "from 0 to 1" in compulsory traffic accident insurance, and commercial auto insurance in Shanghai has also achieved independent operation.

In addition to the growth of the liabilities side of the insurance business, other business lines of ZhongAn have also seen value growth, with the bank turning a profit and the technology business narrowing its losses;

Under the influence of several factors, the net profit of 668 million yuan in the first half of the year is already 11 times that of the same period last year.

It is worth mentioning that in a board resolution half a month ago, ZhongAn just initiated a new round of management term, confirming that the original chairman Yin Hai will continue to serve as the "top leader" for the next three years and also serve as the chairman of the strategy and investment decision committee.

The performance recovery combined with a smooth leadership transition has laid a foundation for ZhongAn's direction from 2025 to 2027.

However, it currently appears that ZhongAn Online still faces certain challenges in performance sustainability:

Over the past five years, the company's performance has continued to experience "big ups and downs," with profit growth rates for 2021-2024 and the first half of 2025 being 110.3%, -216.44%, 466.58%, -85.2%, and 1103.54%, respectively;

Revenue growth rates have shown a downward trend, narrowing to -0.4% in the first half of 2025.

The fluctuations in previous performance are linked to changes in the capital market and are also partly dependent on the complexity of ZhongAn's business model:

For example, besides insurance, the company's technology subsidiaries and virtual bank ZA Bank both required significant capital investment in the early stages.

Now, these two business segments have shown signs of stabilization; for instance, the technology division reported a net loss of RMB 56 million in the first half of the year, an improvement of 30% year-on-year, while ZA Bank turned a profit, achieving a net profit of HKD 49 million.

However, whether such changes can represent a trend of rising performance still requires more time for verification