Online Insurer ZhongAn Posts Annual Loss Amid Fast Expansion
ZhongAn Online Property & Casualty Insurance said that its premium revenue in 2017 was up nearly 75%, but the company still lost almost 1 billion yuan. Photo: IC
China’s first online insurer reported its first annual net loss of nearly 1 billion yuan in 2017 due to rising business costs and unearned premium reserve payments, the company said on Tuesday.
ZhongAn Online Property & Casualty Insurance reported premium revenue of 5.95 billion yuan ($938.9 million) in 2017, up 74.7% from the previous year. But the company saw a net loss of 996 million yuan, compared to a 9.37 million yuan profit in 2016.
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