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| Thursday, 6 April 2023, 16:05 HKT/SGT | |
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HONG KONG, Apr 6, 2023 - (ACN Newswire) - On March 29, Sunshine Insurance Group ("Company" or "Sunshine Insurance") released its first results report after going public. Looking back at 2022, the Chinese insurance industry faced multiple challenges, including increased marketing difficulties, weaken consumer willingness, and market volatility, etc. Under this backdrop, In the Annual Results Announcement on March 30, Mr. Zhang Weigong, the founder of Sunshine Insurance, said," Sunshine has successfully passed this high-intensity stress test". Meanwhile, he also stated that the whole company has further established customer-oriented thinking through some measures and reforms, " The overall improvement of customer-oriented thinking was the biggest progress for Sunshine Insurance in 2022". Sunshine Insurance focuses on its core insurance business, continuously strengthens the company's value development capabilities, maintains steady growth in overall business performance, and highlights the company's strong business resilience.
Overall, Sunshine Insurance Group's total assets in 2022 increased steadily, with continuous growth in premium income . As of the end of 2022, the company's total assets were approximately RMB 485.36 billion, an increase of 9.9% compared to the beginning of the year. The company achieved total income of RMB 128.58 billion, a year-on-year increase of 7.2%; among which the total premium income was RMB 108.74 billion, a year-on-year increase of 6.9%. The company achieved a net profit attributable to shareholders of RMB 4.88 billion.
Business development has shown great resilience and value creation capabilities continue to strengthen
In 2022, Sunshine Insurance Group adhered to the development philosophy of "Stability and Excellence," continuously optimized channel layout, accelerated model innovation, maintained stable growth in premium scale, continuously increased intrinsic value, and maintained a stable business structure. As of the end of 2022, the company's intrinsic value was approximately RMB101.27 billion, a year-on-year increase of 8.0%, continuing to maintain a good growth trend.
In the life insurance business, Sunshine Life Insurance adhered to a value-led approach and continued to solidify the foundation for business development through a diversified and collaborative channel development model, with a focus on "multi-line development." In terms of channels, the agency channel accelerated its transformation, and the per capita productivity further increased, with a 31% year-on-year increase in the number of MDRT qualified agents. The bancassurance channel focused on value development, and the renewal rate improved year by year. In addition, Sunshine Life Insurance also continued to accelerate the development of other channels and optimize its business structure. In 2022, Sunshine Life Insurance achieved new single-period premium income of RMB 14.75 billion, a year-on-year increase of 9.3%; the new business value was RMB 3.02 billion, achieving a counter-trend positive growth trend in the context of pressure on new business value across the industry.
In the property insurance business, Sunshine Property Insurance continued to deepen its personal customer management, enhance its risk management service guarantee, and saw rapid improvement in profitability. Business development in all insurance categories accelerated, and the comprehensive claims ratio and comprehensive expense ratio decreased by 1.6 and 3.6 percentage points year-on-year respectively. The application of intelligent life tables in auto insurance continued to improve, while the non-auto insurance risk identification and product pricing capabilities steadily increased, and risk reduction management showed initial results. In 2022, Sunshine Property Insurance achieved a premium income of RMB 40.38 billion, achieving a net profit of RMB 1.602 billion.
Promoting digital transformation comprehensively and open up future growth space with scientific and technological strength
Currently, the insurance industry has entered a new stage of digital transformation. Sunshine Insurance Group focuses on process optimization and the application of data and models, continuously improving its core capabilities in digital customer insights, digital marketing, digital product innovation, digital risk control, and digital operations, promoting the improvement of the company's operational efficiency and service quality, promoting the improvement of the company's operating efficiency and service quality.
In terms of customer service, Sunshine Life Insurance relies on the "My Sunshine" App intelligent service platform to provide customers with a 7x24-hour ultimate service experience, achieving effective connection between customers and the company. As of 2022, the My Sunshine App has accumulated 4.022 million users, and served 60.743 million users throughout the year. Sunshine Property Insurance relies on the Sunshine Online platform to continuously optimize customer service processes and provide customers with one-stop convenient services. It has served more than 120 million customers with a service satisfaction rate of up to 94%.
In terms of risk prevention, Sunshine Insurance Group uses big data and machine learning technologies to continuously improve its risk identification and risk control capabilities. Taking life insurance as an example, Sunshine Life Insurance combines customer protection needs, health trends, and industry regulations to deepen the field of health big data, promote health big data projects, and match product demand for thousands of people based on individual customer health. The company has developed predictive model for risk and improved the accuracy of pricing long-term insurance products, as well as the ability to prevent risks before they occur. These efforts have helped to promote the company's value development.
Technology is the next competitive field for insurance companies. Sunshine Insurance, which is at the forefront of the industry, continues to promote digital upgrades, enhance its competitive advantages, and is expected to open up a new blue ocean of value and win greater opportunities for future development.
In the future, Sunshine Insurance Group will continue to adhere to its core business and focus on its main responsibilities, continuously upgrade and enrich its product supply, optimize its business layout, strengthen technological innovation, continuously stimulate the company's internal dynamic and development vitality, and stride towards on the road of high-quality development.
Topic: Press release summary
Sectors: Banking & Insurance
http://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2025 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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