Sunshine Insurance reported a significant increase in its net profit for the fiscal year 2024, with a 45.8% year-on-year rise to $763 million (RMB 5.45 billion).
The company’s total premium income for the year reached $17.9 billion (RMB 128.38 billion), marking an 8.0% increase compared to the previous year. Additionally, its embedded value grew by 11.2%, reaching $16.2 billion (RMB 115.76 billion).
Sunshine Insurance also saw a growth in its customer base, which expanded to 30.19 million. Sunshine Life Insurance made strides in its high-value customer segment, with the number of customers holding first-year standard premium policies worth $21,000 (RMB 150,000) or more rising by 22.7%. Meanwhile, customers with policies of $7,000 (RMB 50,000) or more grew by 18.2%.
The company’s property insurance arm, Sunshine Property Insurance, achieved a 5.4% growth in its private car business, while its target customer group expanded by 14.1 percentage points.
In corporate risk management, Sunshine Insurance’s services now cover more than 15,000 businesses. The company also reported a 54.7% year-on-year increase in hotel customers, alongside a 97.0% renewal rate for its service clients.
This strong performance underscores Sunshine Insurance’s solid market position and continued growth across its various segments.
(Note: Exchange rate used: $1 = RMB 7.26)
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