ZhongAn Online P&C Insurance - H Global China Summit Takeaways: Confidence in Resilient Underwriting despite Consumer Finance wind-down

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ZhongAn Online P&C Insurance - H Global China Summit Takeaways: Confidence in Resilient Underwriting despite Consumer Finance wind-down

Asia Pacific Equity Research

21 May 2026

ZhongAn Online P&C Insurance

Overweight

- H 6060.HK, 6060 HK

Price: HK$10.75

Global China Summit Takeaways: Confidence in 20 May 2026

Resilient Underwriting despite Consumer Finance Price Target: HK$24.00

wind-down PT End Date: 31 Dec 2026

We hosted ZhongAn Online P&C Insurance (ZhongAn) at our Global Insurance

China Summit this week. Below are our key takeaways. AC Dan Wang

(86-21) 6106-6349

• Health segment. Health insurance remains the company’s core premium dan.wang@jpmorgan.com

pillar, accounting for 36% of total gross premiums in 2025 and SAC Registration Number: S1730524080001

delivering over 10% oya growth in 1Q26. The Zhongminbao product J.P. Morgan Securities (China) Company

series posted robust performance, hitting Rmb2B in premiums in 2025 Limited

and the company targets to double this in 2026. Its flagship million- MW Kim

(852) 2800-8517

dollar medical product (Zunxiangyisheng) has been upgraded to include mw.kim@jpmorgan.com

rehabilitation and cross-border medical services. J.P. Morgan Securities (Asia Pacific) Limited/

J.P. Morgan Broking (Hong Kong) Limited

• Digital Lifestyle. Digital Lifestyle business is poised for 10-20% oya Alex Yao

premium growth in 2026, according to the company, led by double-digit (86 21) 6106 6505

scale expansion in pet insurance, which has nearly half of the domestic alex.yao@jpmorgan.com

market share and just hits break even. The contraction in the Taobao SAC Registration Number: S1730523020001

J.P. Morgan Securities (China) Company

shipping return business has been fully offset by expended footprints Limited