Sunshine Insurance: Creating a New Customer Strategy and Fully Promoting High-Value Development
As a stabilizer of the country and society, in recent years, China’s insurance industry has played an important role in compensating for disaster losses, maintaining social stability, and supporting China’s economic development. On March 29, 2023, Sunshine Insurance Group (“Sunshine Insurance” or “the Company,” 06963.HK), a rapidly growing private insurance service group in China, announced its full-year performance for the year ended December 31, 2022.
In 2022, Sunshine Insurance adhered to its focus on the insurance industry and value development, and all business segments maintained a good development trend, achieving steady and healthy growth in overall business performance. The total revenue for the year was 128.58 billion (RMB, Yuan, the same as below), a year-on-year increase of 7.2%. The net profit attributable to the shareholders of the parent company was 4.88 billion. The total premium income was 108.74 billion, a year-on-year increase of 6.9%; among them, the premium income of Sunshine Life Insurance was 68.3 billion, a year-on-year increase of 12.3%, and the premium income of Sunshine Property and Casualty Insurance was 40.38 billion.
Pushing forward the “Vertical and Horizontal Partners” strategy and effectively increasing the number of customers has seen rapid growth.
The 20th National Congress report regards “qualitative and effective improvement with reasonable growth in quantity” as the intrinsic requirement for high-quality economic development. Sunshine Insurance has taken this as the fundamental guideline and direction for the company’s development, upholding the value development concept. According to the annual report, Sunshine Insurance achieved embedded value of 101.27 billion in 2022, an increase of 8.0%. Sunshine Life Insurance achieved new business value of 3.02 billion in one year, which is a rare positive growth in the industry. In the future, the company will continue to adhere to the value development concept, leading to a steady improvement in overall business performance.
In recent years, the industry as a whole has entered a period of deep adjustment and transformation. Faced with increasingly diversified and differentiated customer demands, the insurance supply side also needs to proactively adapt to new customer demands and listen to new customer voices. In terms of customer management, Sunshine Insurance takes the “Vertical and Horizontal Partners” strategic plan as a starting point, deeply implementing the “Vertical and Horizontal” plan for individuals and families, and building multi-level and differentiated product service ecosystems that cover the entire life cycle of families around core needs such as health, pension, children’s education, and wealth management. In addition, the company takes “Partner” actions for enterprise organizations, providing a system integration of risk solutions for corporate clients, promoting Sunshine’s transformation from a simple economic compensation insurance provider to a risk management service support provider, and winning a rapid increase in effective customers. According to the annual report, as of the end of 2022, the company had approximately 32.88 million effective customers, providing strong support for the company’s business growth with a huge user base.
The company is fully promoting digital transformation and technological innovation, actively fulfilling its social responsibilities.
While focusing on its main business, Sunshine Insurance is comprehensively promoting digital transformation and technological innovation, promoting online and intelligent business operations, and enhancing the company’s value. Sunshine Life Insurance is promoting the application of digital technology in sales support, customer service, risk prevention, and other aspects, empowering business and operational efficiency. Sunshine Property and Casualty Insurance is leveraging core technologies such as big data, artificial intelligence, cloud computing, and the Internet of Things to empower service, sales, claims, products, operations, and the entire ecosystem of the business process and its peripheral areas. The company won 14 external technology innovation awards and obtained 13 new authorized patents in 2022. It can be anticipated that with the continuous acceleration of digital transformation, the company’s operational efficiency will continue to be optimized, and its foundation for high-quality development will be further consolidated.
It is worth mentioning that since its establishment, Sunshine Insurance has always remembered its original mission and actively fulfilled its social responsibilities. According to the annual report, in 2022, the company provided risk protection of 44.5 trillion for the real economy, provided risk protection of 82.2 billion for the “Belt and Road” project, provided risk protection of more than 170 billion for small and micro enterprises, helped small and micro enterprises obtain financing of 14.5 billion, and provided green insurance protection of nearly 60 trillion. The sustainable investment balance more than 40 billion, contributing Sunshine’s strength in serving the real economy, protecting people’s livelihood, promoting common prosperity, and promoting a green China.
Overall, in 2022, facing the turbulent international environment and arduous development tasks, Sunshine Insurance responded promptly and rose to the challenges, delivering a satisfactory “report card.” Zhang Weigong, the founder, the Chairman, and CEO of Sunshine Insurance Group, said, “The company will continue to adhere to its development strategy, promote high-quality development and high-value growth through reform and transformation measures, and strive to build the company into a customer-driven high-value growth insurance group.” In the future, the company will strengthen its core competitiveness, fully exert its insurance protection function, provide high-quality product services to customers, escort the stable operation of the economy, and create more value for shareholders and investors.
Topic: Press release summary
Sectors: Banking & Insurance
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