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Sunshine Insurance’s Profits Soar 45.8% to $8 Billion in Fiscal Year 2024

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TEDDIE

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Last year, the company’s client count stood at 30.19 million.

Sunshine Insurance
witnessed its net profit for fiscal year 2024 (FY 2024), attributed to shareholders, jump 45.8% year-over-year (YoY) to reach $7.63 billion (RMB5.45 billion).

The firm reported a combined premium revenue of $179.73 billion (RMB128.38 billion), marking an 8.0% rise year-over-year. Additionally, the company’s embedded value escalated by 11.2%, reaching $162.06 billion (RMB115.76 billion).

The company’s client count climbed to 30.19 million. Notably, Sunshine Life Insurance saw growth in its high-net-worth clientele, with the number of clients who purchased initial year standard premium policies exceeding $210,000 (RMB150,000) increasing by 22.7%, and those acquiring policies over $70,000 (RMB50,000) growing by 18.2%.

Sunshine Property Insurance experienced a 5.4% increase in its private car sector as its target client base expanded by 14.1 percentage points.

The company’s risk management services catered to over 15,000 enterprises, saw an increase of 54.7% year-over-year in hotel clientele, and maintained a remarkable 97.0% retention rate among serviced clients.

($1.00 = RMB7.26)

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