ZA ONLINE released its interim results for 2026 on the evening of August 25, reporting insurance service revenue of 16.989 billion yuan for the first half of the year, a year-on-year increase of 12.9%. Net profit attributable to shareholders reached 1.55 billion yuan, doubling compared to the same period last year.

Following the release of the interim results, Moody's has upgraded ZA ONLINE's insurance financial strength rating to A3.

Looking at the profit structure, the company's first-half growth was primarily driven by improved underwriting performance and investment gains.

On the underwriting side, the comprehensive cost ratio stood at 95.5% in the first half, improving by 0.1 percentage points year-on-year. Underwriting profit reached 773 million yuan, up 17.8% from the prior year.

Among its business segments, the health ecosystem, digital life ecosystem, and auto ecosystem showed varying levels of growth.

The digital life ecosystem, which contributes the largest share, generated total premiums of 7.743 billion yuan in the first half, up 24.7% year-on-year, making it the primary driver of premium growth. Within this segment, pet insurance premiums rose 22.7% to 691 million yuan, while insurance related to the low-altitude economy saw a 27% increase.

The health ecosystem posted total premiums of 6.714 billion yuan, up 7.0% year-on-year. Notably, the Zhongminbao series, targeting substandard-risk individuals, saw premiums surge 60.5%, while group insurance premiums grew 57.5%.

The auto ecosystem recorded total premiums of 1.541 billion yuan, an increase of 4.2%, with new energy vehicle insurance premiums jumping 105.7% year-on-year.

On the investment front, amid equity market volatility and asset allocation adjustments, ZA ONLINE's insurance investment assets generated total investment income of 1.596 billion yuan in the first half, with the annualized total investment yield recovering to 7.8%.

Beyond its domestic property and casualty operations, ZA ONLINE's virtual banking and international businesses in Hong Kong also demonstrated progress. According to the financial report, its Hong Kong subsidiary ZA Bank achieved net income of HK$578 million in the first half, up 26.6% year-on-year, and recorded a net profit of HK$71 million.

From an operational metrics perspective, while maintaining business scale expansion, ZA ONLINE's comprehensive solvency adequacy ratio increased further from the beginning of the period, with its capital buffer remaining at a relatively ample level.

However, as the premium structure across various ecosystems evolves and high-growth areas such as new energy vehicle insurance continue to penetrate, the stability of the underwriting cost ratio and the sustainability of investment returns will require ongoing monitoring in light of changing market conditions.