| – and Driving High-quality Development with the ‘Intimate Sunshine’ Strategy |
The insurance industry, serving as an economic shock absorber and social stabilizer, plays a crucial role in the national economic system. Last year, the “Several Opinions on Strengthening Supervision, Preventing Risks, and Promoting the High-quality Development of the Insurance Industry” required the insurance industry to firmly establish a people-centered development philosophy. Sunshine Insurance (6963.HK) actively practices the service concept of “Insurance for the People”, continuously deepens the value orientation of “putting people at the center”, and implements it as practical measures of “putting customers at the center”, creating the “Intimate Sunshine” strategy to drive its own high-quality development.
Performance data shows that in 2024, Sunshine Insurance continued its good growth momentum, achieving a total premium income of RMB 128.38 billion, an increase of 8.0% year-on-year. The net profit attributable to the shareholders of the parent company was RMB 5.45 billion, an increase of 45.8% year-on-year. The value creation ability continued to strengthen, and the embedded value increased by 11.2% compared with the end of the previous year, reaching RMB 115.76 billion.
Fully Implementing the “Intimate Sunshine” Strategy and Effectively Improving Customer Management Capabilities
Centered around the “Intimate Sunshine”, Sunshine Insurance takes the customer service principle of “Three Hearts and Four Characteristics” as the benchmark and the “Vertical and Horizontal Partners” strategic plan as the fundamental approach, actively promoting the full implementation of the customer strategy and effectively improving customer management capabilities. In 2024, the number of effective customers of the group reached 30.19 million.
Sunshine Life Insurance, focusing on the “Vertical and Horizontal Plan” and the “Three/Five/Seven” product system, refines and perfects the customer classification management system, continuously enriches and optimizes the product supply, and comprehensively grasps the changes in customer needs throughout the entire life cycle. In 2024, the management of medium and high-end customers steadily improved. The number of customers with the cumulative first-year standard premium of effective policies of RMB 150,000 and above increased by 22.7%, and the number of customers with the cumulative first-year standard premium of effective policies of RMB 50,000 and above increased by 18.2%, demonstrating the effectiveness of precise stratified management.
Sunshine Property Insurance adheres to the concept of “Everything for Customers”. For individual customers, it optimizes the differentiated customer group management system with the help of technological means, precisely provides product services, and enhances customer stickiness. In 2024, the premium of the private car business grew by 5.4%, and its proportion increased by 2.0 percentage points, while the proportion of the target customer group increased by 14.1 percentage points. For corporate customers, it deepens the “Partnership Action” risk management service and improves the risk management service capabilities in industries such as hotels and warehousing. In 2024, it provided scientific and technological loss reduction and professional risk consulting services to more than 15,000 corporate customers. The number of hotel customers increased by 54.7% year-on-year, and the renewal rate of service customers upon expiration reached 97.0%.
Always Upholding the Service of the Real Economy and Polishing the “Insurance for the People” Foundation
Putting people at the center is not only about putting customers at the center but also about actively supporting national strategies. Sunshine Insurance regards serving the real economy as an important starting point of “Insurance for the People”. In 2024, it provided risk protection of RMB 71 trillion for the real economy and provided capital support of more than RMB 463.1 billion.
Focusing on the needs of small and micro enterprises, Sunshine Insurance provides differentiated and customized product services, providing risk protection of more than RMB 412.8 billion for about 39,000 small and micro enterprises. In terms of “Rural Revitalization”, the company has increased comprehensive insurance support in multiple fields, providing agricultural risk protection of RMB 53.5 billion and paying out agricultural insurance claims of RMB 670 million. In terms of serving opening up to the outside world, it provided a risk coverage of about RMB 113.5 billion for more than 600 projects under the Belt and Road Initiative. In terms of scientific and technological innovation, it provided risk protection of about RMB 41.3 billion for scientific and technological innovation enterprises. In addition, the company closely adheres to the “Double Carbon” goal, promotes the green transformation of the economy, provides green insurance risk protection of nearly RMB 16 trillion, and the balance of sustainable investment exceeds RMB 58 billion.
With the increasing awareness of social insurance, the continuous release of policy dividends, the continuous enhancement of the public’s insurance literacy, and the gradual maturity of consumers’ risk awareness, a good foundation has been provided for the development of the insurance industry. In the future, Sunshine Insurance will continue to adhere to its original intention of providing protection for the people, deepen and solidify customer management, fulfill its industry mission, contribute more Sunshine power to the construction of a financial powerhouse, and take more solid steps on the road of serving people’s better lives.