Sunshine Insurance Reports 9.3% Premium Growth for 2023

Sunshine Insurance Group announced its 2023 full-year results, showing a 9.3% increase in total premium income to 118.9 billion yuan (approximately $16.5 billion USD). The company stated it maintained a steady course of growth and enhanced value creation capabilities despite a complex economic environment.

The life insurance segment, considered a core pillar of the company, achieved total premium income of 74.6 billion yuan (approximately $10.3 billion USD), up 9.2% year-on-year. New business value saw substantial growth, increasing by 44.2% to 3.6 billion yuan. Sunshine Insurance highlighted its strategy of diversifying sales channels and developing customer-centric product systems.

P&C (Property and Casualty) insurance also demonstrated strong performance, with original premium income reaching 44.2 billion yuan (approximately $6.1 billion USD), a 9.6% increase from the previous year. The segment improved its profitability, with the combined ratio standing at 98.7%. Both auto and non-auto insurance lines contributed to this growth.

Overall, Sunshine Insurance emphasized its commitment to its core business and enhancing value creation in 2023, achieving balanced development across both life and P&C insurance sectors. The company anticipates further opportunities in 2024 as supportive policies and market demand are expected to grow.