众安在线2026年第二季度（半年报）财报电话会议纪要

发布时间：2026-08-26 一、AI总结内容 一、核心业绩 1. 2026年上半年总保费165.58亿元，同比微降0.6%，保险服务收入169.89亿元，同比增12.9%；综合运营比率95.5%，承保利润7.73亿元，同比增17.8%。2. 投资方面，境内保险投资资产1414.87亿元，上半年投资收益156.9亿元，同比增150%，年化净投资收益率4%，权益及权益类资产占比提升至13%。3. 众安银行上半年营收5.78亿港元，同比增26.6%，净利润7100万港元，约为去年同期1.5倍，实现盈利。 二、重点业务进展 1. 健康生态：2B团险业务上半年保费增57.5%，为增长最快板块；推动“保险+医疗+健康管理”全流程服务，覆盖从理赔到健康防护全环节。 2. 数字生活生态：宠物保险上半年保费6.91亿元，同比增22.7%，服务超100万宠主，推出国内首款鹦鹉保险拓展异宠市场；低空空域等创新板块保费增27%。 3. 汽车生态：汽车保险保费15.41亿元，同比增4.2%，新能源汽车（NEV）保险占比36.5%；在浙江、上海已实现车险独立运营，计划复制模式至其他区域。 4. 消费金融：上半年规模收缩，保费同比降79%，余额5亿港元，同时强化风险控制，仍贡献承保利润。 三、投资与AI战略 1. 投资策略：维持权益及权益类资产占比8%-8.5%，将根据市场调整仓位，市场调整时配置优质资产，估值过高时收紧，侧重高收益固定收益资产。 2. AI战略：AI贯穿保险全价值链，2026年上半年AI令牌消耗量超34万亿，是去年同期10倍；在核保、理赔、定价、用户运营等环节应用，提升效率、优化成本、强化风险定价；计划发展自有小模型提升投入产出比，同时加强合规与风险管理。四、渠道与品牌策略 1. 渠道：强化自有渠道核心地位，计划增加投入，同时依托300+生态伙伴拓展；自有渠道上半年新增3600万新客，单客平均1.7份保单，续保率88%。 2. 品牌：推进“热爱运动”等场景化品牌活动，上半年覆盖250场大型活动，接触300万人次，品牌曝光超1亿；通过双核心品牌实现客群精准覆盖，高端产品获良好市场反馈。五、风险与展望 1. 风险：外部市场波动、新能源汽车增速放缓、消费金融行业调整等；AI应用带来新的合规与风险。 2. 展望：坚持科技驱动保险的战略，深化AI赋能，推动产品服务创新；下半年健康生态、宠物保险等板块将保持增长，车险将实现环比复苏，持续优化业务结构，推动高质量发展。 二、音频原文（转写） the chronic patients from traditional health insurance for the traditional insurance it didn't i nclude the chronic patients but then for our newproducts it's designed for that gap the overallpremium continued to grow and that validated the direction of the rigid demand And for the chronic disease patients covered, it's not just about that single innovation. And actually, it's about the support of the pressing power as well onZhong'an. And that is thanks to our core insights and know-how that we accumulated throughout the years. And second, it's about our value added,the added value provided by our service. So forour Zhongying Vial. In that product we included. the recovery cost of more than 16 different illnesses. and our coverage. and 呃，偏差。 we broke through the line of the diagnosis. of patient. and no We are also promoting the other products covering 的非 Diagnosis and. the post treatment. FINALLY We want to talk a bit about our 2D. product. which is making a lot of progress. We saw that the health care need is reflected onthe 2 B site with employers. employers coveringtheir employees. So we actually accumulated a lot of scenarios and service networks and AI capabilities. And we actually migrated that to the Uh, enterprise. 啊 health care insurances. We mentioned that in the first half of the year, we increased by 57.5%. 啊 And that becomes our fastest growing segment. so I think. えっ not only reflected 呃 Our progress, it is actually an important area of the scenario because. for enterprises People tend to congregate there and. It actually hasthe advantage of having more data. so It's better for intervention and it's better for risk management. the crowd So in the future. We will continue. to Promote the product innovation and continue our. infrastructure building and on the service end We want to improve our ability to cover the recovery phase. so that in health care, health management and recovery, we can evolve towards a comprehensive platform covering all of tha t. And thank you for your attention on ZA Bank.So actually, ZA Bank is positioned as the one-stop service provider for the finance management.So in looking into the future, we will continueto improve that platform and provide more comprehensive, professional and robust banking and investment services to our customers and provide long-term values. And if you look at the first half of 206, you can see that in terms of the userscale growing, at the same time, we're promotingthe new products and new functions. And we havelaunched the HKIPO. 诶 subscription service andalso the HKD directly to the U.S. equities And we used our matrixes And we are improving the engagement of the users. to improve our possibility. and Actually, we also started the. cross quarter. Invest in Connect. WHICH IS the first digital bank and in hong kong first. so that that reflected our continuous effort. So then in the wealth management part, with the Hong Kong equity and U.S. equity and cryptocurrency Based on that,we want to expand to more portfolios. category and try to build The coastal. for the funding ofthe users. So there we can increase our AUM andalso the revenue. And contributed even more forthat. Thank you. Thank you for your question. Please wait for the next one. Next from Morgan Stanley, Rick Jow. Please. Thank you for the question, opportunity. I have two questions on the investment and we saw that in the first half of theyear, the growth has been very good 1.3x and for the return of investment is 1.5x. So can you have a breakdown for us on investment, especiallythe percentage of 是啊。 equity assets and so on. And then I want to askabout 第一欧洲 Because in the left. four years it has been our CLOSE DRIVER And we saw that the premium. growth rate was slowing down to 4% in the first half of this year. But Can you give us an outlook for the next half of the year when and ne xt three two to three years. in terms of the