China's ZhongAn Online jumps as 2022 gross written premiums increase

ZhongAn Online P & C Insurance

20/02/2023 06:14

** Shares of China's ZhongAn Online P & C Insurance Co Ltd
 6060.HK  jump as much as 7.7% to HK$22.95, on track for the
biggest daily pct rise since Jan. 4 if gains hold
    ** Stock is the biggest percentage gainer in the Hang Seng
Tech Index  .HSTECH  and in the Hang Seng Composite Index on
financials stocks  .HSCIF  
    ** The online insurance services provider says its gross
written premiums for 2022 reached 23.65 billion yuan ($3.45
billion), a 16% YoY growth, benefiting from its growth strategy
and cost-efficiency
    ** Says it expects to record a net loss of up to 1.5 bln
yuan for 2022, compared to a 1.17 bln yuan profit in 2021, due
to a drop in investment income amid downturn in capital markets
and foreign exchange loss from bonds payable denominated in U.S.
dollar as U.S. currency appreciated
    ** The Hang Seng Tech Index  .HSTECH  jumps 1.4% and Hang
Seng Composite Index on financials stocks  .HSCIF  gains 0.9%
    ** The Hang Seng Composite Index  .HSCI  rises 1% and the
Hang Seng Index  .HSI  climbs 0.8%
    ($1 = 6.8619 Chinese yuan renminbi)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))