ZA Online (ZhongAn Online P&C Insurance) has released its 2025 annual meeting circular, outlining key operating data, governance changes and proposals to be tabled at the 23 June 2026 AGM in Shanghai.
Financial and solvency highlights • 2025 gross written premiums rose 6.9% year-on-year to RMB 35.74 billion, underpinned by product-mix optimisation and multi-channel growth. • The underwriting combined ratio remained below 100%, delivering consecutive underwriting profit. • The comprehensive investment return reached 4.51%. • Actual capital increased 5.44% to RMB 20.53 billion. • The comprehensive solvency margin ratio strengthened to 242.50% (2024: 227.45%), while the core ratio improved to 233.22% (2024: 221.13%), comfortably above regulatory and internal thresholds.
Proposed change of auditors • PricewaterhouseCoopers (international) and PwC Zhong Tian (PRC) will retire at the AGM. • The Board recommends appointing Deloitte Touche Tohmatsu and Deloitte Touche Tohmatsu Certified Public Accountants LLP for the 2026 audit; estimated fee: RMB 10-13 million.
2026-2028 capital planning • Target to keep the comprehensive solvency margin ratio above 180% under the base scenario. • Focus on balanced premium growth, product-mix optimisation, technology-driven cost efficiency and disciplined asset-liability matching.
General mandate to issue shares • Board seeks authority to issue up to 20% of each of the Company’s issued H Shares and Domestic Shares (maximum 326.96 million H Shares and 10 million Domestic Shares) during the mandate period, subject to market conditions and regulatory approvals.
Board and supervisory evaluations • All 11 Directors and three Supervisors were rated “competent” for 2025, with 100% attendance at relevant meetings (one proxy attendance). • Independent Directors issued 24 independent opinions during the year.
Related-party transactions • Aggregate related-party transactions in 2025 totalled RMB 912.18 million, of which RMB 16.46 million involved fund usage, RMB 563.11 million insurance business, RMB 332.60 million services and RMB 4.13 million interest transfer; all complied with regulatory limits.
AGM details • Date & time: 10:00 a.m., Tuesday, 23 June 2026 • Venue: Conference Room Xin Pu Zhu Lin, 2/F, 219 Yuanmingyuan Road, Huangpu District, Shanghai • Shareholder register closes 17-23 June; proxies due by 10:00 a.m., 22 June.
Resolutions to be voted 1. 2025 Board report 2. 2025 Supervisory Committee report 3. 2025 audited financial statements 4. Appointment of Deloitte as auditors 5. 2026-2028 three-year capital plan 6. General mandate to issue shares (special resolution)
Four additional reports—Directors’/Supervisors’ performance, related-party transactions, and 2025 solvency review—will be presented for shareholder review.
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