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COLOR PALETTE Text 50 56 62 Title bar/Bullets 0 208 155 ACCENTS 1 0 208 155 134 255 224 2 208 240 230 236 249 245 3 252 222 53 254 242 174 4 191 191 191 229 229 229 5 46 50 81 157 162 200 6 222 235 247 242 247 252 Hyperlink 0 0 0 153 153 153 Followed Hyperlink 0 80 117 98 205 255 Lines 50 56 62 Highlights 0 208 155 TABLE 0 ZhongAn Online 2026 Interim Results Stock code: 6060.HK
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COLOR PALETTE Text 50 56 62 Title bar/Bullets 0 208 155 ACCENTS 1 0 208 155 134 255 224 2 208 240 230 236 249 245 3 252 222 53 254 242 174 4 191 191 191 229 229 229 5 46 50 81 157 162 200 6 222 235 247 242 247 252 Hyperlink 0 0 0 153 153 153 Followed Hyperlink 0 80 117 98 205 255 Lines 50 56 62 Highlights 0 208 155 TABLE 1 Disclaimer This presentation has been prepared by ZhongAn Online P & C Insurance Co., Ltd. (the "Company") solely for information purposes. No representation or warranty express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or any opinion contained herein. The information contained in this presentation should be considered in the context of the circumstances prevailing on the date hereof and will not be updated to reflect material developments that may occur after the date of the presentation. By attending this presentation, participants acknowledge and agree that neither the Company nor any of its affiliates, officers, directors, supervisors or advisors shall have any liability whatsoever (in negligence or otherwise) for any loss arising from any use of this presentation or its contents or otherwise arising in connection with this presentation (whether direct, indirect, consequential or otherwise). This presentation does not constitute or form part of an offer, invitation or recommendation to purchase or subscribe for any securities of the Company and no part of it shall form the basis of or be relied upon in connection with any contract, commitment or investment decision in relation to any securities. No money, securities or other consideration is being solicited, and, if sent in response to this presentation or the information contained herein, will not be accepted. Nothing in this document constitutes or forms part of, or should be construed as constituting or forming part of, any regulatory, valuation, legal, tax, accounting, investment, or other advice. This presentation may contain forward-looking statements that reflect the Company’s beliefs and expectations about the future. These forward-looking statements are based on a number of assumptions about the future, some of which are beyond the Company’s control. Such forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially and adversely from those contemplated by, or anticipated in, or implied in, the relevant forward-looking statements. Neither the Company nor its subsidiaries, affiliates, advisors or representatives assumes any responsibility and undertake any obligation to update any forward-looking statements to reflect events that occur or circumstances that arise after the date of this presentation. Each of the Company and its affiliates, controlling persons, directors, officers, partners, employees, agents, representatives or advisers of any of the foregoing assumes no obligation to (1) provide access to any additional information, (2) correct any mistakes or inaccuracies in this document, or (3) update or otherwise revise this document, for any reason whatsoever, including without limitation to reflect new information, events or circumstances that arise, occur or become known after the date of this document. Certain data in this presentation was obtained from various external data sources, including third parties, and has not been independently verified and has not been reviewed by any regulatory authority in any jurisdiction. Such data involves risks and uncertainties and is subject to change based on various factors. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the truth, fairness, accuracy, completeness, correctness or reasonableness of the information or the sources presented or contained in, and omissions from, these materials. The figures in this document may have been subject to rounding. This document does not purport to provide a complete description of the matter to which it relates. You agree to keep the contents of this presentation strictly confidential. All or any part of this presentation may not be taken away, reproduced, copied, passed on, redistributed or retransmitted, directly or indirectly, to any other person (whether within or outside your organisation/firm), or published or otherwise disclosed, in whole or in part, in any manner for any purpose. By receiving this presentation material or by attending the meeting where this presentation is made, or by reading the presentation materials, you are agreeing to be bound by the foregoing limitations. According to Article 55 of the Measures for the Administration of Equity in Insurance Companies, when an investor purchases shares of a listed insurance company and the proportion of equity held thereby reaches 5%, 15% or one-third of the total share capital of the insurance company, the investor shall submit a written report to the insurance company within five working days from the date of the transaction. The insurance company shall report to the China Insurance Regulatory Commission for approval within ten working days after receiving the report.
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COLOR PALETTE Text 50 56 62 Title bar/Bullets 0 208 155 ACCENTS 1 0 208 155 134 255 224 2 208 240 230 236 249 245 3 252 222 53 254 242 174 4 191 191 191 229 229 229 5 46 50 81 157 162 200 6 222 235 247 242 247 252 Hyperlink 0 0 0 153 153 153 Followed Hyperlink 0 80 117 98 205 255 Lines 50 56 62 Highlights 0 208 155 TABLE 2 Our Mission Empowering finance with technology and providing insurance service with a caring hand
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COLOR PALETTE Text 50 56 62 Title bar/Bullets 0 208 155 ACCENTS 1 0 208 155 134 255 224 2 208 240 230 236 249 245 3 252 222 53 254 242 174 4 191 191 191 229 229 229 5 46 50 81 157 162 200 6 222 235 247 242 247 252 Hyperlink 0 0 0 153 153 153 Followed Hyperlink 0 80 117 98 205 255 Lines 50 56 62 Highlights 0 208 155 TABLE 3 Our commitment to sustainable development Green Insurance SMEs Low Carbon Operation ⚫ Technology enables an end-to-end online business model ⚫ AI-powered dynamic environmental risk assessment to reduce carbon emissions ⚫ Covering EV, environmental protection liability, photovoltaic, lithium battery recycling, etc. ⚫ 40K claims settled in 1H26 ⚫ Served 78M+ new urban residents ⚫ Provided protection for 2K+ enterprises ⚫ Launched SME property insurance products such as “Dian Dian Bao” to support merchants' operations ⚫ 4.6M claims settled in 1H26 MSCI ESG rating further upgraded to A Sustainable Development Note: All the data on this page are as of or for the six months ended June 30, 2026 A- (Positive outlook) AM Best Financial Strength Rating Top 400 Fortune China 500 Inclusive Insurance A3 (Stable outlook) Upgraded from Baa1 Moody’s Insurance Financial Strength Rating
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COLOR PALETTE Text 50 56 62 Title bar/Bullets 0 208 155 ACCENTS 1 0 208 155 134 255 224 2 208 240 230 236 249 245 3 252 222 53 254 242 174 4 191 191 191 229 229 229 5 46 50 81 157 162 200 6 222 235 247 242 247 252 Hyperlink 0 0 0 153 153 153 Followed Hyperlink 0 80 117 98 205 255 Lines 50 56 62 Highlights 0 208 155 TABLE 4 Our InsurTech journey: from digital-native to AI-native AI Digital- Native Digitalisation AI-Native Customer Scenario Data Digital Employees Data Flywheel Proprietary insurance vertical model 2013-2017 Wujieshan AI Copilot Unstructured Data Knowledge Graph Deep Learning 2023-2025 One AI core enterprise platform "Lingxi" 2018-2022 Wujieshan 2.0 AI- Native Digital employees independently handling operation processes 2026
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COLOR PALETTE Text 50 56 62 Title bar/Bullets 0 208 155 ACCENTS 1 0 208 155 134 255 224 2 208 240 230 236 249 245 3 252 222 53 254 242 174 4 191 191 191 229 229 229 5 46 50 81 157 162 200 6 222 235 247 242 247 252 Hyperlink 0 0 0 153 153 153 Followed Hyperlink 0 80 117 98 205 255 Lines 50 56 62 Highlights 0 208 155 TABLE 5 One AI Strategy: Built on data, powered by engine, deployed across all scenarios AI AI capability & database as cornerstones Context Engineering Harness Management AI Platform Massive data Accumulation ~100M policies 500M+ customer coverage Multimodal Database 10B+ texts Model Application Model Distillation In-house ModelsCloud-native core systems One AI core engine base & engineering control platform digital employees in all scenarios1,000+ Front-end Full- Scenario Coverage Middle-end Operations Skill Flywheel Data Flywheel Marketing Underwriting Service Claim Quality Control Product Design AI Coding Ad Placement Review Intelligent Operations AI Operation Analysis AI Compliance 34 trillion+ tokens consumed in 1H26
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COLOR PALETTE Text 50 56 62 Title bar/Bullets 0 208 155 ACCENTS 1 0 208 155 134 255 224 2 208 240 230 236 249 245 3 252 222 53 254 242 174 4 191 191 191 229 229 229 5 46 50 81 157 162 200 6 222 235 247 242 247 252 Hyperlink 0 0 0 153 153 153 Followed Hyperlink 0 80 117 98 205 255 Lines 50 56 62 Highlights 0 208 155 TABLE Chapter 1 Business Overview
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COLOR PALETTE Text 50 56 62 Title bar/Bullets 0 208 155 ACCENTS 1 0 208 155 134 255 224 2 208 240 230 236 249 245 3 252 222 53 254 242 174 4 191 191 191 229 229 229 5 46 50 81 157 162 200 6 222 235 247 242 247 252 Hyperlink 0 0 0 153 153 153 Followed Hyperlink 0 80 117 98 205 255 Lines 50 56 62 Highlights 0 208 155 TABLE 7 Total investment income on insurance assets RMB1,596M Net profit attr. to owners of the parent RMB1,550M Robust underwriting performance and strong investment income growth drove net profit up 132% yoy Overview GWP RMB16,559M Underwriting CoR1 95.5% Comprehensive solvency margin ratio 287.7% ZA Bank net profit HKD71M ZA Bank net revenue2 HKD578M +26.6% Insurance revenue RMB16,989M Underwriting profit RMB773M +12.9% 17.8% +150.0% +43.7% +132.2% -0.1ppts-0.6% +45.2ppts vs. End-2025 (HKFRS4) (HKFRS17)(HKFRS17) Notes: The Group has adopted HKFRS 17 Insurance Contracts in replacement of HKFRS 4 Insurance Contracts since January 1, 2023. Except for the GWP related disclosures, all the financial figures disclosed in this presentation are under HKFRS 17. Unless otherwise specified, all the data on this page are as of or for the six months ended June 30, 2026 1 Underwriting CoR is for the P&C insurance business in China only and after inter-segment eliminations; 2 Net revenue is the sum of net interest income, net fee and commission income, net gains/(losses) from other financial instruments and other income
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COLOR PALETTE Text 50 56 62 Title bar/Bullets 0 208 155 ACCENTS 1 0 208 155 134 255 224 2 208 240 230 236 249 245 3 252 222 53 254 242 174 4 191 191 191 229 229 229 5 46 50 81 157 162 200 6 222 235 247 242 247 252 Hyperlink 0 0 0 153 153 153 Followed Hyperlink 0 80 117 98 205 255 Lines 50 56 62 Highlights 0 208 155 TABLE 8 Note: All the data on this page are as of or for the six months ended June 30, 2026 1 Renewal rate = share of policies reaching their 12th month in 1H26 that were renewed into the 13th month Omnichannel user reach and holistic brand mindshare building Omnichannel synergy driving ZhongAn’s brand development Brand & Channels 250 Mass-participation events covered 3M Athletes and staff covered 88.0% Renewal rate1 1.7 No. of policies per user 3.6M Brand reach & exposure 100M+ Deep engagement in sporting events advocating a healthy lifestyle New insureds Refine D2C channels to further tap into customer value
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COLOR PALETTE Text 50 56 62 Title bar/Bullets 0 208 155 ACCENTS 1 0 208 155 134 255 224 2 208 240 230 236 249 245 3 252 222 53 254 242 174 4 191 191 191 229 229 229 5 46 50 81 157 162 200 6 222 235 247 242 247 252 Hyperlink 0 0 0 153 153 153 Followed Hyperlink 0 80 117 98 205 255 Lines 50 56 62 Highlights 0 208 155 TABLE 9 Building a multi-tiered health insurance product mix and capturing group insurance opportunities Health Ecosystem Million-yuan Medical Insurance Critical Illness Outpatient Insurance Mid-to-high-end Medical Insurance Relapse Coverage Chronic Disease Management Multi-tiered product matrix ✓ 93% users submitted single document for claims ✓ 55% cases reviewed automatically end-to-end ✓ 80% users received claim payment within 1 working day ✓ Fastest individual claim settlement: 242s Two core brands in personal lines Personal Clinic Policy 1 （ T a r g e t i n g h e a l t h c o n s c i o u s i n d i v i d u a l s） Zhong Min Bao 1 ( s u bs t a n d a r d- r i s k l i v e s) Covering 8K+ enterprises and 3.7M+ employees cumulatively. Covering sectors from internet and finance to healthcare, automotive, and beyond. Group insurance GWP RMB505 M +57.5% yoy Group insurance as a new driver Health management Public and private hospitals Covering 183 private hospitals Internet hospitals Inpatient Deposit Direct & Advance Payment Specialty drugs Rehabilitation Covering 33 rehabilitation institutions Health ecosystem GWP RMB6,714M, +7.0% yoy, covering 17.21M insureds an average GWP/user of RMB656 RMB 3,406 M RMB 1,654 M +60.5% yoy End-to-end Medical Service
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COLOR PALETTE Text 50 56 62 Title bar/Bullets 0 208 155 ACCENTS 1 0 208 155 134 255 224 2 208 240 230 236 249 245 3 252 222 53 254 242 174 4 191 191 191 229 229 229 5 46 50 81 157 162 200 6 222 235 247 242 247 252 Hyperlink 0 0 0 153 153 153 Followed Hyperlink 0 80 117 98 205 255 Lines 50 56 62 Highlights 0 208 155 TABLE 10 Building a next-gen pet services ecosystem, expanding into exotic-pet insurance Digital Lifestyle Ecosystem (1/2) • 80%+ of cases reviewed automatically by AI • ~1.2 days AI claim processing time • 98% AI underwriting verification accuracy rate Note: All the data on this page are as of or for the six months ended June 30, 2026 ¹ Cumulative utilisation rate refers to the proportion of all pet insurance policyholders who have received claims payment or services as of 30 June 2 026 AI-empowered pet services RMB691M Pet medical, accident, etc. Senior-pet exclusive, pet cancer treatment China’s first medical insurance for parrots 1H26 pet owners served yoy growth Offline veterinary clinics Diversified product innovation 42.9% 22.7% ~ 18k • AI medical concierge for doctor appointment, referral and direct billing • AI-assisted 24/7 pet health management services GWP 1.61M+ Cumulative utilisation rate1
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COLOR PALETTE Text 50 56 62 Title bar/Bullets 0 208 155 ACCENTS 1 0 208 155 134 255 224 2 208 240 230 236 249 245 3 252 222 53 254 242 174 4 191 191 191 229 229 229 5 46 50 81 157 162 200 6 222 235 247 242 247 252 Hyperlink 0 0 0 153 153 153 Followed Hyperlink 0 80 117 98 205 255 Lines 50 56 62 Highlights 0 208 155 TABLE 11 Exploring insurance innovation in new consumption scenarios ◼ Building the "Sports x ZhongAn" brand, covering scenarios such as marathons and cycling ◼ Became a strategic partner of HYROX ◼ Capturing low-altitude-economy opportunities; covered 600K+ drones in 1H26 ◼ GWP +27% yoy E-commerce ◼ Covering the e-commerce transaction chain, including return shipping, quality assurance, account security, logistics protection, etc. ◼ Partnering with mainstream e- commerce platforms while expanding into vertical channels GWP RMB3,547M, +45.5% yoy Travel ◼ Covering flight delay/accident, hotel cancellation, visa services, etc. GWP RMB1,161M Digital Lifestyle Ecosystem (2/2) Commercial property insurance ⚫ Served 817K enterprises in 1H26 ⚫ Dian Dian Bao and other operation protections for SMEs Home property insurance ◼ Served 698K families in 1H26, driving home protection Accident Low-altitude economy Others ◼ Delivers fund-security, screen-damage cover and other products for multi-scenario, multi-demand user groups Digital lifestyle ecosystem GWP RMB7,743M, + 24.7% yoy Note: All the data on this page are as of or for the six months ended June 30, 2026
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COLOR PALETTE Text 50 56 62 Title bar/Bullets 0 208 155 ACCENTS 1 0 208 155 134 255 224 2 208 240 230 236 249 245 3 252 222 53 254 242 174 4 191 191 191 229 229 229 5 46 50 81 157 162 200 6 222 235 247 242 247 252 Hyperlink 0 0 0 153 153 153 Followed Hyperlink 0 80 117 98 205 255 Lines 50 56 62 Highlights 0 208 155 TABLE 12 ◼ Average investigation time shortened to 3mins ◼ Loss assessment time shortened to as fast as 5mins ◼ Claim settlement time shortened to as fast as 10 mins Forging deep roots in the NEV sector, empowering superior user experience with AI Auto Ecosystem ◼ Covering 100+ auto brands and all mainstream NEV manufacturers in the market, ◼ Focusing on high-quality private car owners, bolstering customer trust via seamless services and building brand equity Auto ecosystem GWP RMB1,541M, +4.2% yoy Private-car share of auto insurance GWP 83.5 % NEV insurance share of auto insurance GWP 36.5 %105.7 % NEV insurance GWP yoy growth Note: All the data on this page are as of or for the six months ended June 30, 2026 AI video claims, enhancing user experience
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COLOR PALETTE Text 50 56 62 Title bar/Bullets 0 208 155 ACCENTS 1 0 208 155 134 255 224 2 208 240 230 236 249 245 3 252 222 53 254 242 174 4 191 191 191 229 229 229 5 46 50 81 157 162 200 6 222 235 247 242 247 252 Hyperlink 0 0 0 153 153 153 Followed Hyperlink 0 80 117 98 205 255 Lines 50 56 62 Highlights 0 208 155 TABLE 13 Proactively scaling down Consumer Finance ecosystem with comprehensive risk control Consumer finance ecosystem GWP RMB560M, -79.2% yoy Consumer Finance Ecosystem 2,699 560 1H25 1H26 （RMB M） （RMB B） GWP -79.2% Continuous business downsizing 27.7 22.9 10.5 8.5 6/30/2025 12/31/2025 6/30/2026 7/31/2026 Orderly decline in outstanding loan balance Managing exit with controlled risk exposure while maintaining profitability Outstanding balance Underwriting CoR 59.9% 64.1% 34.1% 31.5% 94.0% 95.6% 1H25 1H26 综合赔付率¹ 综合费用率²Loss ratio Expense ratio
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COLOR PALETTE Text 50 56 62 Title bar/Bullets 0 208 155 ACCENTS 1 0 208 155 134 255 224 2 208 240 230 236 249 245 3 252 222 53 254 242 174 4 191 191 191 229 229 229 5 46 50 81 157 162 200 6 222 235 247 242 247 252 Hyperlink 0 0 0 153 153 153 Followed Hyperlink 0 80 117 98 205 255 Lines 50 56 62 Highlights 0 208 155 TABLE 14 ZA Bank (1/3) ⚫ Time Deposit ⚫ Chill Pot ⚫ High-rate Pot with “Walk to Earn Challenge” ⚫ “Rate-up Tuesday” ⚫ FPS ⚫ E-LaiSee ⚫ Scheduled Transfer ⚫ Currency Exchange ⚫ Global Transfer ⚫ “Salary+” Payroll Account ⚫ Installment Loan ⚫ 100% PLG𝑆2 ⚫ Debt Consolidation ⚫ Balance Transfer ⚫ Car Loan ⚫ Lease Cashout ⚫ Visa Debit Card ⚫ “StockBack” ⚫ “Millionaire PowerDraw” ⚫ ZA Credit ⚫ Funds ⚫ US Stocks ⚫ HK Stocks ⚫ Crypto ⚫ “Cross-boundary Wealth Management Connect” ⚫ Savings ⚫ Life Protection ⚫ VHI𝑆3 ⚫ Cancer/Accident/ Heart Attack & Stroke Protection LoanDeposit Transfer Card Invest Insurance Hong Kong's No.1 digital bank1, providing full-scenario financial services Notes: 1 As Hong Kong's first digital bank to commence operations, as of December 31, 2025, ZA Bank ranked first among the 8 digital banks in Hong Kong in terms of deposit balance 2 PLGS refers to Personal Lending Guarantee Scheme; 3 VHIS refers to Voluntary Health Insurance Scheme
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COLOR PALETTE Text 50 56 62 Title bar/Bullets 0 208 155 ACCENTS 1 0 208 155 134 255 224 2 208 240 230 236 249 245 3 252 222 53 254 242 174 4 191 191 191 229 229 229 5 46 50 81 157 162 200 6 222 235 247 242 247 252 Hyperlink 0 0 0 153 153 153 Followed Hyperlink 0 80 117 98 205 255 Lines 50 56 62 Highlights 0 208 155 TABLE 15 2022.8 2024.2 2024.112022.11 Crypto Completed SFC Type 1 licence upgrade, becoming Asia’s first1 licensed bank to offer cryptocurrency trading service to retail users HK Stocks Fund Offering mutual funds managed by top global fund houses Forex Enabling convenient fund deposits for investment in foreign currency US Stocks 2025.10 Invest client AUM Launching new Invest products in 1H26, deepening the closed-loop of investment services 2026 HK stock IPO subscription Jan One-stop HK stock IPO subscription service enhancing capital efficiency and user convenience USD fund subscription in HKD Apr Direct HKD-based subscription for USD funds with no FX conversion, lowering barriers to USD asset exposure Cross-boundary Wealth Management Connect Jun Hong Kong's first digital bank to offer the Southbound Scheme service 15 Enriching the investment product portfolio to drive diversified non- interest income and to forge a second growth curve ZA Bank (2/3) Invest client AUM +155.4% yoy Note: 1 "Asia's first" refers to licensed banks in Asian countries/regions (excluding West Asia) with a comprehensive virtual asset r egulatory regime that are FATF members as of November 20, 2024, and where the licensed bank provides retail investors with direct fiat-to-crypto trading services via its main app
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COLOR PALETTE Text 50 56 62 Title bar/Bullets 0 208 155 ACCENTS 1 0 208 155 134 255 224 2 208 240 230 236 249 245 3 252 222 53 254 242 174 4 191 191 191 229 229 229 5 46 50 81 157 162 200 6 222 235 247 242 247 252 Hyperlink 0 0 0 153 153 153 Followed Hyperlink 0 80 117 98 205 255 Lines 50 56 62 Highlights 0 208 155 TABLE 16 Steady asset expansion, with net profit growing to nearly 1.5x prior-year level Net revenue3 (HKD M) 298 375 70 12388 76 1 4 457 578 1H25 1H26 Other income Net gains/(loses) from other financial instruments Net fee and commission income Net interest income ZA Bank (3/3) 5,554 5,217 18,967 20,991 332 611 24,853 26,819 12/31/2025 6/30/2026 Financial assets1 Other assets2 Loans and advances to customers Total assets (HKD M) Net profit (HKD M) 49 71 1H25 1H26 Net interest margin (%) 2.38% 2.99% 1H25 1H26 Net profit margin 10.8% 12.2% Notes: 1 Financial assets include cash and bank balances, placements with and advances to banks, and investment securities measured at fair value through other comprehensive income; 2 Other assets include intangible assets, fixed assets and other assets; 3 Net revenue is the sum of net interest income, net fee and commission income, net gains/(losses) from other financial instruments and other income
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COLOR PALETTE Text 50 56 62 Title bar/Bullets 0 208 155 ACCENTS 1 0 208 155 134 255 224 2 208 240 230 236 249 245 3 252 222 53 254 242 174 4 191 191 191 229 229 229 5 46 50 81 157 162 200 6 222 235 247 242 247 252 Hyperlink 0 0 0 153 153 153 Followed Hyperlink 0 80 117 98 205 255 Lines 50 56 62 Highlights 0 208 155 TABLE Chapter 2 Financial Overview
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COLOR PALETTE Text 50 56 62 Title bar/Bullets 0 208 155 ACCENTS 1 0 208 155 134 255 224 2 208 240 230 236 249 245 3 252 222 53 254 242 174 4 191 191 191 229 229 229 5 46 50 81 157 162 200 6 222 235 247 242 247 252 Hyperlink 0 0 0 153 153 153 Followed Hyperlink 0 80 117 98 205 255 Lines 50 56 62 Highlights 0 208 155 TABLE 18 1H25 1H26 6,275 6,711 6,210 7,740 2,699 560 1,478 1,540 1H25 1H26 Health Digital Lifestyle Consumer Finance Auto -0.6% GWP remained broadly stable despite proactive scale-down of the Consumer Finance ecosystem Domestic P&C GWP GWP by ecosystem (RMB M) (RMB M) 16,661 1H25 1H26 Digital LifestyleHealth Auto Consumer Finance 6,275 +7.0% 1H25 1H26 7,743 6,209 +24.7% 1,478 1,541 +4.2% 1H25 1H26 2,699 560 -79.2% HKFRS 4 6,714 16,571
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COLOR PALETTE Text 50 56 62 Title bar/Bullets 0 208 155 ACCENTS 1 0 208 155 134 255 224 2 208 240 230 236 249 245 3 252 222 53 254 242 174 4 191 191 191 229 229 229 5 46 50 81 157 162 200 6 222 235 247 242 247 252 Hyperlink 0 0 0 153 153 153 Followed Hyperlink 0 80 117 98 205 255 Lines 50 56 62 Highlights 0 208 155 TABLE 19 1H25 1H26 1H25 1H26 +12.9% Insurance revenue achieved healthy growth Domestic P&C insurance revenue Insurance revenue by ecosystem (RMB M) (RMB M) 15,041 16,989 1H25 1H26 Digital LifestyleHealth Auto Consumer Finance 6,686 5,733 +16.6% 1H25 1H26 5,791 7,625 +31.7% 1,085 1,374 +26.7% 2,433 1,309 -46.5% HKFRS 17 32% 39% 47% 45% 15% 8%6% 8% 1H25 1H26 Health Digital Lifestyle Consumer Finance Auto
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COLOR PALETTE Text 50 56 62 Title bar/Bullets 0 208 155 ACCENTS 1 0 208 155 134 255 224 2 208 240 230 236 249 245 3 252 222 53 254 242 174 4 191 191 191 229 229 229 5 46 50 81 157 162 200 6 222 235 247 242 247 252 Hyperlink 0 0 0 153 153 153 Followed Hyperlink 0 80 117 98 205 255 Lines 50 56 62 Highlights 0 208 155 TABLE 20 62.9% 65.8% 37.0% 33.4% 99.9% 99.2% 1H25 1H26 CoR remained robust as underwriting profitability continued to strengthen Domestic P&C Underwriting CoR 54.7% 56.9% 40.9% 38.6% 95.6% 95.5% 1H25 1H26 Loss ratio¹ Expense ratio² Digital LifestyleHealth AutoConsumer Finance 42.5% 43.9% 50.4% 48.8% 92.9% 92.7% 1H25 1H26 59.9% 64.1% 34.1% 31.5% 94.0% 95.6% 1H25 1H26 65.1% 69.4% 26.1% 23.9% 91.2% 93.3% 1H25 1H26 Underwriting CoR by ecosystem (before reinsurance ceded) HKFRS 17 Notes: 1 Loss ratio is defined as the sum of incurred claims and claim expenses, changes in the fulfilment cash flows relating to the liability for incurred claims, finance expenses from insurance contracts issued and losses on onerous contracts and reversal of those losses, net income/(expenses) from reinsurance contracts held and finance income/(exp enses) from reinsurance contracts held, divided by insurance revenue; 2 Expense ratio is defined as the sum of insurance acquisition cash flows amortisation and maintenance expenses, divided by insurance revenue
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COLOR PALETTE Text 50 56 62 Title bar/Bullets 0 208 155 ACCENTS 1 0 208 155 134 255 224 2 208 240 230 236 249 245 3 252 222 53 254 242 174 4 191 191 191 229 229 229 5 46 50 81 157 162 200 6 222 235 247 242 247 252 Hyperlink 0 0 0 153 153 153 Followed Hyperlink 0 80 117 98 205 255 Lines 50 56 62 Highlights 0 208 155 TABLE 21 14% 14% 9% 13% 10% 11% 46% 45% 14% 14% 7% 3% 12/31/2025 6/30/2026 Cash and amounts due from banks and other financial institutions Term deposit and money market funds Bond funds Bonds Other fixed income assets² Stocks and equity funds 668 799 (33) 797 4 1H25 1H26 投资收益净额 公允价值变动损益净额 投资资产减值损失 Net investment income 7.8% Insurance investment income grew significantly Domestic insurance investment assets ¹ Domestic insurance investment income (RMB M) (RMB M) 41,487 40,302 1,596639 Annualised total investment yield3 Annualised net investment yield⁴ 4.0% 3.3% 2.1% 1H25 1H26 Total investment income HKFRS 17 Net fair value changes through profit or loss Impairment losses on investment assets ◀ Primarily investment in the wholly-owned subsidiaries, ZhongAn Technology and ZhongAn Insurance Broker ◀ Fixed income investments accounted for 70% of total investment assets Domestic bond portfolio by credit ratings: AA & above: 98.6% AAA: 85.2% Notes: 1 The investment portfolio includes the investment assets allocated using the funds from selling financial assets under repurchase agreements; 2 Other fixed income assets mainly include wealth management products, trusts and asset management plans with underlying assetsof fixed income or money market products; 3 Total investment yield equals total investment income (defined as the sum of net investment income, net fair value changes through profit or loss and share of net profit/(loss) of associates and joint ventures accounted for by using equity method less impairment relating to investment assets) for the period as a percentage of the average of the opening and closing balances of total investment assets of the period; Annualised total investment yield equals the total investment yield multiplied by 2; 4 Net investment yield equals the sum of interest income, dividend income and share of net profit/(loss) of associates and joint ventures accounted for using equity method for the period as a percentage of the average of the opening and closing balances of total investment assets of the period; Annualised net investment yield equals the net investment yield multiplied by 2
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COLOR PALETTE Text 50 56 62 Title bar/Bullets 0 208 155 ACCENTS 1 0 208 155 134 255 224 2 208 240 230 236 249 245 3 252 222 53 254 242 174 4 191 191 191 229 229 229 5 46 50 81 157 162 200 6 222 235 247 242 247 252 Hyperlink 0 0 0 153 153 153 Followed Hyperlink 0 80 117 98 205 255 Lines 50 56 62 Highlights 0 208 155 TABLE 22 HKFRS 17 (199) (81) (56)673 18 32 (440)639 (26) 160656 668 1H26 profit breakdown by segment (RMB M) 1H25 profit breakdown by segment (RMB M) (60) (470) 171,481 27 26 (455) 1,596 15 142 773 1,550 Underwriting profit Total Investment income FX gains/(losses) Finance cost incl. interest expenses Insurance segment net profit Technology segment net profit/(loss) Banking segment net profit Other segments and eliminations Net profit attr. to owners of the parent Other operating expenses Other income and expenses Income tax Underwriting and investment jointly drove the insurance segment's profit growth, with the banking and technology segments delivering profit
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COLOR PALETTE Text 50 56 62 Title bar/Bullets 0 208 155 ACCENTS 1 0 208 155 134 255 224 2 208 240 230 236 249 245 3 252 222 53 254 242 174 4 191 191 191 229 229 229 5 46 50 81 157 162 200 6 222 235 247 242 247 252 Hyperlink 0 0 0 153 153 153 Followed Hyperlink 0 80 117 98 205 255 Lines 50 56 62 Highlights 0 208 155 TABLE 23 Key financial items¹ (RMB M) 1H26 1H25 Change % Insurance revenue2 16,989 15,041 12.9% Underwriting CoR2 95.5% 95.6% -0.1ppts Underwriting profit2 773 656 17.8% Total investment income3 1,596 639 150.0% Other operating expenses (454) (440) 3.2% Foreign exchange gains/(losses)4 15 (26) n.m. Finance cost incl. interest expenses (60) (199) -69.8% Other income and expenses 142 160 -11.4% Income tax (470) (81) 481.9% Insurance segment net profit 1,481 673 120.0% Technology segment net profit/(loss) 17 (56) Profitability turnaround Banking segment net profit 27 18 45.4% Other segments net profit/(loss) and inter-segment eliminations 26 32 -19.4% Net profit attr. to owners of the parent 1,550 668 132.2% (RMB M) 6/30/2026 12/31/2025 Change % Total assets 47,562 46,710 1.8% Net assets 26,939 25,449 5.9% Comprehensive solvency margin ratio 287.7% 242.5% +45.2ppts Core solvency margin ratio 279.3% 233.2% +46.1ppts HKFRS 17 Notes: 1 The Group has adopted HKFRS 17 Insurance Contracts in replacement of HKFRS 4 Insurance Contracts since January 1, 2023; 2 For the P&C insurance business in China only and after inter-segment eliminations; 3 Total investment income of P&C insurance business in China only; 4 Foreign exchange gains/(losses) of P&C insurance business in China only
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COLOR PALETTE Text 50 56 62 Title bar/Bullets 0 208 155 ACCENTS 1 0 208 155 134 255 224 2 208 240 230 236 249 245 3 252 222 53 254 242 174 4 191 191 191 229 229 229 5 46 50 81 157 162 200 6 222 235 247 242 247 252 Hyperlink 0 0 0 153 153 153 Followed Hyperlink 0 80 117 98 205 255 Lines 50 56 62 Highlights 0 208 155 TABLE Contact ir@zhongan.com