Earnings release
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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. ʮ̡ ZHONGAN ONLINE P & C INSURANCE CO., LTD.* (A joint stock limited company incorporated in the People’s Republic of China with limited liability and carrying on business in Hong Kong as “ZA Online Fintech P & C”) (Stock Code: 6060) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED JUNE 30, 2026 The board of directors of ZhongAn Online P & C Insurance Co., Ltd. (the “Company ”) hereby announces the unaudited interim results of the Company and its subsidiaries (the “Group”) for the six months ended June 30, 2026, together with the comparative figures for the six months ended June 30, 2025. This announcement, containing the full text of the 2026 Interim Report of the Company, complies with the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited in relation to information accompanying preliminary announcements of interim results. Both the Chinese and English versions of this results announcement are available on the websites of the Company (www.zhongan.com) and the Hong Kong Stock Exchange (www.hkexnews.hk). The Company’s 2026 Interim Report will be sent to the holders of H shares of the Company and available for viewing on the websites of the Hong Kong Stock Exchange (www.hkexnews.hk) and of the Company (www.zhongan.com) in September 2026. By Order of the Board ZhongAn Online P & C Insurance Co., Ltd. Hai Yin Chairman Shanghai, the PRC, August 25, 2026 As at the date of this announcement, the Board of the Company comprises two executive directors, namely Mr. Xing Jiang and Mr. Gaofeng Li, five non-executive directors, namely Mr. Hai Yin, Mr. Yaping Ou, Mr. Liangxun Shi, Mr. Shuang Zhang and Mr. Hugo Jin Yi Ou, and four independent non-executive directors, namely Ms. Vena Wei Yan Cheng, Ms. Gigi Wing Chee Chan, Mr. Stanley Chiu Fai Choi and Mr. Hongjun Zhong. * For identification purposes only and carrying on business in Hong Kong as “ZA Online Fintech P & C”
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Contents Management Discussion and Analysis 2 Disclosure of Interest 22 Other Information 24 Report on Review of Condensed Consolidated Financial Statements 27 Interim Condensed Consolidated Statement of Profit or Loss 28 Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 29 Interim Condensed Consolidated Statement of Financial Position 30 Interim Condensed Consolidated Statement of Changes in Equity 31 Interim Condensed Consolidated Statement of Cash Flows 32 Notes to the Interim Condensed Consolidated Financial Statements 33 Definitions 71 Glossary 74 Corporate Information 75
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2 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Management Discussion and Analysis1 The Group has adopted HKFRS 17 Insurance Contracts to replace HKFRS 4 Insurance Contracts since January 1, 2023. In this interim report, except for GWP-related disclosures, financial data are all disclosed in accordance with HKFRS 17 Insurance Contracts. Our Mission Empowering finance with technology and providing insurance service with a caring hand. Overview As the first Internet-based InsurTech company in China, ZhongAn aims to redefine insurance with cutting-edge technology and innovative business models. We embrace a dual-engine strategy of “Insurance + Technology ” and adhere to conducting end-to-end deep integration of technology and insurance, using technology to empower the insurance value chain. With an ecosystem-oriented approach, we start from users’ internet life scenarios through proprietary channels and ecosystem partner platforms, providing innovative, inclusive and diverse insurance products and services to meet users ’ diversified protection needs and create an effective value proposition for users. We continuously improve and upgrade our technological innovation capabilities during the operation of our insurance business, and we export InsurTech systems and functional modules to global insurance companies and industry chain clients in a productized way, so as to facilitate the digital transformation of the industry. In addition, we have also applied years of experience in Internet insurance and finance operations to the Hong Kong market. In March 2020, ZA Bank, a subsidiary of our joint venture, ZhongAn International, became the first digital bank to officially commence operations in Hong Kong and has been providing a convenient, inclusive and innovative one-stop financial service experience for retail customers and SMEs in the Hong Kong market under the “ZA” brand. 2026 Interim Results Review In the first half of 2026, the Company recorded GWP of RMB16,558 million, representing a slight year-on-year decrease of 0.6%, with insurance revenue amounting to RMB16,989 million, representing a year-on-year increase of 12.9%. Adhering to the strategy of high-quality growth, the Company recorded underwriting combined ratio 2 of 95.5% in the first half of 2026, representing an improvement of 0.1 percentage points as compared to the corresponding period of 2025, with loss ratio3 of 56.9% and expense ratio4 of 38.6%. In the first half of 2026, the Company recorded underwriting profit of RMB773 million, representing an increase of 17.8% compared to the corresponding period of 2025. Meanwhile, benefiting from the upward trend of the equity market, total investment income from insurance investment assets increased significantly by 150.0% year-on-year to RMB1,596 million. Driven by such factors, the net profit attributable to owners of the parent of the Group reached RMB1,550 million in the first half of 2026, representing a year-on-year increase of 132.2%. ZA Bank aims to build a one-stop digital financial service platform in Hong Kong to provide diversified, convenient and inclusive financial services to retail customers and SMEs. At present, ZA Bank has become one of the digital banks in the Hong Kong market that offers the most comprehensive functions and products, building a one-stop integrated digital financial service platform through its mobile app, which operates in a fully digitalized mode. In the first half of 2026, ZA Bank recorded net revenue 5 of HKD578 million, representing a year-on-year increase of 26.6%, and achieved a net profit of HKD71 million for the same period, which was approximately 1.5 times that of the corresponding period of last year. As of June 30, 2026, the Group had total assets of RMB47,562 million and net assets of RMB26,939 million, representing an increase of 1.8% and 5.9%, respectively, as compared to the end of last year. The comprehensive solvency margin ratio remained sufficient at 287.7%, representing an increase of 45.2 percentage points as compared to the end of last year. Due to its steady operation and abundant capital, the Company’s insurance financial strength rating from Moody ’s was further upgraded to A3. 1 Unless otherwise specified, the insurance business data mentioned in the management discussion and analysis do not include the life insurance business in Hong Kong. 2 Underwriting combined ratio is defined as the sum of insurance service expenses, net income/(expenses) from reinsurance contracts held, finance expenses from insurance contracts issued and finance income/(expenses) from reinsurance contracts held divided by insurance revenue. Underwriting combined ratio is calculated in accordance with HKFRS 17 Insurance Contracts, only takes into account the online P&C insurance business in the PRC, and is the result after inter-segment elimination. 3 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, losses on onerous contracts and reversal of those losses, net income/(expenses) from reinsurance contracts held and finance income/ (expenses) from reinsurance contracts held divided by insurance revenue. 4 Expense ratio is defined as the sum of insurance acquisition cash flows amortization and maintenance expenses divided by insurance revenue. 5 Net revenue is the sum of net interest income, net fee and commission income, net gains/(losses) on other financial instruments and other income.
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3 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Segment Financial Overview The following table sets forth the key items of the segment statement of profit or loss for the six months ended June 30, 2026 and 2025, respectively. Specifically, the insurance segment offers online property and casualty insurance and services in the PRC; the technology segment provides technology export related services to global insurance companies and insurance industry chain clients; the banking segment offers digital banking services in Hong Kong; and others segment includes entities other than the aforesaid segments, such as ZA Life and ZhongAn Insurance Broker. Segment statement of profit or loss for the six months ended June 30, 2026 (RMB’000) Insurance Technology Banking Others Eliminations Reconciliations6 Total Insurance revenue 16,989,485 — — 4,766 (780) (4,766) 16,988,705 Underwriting profit 718,934 — — (25,180) 54,025 25,180 772,959 Net investment income 799,005 13,312 60 (2,609) (1) (19,314) 790,453 Net fair value changes through profit or loss 796,988 2,342 — 14,575 — 3,386 817,291 Other income 159,779 590,662 272,903 442,882 (731,986) (332,041) 402,199 Foreign exchange gains/(losses) 14,609 (286) 29,130 (823) — (28,021) 14,609 Other finance costs (59,903) (2,606) (6) (1,982) — 140 (64,357) Net profit/(loss) 1,480,809 16,538 26,673 72,516 (46,572) — 1,549,964 Attributable to: – Owners of the parent 1,549,964 Segment statement of profit or loss for the six months ended June 30, 2025 (RMB’000) Insurance Technology Banking Others Eliminations Reconciliations6 Total Insurance revenue 15,041,681 — — 3,476 (262) (3,476) 15,041,419 Underwriting profit 627,241 — — (3,481) 29,157 3,481 656,398 Net investment income 667,937 34,701 120,833 16,682 (2,831) (139,802) 697,520 Net fair value changes through profit or loss (33,360) (6,473) — 9,845 — 1,932 (28,056) Other income 171,638 278,842 140,944 412,673 (313,526) (211,681) 478,890 Foreign exchange gains/(losses) (25,621) 448 35,048 923 — (36,419) (25,621) Other finance costs (198,574) (2,225) (4) (1,884) — 1,670 (201,017) Net profit/(loss) 673,045 (55,988) 18,341 4,977 27,193 — 667,568 Attributable to: – Owners of the parent 667,568 6 Reconciliations represented the elimination of the amounts disclosed for the joint venture - ZhongAn International in excess of those amounts reflected in the condensed consolidated financial information.
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4 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Management Discussion and Analysis The Group recorded a net profit attributable to owners of the parent of RMB1,550 million in the first half of 2026, representing an increase of 132.2% as compared with the net profit attributable to owners of the parent of RMB668 million for the corresponding period of last year, which was mainly attributable to the increase in the profit of the insurance business and the banking segment and the turnaround of the technology business from loss to profit. The specific performance of each segment is as follows: 1) Insurance segment: in the first half of 2026, the insurance segment recorded underwriting profit of RMB719 million, representing a year-on-year growth of RMB92 million. Coupled with an increase of RMB957 million in investment income for the first half of the year, as a result of the above, the net profit of the insurance segment in the first half of 2026 grew by RMB808 million year-on-year to RMB1,481 million, representing a year-on-year increase of 120%. 2) Technology segment: benefiting from the ongoing digital transformation in the domestic and overseas financial industry, in the first half of 2026, the technology segment turned losses into profits with a net profit of RMB17 million. 3) Banking segment: ZA Bank recorded a net revenue of HKD578 million for the Reporting Period, representing a year-on- year increase of 26.6%, of which net fee and commission income amounted to HKD123 million, representing a year-on- year increase of 75.7%. ZA Bank continued to focus on business quality and operating efficiency improvement. It maintained steady growth and generated a net profit of HKD71 million in the first half of the year, which was approximately 1.5 times that of the corresponding period of last year. Our Ecosystems The following table sets forth GWP in absolute amounts and as percentages of total GWP by ecosystem for the six months ended June 30, 2026 and 2025, respectively: For the six months ended June 30, 2026 2025 Ecosystems RMB’000 Percentage % RMB’000 Percentage % Year-on-year change (%) Health 6,713,581 40.5% 6,274,783 37.7% +7.0% Digital lifestyle 7,742,681 46.8% 6,209,428 37.3% +24.7% Consumer finance 560,458 3.4% 2,698,781 16.2% -79.2% Auto 1,541,057 9.3% 1,478,259 8.8% +4.2% Total 16,557,777 100% 16,661,251 100% -0.6%
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5 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 The following table sets forth a breakdown of (i) GWP, (ii) insurance revenue, (iii) expense ratio, (iv) loss ratio, and (v) underwriting combined ratio, by ecosystem for the six months ended June 30, 2026 and 2025, respectively. Specifically, net income/(expenses) from reinsurance contracts held and finance income/(expenses) from reinsurance contracts held are not taken into account in the calculation of the expense ratio, loss ratio and underwriting combined ratio: For the six months ended June 30, 2026 2025 RMB’000 RMB’000 Ecosystems Health GWP 6,713,581 6,274,783 Insurance revenue 6,686,012 5,733,148 Expense ratio (%) 48.8% 50.4% Loss ratio (%) 43.9% 42.5% Underwriting combined ratio (%) 92.7% 92.9% Digital lifestyle GWP 7,742,681 6,209,428 Insurance revenue 7,627,456 5,791,048 Expense ratio (%) 33.4% 37.0% Loss ratio (%) 65.8% 62.9% Underwriting combined ratio (%) 99.2% 99.9% Consumer finance GWP 560,458 2,698,781 Insurance revenue 1,301,208 2,432,634 Expense ratio (%) 31.5% 34.1% Loss ratio (%) 64.1% 59.9% Underwriting combined ratio (%) 95.6% 94.0% Auto GWP 1,541,057 1,478,259 Insurance revenue 1,374,029 1,084,589 Expense ratio (%) 23.9% 26.1% Loss ratio (%) 69.4% 65.1% Underwriting combined ratio (%) 93.3% 91.2%
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6 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Management Discussion and Analysis Health Ecosystem In 2026, China ’s commercial health insurance industry continued its transition toward high-quality and refined development within the framework of a multi-tiered medical security system. In July, the State Council issued the 15th Five-Year Plan for National Health, which serves as the top- level blueprint for the healthcare sector over the next five years. The plan further clarifies the commitment to driving the deep integration of commercial health insurance with health management, and to expanding the supply of innovative health insurance products covering health intervention, specialized medical services and innovative pharmaceuticals. As we proactively adapt to evolving market demands and consistently diversify the insurance product and service offerings within the health ecosystem by adhering to a customer-centric approach, the health ecosystem recorded GWP of RMB6,714 million in the first half of 2026, representing a year-on-year increase of 7.0%. The Company served approximately 17.21 million insureds during the Reporting Period, with an average GWP per customer of RMB656. We have continued to innovate around our two major brands, “Personal Clinic Policy ( యԮe͛)” and “Zhong Min Bao ( ͏ ڭAiming for “comprehensive coverage for all demographic groups and full-cycle protection ”, our product offerings include million-yuan coverage medical insurance, critical illness insurance, outpatient and emergency insurance, mid- to-high-end medical insurance, and recurrence insurance, which coupled with upgraded digital services, shape the core competitive edge of our health ecosystem. In 2026, we remain focused on the iteration and innovation of our flagship products, “Personal Clinic Policy (యԮ e͛)” series, and launched the 2026 “Personal Clinic Policy ” (యԮe ͛2026وto address customers ’ needs for full-course health security, achieving a breakthrough upgrade of the protection system. The coverage has been comprehensively extended from traditional inpatient treatment and surgical procedures to post-operative rehabilitation, chronic disease recovery and functional restoration, delivering full-cycle health security for all medical scenarios to customers. In the first half of 2026, the “Personal Clinic Policy (యԮe ͛)” series recorded GWP of RMB3,406 million. Guided by the philosophy of inclusive insurance, our “Zhong Min Bao (ڭseries boasts an underwriting mechanism featuring health claim waivers and no occupational restrictions, and effectively reaches those who are otherwise uninsurable under conventional health insurance due to stringent underwriting conditions, including individuals with chronic diseases, pre-existing conditions or at an advanced age, bridging coverage gaps in the commercial health insurance market and broadening the reach of insurance services. In 2026, we completed further iterations and upgrades of the product lines: Zhong Min Bao Entry-level Insurance (ਿᓾಛ ڭand Zhong Min Bao Mid-to-High-End Medical Insurance (ʕ৷၌), building a tiered matrix of inclusive medical insurance. In the first half of 2026, the “Zhong Min Bao (ڭ ”) series recorded GWP of RMB1,654 million, a surge of 60.5% year-on-year, making it a new growth engine for the health ecosystem. In addition, the Company continued to make efforts in the group insurance business, constantly expanding its cross- industry customer ecosystem, with its offerings covering diverse sectors such as Internet, finance, healthcare and auto. In the first half of 2026, the group insurance recorded GWP of RMB505 million, representing a year-on-year increase of 57.5%. With rapid growth momentum, the group insurance segment has gradually become a new key driver for GWP growth of the Company. Leveraging AI-driven digital transformation, we have reshaped the comprehensive health insurance service ecosystem, with intelligence technologies permeating two core scenarios: claim settlement and full-cycle health management. The digital claim system has yielded remarkable results since implementation. In the first half of 2026, 55% of claims were processed through fully automated review; the express claim settlement channel witnessed continuous efficiency improvement, with the fastest settlement completed within 242 seconds for individual policies and 241 seconds for group policies; 80% of users received compensation within one business day. Meanwhile, with the employment of proactive intelligent documentation guidance tools, 93% of users completed claim filing with a single submission, which enabled customers to prepare claim documents as required and significantly streamlined the claim filing process. In the first half of 2026, the health ecosystem recorded insurance revenue of RMB6,686 million, representing a year- on-year increase of 16.6%. The combined ratio of the health ecosystem was 92.7%, representing a further improvement of 0.2 percentage points as compared to the corresponding period of 2025. The loss ratio was 43.9%, representing an increase of 1.4 percentage points as compared to the corresponding period of 2025, mainly due to the impact brought about by the changes in product mix and the higher renewal rate. The expense ratio stood at 48.8%, representing a decrease of 1.6 percentage points as compared to the corresponding period of 2025, mainly benefiting from AI-driven cost reduction and efficiency improvement, and an increase in the renewal rate.
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7 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Digital Lifestyle Ecosystem In the digital lifestyle ecosystem, we leverage innovative insurance products to deeply connect the upstream and downstream of the consumer sector. The booming development of the digital lifestyle ecosystem is closely aligned with the digital transformation of the consumer sector. We focus on core consumer segments such as pets, e-commerce, travel, food delivery and instant retail, as well as emerging businesses including sports, low-altitude economy, payment and home property protection. Leveraging our core technological advantages, we have deeply penetrated various consumption scenarios, building a comprehensive and scenario-based innovative insurance product and service system. In the first half of 2026, the digital lifestyle ecosystem recorded GWP of RMB7,743 million, representing a year-on- year growth of 24.7%, among which the GWP of innovative business amounted to RMB1,842 million, accounting for 23.8%. Pet insurance, as a vital link between healthcare and services, continued its rapid growth in the first half of 2026. We have been involved in pet insurance for years and have consistently led the industry ’s development. In the first half of 2026, pet insurance recorded a year-on-year increase of approximately 22.7% in terms of GWP, reaching nearly RMB691 million, and we served over 1.61 million pet owners during the Reporting Period, with a cumulative service utilization rate7 of 42.9%. In August 2026, we launched the pet insurance brand “Zhong Chong Bao (ڭas well as several innovative offerings, including Zhong Chong Bao • Pet Medical Insurance for dogs and cats, the mainstream group, Zhong Chong Bao • Anti- cancer Pet Insurance against pet critical illness and Zhong Chong Bao • Parrot Specialized Insurance, the first insurance in China to provide coverage for parrots. This move has achieved coverage of diverse protection scenarios such as ordinary cats and dogs, exotic pets and critical illness, thereby further extending the boundary of pet insurance. We continuously improve our pet health management services by launching diversified value-added services such as online consultations and nutritional advice. In terms of service delivery, we have partnered with approximately 18,000 pet medical clinics to provide pet owners with one-stop medical support. In the first half of 2026, the pet ecosystem recorded approximately 1.23 million cases of service interaction, with service frequency per capita increasing by 24%. We fully leveraged AI technologies to empower pet insurance claim settlement and supporting services, continuously enhancing user experience, with AI recognition accuracy reaching 98% in the underwriting process. As for claim settlement, AI-powered automated review and approval covered over 80% of claim cases, and the average speed of AI-powered claims processing further improved by over 10%. In the e-commerce segment, by fully leveraging our core InsurTech strengths, we innovate and create scenario- based coverage solutions targeting different digital lifestyle scenarios. By partnering with major e-commerce platforms, we have established a risk coverage system that spans the entire transaction cycle, covering key stages such as product quality control, logistics and delivery protection, after-sales service support, and merchant credit endorsement, thereby providing a full range of risk protection for both platforms and users. The business has covered multiple e-commerce platforms, with the GWP of our e-commerce ecosystem amounting to RMB3,547 million, representing a year-on-year growth of 45.5%. The air travel insurance business remains committed to a refined operational strategy. GWP generated from the air travel segment amounted to RMB1,161 million, with differentiated product designs to precisely satisfy users ’ diverse protection needs. In the low-altitude economy sector, we actively seized the development opportunities to enable accurate pricing for different drone models and different service models, and launched solutions such as drone damage insurance and third-party liability insurance, underwriting more than 600,000 drones in the first half of 2026. During the Reporting Period, the GWP of low-altitude economy grew by nearly 27%. With years of investment in the sports sector, we have strengthened ZhongAn ’s brand influence by serving diverse athletic communities. Our accident insurance portfolio covers professional sports such as marathons and cycling, popular activities including swimming, badminton and basketball, and high-risk pursuits like mountaineering and skiing. Similarly, in the household property insurance sector, we have leveraged our technological capabilities to build a household property insurance system with differentiated products, offering comprehensive coverage for building structures, family property, family liability and value-added services, with fully online insurance purchase, rapid claim settlement and intelligent loss assessment as core service features. Further, “ZhongAn Shop Insurance (ڭֳֳand other related products have extended the reach to SMEs, providing them with comprehensive protection against property damage to business premises, business interruption and employer liability, serving numerous small business operators across both online and offline platforms. We are also actively supporting emerging business forms by offering tailored insurance solutions, including screen cracking insurance and battery insurance for electronic devices. Meanwhile, to practice the concept of inclusive insurance, we have proactively launched fragmented insurance products tailored to scenarios such as food delivery, courier delivery, and flexible employment, thereby enhancing the risk resistance of both users and platforms. 7 The cumulative service utilization rate represents the proportion of all pet insurance policyholders who have filed a claim or received services as of June 30, 2026.
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8 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Management Discussion and Analysis In the first half of 2026, the digital lifestyle ecosystem recorded insurance revenue of RMB7,627 million, representing a year- on-year increase of 31.7%. The combined ratio of the digital lifestyle ecosystem was 99.2%, representing a decrease of 0.7 percentage points as compared to the corresponding period of 2025, mainly due to the enhancement in product mix and the improvement of business quality. In particular, the loss ratio was 65.8%, representing an increase of 2.9 percentage points as compared to the corresponding period of 2025. The expense ratio stood at 33.4%, representing a decrease of 3.6 percentage points as compared to the corresponding period of 2025. Auto Ecosystem In the first half of 2026, as China ’s auto insurance industry as a whole entered a cycle of refined management of existing business, we keenly seized the opportunities arising from the digital transformation of auto insurance and leveraged our proprietary online platform capabilities. To address the diverse protection needs of vehicle owners, we actively expanded our product portfolio by launching supporting coverage including accident insurance for both drivers and passengers and travel accident insurance, dedicated to providing users with more comprehensive and attentive travel protection. During the Reporting Period, the auto ecosystem recorded GWP of RMB1,541 million, representing a year-on-year increase of 4.2% and outperforming the industry average. During the Reporting Period, we proactively embraced the development of new energy vehicle ( “NEV ”) insurance by providing products and services to owners of hundreds of NEV brands, with GWP of NEV insurance increasing by 105.7% year-on-year, accounting for nearly 36.5% of total GWP of the Company’s auto insurance. On the underwriting front, we implemented refined tier-based pricing to fully capture the incremental growth opportunities presented by NEV insurance. On the claim front, we deployed remote video inspection, AI-powered image-based automated loss assessment and a one-click online claim filing system, with the automated review rate improving continuously and the claim settlement efficiency significantly outperforming the industry average. Concurrently, we integrated value-added services for vehicle owners, including roadside assistance, maintenance agency and courtesy car provision, offering full-cycle online services to enhance renewal and retention. Through technology-driven risk control, we precisely managed claim costs for vehicles equipped with three-electric systems (battery, motor, and electronic control system) and intelligent driving technologies. As a result, the Company achieved simultaneous improvement of both auto insurance scale and underwriting profitability amid the pressure on overall premium volumes of the industry, forging a differentiated path of online tech-enabled growth in the auto insurance sector. In the first half of 2026, “ZhongAn Auto Insurance (τԓ ᎈ)” empowered the whole process of claim settlement with AI: inspection shortened to an average of only 3 minutes, compared to the traditional timeframe of 40 minutes; damage assessment, previously requiring 5 days, shortened to as fast as 5 minutes; and claim settlement, previously taking 24 hours, reduced to as fast as 10 minutes, continuously improving the efficiency of auto insurance claim services. In the first half of 2026, the auto ecosystem recorded insurance revenue of RMB1,374 million, representing a year-on-year increase of 26.7%, and the combined ratio of the auto ecosystem was 93.3%, representing an increase of 2.1 percentage points as compared to the corresponding period of last year. In particular, the loss ratio increased by 4.3 percentage points year-on-year to 69.4% due to an increased proportion of NEV insurance and compulsory traffic accident liability insurance. The expense ratio declined by 2.2 percentage points year-on-year to 23.9%, benefiting from the improvement in refined operational management level and adherence to the requirement of “consistency between the reported and actual rates ” in terms of control on commission rates. Consumer Finance Ecosystem We reach out to potential borrowers with good credit through multiple scenarios (such as telecommunications and video streaming scenarios) and multiple channels of our Internet platform partners, and based on a more comprehensive credit assessment of such group, assist internet finance companies in credit risk management and comprehensive post-loan management. In addition, leveraging artificial intelligence and big data analysis, we refine insights into user portraits from interactions with them under daily and commercial scenarios, so as to empower financial institutions throughout the life cycle of loans, support financial institutions to expand their service coverage, and allow users to obtain more accessible credit services. All of the funding providers that we collaborate with are licensed financial institutions.
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9 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 We stick to a prudent business strategy, constantly improve risk control models through our insights into the full life cycle of user spending, and establish a model to carry out the management of risks for all processes and the entire full cycle covering from pre-underwriting customers ’ entry to risk warning during the policy term and recovery of non-performing assets after underwriting through AI technology, thereby effectively preventing and diversifying risks in the consumer finance ecosystem. Our consumer finance ecosystem primarily serves China ’s young and emerging high-quality group, with core targeted customers in the 25-40 age group. To meet their diverse protection needs, we have established a rich product matrix. In terms of business model, we focus on small, dispersed and short-term consumer finance assets in internet-based scenarios, work closely with licensed financial institutions to utilize industry-leading technology and risk management systems to implement differentiated insurance premium pricing based on individual risk profile of the underlying assets, and provide comprehensive risk coverage for the underlying assets through credit guarantee insurance. In the first half of 2026, the average duration of our underlying assets is around 10 months, with an average principal amount of approximately RMB10,000 per loan. We constantly refined risk control models, keeping our underlying asset quality within a controllable range. In the first half of 2026, we proactively scaled down the business of this ecosystem further after considering changes of the external environment and requirements of risk management. As a result, the GWP decreased by 79.2% from the corresponding period of 2025 to RMB560 million. As of June 30, 2026, the outstanding balance of insured loans of the consumer finance ecosystem was RMB10,500 million, representing a decrease of 54.2% from the end of 2025. In the first half of 2026, the combined ratio of the consumer finance ecosystem was 95.6%, representing an increase of 1.6 percentage points from the corresponding period of 2025. The loss ratio was 64.1%, representing a year-on-year increase of 4.2 percentage points, mainly attributable to the fluctuation in the quality of underlying assets. The expense ratio was 31.5%, representing an improvement of 2.6 percentage points as compared to the corresponding period of last year. Brand Building and Proprietary Channels We pursue a channel strategy that equally emphasizes an open ecosystem and proprietary operational capabilities. Leveraging over 300 ecosystem partners, we have established a channel network covering diverse scenarios including e-commerce, travel, healthcare and consumer finance. The Company focuses on deepening user engagement through its proprietary channels, utilizing a system of over 2,000 user tags to enable refined operations, and continuously tap user value throughout the entire lifecycle. By optimizing channel resource allocation and prioritizing high-value, high-retention user groups, the Company has steadily improved the overall quality of channel operations. Anchoring our core brand positioning of “sports + insurance ”, we significantly expanded our strategic deployment in the sports event sector, and witnessed notable improvement in scenario coverage and user awareness of our brand. This year, we officially launched “Ling Dong (ᜳਗ)”, an open platform for sports insurance designed to facilitate cooperation across the entire sports industry chain, with the ambition of promoting deep integration of insurance with the sports industry by offering its platform capabilities to event organizers, sports brands and sports technology institutions. The platform has covered nearly 250 sports events across marathons, HYROX, cycling, winter sports, basketball, pickleball and trail running, cumulatively serving over 3 million sports participants, and further strengthening our brand ’s professional standing among sports consumer communities. Leveraging its AI capabilities, the Company continues to promote its end-to-end user services, creating a one-stop digital insurance service platform covering diverse protection scenarios such as medical care, critical illness, auto insurance, pet insurance, and property insurance, thereby meeting users ’ diverse insurance needs. During the Reporting Period, the platform had 3.60 million policyholders, with an average of 1.7 policies per user and a renewal rate 8 of 88.0%, demonstrating the strong appeal and customer loyalty of the service ecosystem on the platform. AI empowerment has driven the continuous improvement of the breadth and depth of user services. 8 The renewal rate represents the percentage of policies expiring in the 12th month that were renewed for the 13th month during the first half of 2026.
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10 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Management Discussion and Analysis Artificial Intelligence Since its establishment in 2013, the Company remains committed to the dual-engine growth strategy of “Insurance + Technology”, making sustained and systematic investments in artificial intelligence and steadfastly embedding AI as an intrinsic part of its technological DNA woven into every facet of insurance operations. The Company has developed “Zhongyou Lingxi (Ϟᜳ)”, a full-stack AI middle platform, continuously fortifying its computing infrastructure, data middle platform and large language model (LLM) capabilities, and deeply integrating domestic mainstream LLMs, Embedding models and multimodal technologies to establish a comprehensive AI technology architecture covering model orchestration, knowledge services, intelligent interaction, Agent-based operations and performance evaluation. In the first half of 2026, the Company further advanced its “One AI ” strategic deployment, with R&D investment reaching RMB304 million. Leveraging its proprietary data advantages accumulated from serving 500 million users, nearly 100 billion policy records and over 10 billion business text entries, the Company continued to refine its LLM implementation capabilities, witnessing token consumption surpassing 34 trillion in the first half of 2026, thereby laying a robust foundation for the scalable, systematic and scenario-based deployment of AI. At the underlying architecture level, the Company has deeply integrated mainstream domestic general-purpose large models, building a MaaS (Model as a Service) platform based on a unified technical architecture to serve as the core foundation of its AI technology system. By integrating key technologies such as Reinforcement Learning (RL) and large model distillation, and combining multi-modal capabilities such as language, voice, image and classification, complemented by big data platforms and machine learning platforms, it has established a unified AI technology infrastructure. As the Company has established a four-layer technical foundation anchored by a unified operational infrastructure, an engineering-grade production line, an insurance skill and knowledge base, and a full-chain evaluation, operation and maintenance system, which operate as a synergistic closed loop with deep coupling, “Zhongyou Lingxi (Ϟᜳ)” has evolved into a core engine for business transformation. Through the coordination of multiple modules such as knowledge engineering and voice services, combined with core capabilities such as context engineering, Agent templates, data flywheels and MaaS, it focuses on deep exploration of high-value scenarios across the core insurance value chain and middle- and back-end functions, thus forging the OneAI core engine. Together, these capabilities support the standardized R&D, scalable deployment and ongoing iteration of digital employees across all categories, enabling efficient deployment of digital employees at scale. To date, the Company has launched 1,000 scenario-specific customized digital employees for all business lines, establishing a reusable, scalable and upgradable AI digital employee production system for insurance. Leveraging a mature full-stack AI foundation and digital employee matrix, the Company has achieved deep coverage by digital employees across the full value chain, spanning product development, marketing, underwriting, customer service, claim settlement and quality control, which has consistently delivered quantifiable value in operational efficiency, service enhancement and compliance risk control. In private-domain operations, digital employees autonomously process a broad range of customer service tasks, effectively driving sustained improvement in user engagement, lead retention and policy conversion rates. In underwriting risk control, intelligent digital employees have achieved 99% automated review and underwriting for health insurance and over 98% recognition accuracy for pet insurance, leveraging AI capabilities to enable real-time risk identification and early warning at the point of application. In claim settlement services, the Company has fully deployed cross-line digital claim employees, further improving claim automation rate and service efficiency. For health insurance, 93% of users completed claim filing with a single submission, 55% of claims are processed through fully automated review, and 80% of users receive compensation within one business day, with the fastest settlement completed within 242 seconds for individual policies. In the auto insurance segment, leveraging AI, the Company has reduced inspection time to an average of 3 minutes, accelerated loss assessment to as fast as 5 minutes, and compressed claim settlement to as fast as 10 minutes. In compliance and quality control, AI-powered quality inspection digital employees enable 100% intelligent spot checks across the entire business service process, forming a complete closed loop for service optimization and continuously fortifying the Company’s capabilities for compliant and stable operations.
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11 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Technology Export We have been deeply rooted in the InsurTech segment, developing and exporting our advanced experience and technology strengths in the InsurTech industry in a diverse manner to facilitate digital transformation of customers along the insurance industry chain. We have developed a new generation of insurance core systems and scenario-based solutions for our customers in the insurance industry, and joined hands with Internet platforms and other insurance intermediary platforms to develop a digital insurance ecosystem. The domestic technology export business is conducted through ZhongAn Technology and ZhongAn Xinke, and the overseas technology export business is conducted through Peak3. ZhongAn Technology is a wholly-owned subsidiary of the Company, ZhongAn Xinke is an associate, and Peak3 is a subsidiary of ZhongAn International, which is a joint venture of the Company. The results of ZhongAn Xinke and Peak3 are not consolidated into the Group’s financial statements. Domestic Technology Export Our technology export business focuses on the exploration and R&D of cutting-edge technologies including artificial intelligence, big data and cloud computing. By leveraging the ecological advantages of ZhongAn, it has created a battletested value delivery system of “product + service ”. Focusing on the FinTech sector and boasting industry leading R&D capabilities and service practices, we provide intelligent and platform- based digital transformation solutions for financial clients in banking, insurance and securities, with a view to promoting high-quality development of the financial industry with core advanced technology and facilitating the formation of a new landscape of digital finance. International business The Group ’s international business mainly includes (a) international technology export and (b) Hong Kong digital bank, which are carried out through Peak3 and ZA Bank, subsidiaries of ZhongAn International, respectively. ZhongAn International is accounted for as a joint venture of the Group, and the results of ZhongAn International and its subsidiaries are not consolidated into the Group’s statements. (a) Peak3 9 (Overseas Technology Export) Peak3 (formerly known as ZA Tech), was incubated by ZA Global in 2018 as an independently operated technology group dedicated to providing technology solutions to international enterprise customers. Its main product portfolio includes Graphene, a cloud-native, AI-ready and modular insurance core platform, and Fusion, a cloud instance distribution and orchestration platform. Peak3 ’s solutions cover life, health and property & casualty insurances, and are widely adopted by leading global insurers, digital platforms and other intermediaries. (b) ZA Bank 9 ZA Bank, a subsidiary of ZA Global and a digital bank in Hong Kong, became one of the first banks in Hong Kong having been granted a digital banking license in 2019, and officially commenced operation in 2020. ZA Bank aims to build a one- stop digital financial service platform in Hong Kong to provide diversified, convenient and inclusive financial services to retail customers and SMEs. At present, ZA Bank has become one of the digital banks in the Hong Kong market that offers the most comprehensive functions and products, building a one-stop integrated digital financial service platform through its mobile app, which operates in a fully digitalized mode. The bank is currently one of the few digital banks that offers users 24/7 services such as deposits, loans, transfers, card spending, foreign exchange, insurance, investment and business banking. 9 Part of the “ZA Global Business”.
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12 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Management Discussion and Analysis In the first half of 2026, ZA Bank ’s key indicators performed well, with profitability steadily improving. Net profit amounted to HKD71 million, which was approximately 1.5 times that of the corresponding period of last year. Net revenue increased by approximately 26.6% year-on-year to HKD578 million. Net fee and commission income reached HKD375 million, representing a year-on-year increase of 25.9%, while net handling charges and commission income increased by 75.7% to HKD123 million. Net profit margin increased from 10.8% to 12.2%, with profitability continuing to be enhanced.At the same time, benefiting from the decrease in the cost of deposit-taking, ZA Bank’s net interest margin further improved from 2.38% for the corresponding period of last year to 2.99% in the first half of 2026, outperforming the industry average. As of June 30, 2026, ZA Bank’s total assets increased by 7.9% as compared to the end of last year to approximately HKD26,819 million. ZA Bank consistently optimizes its products and services, allowing users to seamlessly access diversified product offerings within a single App, including investment services such as Hong Kong stocks, US stocks, funds and cryptocurrencies. In 2026, ZA Bank continued to expand its retail wealth management footprint. In January, it officially launched H-share IPO subscription services, further supplementing its investment service offerings and enhancing customer capital efficiency and investment convenience. In April, it introduced a feature enabling direct subscription for USD-denominated funds with Hong Kong dollars, whereby HKD balances in customer accounts can be automatically converted in real time to subscribe for USD-denominated funds directly, eliminating the procedure for customers to proceed foreign exchange transactions in advance. This simplifies the foreign currency asset allocation process and lowers the threshold for investing in overseas funds. In June, ZA Bank officially launched the Cross-border Wealth Management Connect business, becoming the first digital bank in Hong Kong to offer Southbound Connect services. Investors from the Greater Bay Area who meet regulatory qualifications can invest in Hong Kong-licensed wealth management products through partner banks under a regulated closed-loop fund management framework. ZA Bank is committed to delivering one-stop investment and wealth management experience. As of June 30, 2026, the AUM of Invest users increased by 155.4% as compared to June 30, 2025. Invest has become the primary driver of net fee and commission income growth. Investment Business Asset Management of Onshore Insurance Funds As of June 30, 2026, the total investment assets of our onshore insurance funds amounted to approximately RMB41,487 million, among which cash and amounts due from banks and other financial institutions amounted to RMB1,204 million, accounting for 2.9%, fixed income investments amounted to RMB29,080 million, accounting for 70.1% (out of which bonds and bond funds represented 59.1%), stock and equity funds amounted to RMB5,498 million, accounting for 13.2%, and unlisted equities amounted to RMB5,705 million, accounting for 13.8% (which mainly included the equity interests in ZhongAn Technology and ZhongAn Insurance Broker, wholly-owned subsidiaries of the Company). The total investment income for the first half of 2026 was RMB1,596 million, representing an increase of 150.0% compared to the investment income of RMB639 million in the corresponding period of 2025, primarily attributable to the buoyant performance of the capital market in the first half. Specifically, net investment income was RMB799 million, with fair value changes amounting to RMB797 million. During the Reporting Period, the Company had an annualized total investment yield of approximately 7.8% and net investment yield of approximately 4.0%, representing increases of 4.5 percentage points and 1.9 percentage points as compared to the corresponding period of last year, respectively. In terms of fixed income investments, the creditworthiness of the fixed income assets we invest in is maintained at a sound level. As of June 30, 2026, among the bonds we invested in, 98.6% received external credit ratings of AA level or above, and approximately 85.2% received external credit ratings of AAA level. In 2026, the capital market exhibited an overall upward trend with intermittent fluctuations, with the Shanghai Composite Index recording a 3.3% increase in the first half. In terms of equity investments, we adhere to a sound and prudent investment approach and, based on our analysis of the macroeconomic environment and risk/return profile of various asset classes, flexibly adjust the proportion of equity investment in the secondary market. We accurately seized the equity market trading window during the year and completed the additions to relevant assets. The Company will continue to focus on macroeconomic strategies and fundamental research of underlying assets, optimize insurance fund asset allocation, balance the allocation of long-term assets with stable performance and short-term capital markets trading opportunities, and prioritize low-risk fixed income assets while moderately participating in risky asset investment opportunities. The Company will continue to explore asset allocation and security selection for excess return on top of matching asset and liability durations.
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13 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Investment portfolio of insurance funds (by category) Asset Management of Insurance Funds June 30, 2026 December 31, 2025 (RMB’000) Balance As percentage of the total (%) Balance As percentage of the total (%) Cash and amounts due from banks and other financial institutions 1,204,475 2.9% 2,709,118 6.7% Fixed income investments 29,079,702 70.1% 28,247,776 70.0% Money market funds 49 0.0% 49 0.0% Bonds 18,643,505 44.9% 18,703,060 46.4% Bond funds 5,908,622 14.2% 5,636,608 14.0% Others 4,527,526 11.0% 3,908,059 9.6% Equity and equity funds 11,202,935 27.0% 9,344,736 23.3% Stocks 4,666,918 11.2% 3,042,853 7.6% Equity funds 830,645 2.0% 596,511 1.5% Unlisted equity 5,705,372 13.8% 5,705,372 14.2% Total investment assets 41,487,112 100.0% 40,301,630 100.0% Investment income For the six months ended June 30, (RMB million) 2026 2025 Net investment income 799 668 Fair value changes 797 (33) Impairment losses on investment assets — 4 Total investment income 1,596 639 Total investment yield (annualized) 7.8% 3.3% Net investment yield (annualized) 4.0% 2.1% Outlook In the future, we will continue to stick to the dual-engine growth strategy of “Insurance + Technology ”, adhere to “sustainable growth with quality ”, enhance brand building, and integrate technology development and innovation into the whole process of insurance and continuously optimize underwriting efficiency and customers ’ experience. At the same time, we will continue to export our InsurTech capability to domestic and overseas markets to empower all participants from upstream to downstream of the insurance industrial chain, and become the best partner during the digital transformation of the global insurance industry.
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14 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Management Discussion and Analysis Financial Review In the first half of 2026, we pursued “growth with quality” and recorded a combined ratio of 95.5% for the Reporting Period, with an improvement in underwriting profit and steady increase in investment income. Meanwhile, due to the continuous increase in the profit of the banking business and the turnaround from the loss of the technology business, the Group ’s overall net profit amounted to RMB1,550 million, representing an increase of approximately 132.2% compared to the net profit of RMB668 million in the corresponding period of last year. The following table sets forth the key financial data for the six months ended June 30, 2026 and 2025, respectively: For the six months ended June 30, (RMB’000) 2026 2025 Total income 18,966,391 16,183,150 Net profit 1,549,964 667,568 Total comprehensive income 1,490,380 623,473 Earnings per share – Basic (RMB) 0.92 0.45 – Diluted (RMB) 0.92 0.45 The following table sets forth our key financial ratios as of or for the six months ended June 30, 2026 and 2025, respectively: As of or for the six months ended June 30, 2026 2025 Group Return on assets(1) 3.3% 1.5% Return on equity(2) 5.9% 3.1% Gearing ratio(3) 43.4% 50.4% Net investment yield (annualized)(4) 1.4% 2.0% Total investment yield (annualized)(5) 7.6% 3.4% Insurance business Net investment yield (annualized)(4) 4.0% 2.1% Total investment yield (annualized)(5) 7.8% 3.3% Notes: (1) Return on assets equals profit/(loss) attributable to owners of the parent divided by the average of the opening and closing balances of total assets. (2) Return on equity equals profit/(loss) for the year attributable to owners of the parent divided by the average of the opening and closing balances of total equity attributable to owners of the parent. (3) Gearing ratio equals total liabilities (excluding capital supplementary bonds and subordinated term debts) divided by total assets. (4) Net investment yield equals the sum of net interest income, dividend income and share of net profit/(loss) of associates and joint ventures as a percentage of the average of the opening and closing balances of total investment assets of the period. Net investment yield (annualized) is double the net investment yield. (5) 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 less impairment relating to investment assets) as a percentage of the average of the opening and closing balances of total investment assets of the period. Total investment yield (annualized) is double the total investment yield.
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15 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Domestic P&C Insurance Underwriting Business The following table sets forth the selected financial data of the underwriting business of the Company for the periods indicated: For the six months ended June 30, (RMB’000) 2026 2025 Insurance revenue 16,988,705 15,041,419 Insurance service expenses (16,248,586) (14,362,546) Net income from reinsurance contracts held 76,073 2,575 Finance expenses from insurance contracts issued (44,069) (25,051) Finance income from reinsurance contracts held 836 1 Underwriting profit(1) 772,959 656,398 Underwriting combined ratio(2) (%) 95.5% 95.6% Notes: (1) Underwriting profit only takes into account the online P&C insurance business in the PRC, and is the result after inter-segment eliminations. (2) Underwriting combined ratio equals the sum of insurance service expenses, net income/(expenses) from reinsurance contracts held, finance expenses from insurance contracts issued and finance income/(expenses) from reinsurance contracts held divided by insurance revenue.
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16 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Management Discussion and Analysis 1. Insurance revenue The Group recognized the amount of premiums received and expected to be received which are attributable to the current period as insurance revenue. Insurance revenue of the Company increased by 12.9% from approximately RMB15,041 million for the six months ended June 30, 2025 to approximately RMB16,989 million for the six months ended June 30, 2026. A breakdown of the insurance revenue by insurance product types for the periods indicated is shown below: For the six months ended June 30, 2026 2025 Change (%) Health insurance 6,993,746 5,998,100 16.6% Motor insurance 1,374,029 1,084,589 26.7% Liability insurance 1,094,021 578,414 89.1% Household property insurance 980,285 736,959 33.0% Accident insurance 879,287 908,199 -3.2% Credit insurance 823,634 682,607 20.7% Bond insurance 497,493 1,846,936 -73.1% Cargo insurance 56,846 77,056 -26.2% Others(1) 4,289,364 3,128,559 37.1% Of which: Shipping return insurance 3,459,618 2,420,191 42.9% Total 16,988,705 15,041,419 12.9% Note: (1) The NFRA recognizes the following types of property and casualty insurance products: accident insurance, bond insurance, health insurance, liability insurance, credit insurance, cargo insurance, household property insurance and others. “Others” primarily consists of shipping return insurance, which is categorized as such based on its policy terms in our periodic reports to the NFRA. 2. Insurance service expenses Insurance service expenses primarily include incurred claims and other directly attributable expenses, insurance acquisition cash flows amortization, losses on onerous contracts and reversal of those losses, and changes in the fulfilment cash flows relating to the liability for incurred claims. Insurance service expenses of the Company increased by approximately 13.1% from approximately RMB14,363 million for the six months ended June 30, 2025 to approximately RMB16,249 million for the six months ended June 30, 2026. 3. Net income/(expenses) from reinsurance contracts held Net income/(expenses) from reinsurance contracts held represents the allocation of reinsurance premiums paid less amounts recovered from reinsurance contracts. The allocation of reinsurance premiums paid represents the reduction in the carrying value of unearned premium asset recovered from reinsurance contracts as a result of receiving the insurance contract services provided by the reinsurer in the current period. Amounts recovered from reinsurance contracts refer to the increase in the carrying value of incurred claims asset recovered from reinsurance contracts as a result of the recovery of incurred claims and other related expenses in the current period, as well as subsequent changes in the fulfilment cash flows associated therewith. Net income from reinsurance contracts held of the Company increased from approximately RMB3 million for the six months ended June 30, 2025 to approximately RMB76 million for the six months ended June 30, 2026.
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17 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Investment Business For the six months ended June 30, 2026, the Group ’s investing activities consisted of (i) equity investment; (ii) proprietary trading of bonds and other asset management products; and (iii) entrustment of third-party asset management companies for purchase of stock, bonds and other asset management products. 4. Composition of investment assets We adhere to a sound and prudent investment philosophy, strengthen asset allocation management and risk management, and continue to serve the investment management needs of insurance funds. The following table shows the composition of our investment assets (by category) as at: June 30, 2026 December 31, 2025 (RMB’000) Balance As percentage of the total (%) Balance As percentage of the total (%) Cash and amounts due from banks and other financial institutions 1,537,681 3.6% 3,035,292 7.3% Fixed income investments 29,836,295 70.6% 29,175,933 70.6% Term deposits 30,255 0.1% 30,077 0.1% Money market funds 49 0.0% 86,716 0.2% Bonds 18,643,505 44.1% 18,703,060 45.2% Bond funds 5,949,851 14.1% 5,677,239 13.7% Others (1) 5,212,635 12.3% 4,678,841 11.4% Equity and equity funds 10,912,906 25.8% 9,129,393 22.1% Stocks 4,666,918 11.0% 3,042,853 7.4% Equity funds 830,645 2.0% 613,829 1.5% Unlisted equity 5,415,343 12.8% 5,472,711 13.2% Total investment assets 42,286,882 100.0% 41,340,618 100.0% Note: (1) Other fixed income investments include statutory reserves, securities purchased under agreements to resell, wealth management products, trust investment schemes, debt investment schemes and asset-backed securities.
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18 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Management Discussion and Analysis As at December 31, 2025 and June 30, 2026, we had total investment assets of approximately RMB41,341 million and RMB42,287 million, respectively, and total investment assets accounted for approximately 88.5% and 88.9% of our total assets, respectively. 5. Cash and amounts due from banks and other financial institutions Cash and amounts due from banks and other financial institutions primarily include cash, deposits with original maturity of no more than three months and placements with banks. As at December 31, 2025 and June 30, 2026, our cash and amounts due from banks and other financial institutions amounted to approximately RMB3,035 million and RMB1,538 million, respectively. 6. Bonds Bonds included government bonds, finance bonds, corporate bonds and negotiable certificate of deposit. As at June 30, 2026, 98.6% of the bonds the Company held received external ratings of AA (domestic) level or above. As at December 31, 2025 and June 30, 2026, our bond investments amounted to approximately RMB18,703 million and RMB18,644 million, respectively. 7. Stocks and equity funds As at December 31, 2025 and June 30, 2026, our investment in stocks and equity funds amounted to approximately RMB3,657 million and RMB5,498 million, respectively. We focus on the balance between the allocation of assets with long-term stable performance and short-term trading opportunities in the capital markets, and strictly control the scale of equity assets by adjusting the allocation of equity assets in the secondary market in a timely manner. 8. Net investment income For the six months ended June 30, (RMB’000) 2026 2025 Change (%) Interest income – Bond investments 229,908 299,470 -23.2% – Trust investment schemes 9,021 12,108 -25.5% – Bank deposits 8,452 9,284 -9.0% – Securities purchased under agreements to resell 2,396 2,586 -7.3% – Debt investment schemes 965 — — – Asset-backed securities 450 329 36.8% Dividend income – Equity investments 46,738 37,954 23.1% – Wealth management products 15,635 17,541 -10.9% – Fund investments 8,797 29,473 -70.2% Realized gains, net 468,091 288,775 62.1% Net investment income 790,453 697,520 13.3%
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19 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Net investment income is comprised of interest income from bonds, trust investment schemes, bank deposits, securities purchased under agreements to resell, debt investment schemes and asset-backed schemes, dividend income from fund investment, wealth management products and equity investment and realized gains or losses on securities transactions. The Group recorded net investment income of approximately RMB698 million and RMB790 million for the six months ended June 30, 2025 and 2026, respectively. We closely monitor the market and make diversified asset allocation based on our judgement. 9. Net fair value changes through profit or loss Net fair value changes through profit or loss represent net fair value change on financial assets measured at fair value through profit or loss. We recorded net gain on fair value changes of RMB817 million for the six months ended June 30, 2026, compared to a net loss on fair value changes of approximately RMB28 million for the six months ended June 30, 2025. Overall Results Total Income Total income represents the sum of insurance revenue, net investment income, net fair value changes through profit or loss, share of net profit/(loss) of associates and joint ventures accounted for using the equity method, and other income. Total income increased by approximately 17.2% from approximately RMB16,183 million for the six months ended June 30, 2025 to approximately RMB18,966 million for the six months ended June 30, 2026. Profit before income tax Total profit before income tax of the Group was approximately RMB2,038 million for the six months ended June 30, 2026, compared with profit before income tax of approximately RMB740 million for the six months ended June 30, 2025. Income tax Under the Enterprise Income Tax Law of the People ’s Republic of China (جthe Company and some of its subsidiaries are subject to the statutory income tax rate of 25%. We recorded income tax expense of approximately RMB488 million and RMB73 million for the six months ended June 30, 2026 and 2025, respectively, which was primarily due to the combined impact of deferred income tax and taxable income in the corresponding period of last year. Net profit The Group recorded a net profit of approximately RMB1,550 million for the six months ended June 30, 2026, compared to a net profit of approximately RMB668 million for the six months ended June 30, 2025.
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20 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Management Discussion and Analysis Cash Flow The following table sets forth our cash flows for the periods indicated: Six months ended June 30, (RMB’000) 2026 2025 Net cash flows generated from operating activities 860,367 2,143,410 Net cash flows (used in)/generated from investing activities (1,332,916) 1,952,310 Net cash flows used in financing activities (1,137,772) (4,468,767) Effect of exchange rate changes on cash and cash equivalents (478) 209 Net decrease in cash and cash equivalents (1,610,799) (372,838) Cash and cash equivalents at the beginning of the period 3,468,158 2,007,534 Cash and cash equivalents at the end of the period 1,857,359 1,634,696 We had net cash flows generated from operating activities of approximately RMB860 million for the six months ended June 30, 2026, which comprised cash inflow from the underwriting business and other operating activities of approximately RMB19,850 million, offset by the cash outflows from claims and other operating expenses of approximately RMB9,129 million and approximately RMB9,861 million, respectively. We had net cash flows used in investing activities of approximately RMB1,333 million for the six months ended June 30, 2026, whereas the net cash flows generated from investing activities for the six months ended June 30, 2025 were approximately RMB1,952 million. We had net cash flows used in financing activities of approximately RMB1,138 million for the six months ended June 30, 2026, of which the cash outflow from repayment of bonds amounted to approximately RMB2,515 million, net cash inflows from the increase in securities sold under agreements to repurchase amounted to approximately RMB1,515 million, and the cash outflow from interest payments amounted to approximately RMB88 million. Cash and cash equivalents were denominated in RMB. Indebtedness On July 16, 2020, September 8, 2020 and October 12, 2020, the Company issued the 2025 Notes, the 2026 Notes and the Additional Notes (each defined in the section headed “Use of Proceeds” and collectively, the “Notes”) with a total principal amount of USD1,000,000 thousand. As of June 30, 2026, the Company had repurchased Notes at a total principal amount of USD49,900 thousand and had redeemed Notes at a total principal amount of USD950,100 thousand on the Hong Kong Stock Exchange, and there are no Notes in issue following the completion of the redemption of the Notes on January 13, 2026. In 2021, ZhongAn Technology applied for a twelve-month working capital loan and domestic letter of credit from China Merchants Bank. As of June 30, 2026, the credit line was RMB100 million and the balance of principal amount of the borrowings of ZhongAn Technology was RMB60 million. In 2024, ZhongAn Technology applied for a twelve-month working capital loan from China Citic Bank. As of June 30, 2026, the credit line was RMB30 million and the balance of principal amount of the borrowings of ZhongAn Technology was RMB9 million.
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21 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Save as disclosed in this interim report, as of June 30, 2026, we did not have any material mortgages, charges, debentures, loan capital, debt securities, loans, bank overdrafts or other similar indebtedness, finance lease or hire purchase commitments, liabilities under acceptances (other than normal trade bills), acceptance credits, which are either guaranteed or unguaranteed, secured or unsecured, nor had any guarantees or other contingent liabilities. Significant investments Save as disclosed in this interim report, we did not hold any significant investments during the six months ended June 30, 2026 (including any investment in an investee company with a value of 5% or more of the Company ’s total assets as at June 30, 2026). Material acquisitions and disposals Save as disclosed in this interim report, we did not have any material acquisitions or disposals of subsidiaries, associated companies or joint ventures during the six months ended June 30, 2026. Future plans for material investments and capital assets Save as disclosed in this interim report, as at June 30, 2026, we did not have any plans for material investments and capital assets. Pledge of assets Save as disclosed in this interim report, as at June 30, 2026, none of the Group’s assets were pledged. Gearing ratio As at June 30, 2026, our gearing ratio, calculated as total liabilities (excluding capital supplementary bonds and subordinated term debts) divided by total assets, was approximately 43.4%, representing a decrease of 2.1 percentage points as compared with approximately 45.5% as at December 31, 2025. Foreign exchange exposure The Group operates principally in the PRC, and RMB is the Group’s functional currency and financial reporting currency. The businesses of the subsidiaries of certain joint ventures of the Group (including the digital banking business and the virtual insurance business in Hong Kong and overseas technology export business) are denominated in foreign currencies (including Hong Kong dollars, United States dollars, Japanese yen, Singapore dollars and Euros). Assets denominated in foreign currencies held by the Group are exposed to foreign exchange risks. Such assets include amounts due from banks and other financial institutions. The Group’s liabilities denominated in foreign currencies, including bonds payable, are also exposed to exchange rate risk. The Group has not entered into any financial derivative instruments to hedge its exposure to foreign exchange risk. Contingent liabilities As of June 30, 2026, we did not have any material contingent liabilities. Off-balance sheet commitments and arrangements As of June 30, 2026, we had not entered into any off-balance sheet arrangements. Events after the Reporting Period Save as disclosed in this interim report, there were no other significant events that might affect the Group from June 30, 2026 up to the Latest Practicable Date.
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22 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Disclosure of Interest Directors ’, Supervisors ’ and Chief Executive ’s interests and short positions in the Shares, underlying Shares and debentures of the Company and any associated corporations As at June 30, 2026, the interests and short positions of the Directors, Supervisors and Chief Executive of the Company in the Shares, underlying Shares and debentures of the Company or its associated corporations (within the meaning of Part XV of the SFO) which were required to be notified to the Company and the Hong Kong Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests or short positions which they were taken or deemed to have under such provisions of the SFO), or which were required, pursuant to section 352 of the SFO, to be entered in the register referred therein, or which were required to be notified to the Company and the Hong Kong Stock Exchange pursuant to the Model Code are as follows: Interest in the Company Name of Director Class of Shares Nature of interest Number of Shares Approximate percentage in Shares of the same class(1) Approximate percentage of the Company’s total issued share capital(1) Yaping Ou(2) H Shares Interest of controlled corporation 201,115,251 (Long position) 12.30% 11.93% Notes: (1) The shareholding percentages are calculated on the basis of 50,000,000 Domestic Shares and 1,634,812,900 H Shares as at June 30, 2026. (2) These 201,115,251 Shares comprise (i) 81,000,000 Shares held by Cnhooray Internet Technology Co. Ltd. (ʮ̡); and (ii) 120,115,251 Shares held by Shenzhen Jia De Xin Investment Limited (ʮ̡). Cnhooray Internet Technology Co. Ltd. is a subsidiary of Timeway Holdings Limited (ʮ̡). The entire interest of Timeway Holdings Limited is held by Z Fin which is listed on the Hong Kong Stock Exchange (stock code: 1168) and is owned by Asia Pacific Promotion Limited, a company wholly owned by Mr. Yaping Ou, and his associate as to approximately 64.61%. As such, Timeway Holdings Limited, Z Fin, Asia Pacific Promotion Limited and Mr. Yaping Ou are deemed to be interested in the Shares held by Cnhooray Internet Technology Co. Ltd.. Shenzhen Jia De Xin Investment Limited (ʮ̡) is held by Shenzhen Huaxinlian Investment Limited (ʮ̡) as to approximately 95.71%, while Shenzhen Huaxinlian Investment Limited is owned by Jiadeyu Information Consulting (Shenzhen) Limited (ፔ༔ (ଉέ)ʮ̡) as to approximately 68.75%. The entire interest of Jiadeyu Information Consulting (Shenzhen) Limited (ፔ༔(ଉέ)ʮ̡) is held by Anytime Limited, which in turn is wholly owned by Mr. Yaping Ou. As such, Shenzhen Huaxinlian Investment Limited, Jiadeyu Information Consulting (Shenzhen) Limited (ፔ༔(ଉέ)ʮ̡), Anytime Limited and Mr. Yaping Ou are deemed to be interested in the Shares held by Shenzhen Jia De Xin Investment Limited. Save as disclosed above, as at June 30, 2026, so far as is known to any Director, Supervisor or the chief executive of the Company, none of the Directors, the Supervisors and the chief executive of the Company had any interests or short positions in the Shares, underlying Shares or debentures of the Company or its associated corporations (within the meaning of Part XV of the SFO) which (a) were required to be notified to the Company and the Hong Kong Stock Exchange pursuant to Part XV of the SFO (including the interests and short positions which the Director is taken or deemed to have under such provisions of the SFO); or (b) were required, pursuant to section 352 of the SFO, to be entered in the register referred to therein; or (c) were required, pursuant to the Model Code to be notified to the Company and the Hong Kong Stock Exchange.
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23 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Substantial shareholders ’ and other persons ’ interests and short positions in the Shares and underlying Shares of the Company As at June 30, 2026, within the knowledge of the Directors, the following persons (other than the Directors, the Supervisors and the chief executive of the Company) had an interest or a short position in the Shares or underlying Shares of the Company which would be required to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO or as recorded in the register required to be kept by the Company pursuant to Section 336 of the SFO: Name of Shareholder Class of Shares Nature of interest Number of Shares(1) Approximate percentage in Shares of the same class(2) Approximate percentage of the Company’s total issued share capital(2) Ping An Insurance(3) H Shares Beneficial interest 150,000,000 (Long position) 9.17% 8.90% Shenzhen Jia De Xin Investment Limited (4) H Shares Beneficial interest 120,115,251 (Long position) 7.34% 7.12% Shenzhen Huaxinlian Investment Limited (4) H Shares Interest of controlled corporation 120,115,251 (Long position) 7.34% 7.12% Jiadeyu Information Consulting (Shenzhen) Limited (4) H Shares Interest of controlled corporation 120,115,251 (Long position) 7.34% 7.12% Anytime Limited(4) H Shares Interest of controlled corporation 120,115,251 (Long position) 7.34% 7.12% Ant Group H Shares Beneficial interest 108,368,552 (Long position) 6.62% 6.43% Shanghai Yuanqiang Investment Company Limited (5) Domestic Shares Beneficial interest 50,000,000 (Long position) 100% 2.96% Song Zou(5) Domestic Shares Interest of controlled corporation 50,000,000 (Long position) 100% 2.96% Notes: (1) All the Shares are held in long position (as defined under Part XV of the SFO) unless otherwise specified. (2) The shareholding percentages are calculated on the basis of 50,000,000 Domestic Shares and 1,634,812,900 H Shares as at June 30, 2026. (3) Ping An Insurance is a joint-stock company incorporated in the PRC and listed on the Main Board of the Hong Kong Stock Exchange (stock code: 2318) and the Shanghai Stock Exchange (stock code: 601318). (4) Shenzhen Jia De Xin Investment Limited (ʮ̡) is held by Shenzhen Huaxinlian Investment Limited (ʮ̡) as to approximately 95.71%, while Shenzhen Huaxinlian Investment Limited is owned by Jiadeyu Information Consulting (Shenzhen) Limited (ፔ༔ (ଉέ)ʮ̡) as to approximately 68.75%. The entire interest of Jiadeyu Information Consulting (Shenzhen) Limited (ፔ༔(ଉέ)ʮ̡) is held by Anytime Limited, which in turn is wholly owned by Mr. Yaping Ou. As such, Shenzhen Huaxinlian Investment Limited, Jiadeyu Information Consulting (Shenzhen) Limited (ፔ༔(ଉέ)ʮ̡), Anytime Limited and Mr. Yaping Ou are deemed to be interested in the Shares held by Shenzhen Jia De Xin Investment Limited. (5) Shanghai Yuanqiang Investment Company Limited (ʮ̡) is owned by Mr. Song Zou (ؒas to 80.00%. As such, Mr. Song Zou (ؒis deemed to be interested in the Shares held by Shanghai Yuanqiang Investment Company Limited (ʮ̡). Save as disclosed above, according to the register kept by the Company under Section 336 of the SFO, there was no other person who had a substantial interest or short position in the Shares or underlying Shares as at June 30, 2026.
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24 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Other Information EMPLOYEES AND REMUNERATION POLICIES As at June 30, 2026, the Group had 2,106 full-time employees. The number of employees employed by the Group varies from time to time depending on its needs. Employee remuneration is determined in accordance with prevailing industry practices and employees ’ educational backgrounds, experiences and performance. The remuneration policy and package of the Group ’s employees are periodically reviewed. Apart from pension funds, in-house training programs, discretionary bonuses, medical insurance and mandatory provident funds, share awards may be granted to employees according to the assessment of individual performance. Compensation of key executives of the Group is reviewed and determined by the Company ’s Nomination and Remuneration Management Committee based on the Group ’s performance and the executives’ respective contributions to the Group. The total employee benefit cost (including directors ’ and supervisors’ remuneration) incurred by the Group for the six months ended June 30, 2026 was approximately RMB692 million. CORPORATE GOVERNANCE The Company is committed to maintaining and promoting stringent corporate governance. The Company keeps improving its corporate governance levels in accordance with the Company Law, the Listing Rules and other relevant laws and regulations, as well as the Articles of Association. The principle of the Company’s corporate governance is to promote effective internal control measures and to enhance the transparency and accountability of the Board to all Shareholders and customers. The Company has adopted the principles and code provisions of the CG Code as the basis of the Company ’s corporate governance practices. In the opinion of the Directors, the Company has complied with all applicable code provisions set out in the CG Code throughout the Reporting Period. COMPLIANCE WITH THE MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS The Company has adopted the Model Code as the code of conduct regarding the Directors ’ dealings in the securities of the Company. Specific enquiry has been made of all the Directors and they have confirmed that they had complied with the Model Code throughout the Reporting Period. REVIEW BY AUDIT AND CONSUMER RIGHTS PROTECTION COMMITTEE The Company has established an Audit and Consumer Rights Protection Committee in accordance with the Listing Rules. The primary duties of the Audit and Consumer Rights Protection Committee are to supervise the risk management, strengthen internal control management and compliance management, review financial reports, supervise financial reporting procedures, consumer rights protection and other relevant matters. The Audit and Consumer Rights Protection Committee comprises Mr. Stanley Chiu Fai Choi and Ms. Vena Wei Yan Cheng, with Ms. Gigi Wing Chee Chan as its chairperson. The Audit and Consumer Rights Protection Committee has reviewed the interim report and unaudited interim results of the Group for the six months ended June 30, 2026, and has discussed matters with respect to the accounting policies and practices adopted by the Company and internal control with senior management members and the external auditor of the Company, Deloitte Touche Tohmatsu. The interim financial statements of the Company are unaudited. OTHER BOARD COMMITTEES In addition to the Audit and Consumer Rights Protection Committee, the Company has also established a Nomination and Remuneration Management Committee, a Strategy and Investment Decision Committee and a Risk Management and Related Transaction Control Committee.
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25 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 CHANGES IN DIRECTORS, SUPERVISORS AND CHIEF EXECUTIVE Changes in information of Directors, Supervisors and the chief executive of the Company which are required to be disclosed under Rule 13.51B(1) of the Listing Rules are set out below: (1) Mr. Hongjun Zhong ’s qualification as a Director has been approved by the NFRA, and Mr. Zhong has served as an independent non-executive director of the fifth session of the Board with effect from April 22, 2026. He was also appointed as the chairperson of the Risk Management and Related Transaction Control Committee and a member of the Nomination and Remuneration Management Committee of the Company. (2) Mr. Wei Ou has retired as an independent non-executive Director, the chairperson of the Risk Management and Related Transaction Control Committee and a member of the Nomination and Remuneration Management Committee of the Company, with effect from April 22, 2026. (3) Mr. Yaping Ou resigned as the chairman of Cnhooray Internet Technology Co. Ltd. (΅Ϟ ʮ̡) on June 2, 2026. (4) Mr. Hugo Jin Yi Ou was appointed as a director of P3 Limited on February 13, 2026. (5) Ms. Gigi Wing Chee Chan was appointed as a director of My Gram Holding Limited on May 9, 2026. (6) Ms. Yuping Wen resigned as a chief financial officer in the financial affairs department of Cnhooray Internet Technology Co. Ltd. (ʮ̡) on April 1, 2026. Save as mentioned above, there was no other change in the information of the Directors, Supervisors or chief executive that is required to be disclosed under Rule 13.51B(1) of the Listing Rules as at the Latest Practicable Date. PURCHASE, SALE OR REDEMPTION OF COMPANY’S LISTED SECURITIES Neither the Company nor any of its subsidiaries purchased, sold or redeemed any listed securities of the Company (including sale of treasury shares (as defined under the Listing Rules)) during the Reporting Period. As at June 30, 2026, the Company did not hold any treasury shares (as defined under the Listing Rules). USE OF PROCEEDS 1. Use of proceeds from the 2025 Notes, the 2026 Notes and the Additional Notes On July 9, 2020, the Company entered into a subscription agreement with various financial institutions in connection with the issue of the USD600,000,000 3.125% Notes due 2025 (the “2025 Notes”). On August 31, 2020, the Company entered into a subscription agreement with various financial institutions in connection with the issue of the USD300,000,000 3.50% Notes due 2026 (the “2026 Notes”). On October 12, 2020, the Company issued USD100,000,000 3.50% Notes due 2026 (the “Additional Notes”), consolidated and forming a single series with the 2026 Notes. As at June 30, 2026, the Group had used approximately RMB6,789.69 million (equivalent to approximately USD989 million) of the proceeds from the 2025 Notes, the 2026 Notes and the Additional Notes for working capital and general corporate purposes and there were no Notes in issue following the completion of the redemption of the Notes on January 13, 2026. There was no change in the intended use of net proceeds as previously disclosed in the announcements of the Company dated July 10, 2020, July 16, 2020, September 1, 2020, September 8, 2020 and October 9, 2020 (the “Notes Announcements ”). The Company will gradually utilise the remaining net proceeds in the manner set out in the Notes Announcements. The Company may adjust its plans in response to changing market conditions and, thus, reallocate the use of the proceeds. For further details of the 2025 Notes, the 2026 Notes and the Additional Notes, please refer to the Notes Announcements.
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26 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Other Information 2. Use of proceeds from the 2025 Placing On June 26, 2025, the Company entered into a placing agreement with various placing agents to issue 215,000,000 new H Shares (the “2025 Placing ”). The completion of the 2025 Placing took place on July 4, 2025, with an aggregate of 215,000,000 new H Shares (the “Placing Shares ”) being successfully allotted and issued by the Company. The aggregate nominal value of the Placing Shares was RMB215,000,000. The closing price of the H Shares as quoted on the Hong Kong Stock Exchange on the last trading day before the entering into of the relevant placing agreement and the date on which the placing price was fixed (i.e. June 25, 2025) was HKD19.94 per H Share, and the placing price was HKD18.25 per H Share. The net price (after deduction of the commissions and expenses) raised per H Share upon completion of the 2025 Placing was approximately HKD18.12. The new H Shares were placed to not less than six investors who are independent professional, institutional and/or other investors who and whose ultimate beneficial owners are all independent third parties. The aggregate net proceeds from the 2025 Placing were approximately HKD3,895.8 million. As at June 30, 2026, the Group had used approximately HKD3,807 million of the proceeds from the 2025 Placing to supplement the Group’s capital to support its business development, in which HKD2,338 million has been used by the Company for its insurance underwriting and asset management businesses, HKD389 million has been used by the Group to support its investment in fintech innovations, and HKD1,080 million has been used for general corporate purposes. There was no change in the intended use of net proceeds as previously disclosed in the announcements of the Company dated June 26, 2025 and July 4, 2025 (the “Placing Announcements ”). The Company will gradually utilise the remaining net proceeds (being the remaining HKD89 million intended to be used by the Group to support its investment in fintech innovations, which is expected to be fully utilised by December 31, 2026) in the manner set out in the Placing Announcements. LITIGATION As of June 30, 2026, the Company was not involved in any material litigation or arbitration and the Directors were not aware of any material litigation or claims that were pending or threatened against the Company. INTERIM DIVIDEND In order to retain resources for the Group ’s business development, the Board has resolved not to declare an interim dividend for the six months ended June 30, 2026 (for the six months ended June 30, 2025: Nil). By Order of the Board Hai Yin Chairman August 25, 2026
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27 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Report on Review of Condensed Consolidated Financial Statements To the Board of Directors of ZhongAn Online P & C Insurance Co., Ltd. (Incorporated in the People’s Republic of China with limited liability) Introduction We have reviewed the condensed consolidated financial statements of ZhongAn Online P & C Insurance Co., Ltd. (the “Company”) and its subsidiaries (collectively referred to as the “Group”) set out on pages 28 to 70, which comprise the condensed consolidated statement of financial position as of 30 June 2026 and the related condensed consolidated statement of profit or loss, condensed consolidated statement of profit or loss and other comprehensive income, condensed consolidated statement of changes in equity and condensed consolidated statement of cash flows for the six-month period then ended, and notes to the condensed consolidated financial statements. The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of a report on interim financial information to be in compliance with the relevant provisions thereof and Hong Kong Accounting Standard 34 “Interim Financial Reporting ” (“HKAS 34”) as issued by the Hong Kong Institute of Certified Public Accountants (the “HKICPA”). The directors of the Company are responsible for the preparation and presentation of these condensed consolidated financial statements in accordance with HKAS 34. Our responsibility is to express a conclusion on these condensed consolidated financial statements based on our review, and to report our conclusion solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. Scope of Review We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity ” as issued by the HKICPA. A review of these condensed consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Hong Kong Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated financial statements are not prepared, in all material respects, in accordance with HKAS 34. Deloitte Touche Tohmatsu Certified Public Accountants Hong Kong 25 August 2026
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28 Interim Condensed Consolidated Statement of Profit or Loss For the six months ended 30 June 2026 (All amounts expressed in RMB’000 unless otherwise stated) ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Six months ended 30 June Notes 2026 2025 (unaudited) (unaudited) Insurance revenue 6 16,988,705 15,041,419 Insurance service expenses 6 (16,248,586) (14,362,546) Net income from reinsurance contracts held 6 76,073 2,575 Insurance service result 816,192 681,448 Net investment income 7 790,453 697,520 Net fair value changes through profit or loss 8 817,291 (28,056) Net impairment losses on financial assets (5,929) (3,222) Finance expenses from insurance contracts issued (44,069) (25,051) Finance income from reinsurance contracts held 836 1 Other income 9 402,199 478,890 Foreign exchange gains/(losses) 14,609 (25,621) Other finance costs (64,357) (201,017) Other operating expenses 10 (461,388) (511,653) Other expenses 11 (195,554) (316,372) Share of net loss of associates and joint ventures accounted for using the equity method 21 (32,257) (6,623) Profit before income tax 2,038,026 740,244 Income tax 12 (488,062) (72,676) Net profit for the period 1,549,964 667,568 Attributable to: – Owners of the parent 1,549,964 667,568 – Non-controlling interests — — Earnings per share: – Basic earnings per share (RMB yuan) 13 0.92 0.45 – Diluted earnings per share (RMB yuan) 13 0.92 0.45 The accompanying notes form an integral part of the interim condensed consolidated financial statements. The interim condensed consolidated financial statements and the accompanying notes starting from page 28 to page 70 are signed by: Xing Jiang Gaofeng Li (On behalf of Board of Directors) (On behalf of Board of Directors)
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29 Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended 30 June 2026 (All amounts expressed in RMB’000 unless otherwise stated) ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Six months ended 30 June Notes 2026 2025 (unaudited) (unaudited) Net profit for the period 1,549,964 667,568 Other comprehensive income Items that may be reclassified subsequently to profit or loss – Changes in the fair value of debt instruments at fair value through other comprehensive income 14 66,784 (38,332) – Credit risks provision of debt instruments at fair value through other comprehensive income 14 (272) (3,718) – Share of other comprehensive income of associates and joint ventures accounted for using the equity method 14 (30,537) 3,456 Items that will not be reclassified subsequently to profit or loss – Changes in the fair value of equity instruments at fair value through other comprehensive income 14 (95,559) (5,501) Other comprehensive income for the period, net of tax 14 (59,584) (44,095) Total comprehensive income for the period 1,490,380 623,473 Attributable to: – Owners of the parent 1,490,380 623,473 – Non-controlling interests — —
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30 Interim Condensed Consolidated Statement of Financial Position At 30 June 2026 (All amounts expressed in RMB’000 unless otherwise stated) ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Notes 30 June 2026 31 December 2025 (unaudited) (audited) ASSETS Cash and amounts due from banks and other financial institutions 15 1,537,681 3,035,292 Securities purchased under agreements to resell 16 319,692 432,887 Financial assets at fair value through profit or loss 17 23,881,913 20,906,890 Financial assets at amortized cost 18 634,004 782,103 Debt financial assets at fair value through other comprehensive income 19 9,800,493 9,926,132 Equity financial assets at fair value through other comprehensive income 20 908,926 1,004,570 Insurance contract assets 32 83,906 477,038 Reinsurance contract assets 32 802,890 721,993 Investments in associates and joint venture 21 4,822,429 4,875,380 Term deposits 22 30,255 30,077 Restricted statutory deposits 23 351,489 347,287 Property and equipment 24 1,405,031 1,438,314 Right-of-use assets 25 155,767 151,319 Intangible assets 26 630,113 617,805 Deferred income tax assets 27 29,636 — Other assets 28 2,167,460 1,962,549 Total assets 47,561,685 46,709,636 EQUITY AND LIABILITIES Equity Share capital 29 1,684,813 1,684,813 Reserves 30 20,688,167 20,502,533 Retained earnings 4,566,512 3,261,918 Total equity 26,939,492 25,449,264 Liabilities Borrowings 68,498 71,155 Securities sold under agreements to repurchase 31 7,291,228 5,778,257 Income tax payable 91,445 406,615 Contract liabilities 23,067 27,957 Insurance contract liabilities 32 7,951,217 7,253,668 Reinsurance contract liabilities 32 497 256 Bonds payable 33 — 2,559,881 Lease liabilities 25 144,176 138,562 Deferred income tax liabilities 27 503,498 233,958 Other liabilities 34 4,548,567 4,790,063 Total liabilities 20,622,193 21,260,372 Total equity and liabilities 47,561,685 46,709,636
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31 Interim Condensed Consolidated Statement of Changes in Equity For the six months ended 30 June 2026 (All amounts expressed in RMB’000 unless otherwise stated) ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 For the six months ended 30 June 2026 (unaudited) Reserves Share capital Capital reserves Surplus reserves General risk reserves Other reserves due to share-based payments Financial assets at fair value through other comprehensive income revaluation reserves Share of other comprehensive income of associates and joint ventures accounted for using the equity method Other reserves Retained earnings Total equity 31 December 2025 1,684,813 19,943,299 162,907 162,907 100,241 70,747 100,317 (37,885) 3,261,918 25,449,264 Total comprehensive income — — — — — (29,047) (30,537) — 1,549,964 1,490,380 Appropriations to statutory surplus reserves and general risk reserves — — 122,842 122,842 — — — — (245,684) — Transfer of gain on disposal of equity instruments at fair value through other comprehensive income to retained earnings (Note 20) — — — — — (314) — — 314 — Other equity changes in associates and joint ventures — — — — — — — (152) — (152) 30 June 2026 1,684,813 19,943,299 285,749 285,749 100,241 41,386 69,780 (38,037) 4,566,512 26,939,492 For the six months ended 30 June 2025 (unaudited) Reserves Share capital Capital reserves Surplus reserves General risk reserves Other reserves due to share-based payments Financial assets at fair value through other comprehensive income revaluation reserves Share of other comprehensive income of associates and joint ventures accounted for using the equity method Other reserves Retained earnings Total equity 31 December 2024 1,469,813 16,607,618 — — 100,241 199,757 98,258 (10,012) 2,460,726 20,926,401 Total comprehensive income — — — — — (47,551) 3,456 — 667,568 623,473 Appropriations to statutory surplus reserves and general risk reserves — — 56,961 56,961 — — — — (113,922) — Transfer of gain on disposal of equity instruments at fair value through other comprehensive income to retained earnings (Note 20) — — — — — (377) — — 377 — Other equity changes in associates and joint ventures — — — — — — — 9,303 — 9,303 30 June 2025 1,469,813 16,607,618 56,961 56,961 100,241 151,829 101,714 (709) 3,014,749 21,559,177
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32 Interim Condensed Consolidated Statement of Cash Flows For the six months ended 30 June 2026 (All amounts expressed in RMB’000 unless otherwise stated) ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Six months ended 30 June Notes 2026 2025 (unaudited) (unaudited) NET CASH FLOWS GENERATED FROM OPERATING ACTIVITIES 35(a) 860,367 2,143,410 CASH FLOWS FROM INVESTING ACTIVITIES Payments for purchases of property and equipment, intangible assets and other assets (84,519) (941,341) Proceeds from sale of property and equipment, intangible assets and other assets 301 5 Proceeds from investments 13,093,459 18,638,905 Purchases of investments (14,452,301) (16,149,883) Payments for investments in associates and joint ventures (207,844) — Dividends and other returns received from investments 317,988 404,624 Net cash flows (used in)/generated from investing activities (1,332,916) 1,952,310 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings 17,958 8,315 Repayment of bonds (2,514,944) (4,277,659) Repayment of borrowings (20,615) (20,437) Increase in securities sold under agreements to repurchase, net 1,514,776 127,158 Interest paid (88,318) (239,240) Principal elements of lease payments (46,629) (66,904) Net cash flows used in financing activities (1,137,772) (4,468,767) Effects of exchange rate changes on cash and cash equivalents (478) 209 Net decrease in cash and cash equivalents (1,610,799) (372,838) Cash and cash equivalents at the beginning of period 35(b) 3,468,158 2,007,534 Cash and cash equivalents at the end of period 35(b) 1,857,359 1,634,696
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33 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Notes to the Interim Condensed Consolidated Financial Statements For the six months ended 30 June 2026 (All amounts expressed in RMB’000 unless otherwise stated) 1. GENERAL INFORMATION Approved by the former China Insurance Regulatory Commission (the “CIRC”) of the People ’s Republic of China (the “PRC”), ZhongAn Online P & C Insurance Co., Ltd. (the “Company”) is a joint stock company established on 9 October 2013. The Company and its subsidiaries (collectively, the “Group”) are principally engaged in Fintech business, which provides internet insurance services and insurance information technology services to customers. The Company became listed on the Main Board of The Stock Exchange of Hong Kong Limited on 28 September 2017, and its stock code is 6060. 2. BASIS OF PREPARATION This interim condensed consolidated financial statements for the six months ended 30 June 2026 has been prepared in accordance with Hong Kong Accounting Standard 34 “Interim Financial Reporting ” as issued by the Hong Kong Institute of Certified Public Accountants. In addition, the interim condensed consolidated financial statements includes applicable disclosures required by the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. Other than the changes in accounting policies resulting from HKFRS Accounting Standards, the accounting policies and methods of computation used in the interim condensed consolidated financial statements for the six months ended 30 June 2026 are the same as those presented in the Group ’s annual consolidated financial statements for the year ended 31 December 2025. This interim condensed consolidated financial statements does not include all the information and disclosures required in the annual financial statements, and therefore should be read in conjunction with the Group ’s annual consolidated financial statements for the year ended 31 December 2025. 3. MATERIAL ACCOUNTING POLICIES 3.1 Changes in accounting policies In the current interim period, the Group has applied the following new amendments which are mandatory effective for the annual period beginning on or after 1 January 2026 for the preparation of the Group ’s interim condensed consolidated financial statements: Amendments to the Classification and Measurement of Financial Instruments – Amendments to HKFRS 9 and HKFRS 7 Contracts Referencing Nature – dependent Electricity – Amendments to HKFRS 9 and HKFRS 7 Annual Improvements to HKFRS Accounting Standards – Volume 11 The application of the new amendments above have no material impact on the interim condensed consolidated financial statements.
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34 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Notes to the Interim Condensed Consolidated Financial Statements For the six months ended 30 June 2026 (All amounts expressed in RMB’000 unless otherwise stated) 3. MATERIAL ACCOUNTING POLICIES (continued) 3.2 New and revised standards issued but not yet adopted The Group has not applied the following new standards and amendments that have been issued but are not yet effective in this interim condensed consolidated financial statements: Effective for annual periods beginning on or after Presentation and Disclosure in Financial Statements – HKFRS 18 1 January 2027 Subsidiaries without Public Accountability: Disclosures – HKFRS 19 1 January 2027 Translation to a Hyperinflationary Presentation Currency – Amendments to HKAS 21 1 January 2027 Regulatory Assets and Regulatory Liabilities – HKFRS 20 1 January 2029 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture – Amendments to HKFRS 10 and HKAS 28 Date to be determined The Group has not early adopted any new standards or amendments that have been issued but are not yet effective. The Group is in the process of assessing the impact of applying the new standards and amendments on the financial statements. There are no other revised HKFRS Accounting Standards that are not yet effective that would be expected to have a material impact on the Group. 4. SEGMENT INFORMATION The Group’s operating segments are listed as follows: h The insurance segment offers a wide range of online P&C insurance business; h The technology segment provides IT related business and international IT consulting services to its customers; h The banking segment provides banking services to its customers; h The others segment includes entities other than the insurance segment, the technology segment and the banking segment, which mainly provides online life insurance business, insurance brokerage and medical services. The measurement of segment assets and liabilities, as well as segment revenue, expense and results is based on the Group’s accounting policies. There is no difference between the accounting policies used in the preparation of the Group ’s interim condensed consolidated financial statements and those used in preparing the operating segment information.
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35 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 4. SEGMENT INFORMATION (continued) Segment statement of profit or loss for the six months ended 30 June 2026 Insurance Technology Banking Others Eliminations Reconciliations* Total Insurance revenue 16,989,485 — — 4,766 (780) (4,766) 16,988,705 Insurance service expenses (16,303,391) — — (36,754) 54,805 36,754 (16,248,586) Net income from reinsurance contracts held 76,073 — — 6,850 — (6,850) 76,073 Insurance service result 762,167 — — (25,138) 54,025 25,138 816,192 Net investment income 799,005 13,312 60 (2,609) (1) (19,314) 790,453 Net fair value changes through profit or loss 796,988 2,342 — 14,575 — 3,386 817,291 Net impairment losses on financial assets (5,929) — (24,278) (202) — 24,480 (5,929) Finance expenses from insurance contracts issued (44,069) — — 14 — (14) (44,069) Finance income from reinsurance contracts held 836 — — (56) — 56 836 Other income 159,779 590,662 272,903 442,882 (731,986) (332,041) 402,199 Foreign exchange gains/(losses) 14,609 (286) 29,130 (823) — (28,021) 14,609 Other finance costs (59,903) (2,606) (6) (1,982) — 140 (64,357) Other operating expenses (454,460) (85,700) (170,295) (107,488) 136,229 220,326 (461,388) Other expenses (18,157) (486,772) (80,841) (240,571) 495,161 135,626 (195,554) Share of net profit/(loss) of associates and joint ventures accounted for using the equity method — (14,414) — 11,919 — (29,762) (32,257) Profit before income tax 1,950,866 16,538 26,673 90,521 (46,572) — 2,038,026 Income tax (470,057) — — (18,005) — — (488,062) Net profit for the period 1,480,809 16,538 26,673 72,516 (46,572) — 1,549,964 Segment assets and liabilities at 30 June 2026 Insurance Technology Banking Others Eliminations Reconciliations* Total Segment assets 46,544,964 1,855,889 10,119,631 4,323,331 (5,452,629) (9,829,501) 47,561,685 Segment liabilities 20,000,704 830,618 9,291,020 1,007,605 (678,253) (9,829,501) 20,622,193 * Reconciliations represented the elimination of the amounts disclosed for the joint venture - ZhongAn Technologies International Group Limited in excess of those amounts reflected in the interim condensed consolidated financial statements.
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36 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Notes to the Interim Condensed Consolidated Financial Statements For the six months ended 30 June 2026 (All amounts expressed in RMB’000 unless otherwise stated) 4. SEGMENT INFORMATION (continued) Segment statement of profit or loss for the six months ended 30 June 2025 Insurance Technology Banking Others Eliminations Reconciliations* Total Insurance revenue 15,041,681 — — 3,476 (262) (3,476) 15,041,419 Insurance service expenses (14,391,965) — — (3,266) 29,419 3,266 (14,362,546) Net income/(expenses) from reinsurance contracts held 2,575 — — (568) — 568 2,575 Insurance service result 652,291 — — (358) 29,157 358 681,448 Net investment income 667,937 34,701 120,833 16,682 (2,831) (139,802) 697,520 Net fair value changes through profit or loss (33,360) (6,473) — 9,845 — 1,932 (28,056) Net impairment losses on financial assets (3,222) — (39,431) (1,114) — 40,545 (3,222) Finance expenses from insurance contracts issued (25,051) — — (3,625) — 3,625 (25,051) Finance income from reinsurance contracts held 1 — — 502 — (502) 1 Other income 171,638 278,842 140,944 412,673 (313,526) (211,681) 478,890 Foreign exchange gains/(losses) (25,621) 448 35,048 923 — (36,419) (25,621) Other finance costs (198,574) (2,225) (4) (1,884) — 1,670 (201,017) Other operating expenses (440,354) (85,008) (125,059) (100,724) 65,902 173,590 (511,653) Other expenses (11,866) (267,096) (113,990) (343,742) 248,491 171,831 (316,372) Share of net profit/(loss) of associates and joint ventures accounted for using the equity method — (9,160) — 7,701 — (5,164) (6,623) Profit/(loss) before income tax 753,819 (55,971) 18,341 (3,121) 27,193 (17) 740,244 Income tax (80,774) (17) — 8,098 — 17 (72,676) Net profit/(loss) for the period 673,045 (55,988) 18,341 4,977 27,193 — 667,568 Segment assets and liabilities at 31 December 2025 Insurance Technology Banking Others Eliminations Reconciliations* Total Segment assets 45,596,594 1,976,951 9,750,230 4,453,241 (5,695,404) (9,371,976) 46,709,636 Segment liabilities 20,504,097 989,509 8,912,919 1,100,182 (874,359) (9,371,976) 21,260,372 * Reconciliations represented the elimination of the amounts disclosed for the joint venture - ZhongAn Technologies International Group Limited in excess of those amounts reflected in the interim condensed consolidated financial statements.
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37 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 5. SUBSIDIARIES (a) The Company ’s subsidiaries at 30 June 2026 are as follows: Name Place of operations Place of incorporation/ registration Kind of legal entity Nature of business Registered capital (thousand) Percentage of equity Acquisition mode ZhongAn Information Technology Services Limited Company ( “ZhongAn Technology”) Shanghai, The PRC Shenzhen, The PRC Limited Liability Company Technology Development/ Technology Consulting RMB5,000,000 100.00% Set-up ZhongAn Online Insurance Broker Limited Company (“ZhongAn Insurance Broker”) Guangzhou, The PRC Guangzhou, The PRC Limited Liability Company Insurance Broker RMB300,000 100.00% Set-up ZhongAn (Hainan) Medical Technology Co., Ltd. (“ZhongAn Medical Technology”) Hainan, The PRC Hainan, The PRC Limited Liability Company Medical Service RMB50,000 100.00% Set-up ZhongAn (Hainan) Telemedicine Centre Ltd. ( “ZA Telemedicine Centre”) Hainan, The PRC Hainan, The PRC Limited Liability Company Medical Service RMB50,000 100.00% Set-up ZhongAn (Hainan) Internet Hospital Ltd. ( “ZA Internet Hospital”) Hainan, The PRC Hainan, The PRC Limited Liability Company Internet Hospital RMB50,000 100.00% Set-up Shanghai Haoyaoshi ZhongAn Pharmacy Co., Ltd. ( “ZhongAn Pharmacy”) Shanghai, The PRC Shanghai, The PRC Limited Liability Company Pharmacy RMB1,000 100.00% Set-up Hebei Xiongan ZhongAn Financial Service Information Technology Limited Company (“Hebei Xiongan Information”) Hebei, The PRC Hebei, The PRC Limited Liability Company Technology Development/ Technology Consulting RMB3,000 100.00% Set-up ZA Technology Services Ltd. ( “ZA Technology”) British Virgin Islands British Virgin Islands Limited Liability Company Technology Development/ Technology Consulting USD0.001 100.00% Set-up ZhongAn (Wuxi) Information Technology Services Ltd. (“ZhongAn (Wuxi) Technology”) Jiangsu, The PRC Jiangsu, The PRC Limited Liability Company Technology Development/ Technology Consulting RMB50,000 100.00% Set-up Zhongyanshe (Jiaxing) Enterprise Management Consulting Ltd. (“Zhongyanshe”) Zhejiang, The PRC Zhejiang, The PRC Limited Liability Company Technology Training RMB5,000 100.00% Set-up Chongqing Zhongxiananxing Technologies Ltd. ( “Zhongxiananxing”) Chongqing, The PRC Chongqing, The PRC Limited Liability Company Technology Development/ Technology Consulting RMB50,000 100.00% Set-up Chongqing Zongrun Business Information Consulting Partnership (Limited Partnership) ( “Zongrun”) Chongqing, The PRC Chongqing, The PRC Limited Partnership Technology Development/ Technology Consulting RMB10,000 100.00% Equity purchase (i) Shanghai Lianmo Information Technology Co., Ltd. completed its industrial and commercial deregistration on 5 June 2026. (b) At 30 June 2026, consolidated structured entities are as followings: Name Held by the Company (%) Total Subscription Principal activities ZhongAn TaiKang Asset Management Plan 100.00% 2,267,601 Asset Management Product ZhongAn LeXiang No.1 Asset Management Plan 100.00% 2,227,609 Asset Management Product ICBC Credit Suisse Asset Management ZhongAn Insurance No.1 Asset Management Plan 100.00% 800,000 Asset Management Product Shanghai Dexu Investment Center (Limited Partnership) 98.77% 355,000 Equity Investment
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38 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Notes to the Interim Condensed Consolidated Financial Statements For the six months ended 30 June 2026 (All amounts expressed in RMB’000 unless otherwise stated) 6. INSURANCE SERVICE RESULT Six months ended 30 June 2026 2025 Insurance revenue Insurance revenue from contracts measured under the premium allocation approach ( “PAA”) 16,988,705 15,041,419 Total insurance revenue 16,988,705 15,041,419 Insurance service expenses Incurred claims and other directly attributable expenses (12,196,161) (10,270,074) Insurance acquisition cash flows amortization (5,093,058) (4,347,303) Losses on onerous contracts and reversal of those losses 277,533 (404,655) Adjustments to liabilities for incurred claims 763,100 659,486 Total insurance service expenses (16,248,586) (14,362,546) Net income from reinsurance contracts held Allocation of reinsurance premiums from reinsurance contracts measured under the PAA (485,376) (247,557) Recoveries on incurred claims and other incurred reinsurance service expenses 471,946 178,314 Changes in the loss recovery component (19,213) 27,917 Changes in expected recoveries on past claims 108,716 43,903 Effect of changes in the risk of reinsurers’ non-performance — (2) Total net income from reinsurance contracts held 76,073 2,575 Insurance service result 816,192 681,448
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39 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 7. NET INVESTMENT INCOME Six months ended 30 June 2026 2025 Interest income (a) – Bond investments 229,908 299,470 – Trust investment schemes 9,021 12,108 – Bank deposits 8,452 9,284 – Securities purchased under agreements to resell 2,396 2,586 – Debt investment schemes 965 — – Asset-backed securities 450 329 251,192 323,777 Dividend income (b) – Equity investments 46,738 37,954 – Wealth management products 15,635 17,541 – Fund investments 8,797 29,473 71,170 84,968 Realized gains, net (c) 468,091 288,775 790,453 697,520 (a) Interest income Six months ended 30 June 2026 2025 Financial assets not measured at fair value through profit or loss – Debt financial assets at fair value through other comprehensive income 115,527 137,085 – Financial assets at amortized cost 21,354 31,731 136,881 168,816 Financial assets at fair value through profit or loss 114,311 154,961 251,192 323,777
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40 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Notes to the Interim Condensed Consolidated Financial Statements For the six months ended 30 June 2026 (All amounts expressed in RMB’000 unless otherwise stated) 7. NET INVESTMENT INCOME (continued) (b) Dividend income Six months ended 30 June 2026 2025 Financial assets at fair value through profit or loss 53,855 64,374 Equity financial assets at fair value through other comprehensive income 17,315 20,594 71,170 84,968 (c) Realized gains, net Six months ended 30 June 2026 2025 Financial assets at fair value through profit or loss 463,817 210,511 Debt financial assets at fair value through other comprehensive income 4,274 52,872 Investments in subsidiaries, joint ventures and associates — 25,392 468,091 288,775 8. NET FAIR VALUE CHANGES THROUGH PROFIT OR LOSS Six months ended 30 June 2026 2025 Financial assets at fair value through profit or loss – Equity investments 613,964 (13,552) – Fund investments 110,329 52,015 – Bond investments 70,946 (76,133) – Wealth management products 22,017 9,614 – Debt investment schemes 35 — 817,291 (28,056)
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41 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 9. OTHER INCOME Six months ended 30 June 2026 2025 Revenue from services (a) 242,394 333,443 Government grants (b) 159,430 144,183 Others 375 1,264 402,199 478,890 (a) Revenue from services includes information technology services, insurance brokerage services and other services provided by the Group. (b) Government grants mainly include development support funds. 10. OTHER OPERATING EXPENSES Six months ended 30 June 2026 2025 Handling charges and commissions 2,360,292 2,172,805 Advertising and marketing expense 2,118,044 2,305,438 Consulting and technical fee 1,194,658 1,570,692 Employee benefit expense 497,022 601,776 Depreciation and amortization 124,566 150,554 Others 475,966 457,048 Less: Expenses attributed to insurance acquisition cash flows and other directly attributable expenses (6,309,160) (6,746,660) 461,388 511,653
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42 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Notes to the Interim Condensed Consolidated Financial Statements For the six months ended 30 June 2026 (All amounts expressed in RMB’000 unless otherwise stated) 11. OTHER EXPENSES Six months ended 30 June 2026 2025 Cost of providing services 125,492 270,232 Expense of providing services 47,184 31,904 Others 22,878 14,236 195,554 316,372 12. INCOME TAX (a) Income tax Six months ended 30 June 2026 2025 Current income tax 238,476 249,652 Deferred income tax (Note 27) 249,586 (176,976) 488,062 72,676
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43 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 12. INCOME TAX (continued) (b) Reconciliation of income tax A reconciliation of the tax expense applicable to profit before income tax using the applicable income tax rate to the income tax at the Group’s effective tax rate is as follows: Six months ended 30 June 2026 2025 Profit before income tax 2,038,026 740,244 Tax computed at the applicable tax rate 506,547 178,384 Income not subject to tax (3,542) (6,776) Expenses not deductible for tax 1,180 3,485 Deductible temporary differences and tax losses for which no deferred income tax assets were recognized 5,430 7,576 Extra tax deductions for research and development costs (18,479) (20,735) Utilization of previously unrecognized deductible temporary differences and tax losses (829) (5) Adjustments to income tax in respect of previous periods (2,245) (89,253) Income tax at the Group’s effective rate 488,062 72,676 13. EARNINGS PER SHARE Basic earnings per share is calculated by dividing net profit for the period attributable to owners of the parent by the weighted average number of shares in issue during the period. Diluted earnings per share is calculated by adjusting the weighted average number of shares outstanding to assume conversion of all dilutive potential shares. The calculation of earnings per share is based on the following: Six months ended 30 June 2026 2025 Net profit for the period attributable to owners of the parent 1,549,964 667,568 Weighted average number of shares in issue (in thousand) 1,684,813 1,469,813 Basic earnings per share (RMB yuan) 0.92 0.45 Diluted earnings per share (RMB yuan) 0.92 0.45 The Company had no dilutive potential shares during the six-month period ended 30 June 2026 and 2025 respectively.
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44 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Notes to the Interim Condensed Consolidated Financial Statements For the six months ended 30 June 2026 (All amounts expressed in RMB’000 unless otherwise stated) 14. OTHER COMPREHENSIVE INCOME Six months ended 30 June 2026 2025 Debt financial assets at fair value through other comprehensive income Gains/(Losses) from changes in the fair value of debt instruments at fair value through other comprehensive income 93,010 (1,778) Reclassification adjustments for amounts transferred to profit or loss (3,964) (49,331) Change in credit risks provision of debt instruments at fair value through other comprehensive income (363) (4,957) Income tax relating to debt instruments at fair value through other comprehensive income (22,171) 14,016 Equity financial assets at fair value through other comprehensive income Losses from changes in the fair value of equity instruments at fair value through other comprehensive income (127,412) (7,335) Income tax relating to equity instruments at fair value through other comprehensive income 31,853 1,834 Share of other comprehensive income of associates and joint ventures accounted for using the equity method (30,537) 3,456 (59,584) (44,095) 15. CASH AND AMOUNTS DUE FROM BANKS AND OTHER FINANCIAL INSTITUTIONS 30 June 2026 31 December 2025 Deposits with original maturity of no more than three months 1,145,529 1,892,900 Other monetary assets (a) 392,136 1,142,374 Add: Interest receivables 16 18 Less: Impairment provisions — — 1,537,681 3,035,292 (a) Other monetary assets refer to funds deposited by the Group for daily business operations and investment activities.
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45 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 16. SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL 30 June 2026 31 December 2025 Securities - bonds – Stock exchange 319,694 377,884 – Inter-bank market — 55,000 Add: Interest receivables — 5 Less: Impairment provisions (2) (2) 319,692 432,887 17. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS 30 June 2026 31 December 2025 Bond investments 8,795,740 8,730,253 Fund investments 6,780,546 6,377,784 Equity investments 4,350,906 2,635,615 Wealth management products 3,924,946 3,133,827 Asset-backed securities 20,600 20,271 Debt investment schemes 9,175 9,140 23,881,913 20,906,890 Comprising: – Listed 6,457,237 4,524,334 – Unlisted 17,424,676 16,382,556
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46 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Notes to the Interim Condensed Consolidated Financial Statements For the six months ended 30 June 2026 (All amounts expressed in RMB’000 unless otherwise stated) 18. FINANCIAL ASSETS AT AMORTIZED COST 30 June 2026 31 December 2025 Trust investment schemes 542,479 690,931 Bond investments – Government bonds 51,047 50,162 – Corporate bonds 40,603 41,227 Less: Impairment provisions (125) (217) 634,004 782,103 Comprising: – Listed — — – Unlisted 634,004 782,103 The Group’s maximum exposure to loss in the trust investment schemes is limited to their carrying amounts. 19. DEBT FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME 30 June 2026 31 December 2025 Bond investments – Corporate bonds 4,975,963 5,427,268 – Finance bonds 3,131,233 3,504,651 – Government bonds 1,663,117 964,058 Asset-backed securities 30,180 30,155 9,800,493 9,926,132 Comprising: – Listed 1,052,722 1,098,909 – Unlisted 8,747,771 8,827,223 Comprising: – Amortized cost 9,625,443 9,840,128 – Cumulative fair value changes 175,050 86,004 At 30 June 2026 and 31 December 2025, the total provision for impairment losses recognised in debt financial assets at fair value through other comprehensive income were RMB2,192 thousand and RMB2,555 thousand, respectively.
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47 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 20. EQUITY FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME 30 June 2026 31 December 2025 Equity investments 908,926 1,004,570 Comprising: – Listed 872,506 968,150 – Unlisted 36,420 36,420 Comprising: – Cost 1,031,500 999,313 – Cumulative fair value changes (122,574) 5,257 The Group designated the portion of equity investments, which are held not for short-term price fluctuation gains, but for the dividends income arising from long-term possession, as equity financial assets at fair value through other comprehensive income. For the six months ended 30 June 2026 and 2025, dividend income recognised for such equity investments were RMB17,315 thousand and RMB20,594 thousand. As a result of the change of investment strategies, the Group disposed certain equity investments. The cumulative gains net of tax transferred into retained earnings from other comprehensive income after disposal were RMB314 thousand and RMB377 thousand for the six months ended 30 June 2026 and 2025. 21. INVESTMENTS IN ASSOCIATES AND JOINT VENTURE 31 December 2025 Addition Share of net profit/(loss) Share of other comprehensive income Other equity changes 30 June 2026 Chongqing ZhongAn Microloan Limited Company ( “ZhongAn Microloan”) 457,217 — 159 — — 457,376 ZhongAn Information Technology (Shenzhen) Co., Ltd. ( “ZhongAn Xinke”) 299,491 — (14,574) 9,660 293 294,870 ZhongAn Technologies International Group Limited ( “ZhongAn International”) 4,037,243 — (37,470) (40,197) (445) 3,959,131 Shanghai Ju’A Technology Ltd. ( “Shanghai Ju’A”) — — — — — — Nova Insight Technology Limited ( “Nova Insight”) 81,429 — 19,642 — — 101,071 Yiyuan Technology Ltd. ( “Yiyuan”) — — — — — — Yongchuangda Insurance Sales Co., Ltd. ( “Yongchuangda”)(i) — 9,995 (14) — — 9,981 4,875,380 9,995 (32,257) (30,537) (152) 4,822,429 (i) The Company completed the equity change registration for Yongchuangda on 25 May 2026, holding a 16.18% stake in Yongchuangda, and appointed one director to Yongchuangda’s board of directors.
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48 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Notes to the Interim Condensed Consolidated Financial Statements For the six months ended 30 June 2026 (All amounts expressed in RMB’000 unless otherwise stated) 22. TERM DEPOSITS 30 June 2026 31 December 2025 Maturity Period 1 to 2 years (including 2 years) 30,000 30,000 Add: Interest receivables 273 95 Less: Impairment provisions (18) (18) 30,255 30,077 23. RESTRICTED STATUTORY DEPOSITS 30 June 2026 31 December 2025 Restricted statutory deposits 340,000 340,000 Add: Interest receivables 11,604 7,402 Less: Impairment provisions (115) (115) 351,489 347,287 In accordance with relevant provision of Insurance Law of the PRC, the Company should place 20% of its share capital as restricted statutory deposits. 30 June 2026 Amount Storage Period China Guangfa Bank 105,500 Term deposit 3 years China Guangfa Bank 94,500 Negotiable deposit 5 years and 1 month Bank of Nanjing 90,000 Term deposit 3 years Bank of China 50,000 Term deposit 3 years 340,000
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49 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 23. RESTRICTED STATUTORY DEPOSITS (continued) 31 December 2025 Amount Storage Period China Guangfa Bank 105,500 Term deposit 3 years China Guangfa Bank 94,500 Negotiable deposit 5 years and 1 month Bank of Nanjing 90,000 Term deposit 3 years Bank of China 50,000 Term deposit 3 years 340,000 24. PROPERTY AND EQUIPMENT Buildings Motor vehicles Electrical equipment Office furniture and equipment Leasehold improvements Total Cost 1 January 2026 1,409,189 3,978 56,308 11,979 226,984 1,708,438 Addition — — 3,092 301 5,049 8,442 Disposal — — (4,197) (47) — (4,244) 30 June 2026 1,409,189 3,978 55,203 12,233 232,033 1,712,636 Accumulated depreciation and impairment 1 January 2026 (16,887) (2,893) (35,005) (9,695) (205,644) (270,124) Depreciation (21,962) (301) (3,504) (310) (15,391) (41,468) Disposal — — 3,942 45 — 3,987 30 June 2026 (38,849) (3,194) (34,567) (9,960) (221,035) (307,605) Net book value 1 January 2026 1,392,302 1,085 21,303 2,284 21,340 1,438,314 30 June 2026 1,370,340 784 20,636 2,273 10,998 1,405,031
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50 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Notes to the Interim Condensed Consolidated Financial Statements For the six months ended 30 June 2026 (All amounts expressed in RMB’000 unless otherwise stated) 25. LEASES (a) Amounts recognised in the interim condensed consolidated statement of financial position The interim condensed consolidated statement of financial position shows the following amounts relating to leases: 30 June 2026 31 December 2025 Right-of-use assets Buildings 155,767 151,319 Lease liabilities 144,176 138,562 Additions to the right-of-use assets during the six months ended 30 June 2026 and 2025 were RMB1,095 thousand and RMB30,578 thousand, respectively. (b) Amounts recognised in the interim condensed consolidated statement of profit or loss The interim condensed consolidated statement of profit or loss shows the following amounts relating to leases: Six months ended 30 June 2026 2025 Depreciation charge of right-of-use assets Buildings (48,192) (63,506) Expense relating to short-term leases 1,204 979 Interest expense 4,119 2,518 The total cash outflow relating to leases for the six months ended 30 June 2026 and 2025 was RMB47,833 thousand and RMB67,883 thousand, respectively.
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51 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 26. INTANGIBLE ASSETS Software Other Total Cost 1 January 2026 1,691,900 1,843 1,693,743 Addition 76,077 — 76,077 Disposal (7,749) — (7,749) 30 June 2026 1,760,228 1,843 1,762,071 Accumulated amortization and impairment 1 January 2026 (1,074,469) (1,469) (1,075,938) Amortization (60,665) (90) (60,755) Disposal 7,749 — 7,749 Impairment (3,014) — (3,014) 30 June 2026 (1,130,399) (1,559) (1,131,958) Net book value 1 January 2026 617,431 374 617,805 30 June 2026 629,829 284 630,113
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52 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Notes to the Interim Condensed Consolidated Financial Statements For the six months ended 30 June 2026 (All amounts expressed in RMB’000 unless otherwise stated) 27. DEFERRED INCOME TAX ASSETS AND LIABILITIES 30 June 2026 31 December 2025 Net deferred income tax liabilities, at the beginning of period/year (233,958) (270,136) Recognised in profit or loss (249,586) 1,642 Recognised in other comprehensive income 9,682 34,536 Net deferred income tax liabilities, at the end of period/year (473,862) (233,958) The breakdown of deferred income tax assets and liabilities at the end of the period, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows: 30 June 2026 31 December 2025 Deferred income tax assets/(liabilities) Insurance contract liabilities 432,517 427,742 Amortization of intangible assets 39,608 53,449 Net fair value adjustment on equity financial assets at fair value through other comprehensive income 30,644 (1,314) Estimated liabilities for sales return 30,510 29,806 Lease liabilities 28,857 26,281 Impairment loss provisions 6,765 6,144 Employee benefits 1,787 3,196 Depreciation of property and equipment (576) (1,277) Right-of-use assets (33,433) (30,449) Net fair value adjustment and credit risks provision on debt financial assets at fair value through other comprehensive income (44,311) (22,140) Net fair value adjustment on financial assets at fair value through profit or loss (446,207) (242,325) Unrealized gains of structured entities (531,764) (494,679) Others 11,741 11,608 Net deferred income tax liabilities (473,862) (233,958) Represented by Deferred income tax assets 582,429 558,226 Deferred income tax liabilities (1,056,291) (792,184) Net value of deferred income tax assets 29,636 — Net value of deferred income tax liabilities (503,498) (233,958) Deferred income tax assets are recognised for tax loss carry-forwards to the extent that the realization of the related tax benefit through future taxable profits is probable. At 30 June 2026, the Group did not recognise deferred income tax assets of RMB471,784 thousand in respect of losses amounting to RMB3,150,300 thousand that can be carried forward against future taxable income.
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53 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 28. OTHER ASSETS 30 June 2026 31 December 2025 Coinsurance receivable 769,448 593,299 Advanced payment 297,030 260,457 Estimate of input tax 226,485 141,948 Service fee receivable 199,374 287,770 Output tax of premium receivable 199,058 258,138 Deposits 134,558 146,983 Receivable from securities clearing 74,133 69,032 Recharge expense receivable 6,511 56,354 Assets recognised from costs to fulfil a contract 2,560 3,248 Others 261,086 148,123 Less: Provision for other assets (2,783) (2,803) 2,167,460 1,962,549 29. SHARE CAPITAL 30 June 2026 31 December 2025 Number of shares issued and fully paid at RMB1 yuan each 1,684,813 1,684,813
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54 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Notes to the Interim Condensed Consolidated Financial Statements For the six months ended 30 June 2026 (All amounts expressed in RMB’000 unless otherwise stated) 30. RESERVES The amounts of the Group’s reserves and the movements therein during the period are presented in the interim condensed consolidated statement of changes in equity. (a) Capital reserves Capital reserves mainly represent share premiums from issuance of shares. (b) Surplus reserves Surplus reserves consist of the statutory surplus reserves and the discretionary surplus reserves. (i) Statutory surplus reserves (the “SSR”) According to the PRC Company Law and the articles of association of the Company, the Company is required to set aside 10% of their net profit (after offsetting the accumulated losses incurred in previous years) determined under the Accounting Standard for Business Enterprises - Basic Standard, the specific accounting standards and other relevant regulations issued by the Ministry of Finance on 15 February 2006 and in subsequent periods (“PRC GAAP”), to the SSR until the balance reaches 50% of the respective registered capital. Subject to the approval of shareholders, the SSR may be used to offset the accumulated losses, if any, and may also be converted into capital, provided that the balance of the SSR after such capitalisation is not less than 25% of the registered capital of the Company’s retained profits. (ii) Discretionary surplus reserves (the “DSR”) After making necessary appropriations to the SSR, the Company may also appropriate a portion of their net profit to the DSR upon the approval of the shareholders in general meetings. Subject to the approval of the shareholders, the DSR may be used to offset accumulated losses, if any, and may be converted into capital. (c) General risk reserves According to the relevant regulations of the PRC, the Company has to set aside 10% of its net profit determined in accordance with PRC GAAP to the general risk reserves for catastrophic losses. General risk reserves cannot be used for dividend distribution or converted into capital. (d) Other reserves Other reserves mainly include other reserves due to share-based payments, investment revaluation reserves and the share of other comprehensive income of associates and joint ventures accounted for using the equity method.
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55 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 31. SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE 30 June 2026 31 December 2025 Securities - bonds – Inter-bank market 6,693,081 5,397,426 – Stock exchange 596,220 377,099 Add: Interest payables 1,927 3,732 7,291,228 5,778,257 At 30 June 2026 and 31 December 2025, debt investments of approximately RMB7,870,423 thousand and RMB6,443,133 thousand were respectively pledged as securities sold under agreements to repurchase. Securities sold under agreements to repurchase are generally repurchased within 12 months from the date the securities are sold. 32. INSURANCE AND REINSURANCE CONTRACTS (a) Analysis by measurement component 30 June 2026 31 December 2025 Insurance contracts Insurance contract assets measured under the PAA 83,906 477,038 Insurance contract liabilities measured under the PAA (7,951,217) (7,253,668) (7,867,311) (6,776,630) Reinsurance contracts Reinsurance contract assets measured under the PAA 802,890 721,993 Reinsurance contract liabilities measured under the PAA (497) (256) 802,393 721,737
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56 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Notes to the Interim Condensed Consolidated Financial Statements For the six months ended 30 June 2026 (All amounts expressed in RMB’000 unless otherwise stated) 32. INSURANCE AND REINSURANCE CONTRACTS (continued) (b) Analysis by remaining coverage and incurred claims 30 June 2026 31 December 2025 Insurance contracts – Liabilities for remaining coverage Excluding loss component (1,431,663) (326,557) Loss component (849,741) (1,120,207) – Liabilities for incurred claims Estimates of present value of future cash flows (5,452,857) (5,206,686) Risk adjustment for non – financial risk (133,050) (123,180) Net insurance contract liabilities (7,867,311) (6,776,630) Reinsurance contracts – Liabilities for remaining coverage Excluding loss component (1,042,022) (828,497) Loss component 10,773 29,816 – Liabilities for incurred claims Estimates of present value of future cash flows 1,826,626 1,514,330 Risk adjustment for non – financial risk 7,016 6,088 Net reinsurance contract assets 802,393 721,737
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57 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 33. BONDS PAYABLE On 16 July 2020, the Company issued 5-year notes in the aggregate principal amount of USD600,000 thousand at the rate of 3.125 per cent on the Hong Kong Stock Exchange. On 8 September 2020, the Company issued 5.5 years notes in the aggregate principal amount of USD300,000 thousand at the rate of 3.50 per cent on the Hong Kong Stock Exchange. On 12 October 2020, the Company issued an additional note in the aggregate principal amount of USD100,000 thousand at the rate of 3.50 per cent on the Hong Kong Stock Exchange, which was consolidated and formed a single series with the USD300,000 thousand notes issued on 8 September 2020. As of 31 December 2024, the Company had repurchased notes in the aggregate principal amount of USD49,900 thousand on the Hong Kong Stock Exchange. On 15 May 2025, the Company redeemed notes at a total aggregate principal amount of USD590,000 thousand on the Hong Kong Stock Exchange. On 13 January 2026, the Company redeemed notes at a total aggregate principal amount of USD360,100 thousand on the Hong Kong Stock Exchange. Upon redemption and cancellation of the outstanding amount of the notes on the date of redemption, there are no notes in issue as of 30 June 2026. 34. OTHER LIABILITIES 30 June 2026 31 December 2025 Payables to service suppliers 2,251,042 1,971,062 Commission and brokerage payable 1,326,701 1,146,164 Salary and staff welfare payable 246,567 359,166 Deposit payable 152,857 430,852 Tax payable other than income tax 112,978 174,575 Estimated liabilities 98,051 165,999 Insurance guarantee fund 68,505 70,419 Coinsurance payable 29,879 31,722 Payables for asset management fee 12,898 16,790 Others 249,089 423,314 4,548,567 4,790,063
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58 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Notes to the Interim Condensed Consolidated Financial Statements For the six months ended 30 June 2026 (All amounts expressed in RMB’000 unless otherwise stated) 35. NOTE TO CONSOLIDATED STATEMENT OF CASH FLOWS (a) Reconciliation from profit before income tax to cash generated from operating activities: Six months ended 30 June 2026 2025 Profit before income tax 2,038,026 740,244 Provision for impairment losses 3,402 24,402 Net impairment losses on financial assets 5,929 3,222 Net investment income (790,453) (697,520) Net fair value changes through profit or loss (817,291) 28,056 Depreciation of property and equipment 41,468 28,365 Amortization of intangible assets 60,755 58,398 Depreciation of right-of-use assets 48,192 63,506 Gains on disposal of property and equipment, intangible assets and other long-term assets (44) (761) Foreign exchange (gains)/losses (14,609) 25,621 Other finance costs 64,357 201,017 Increase in net reinsurance contract assets (80,656) (88,360) Increase in net insurance contract liabilities 1,090,681 721,724 Share of net loss of associates and joint ventures 32,257 6,623 (Increase)/Decrease in other operating assets (47,671) 376,547 (Decrease)/Increase in other operating liabilities (220,330) 660,307 Cash flows generated from operations 1,414,013 2,151,391 Income tax paid (553,646) (7,981) Net cash flows generated from operating activities 860,367 2,143,410 (b) Cash and cash equivalents 30 June 2026 31 December 2025 Deposits with original maturity of no more than three months 1,145,529 1,892,900 Securities purchased under agreements to resell 319,694 432,884 Other monetary assets 392,136 1,142,374 1,857,359 3,468,158
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59 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 36. RELATED PARTY TRANSACTIONS The Company’s directors were of the view that Ant Group Co., Ltd. ( “Ant Group”), Ping An Insurance (Group) Co. of China Ltd. (“Ping An Insurance ”), Tencent Holdings Limited ( “Tencent”), Z Fin Limited ( “Z Fin”), ZhongAn International, Nova Insight, Yiyuan and ZhongAn Xinke and their subsidiaries were considered as related parties of the Group. Key management personnel and the entity controlled or jointly controlled by a person identified as key management personnel are considered as related parties of the Group as well. The Group ’s transactions with related parties are conducted under the ordinary course of business. The Group had the following major transactions with related parties: (a) Sale of insurance contracts Six months ended 30 June 2026 2025 Tencent and its subsidiaries 9,222 25,297 Ant Group and its subsidiaries 6,919 — ZhongAn International and its subsidiaries 2,173 3,709 Nova Insight and its subsidiaries 524 1,512 18,838 30,518 (b) Sale of technology service Six months ended 30 June 2026 2025 ZhongAn Xinke and its subsidiaries 131 39,439 (c) Sale of brokerage service Six months ended 30 June 2026 2025 Ping An Insurance and its subsidiaries 1,973 2,089
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60 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Notes to the Interim Condensed Consolidated Financial Statements For the six months ended 30 June 2026 (All amounts expressed in RMB’000 unless otherwise stated) 36. RELATED PARTY TRANSACTIONS (continued) (d) Claim from insurance contracts Six months ended 30 June 2026 2025 Ant Group and its subsidiaries 31,051 26,582 Tencent and its subsidiaries 2,950 8,963 Z Fin and its subsidiaries 2,287 22 ZhongAn Xinke and its subsidiaries 430 460 Nova Insight and its subsidiaries 202 2,365 36,920 38,392 (e) Premiums ceded to reinsurer Six months ended 30 June 2026 2025 Tencent and its subsidiaries 127,740 237,756 (f) Reinsurance commission income Six months ended 30 June 2026 2025 Tencent and its subsidiaries 71,707 140,753 (g) Claims recovery from reinsurers Six months ended 30 June 2026 2025 Tencent and its subsidiaries 134,228 102,531
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61 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 36. RELATED PARTY TRANSACTIONS (continued) (h) Handling charges and commissions Six months ended 30 June 2026 2025 Ant Group and its subsidiaries 800,817 932,549 Nova Insight and its subsidiaries 98,871 20,986 Tencent and its subsidiaries 32,347 80,549 932,035 1,034,084 (i) Asset management fees Six months ended 30 June 2026 2025 Ping An Insurance and its subsidiaries 4,093 4,055 (j) Fees for purchasing goods and other services Six months ended 30 June 2026 2025 Ant Group and its subsidiaries 470,653 765,355 Nova Insight and its subsidiaries 176,594 183,201 Yiyuan and its subsidiaries 64,414 45,233 Tencent and its subsidiaries 55,386 33,142 ZhongAn Xinke and its subsidiaries 54,176 134,112 Ping An Insurance and its subsidiaries 18,436 19,182 Z Fin and its subsidiaries 9,585 6,773 849,244 1,186,998 Fees for purchasing goods and other services mainly include cloud rental fees, advertising fees, property service fees and other IT service fees.
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62 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Notes to the Interim Condensed Consolidated Financial Statements For the six months ended 30 June 2026 (All amounts expressed in RMB’000 unless otherwise stated) 36. RELATED PARTY TRANSACTIONS (continued) (k) Payment of lease liabilities Six months ended 30 June 2026 2025 Z Fin and its subsidiaries 45,196 58,289 (l) Deposits and other monetary assets deposited in related parties 30 June 2026 31 December 2025 Ant Group and its subsidiaries 187,502 247,259 Ping An Insurance and its subsidiaries 81,946 103,376 Tencent and its subsidiaries 27,509 22,883 296,957 373,518 (m) Receivables from related parties 30 June 2026 31 December 2025 Ping An Insurance and its subsidiaries (i) 716,309 562,702 Tencent and its subsidiaries 351,502 436,950 ZhongAn International and its subsidiaries 199,026 57,641 Ant Group and its subsidiaries 33,073 35,809 Z Fin and its subsidiaries 26,860 55,776 ZhongAn Xinke and its subsidiaries 11,978 29,629 Yiyuan and its subsidiaries 2,037 7,678 Nova Insight and its subsidiaries 473 1,666 1,341,258 1,187,851 (i) Due to the motor co-insurance business with Ping An Property and Casualty Insurance Company of China, Ltd..
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63 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 36. RELATED PARTY TRANSACTIONS (continued) (n) Prepayments to related parties 30 June 2026 31 December 2025 Ant Group and its subsidiaries 144,141 135,982 Tencent and its subsidiaries 14,196 — Z Fin and its subsidiaries 12,954 11,788 Yiyuan Technology and its subsidiaries 9,393 9,299 180,684 157,069 (o) Payables to related parties 30 June 2026 31 December 2025 Ant Group and its subsidiaries 453,261 438,078 Tencent and its subsidiaries 341,147 559,781 Nova Insight and its subsidiaries 218,149 207,303 ZhongAn Xinke and its subsidiaries 87,024 123,888 Yiyuan Technology and its subsidiaries 20,306 256 Ping An Insurance and its subsidiaries 7,956 4,937 1,127,843 1,334,243 (p) Lease liabilities 30 June 2026 31 December 2025 Z Fin and its subsidiaries 120,583 106,807
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64 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Notes to the Interim Condensed Consolidated Financial Statements For the six months ended 30 June 2026 (All amounts expressed in RMB’000 unless otherwise stated) 36. RELATED PARTY TRANSACTIONS (continued) (q) Capital transaction with related parties In August 2025, ZhongAn International entered into a share purchase agreement with ZhongAn Technology and other shareholders of ZhongAn International, pursuant to which, ZhongAn Technology agreed to subscribe for a maximum of 135,423,860 ordinary shares of ZhongAn International. In March 2026, ZhongAn Technology made an initial subscription payment of RMB197,848 thousand to ZhongAn International. (r) Compensation of key management personnel The compensations paid or payable to key management personnel are shown below: Six months ended 30 June 2026 2025 Wages, salaries and bonuses 8,279 8,321 Pension costs – defined contribution plans 446 437 Other social security costs, housing benefits and other employee benefits 438 442 9,163 9,200 37. CONTINGENT LIABILITIES Owing to the nature of the insurance business, the Group is involved in the making of estimates for contingencies and legal proceedings in the ordinary course of business, both in the capacity as plaintiff or defendant in litigation and arbitration. Legal proceedings mostly involve claims on the Group ’s insurance products. Provision has been made for the probable losses to the Group, including those claims where directors can reasonably estimate the outcome of the litigations taking into account the related legal advice, if any. No provision is made for contingencies and legal proceedings when the result cannot be reasonably estimated or the probability of loss is so low. In addition to the above contingencies and legal proceedings relating to the claims on the Group ’s insurance products, at 30 June 2026, the Group has no major pending litigation that may have a material adverse effect on the financial position or operating results of the Group.
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65 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 38. MATURITY PROFILE OF FINANCIAL INSTRUMENTS The tables below summarize the maturity profiles of the main financial assets and financial liabilities of the Group based on remaining undiscounted contractual cash flows and remaining maturity of expected cash flows: 30 June 2026 On demand Within 1 year 1 to 5 years Over 5 years Undated Total Assets: Cash and amounts due from banks and other financial institutions 1,537,681 — — — — 1,537,681 Securities purchased under agreements to resell — 319,708 — — — 319,708 Financial assets at fair value through profit or loss — 483,088 1,451,700 8,651,921 15,056,398 25,643,107 Financial assets at amortized cost — 64,189 528,469 107,430 — 700,088 Debt financial assets at fair value through other comprehensive income — 1,612,142 4,116,570 6,025,506 — 11,754,218 Equity financial assets at fair value through other comprehensive income — — — — 908,926 908,926 Term deposits — — 30,720 — — 30,720 Restricted statutory deposits — 54,500 316,215 — — 370,715 Other assets — 1,428,430 134,558 — — 1,562,988 Total 1,537,681 3,962,057 6,578,232 14,784,857 15,965,324 42,828,151 Liabilities: Borrowings — 70,461 — — — 70,461 Securities sold under agreements to repurchase — 7,292,151 — — — 7,292,151 Lease liabilities — 102,943 47,134 — — 150,077 Other liabilities — 3,993,070 152,857 — — 4,145,927 Total — 11,458,625 199,991 — — 11,658,616
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66 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Notes to the Interim Condensed Consolidated Financial Statements For the six months ended 30 June 2026 (All amounts expressed in RMB’000 unless otherwise stated) 38. MATURITY PROFILE OF FINANCIAL INSTRUMENTS (continued) The tables below summarize the maturity profiles of the main financial assets and financial liabilities of the Group based on remaining undiscounted contractual cash flows and remaining maturity of expected cash flows (continued): 31 December 2025 On demand Within 1 year 1 to 5 years Over 5 years Undated Total Assets: Cash and amounts due from banks and other financial institutions 3,035,292 — — — — 3,035,292 Securities purchased under agreements to resell — 432,930 — — — 432,930 Financial assets at fair value through profit or loss — 360,612 1,772,627 8,128,401 12,147,226 22,408,866 Financial assets at amortized cost — 260,855 487,885 107,399 — 856,139 Debt financial assets at fair value through other comprehensive income — 1,421,817 5,062,059 4,798,795 — 11,282,671 Equity financial assets at fair value through other comprehensive income — — — — 1,004,570 1,004,570 Term deposits — — 30,720 — — 30,720 Restricted statutory deposits — — 370,715 — — 370,715 Other assets — 1,338,284 146,983 — — 1,485,267 Total 3,035,292 3,814,498 7,870,989 13,034,595 13,151,796 40,907,170 Liabilities: Borrowings — 73,132 — — — 73,132 Securities sold under agreements to repurchase — 5,780,006 — — — 5,780,006 Bonds payable — 2,561,830 — — — 2,561,830 Lease liabilities — 80,771 64,894 — — 145,665 Other liabilities — 3,793,139 430,852 — — 4,223,991 Total — 12,288,878 495,746 — — 12,784,624
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67 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 39. FAIR VALUE MEASUREMENT Fair value estimates are made at a specific point in time based on relevant market information and information about financial instruments. When an active market exists, such as an authorized securities exchange, the market value is the best reflection of the fair values of financial instruments. For financial instruments where there is no active market, fair value is determined using valuation techniques. At 30 June 2026, the Group ’s financial assets mainly include cash and amounts due from banks and other financial institutions, securities purchased under agreements to resell, financial assets at fair value through profit or loss, financial assets at amortized cost, financial assets at fair value through other comprehensive income, term deposits and restricted statutory deposits. Determination of fair value and fair value hierarchy All assets and liabilities for which fair value is measured or disclosed in the interim condensed consolidated financial statements are categorized within the fair value hierarchies. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the fair value hierarchy within which the fair value measurement is categorized in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. The levels of the fair value hierarchy are as follows: (a) Fair value is based on quoted prices (unadjusted) in active markets for identical assets or liabilities ( “Level 1”); (b) Fair value is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices) (“Level 2”); and (c) Fair value is based on inputs for the asset or liability that are not based on observable market data (unobservable inputs) (“Level 3”). The level of fair value calculation is determined by the lowest level input with material significant in the overall calculation. As such, the significance of the input should be considered from an overall perspective in the calculation of fair value. For Level 2 financial instruments, valuations are generally obtained from third party pricing services for identical or comparable assets, or through the use of valuation methodologies using observable market inputs, or recent quoted market prices. Valuation service providers typically gather, analyze and interpret information related to market transactions and other key valuation model inputs from multiple sources, and through the use of widely accepted internal valuation models, provide a theoretical quote on various securities. Debt securities traded among Chinese interbank market are classified as Level 2 when they are valued at recent quoted price from Chinese interbank market or from valuation service providers. Substantially most financial instruments classified within Level 2 of the fair value hierarchy are debt investments denominated in RMB. Fair value of debt investments denominated in RMB is determined based upon the valuation results by the China Central Depository & Clearing Co., Ltd, China Securities Depository and Clearing Corporation Limited and Shanghai Clearing House. All significant inputs are observable in the market.
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68 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Notes to the Interim Condensed Consolidated Financial Statements For the six months ended 30 June 2026 (All amounts expressed in RMB’000 unless otherwise stated) 39. FAIR VALUE MEASUREMENT (continued) Determination of fair value and fair value hierarchy (continued) For Level 3 financial instruments, prices are determined using valuation methodologies such as discounted cash flow models and other similar techniques. Determinations to classify fair value measures within Level 3 of the valuation hierarchy are generally based on the significance of the unobservable factors to the overall fair value measurement, and valuation methodologies such as discounted cash flow models and other similar techniques. The Group ’s valuation team may choose to apply internally developed valuation method to the assets or liabilities being measured, determine the main inputs for valuation, and analyze the change of the valuation and report it to management. Key inputs involved in internal valuation services are not based on observable market data. They reflect assumptions made by management based on judgements and experiences. For assets and liabilities that are recognised at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. The following tables provide the fair value measurement hierarchy of the Group’s financial assets and liabilities: 30 June 2026 Level 1 Level 2 Level 3 Total Assets measured at fair value Financial assets at fair value through profit or loss – Bond investments 1,018,839 7,776,901 — 8,795,740 – Fund investments 1,643,986 5,136,560 — 6,780,546 – Equity investments 3,794,412 — 556,494 4,350,906 – Wealth management products 685,108 3,239,838 — 3,924,946 – Asset-backed securities — 20,600 — 20,600 – Debt investment schemes — — 9,175 9,175 Financial assets at fair value through other comprehensive income – Bond investments 1,022,542 8,747,771 — 9,770,313 – Equity investments 872,506 — 36,420 908,926 – Asset-backed securities 30,180 — — 30,180 9,067,573 24,921,670 602,089 34,591,332 Assets for which fair values are disclosed Financial assets at amortized cost — 93,361 542,374 635,735
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69 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 39. FAIR VALUE MEASUREMENT (continued) Determination of fair value and fair value hierarchy (continued) 31 December 2025 Level 1 Level 2 Level 3 Total Assets measured at fair value Financial assets at fair value through profit or loss – Bond investments 1,113,627 7,616,626 — 8,730,253 – Fund investments 1,336,003 5,041,781 — 6,377,784 – Wealth management products 770,783 2,363,044 — 3,133,827 – Equity investments 2,074,704 — 560,911 2,635,615 – Asset-backed securities — 20,271 — 20,271 – Debt investment schemes — — 9,140 9,140 Financial assets at fair value through other comprehensive income – Bond investments 1,068,754 8,827,223 — 9,895,977 – Equity investments 968,150 — 36,420 1,004,570 – Asset-backed securities 30,155 — — 30,155 7,362,176 23,868,945 606,471 31,837,592 Assets for which fair values are disclosed Financial assets at amortized cost — 93,460 696,553 790,013 Liabilities for which fair values are disclosed Bonds payable — — 2,557,670 2,557,670 Reconciliation of recurring fair value measurements categorized within Level 3 of the fair value hierarchy: Investments within Level 3 of the fair value hierarchy Financial assets at fair value through profit or loss Financial assets at fair value through other comprehensive income 1 January 2026 570,051 36,420 Increase — — Decrease — — Net unrealized loss recognised in profit or loss and other comprehensive income (4,382) — 30 June 2026 565,669 36,420 There were no transfers between Level 1 and 2 during the period.
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70 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Notes to the Interim Condensed Consolidated Financial Statements For the six months ended 30 June 2026 (All amounts expressed in RMB’000 unless otherwise stated) 39. FAIR VALUE MEASUREMENT (continued) Valuation techniques The fair value of the unquoted equity investments has been determined using valuation techniques such as comparable company valuation multiples, recent transaction prices of the same or similar instruments, with appropriate adjustments have been made where applicable, for example, for lack of liquidity using option pricing models. The valuation requires management to make certain assumptions about unobservable inputs to the model, which mainly include historical volatility and estimated time period prior to the listing of the unquoted equity instruments, etc. The fair value of the unquoted equity investments is not significantly sensitive to a reasonable change in these unobservable inputs. 40. APPROVAL OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The interim condensed consolidated financial statements was approved and authorized for issue by the directors of the Company on 25 August 2026.
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71 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Definitions “Ant Group” Ant Group Co., Ltd. (ʮ̡), a limited liability company incorporated in the PRC (established on October 19, 2000, its former name being Zhejiang Alibaba E-Commerce Co., Ltd. (ʮ̡)) and one of our substantial shareholders “associate(s)” has the meaning ascribed to it under the Listing Rules “Board” the board of Directors of our Company “CG Code” the Corporate Governance Code set out in Appendix C1 to the Listing Rules “chief executive(s)” has the meaning ascribed to it under the Listing Rules “Company”, “Our Company”, “ZhongAn” or “ZhongAn Insurance” ZhongAn Online P & C Insurance Co., Ltd. (ʮ̡), a joint stock limited company with limited liability incorporated in the PRC on October 9, 2013 “Director(s)” the director(s) of our Company “Domestic Shares” ordinary shares issued by the Company, with a nominal value of RMB1, which are subscribed for or credited as paid in RMB “Global Offering” has the meaning ascribed to it in the Prospectus “Group”, “we”, “our” or “us” the Company and its subsidiaries, or where the context so requires, in respect of the period before the Company became the holding company of its present subsidiaries, such subsidiaries could be viewed as if they were the subsidiaries of the Company at the time “H Shares” the overseas listed foreign invested ordinary shares in the ordinary share capital of the Company, with a nominal value of RMB1 each, which are subscribed for and traded in Hong Kong dollars, and a “H Share” means any of them “Hong Kong” the Hong Kong Special Administrative Region of the People’s Republic of China “Hong Kong dollars” or “HKD” Hong Kong dollars, the lawful currency of Hong Kong “Hong Kong Stock Exchange” The Stock Exchange of Hong Kong Limited “Latest Practicable Date” August 25, 2026, being the latest practicable date for ascertaining certain information in this interim report before its publication “Listing” the listing of the H shares on the Main Board of the Hong Kong Stock Exchange “Listing Rules” the Rules governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (as amended or supplemented from time to time) “Model Code” the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 to the Listing Rules
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72 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Definitions “NFRA” the National Financial Regulatory Administration (ፄ္ຖ၍ଣᐼ҅) (formerly known as China Banking and Insurance Regulatory Commission (ʕ ึ) (“CBIRC”)) “Peak3” Peak3 (Hong Kong) Limited, formerly known as ZA Tech Global Limited, a non wholly owned subsidiary of ZhongAn International and a company incorporated in Hong Kong with limited liability “Ping An Insurance” Ping An Insurance (Group) Company of China, Ltd. (ᎈ(ණྠ)ࠢ ʮ̡), a joint stock limited company incorporated in the PRC on March 21, 1988 listed on the Main Board of the Hong Kong Stock Exchange (stock code: 02318) and the Shanghai Stock Exchange (SSE: 601318), and one of our substantial shareholders “PRC” or “China” the People ’s Republic of China, but for the purposes of this interim report only, except where the context requires, references in this interim report to the PRC or China exclude Hong Kong, Macau and Taiwan “Prospectus” the prospectus of the Company dated September 18, 2017 “RMB” or “Renminbi” the lawful currency of PRC “Reporting Period” the six months ended June 30, 2026 “SFO” the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), as amended or supplemented from time to time “Share(s)” the shares in the share capital of our Company with a nominal value of RMB1 each “Shareholder(s)” the holders of the Shares “substantial shareholder(s)” has the meaning ascribed to it under the Listing Rules “Supervisor(s)” member(s) of the Supervisory Committee “Supervisory Committee” the supervisory committee of the Company established pursuant to the Company Law of the PRC (ج) U.S.” United States of America
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73 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 “USD” or “US$” United State dollars, the lawful currency of the U.S. “Z Fin” Z Fin Limited, formerly known as Sinolink Worldwide Holdings Limited (ϵ˻༺ ʮ̡), a company incorporated in Bermuda with limited liability whose shares are listed on the Main Board of the Hong Kong Stock Exchange (Stock Code: 1168), and our connected person “ZA Bank” ZA Bank Limited (ʮ̡), a subsidiary of ZhongAn International, a joint venture of the Group, incorporated in Hong Kong on August 8, 2018 “ZA Insure” or “ZA Life” ZA Life Limited (ʮ̡), a subsidiary of ZhongAn International, a joint venture of the Group, incorporated in Hong Kong on February 27, 2019 “ZA Global” or “ZhongAn International” ZhongAn Technologies International Group Limited (Ҧ (ყ) ʮ ̡), a company incorporated in Hong Kong with limited liability and a joint venture of the Group “ZhongAn Technology” ZhongAn Information and Technology Services Co., Ltd. (ਕϞ ʮ̡), a wholly-owned subsidiary of our Company, incorporated in the PRC on July 7, 2016 “ZhongAn Xinke” ZhongAn Information Technology (Shenzhen) Co., Ltd. (߅ڦ(ଉέ)ࠢ ʮ̡), an associate of the Group incorporated in the PRC “%” per cent
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74 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Glossary “AI” artificial intelligence “big data analytics” the use of advanced analytic techniques against very large, diverse data sets to uncover hidden patterns, unknown correlations, market trends, customer preferences and other useful information that can help organizations make more-informed business decisions “cede” the transfer of all or part of a risk written by an insurer to a reinsurer “claim” an occurrence that is the basis for submission and/or payment of a benefit under an insurance policy. Depending on the terms of the insurance policy, a claim may be covered, limited or excluded from coverage “commission” a fee paid to an agent or broker by an insurance company for services rendered in connection with the sale or maintenance of an insurance product “customer” unless otherwise indicated, the insured under our insurance policies. The number of our customers was calculated based on unique identifiers and contact information available to us “gross written premiums” or “GWP” total premiums (whether or not earned) for insurance contracts written or assumed during a specific period, without deduction for premiums ceded “handling charges and commissions” fees paid to insurance agents for the distribution of our products “insured” the insured person as specified in the insurance product “InsurTech” use of technology innovations designed to achieve savings and efficiency from the traditional insurance industry model “net investment income” the sum of interest income, dividend income and realized gains or losses on securities through profit or loss and available-for-sale securities “premium(s)” payment and consideration received on insurance policies issued or reissued by an insurance company “reinsurance” the practice whereby a reinsurer, in consideration of a premiums paid to it, agrees to indemnify another party for part or all of the liabilities assumed by the reinsured party under an insurance contract, which the reinsured party has issued
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75 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Corporate Information BOARD OF DIRECTORS Executive Directors Xing Jiang (General Manager and Chief Executive Officer) Gaofeng Li Non-Executive Directors Hai Yin (Chairman) Yaping Ou Liangxun Shi Shuang Zhang Hugo Jin Yi Ou Independent Non-Executive Directors Vena Wei Yan Cheng Gigi Wing Chee Chan Stanley Chiu Fai Choi Hongjun Zhong Supervisors Yuping Wen Yao Wang Limin Guo AUDIT AND CONSUMER RIGHTS PROTECTION COMMITTEE Gigi Wing Chee Chan (Chairperson) Vena Wei Yan Cheng Stanley Chiu Fai Choi NOMINATION AND REMUNERATION MANAGEMENT COMMITTEE Vena Wei Yan Cheng (Chairperson) Hugo Jin Yi Ou Hongjun Zhong STRATEGY AND INVESTMENT DECISION COMMITTEE Hai Yin (Chairperson) Xing Jiang Gaofeng Li Yaping Ou Liangxun Shi Shuang Zhang RISK MANAGEMENT AND RELATED TRANSACTION CONTROL COMMITTEE Hongjun Zhong (Chairperson) Stanley Chiu Fai Choi Gigi Wing Chee Chan HEADQUARTERS AND PRINCIPAL PLACE OF BUSINESS IN THE PRC 3F-6F, 88 Anren Building, 68 Huqiu Road MFB1, MF102, MF201-1401, 108 Beijing East Road 4-5/F, Associate Mission Building, 169 Yuanmingyuan Road 219 Yuanmingyuan Road (headquarters) Huangpu District Shanghai PRC REGISTERED OFFICE 4–5/F, Associate Mission Building 169 Yuanmingyuan Road Shanghai PRC
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76 ZhongAn Online P & C Insurance Co., Ltd. / Interim Report 2026 Corporate Information PRINCIPAL PLACE OF BUSINESS IN HONG KONG Room 1910, 19/F Lee Garden One, 33 Hysan Avenue Causeway Bay, Hong Kong H SHARE REGISTRAR Tricor Investor Services Limited 17/F, Far East Finance Centre 16 Harcourt Road Hong Kong COMPANY SECRETARY Yongbo Zhang AUTHORIZED REPRESENTATIVES Hugo Jin Yi Ou Yongbo Zhang LEGAL ADVISORS As to Hong Kong and U.S. laws: Baker & McKenzie As to PRC law: CM Law Firm AUDITORS Deloitte Touche Tohmatsu Certified Public Accountants and Registered PIE Auditor PRINCIPAL BANKS ICBC Shanghai Branch Sales Department China Merchants Bank Shanghai Branch, Nanjingxilu Sub-branch STOCK CODE 6060 COMPANY WEBSITE www.zhongan.com