Category: Banking

Sunshine Insurance Announces 2023 Interim Results

Steady Growth in Operation Indicators and Continuous Strengthening of Corporate Culture Construction

Sunshine Insurance Group Company Limited (Sunshine Insurance or the Company, together with its subsidiaries, the Group; HKG: 06963) is pleased to announce its interim results for the six months ended June 30, 2023 (the Reporting Period).

2023 Interim Results Highlights:

  • The Gross Written Premiums (GWPs) reached RMB67.81 billion, representing a YoY increase of 7.7%;
  • The insurance revenue reached RMB30.16 billion, representing a YoY increase of 7.3%;
  • Net profit attributable to equity owners of the parent reached RMB2.90 billion, representing a YoY increase of 9.0%;
  • The embedded value was RMB104.98 billion, up 3.7% from the end of last year;
  • The value of the life insurance’s new business was RMB 2.68 billion, representing a year-on-year increase of 37.1%;
  • The annualized total investment yield was 4.9%;
  • As of June 30, 2023, the Group had approximately 31.92 million active customers.

In the first half of 2023, despite a complex and challenging external environment, China’s economy continued its recovery and showed remarkable resilience. This presented significant opportunities for the Group as the country’s economic revival sustained, driving increased demand from residents and accelerating industry transformation. Taking advantage of these favorable conditions, the Group has seized the favorable circumstances and risen to the occasion, fully embracing the new development philosophy and model, a focus on the core insurance business and enhancing enterprise value and leveraging innovation to provide the necessary impetus for business growth. As a result of these strategic efforts, the Group successfully achieved its operational targets for the first half of the year.

In the Reporting Period, the overall operating performance of the Company grew steadily, and its ability to create value had been continuously enhanced, maintaining a sound growth momentum. The Gross Written Premiums (GWPs) of the Group were RMB 67.81 billion, representing a year-on-year increase of 7.7%; and the insurance revenue reached RMB 30.16 billion, representing a year-on-year increase of 7.3%. The net profit attributable to equity owners of the parent increased by 9.0% YoY to RMB 2.90 billion. The embedded value was RMB104.98 billion, up 3.7% from the end of last year. The annualized total investment yield was 4.9%. As of June 30, 2023, the Group had approximately 31.92 million active customers.

Adhering to the high-quality development of the core insurance business and the net profit attributable to equity owners of the parent increased by 9.0%
In the first half of the year, China’s national economy recovered and kept improving, building an important foundation for the strong recovery of the insurance industry. As a leading insurance company in China, the Group kept focusing on the insurance business which is the main business, with life insurance and property and casualty insurance businesses progressing in tandem and developing in a balanced manner. In the first half of the year, the Group further consolidated the business model of diversified and synergistic development of sales channels in its life insurance business, and the value of new business continued to increase; For the property and casualty insurance business, the Group continued to deepen the project of the intelligent life table for automobile insurance and the non-automobile data insurance life tables, and its profitability continued to improve.

As for the life insurance business, the “contracyclical” nature of insurance products combining “protection” and “savings” continuously continued to drive the demand to increase, making recovery the main theme of the industry. Sunshine Life Insurance seized the development opportunity, achieved a new breakthrough in its development insisted on value-based development unswervingly and strengthened its own resilience and stability for development, also advanced its customer strategy of “Matrix Plan” in a solid manner by centering around on the entire life cycle of customers’ families. The Group continued to promote its steady development through customer demand identification, product system improvement, service system upgrading, team transformation and development, and data intelligence innovation. During the Reporting Period, the structure of our life insurance business continued to be optimized and the value of new business achieved relatively fast growth. The GWPs of the life insurance were RMB 45.85 billion, representing a year-on-year increase of 9.0%; The single premiums were RMB 13.95 billion, representing a year-on-year increase of 53.4%; The value of half year’s new business was RMB 2.68 billion, representing a year-on-year increase of 37.1%.

As for the property and casualty insurance segment, with the economy continuing to recover, and the industry as a whole maintaining a high level of prosperity, what is even more encouraging was that the optimization of the structure of the industry’s automobile insurance business and non-automobile insurance business had been further strengthened, with significant diversification, which was a significant advantage for the industry to leapfrog the cyclical fluctuations in the future. Similarly, Sunshine P&C further strengthened the foundation for high-quality development, continued to be customer-centered and adhered to the development concept of prioritizing profitability while pursuing growth, continuously optimized its business structure and improved its profitability, consolidated a solid foundation for high-quality development. During the reporting period, The Original Premium Income (OPI) was RMB21.93 billion, representing a year-on-year increase of 5.1%; the value-oriented business and strategically-focused areas achieved rapid growth, of which the growth rate of personal vehicle premiums was 9.5%, of new energy vehicle premiums was 80.3%, of agricultural insurance premiums was 42.9% and of policy-supported health insurance premiums was 74.6%; with strengthened business management and risk screening, the underwriting combined ratio was 98.2%, representing a year-on-year increase of 0.7 percentage points.

As for its asset management business, the Group adhered to the concept of long-term value investment, continued to optimize its asset and liability management system, improved its investment management system, gave full play to its advantages in terms of all-round investment qualities and diversified investment capabilities, and adhered to strategic asset allocation that matches the characteristics of its insurance liabilities and traverses the macro-economic cycle, so as to build up an investment portfolio that was designed to realize long-term, stable and sustainable returns. As of June 30, 2023, the Group’s total investment assets amounted to RMB 466.60 billion, representing an increase of 12.4% as compared with that of the end of the previous year. The total investment income amounted to RMB 7.69 billion, representing a year-on-year increase of 1.3%, with an annualized comprehensive investment yield of 4.9%. The Group gave full play to professional advantages, with third-party assets under management of RMB 366.49 billion.

Adhering to Value Development and Continuously Improving Customer Service Capabilities
In addition to focusing on its insurance business, the Group also attached importance to the realising of value development and continues to promote its customer strategy to build a customer-driven development model. Centering on building a customer-oriented diversified product and service system, the Group had continued to advance its “Matrix Plan” and “Partner Initiative”, and its customer service capabilities had continuously been improved, thereby consolidating its position in the industry and laying a solid foundation for future development.

For individual customers, Sunshine Life Insurance continued to push forward the “Matrix Plan”, for which, focusing on the core needs of customers at different stages of their family life cycle, we launched a massive research on customer needs, to form a life protection guide map with Sunshine’s characteristics, to enrich the “Insurance + Service” product supply system and to optimize customer service experience. As of June 30, 2023, Sunshine Life Insurance had approximately 13.51 million active customers.

In terms of institutional customers, we continued to promote the implementation of the “Partner Action” mode in the form of “insurance + technology + service” and piloted the promotion of Internet of Things perception technology services, including infrared thermal imaging and wireless smoke sensors to create and form an industry-specific risk management solutions, and to assist customers in risk reduction. As of June 30, 2023, Sunshine P&G had 19.14 million active customers.

While focusing on the main business areas of insurance and maintaining a leading position in the life and property and casualty insurance markets, the Group had always adhered to the principle of value development and won a good reputation in the market through continuous improvement in customer management. With the continuous growth of the results and the accumulation of customer recognition, the Group had attracted long-term attention from the market for its intrinsic value, while its operating resilience and long-term investment value had also been fully demonstrated.

Accelerating the Overall Arrangement for Data Intelligence Innovation driven by proprietary development and external collaboration
During the Reporting Period, the Group established a data intelligence innovation layout driven by both internal autonomy and external collaboration. It built “three robots”, namely a sales robot, a management robot and a service robot. It also strengthened its core capabilities in customer management and content operation and continued to optimize the depth and breadth of customer services to enhance customer experience. The service robots provided 70% of intelligent business operations and over 90% of intelligent consultation services to voice-call customers.

At the same time, the Group continued to promote digital intelligence transformation through the application of big data. The Group strengthened its integration of and insights into internal and external data, supported marketing with artificial intelligence technology, and improved customer conversion efficiency and capabilities. It also improved the “intelligent automobile insurance life table” system, established a non-automobile management system with a non-automobile data life table as the core and strengthened risk pricing capabilities. The Group upgraded the construction of risk control platforms and continuously improved risk control capabilities.

In addition, the Group firmly promoted the strategic project of Sunshine GPT. It focused on the R&D breakthrough of private large models in the insurance field, realized multiple intelligent support capabilities such as multi-application entrance, multi-modal service support, and multi-business scenario integration, and accelerated the application in core business scenarios such as customer service and sales support. Within 3 months after the launch of Sunshine GPT, it had been used 345,000 times.

With Dual Engine of “Entrepreneurial Gene” and “Sunshine Culture”, Actively Fulfilling the Social Responsibility and Conveying the Warmth of Sunshine Insurance Group
The satisfactory growth trend was closely related to the good foundation laid during the founding period of the Group and the continuous promotion of its corporate culture. As an entrepreneurship-driven enterprise, the Group was one of the rare insurance companies that have sought shareholders in the form of entrepreneurship and obtained approval. Due to its uniqueness, the entrepreneurial spirit of the Group of “daring to face and overcome challenges with perseverance” was formed during the original founding period, which had injected the strong gene of “striving” into its future development, laid the foundation of the value proposition and entrepreneurial spirit of the Group, and had become a genetic force for the Group’s continuous development and expansion.

In addition, the building of corporate culture was one of the important strategic resources for an enterprise to survive and develop, and it was a precious material and spiritual wealth that an enterprise should cherish, which could both enhance its competitiveness and was a key factor in the construction of a harmonious enterprise. The Sunshine culture of the Group had actively permeated into all aspects of the management, and accumulated and precipitated genetic culture at the time of its foundation, a basic core culture at the time of commencement of the business of the Group, a complete core culture after the commencement of its business, and gradually developing into itemized cultures and post cultures covering all areas of the Group, thus constructing a rich and perfect cultural system, forming a unique, solid, systematic and complete Sunshine culture, which was going to be integrated as the determination of adhering to the main business and pursuing values.

It was worth mentioning that, under the dual influence of “entrepreneurship gene + cultural blood”, the Group, bearing in mind its social responsibility and mission, had taken practical actions to support the real economy, fulfill its social responsibility and practice sustainable development. In the first half of 2023, the Group provided risk protection of RMB 32.6 trillion for the real economy, RMB 66.98 billion for ” Belt and Road” projects, RMB 126.90 billion for about 15,000 SMEs, and assisted SMEs in obtaining financing amounting to RMB 5.39 billion; provided assistance for the construction of 73 charity schools and the training of 17,733 rural doctors in 24 provinces across the country; provided green insurance protection of RMB 6.0 trillion to 754,000 enterprises and individuals, and provided compensation support amounting to RMB 1.74 billion; and, as of the first half of 2023, the balance of sustainable investment exceeded RMB 50 billion.

Looking ahead, the insurance market in China will continue to have great potential for growth, driven by factors such as the overall robustness of the economy, the accumulation of wealth among residents and an aging population. With the mission of “bringing more sunshine to people” and the pursuit of “becoming the leading professional insurance service provider for families, as well as the trusted risk management partner for enterprises”, the Group will continue to implement the development requirements of “striving for quality and seeking further progress based on quality” and solidly promote the “Matrix Plan” and the “Partnership Action”, so as to accumulate the development strength unceasingly.

About Sunshine Insurance Group Company Limited
Sunshine Insurance Group Company Limited is a fast-growing private insurance service group in China. Since its establishment, the Group has focused on value creation and has been committed to providing customers with professional risk coverage and integrated service solutions. The Group carries out life and health insurance business through Sunshine Life, property and casualty insurance business through Sunshine P&C and manages insurance funds through Sunshine AMC. As of 30 June 2023, the Group has been ranked among the top 500 Chinese enterprises by the China Enterprise Confederation for 12 consecutive years and has been entitled as one of the “Top 500 Valuable Brands in China” by the World Brand Lab for 12 consecutive years.

As International Revenue Soars to $650M with 45% from SEA; Chiratae Expands SEA Regional Advisory Board with the addition of Mr. Puneet Pushkarna

Chiratae Ventures, a leading venture capital firm, announces the appointment of Mr. Puneet Pushkarna to its esteemed Regional Advisory Board, reinforcing its commitment to the Southeast Asia (SEA) market.

The announcement comes soon after Chiratae’s significant milestone -its active portfolio companies surpass $650 million in revenue. Companies focusing on SEA or headquartered now contribute about 45% of the total international revenue across the company’s diverse portfolio. Companies such as Active.ai, Kristala.ai, and Lenskart have driven growth in the SEA market, with Lenskart’s strategic acquisition of Japan’s Own Days last year as a recent highlight.

Given the growing significance of SEA as an investor base and a burgeoning market, Chiratae Ventures has been active in the region, particularly in Singapore and Japan. The appointment of Puneet Pushkarna to the Regional Advisory Board reinforces Chiratae’s dedication to its growth and success in SEA. Puneet will provide strategic guidance to Chiratae’s international operations in this role.

Sudhir Sethi, Founder and Chairman of Chiratae Ventures, shared, “With a strong foothold in the SEA market and our portfolio companies, either focusing on the region or being headquartered there, contributing over 45% of the total revenue, we are thrilled to welcome Puneet Pushkarna to our Regional Advisory Board. Puneet’s addition further bolsters our already formidable Advisory Board, whose collective efforts have significantly established Chiratae as one of India’s premier venture capital funds. His exceptional expertise and diverse background will undoubtedly guide our ventures to even greater heights within the Asian market while fostering stronger connections with our esteemed investors.”

Puneet Pushkarna brings a wealth of experience, currently serving as a General Partner at Solmark, a prominent private equity fund based in Singapore. Throughout his career, Puneet has excelled in nurturing and scaling companies in the competitive global landscape. He previously held the position of President at Headstrong, driving transformative initiatives in the Capital Markets domain through cutting-edge digital technology services. Additionally, Puneet co-founded TechSpan, backed by the prestigious institution Goldman Sachs, where he successfully led business solutions consulting and design thinking ventures, earning recognition as one of the fastest-growing companies in Silicon Valley.

Beyond his business acumen, Puneet is deeply involved in various Boards and Advisory Boards, including his role as Chairman of Core Committee, RIE2025, National Research Foundation, Singapore, Chairman Emeritus of TiE Singapore, and as a Board member of IIM Nagpur and Industry Advisory Board of SP Jain School of Management. Additionally, Puneet serves as a Catalyst at SMART (Singapore MIT Alliance for Research & Technology) and actively engages in philanthropic efforts, supporting initiatives such as the Indian Foundation for the Arts (IFA), the Singapore Indian Fine Arts Society (SIFAS), and the South Asian Heart Society.

Puneet Pushkarna shared his excitement for the new role, adding, “I am honoured to join Chiratae Ventures and contribute to the growth of the platform they have built over close to two decades and its dynamic portfolio in Asia region. There are strong benefits for the Asian block to partner, invest and grow exponentially by understanding each other’s strengths and hope to bridge the gap. The Indian model of solving for population-scale problems using technology-led business models has relevance for the larger region and hoping to help Chiratae and its portfolio expand its regional footprint”

Anoop Menon, Principal-Investments who also leads Investor Relations in the East Asian region, says, “With the changing geo-political environment and India’s blistering economic growth, India has become a strong contender for increased investments and business partnership within Asia. Along with this, there is a strong need to contextualise the India narrative by a leader who has seen both sides closely, and Puneet helps us do that. Having him on our Advisory Board provides a valuable sounding board for our team and founders as we navigate the markets in Singapore, Japan, and other regions of Asia Pacific.”

Chiratae Ventures, recently announced the final close of its first Growth fund at $122 M, oversubscribed by 34% and is in the market for its next flagship Venture capital fund. It will continue looking to cement its presence in SEA and the larger Asian region, and Puneet will help strengthen the firm’s position as a leader in the Venture capital landscape.

About Chiratae Ventures:

Chiratae Ventures is a 16-year-old Indian technology venture capital fund advisor, having advised funds that collectively (across six funds) have $1.1 Bn AUM, 130+ investments, 48 exits, 8 Unicorns, 3 IPOs and a track record of having returned capital to LPs in each of the last 12 years. The funds advised by Chiratae Ventures have investments across sectors such as Consumer-Tech, SaaS, Fintech, and Healthtech and have been early backers of companies such as Bizongo, Fibe, FirstCry, Flipkart, Lenskart, Myntra, Pixis, PolicyBazaar and Uniphore, amongst many others.

For media inquiries, please contact:

Tanvi Dubey
Chiratae Ventures
+91-8792059986

Neha Chaturvedi
Adfactors PR
+65- 87098749

PrimePartners Group forges a strategic alliance with leading UK independent corporate advisory firm Strand Hanson to strengthen global connectivity

 PrimePartners Group (“PrimePartners” or “PPG”), one of Singapore’s leading investment banking advisory firms has entered into a strategic alliance with Strand Hanson, a London-based corporate advisory firm to explore areas of new listings and capital market transactions.

Strand Hanson has an extensive geographical footprint, particularly in emerging markets such as Africa, Southeast Asia, South America, and the Middle East. Similarly, PrimePartners also services a global client base, with an emphasis on the Southeast Asia region and Greater China.
Both parties are set to leverage one another’s business connections to strengthen their respective cross-regional presence. This partnership will create a combined pool of diverse clients, which is expected to leverage a host of new opportunities, particularly in the area of energy transition where a key to success is effectively linking the producers of critical raw materials which feature strongly in Strand Hanson’s client base with end users.

On top of the enhanced connectivity, the collaboration also enables knowledge transfer, especially in regard to regulations, legislation, and culture between the two firms, which will improve service efficiency levels in mutual regions.

Mark Liew, Chief Executive Officer of PrimePartners said, “Our respective strengths and focus in different geographical regions will open doors to a wider universe of potential clients to both of us, especially pertaining to capital market deals with cross-border elements. The extensive reach that Strand Hanson has is an attractive proposition and we look forward to growing together with our new partner.”

Simon Raggett, Chief Executive of Strand Hanson said, “Singapore offers a strong combination of regulatory oversight, access to world-class talent and a vibrant capital market from which to access some of the world’s fastest-growing economies. We are delighted to have formed a partnership with PrimePartners, which shares our values and commitment to servicing our clients.

“Strand Hanson has been advising clients with a global reach via its established network of offices and partnerships and is excited at strengthening its regional presence via this new relationship.”

About PrimePartners Group

PrimePartners Group (PPG) was founded in 1994 by the late Mr Ng Soo Peng, Mr Quek Peck Lim, Mr Teo Ek Tor and Mr Hsieh Fu Hua, former senior Morgan Grenfell executives.
PrimePartners Corporate Finance (PPCF) was formed by PPG in 2003. PPCF is focused on providing advisory and capital raising services for private and public-listed small and medium sized companies operating in Singapore and internationally. Headquartered in Singapore, PPCF provides a comprehensive range of public listing, financial advisory, capital raising, mergers and acquisitions and continuing sponsorship services. PPCF is one of the pioneer group of full sponsors licensed by the Singapore Exchange and is the leading continuing sponsor on the Catalist market.

About Strand Hanson

Established in 1993, Strand Hanson is a leading adviser to SMEs on London’s public markets, with a focus on growth companies both in the UK and internationally.

Drawing on the executive team’s considerable experience across a significant range of sectors, geographies and transaction types, Strand Hanson is focused on delivering bespoke, strategic and timely advice, recognising that the “one size fits all” model does not maximise value or deliverability.

Issued for and on behalf of PrimePartners Group
By Financial PR

For more information, please contact:
Kamal SAMUEL / Hong Ee TANG
E-mail: kamal@financialpr.com.sg / hongee@financialpr.com.sg
Tel: 6438 2990

Asia’s Banking, Payments, E-Commerce and Retail Leaders to Gather in Singapore this Month for the First Time in More Than Four Years at Seamless Asia

Seamless Asia, the leading annual gathering of Asia’s commerce leaders, will take place in Singapore at Marina Bay Sands Expo and Convention Centre on 27 – 28 June 2023. After a series of annual virtual editions, the event marks the first in-person edition of the event since 2019.

Over 2,500 of the region’s leading banks, payments players, digital wallets, e-commerce retailers, telcos, government bodies will attend Seamless Asia 2023 to reconnect, explore and shape the future of digital commerce in Asia. From structured round-table sessions to informal networking gatherings, there will be ample opportunities for attendees to build relationships and forge meaningful partnerships.

“With digital payments in Asia forecast to exceed $350 billion USD by 2026 and with e-commerce spending in Southeast Asia expected to reach $180 billion USD by 2025 it’s a time of tremendous growth in the region” says Paul Clark, Managing Director – Asia, Terrapinn Pte Ltd. “Over recent years, the payments, banking and e-commerce sectors have been at the forefront of innovation. Now is the perfect time to bring together the region’s digital commerce leaders to explore how to truly capitalise on this growth, how to ride the waves of market volatility and to explore what we can expect next in the world’s fastest growing commerce market.”

More than 200 thought leaders will share insights across seven key content pillars: Payments Innovation, Payments Security, eKYC & Authentication, Banking Transformation, E-commerce Strategy, E-commerce Marketing and Online Payments. The engaging presentations and panel discussions will address pressing trends, challenges and opportunities in digital commerce. Speakers at the event include:

  • Albert Tinio, Co-Chief Executive Officer and Chief Commercial Officer, GoTyme Bank
  • Alin Dobrea, Head of Marketing Solutions & Partnerships, Zalora
  • Carlo Brillantes, Head of Digital Payments, foodpanda
  • Chandana Sunder, Senior Vice President, LazMall Marketing Solutions, Lazada
  • Darrick Rochili, Chief Innovation Officer, DANA Indonesia
  • Dipashree Das, Head of Partner Marketing, APAC & ANZ, Amazon
  • Henry Aguda, CEO and President, UnionDigital Bank
  • Hung Nguyen, Head of Regional D2C & Emerging Verticals, TikTok
  • Ida Mok, Co-Founder and President, Women In Blockchain Asia (WIBA)
  • Ingrid Rose Ann Beroña, Chief Risk Officer, Gcash
  • Julie Reyes, Chief Risk and Compliance Officer, Maya
  • Lito Villanueva, Executive VP & Chief Innovation & Inclusion Officer, RCBC
  • Lucose Eralil, Executive Vice President and Head of Enterprise Technology and Operations, Security Bank
  • Lynn Huang, Ex-CMO, Asia Pacific, Honeywell SPS, Motorola Solutions
  • Sharon Tan, Chief Operating Officer, DBS Bank
  • SheueChee Beh, Director, Payments APAC, Uber
  • Smriti Modi, Head of Consumer & eTail Marketing, APAC, Poly (HP)
  • Sonal Kapoor, Senior Director, Flipkart
  • Tiffany Chng, Co-Founder & Marketing Director, cheak
  • Will Vayakornvichit, Chief Financial Officer, Love, Bonito

Over 170 sponsors, exhibitors and partners will showcase their cutting-edge products, services, and solutions, including Platinum Sponsors 8×8, Alipay+, CleverTap, HPS, Stripe and World First Asia Pte Ltd. On the exhibition floor, attendees will have the chance to demo solutions and interact directly with product experts to discover innovations that will propel their businesses forward and identify new partnership opportunities.

Seamless Asia 2023 will help accelerate the transformation of digital commerce in Asia. For event information and full conference agenda, visit www.terrapinn.com/SeamlessAsia.

About Seamless Asia 2023

Seamless Asia 2023 will take place at Marina Bay Sands Expo and & Convention Centre, Singapore on 27 – 28 June 2023.

About Terrapinn

Terrapinn has been sparking ideas, innovations and relationships that transform business for over 30 years. Using our global footprint, we bring innovators, disrupters and change agents together, discussing and demonstrating the technology, strategies and personalities that are changing the way the world does business. Whether you’re looking to make new connections, introduce product or inspire change in your industry, we invite you to join us as agitators of change. Terrapinn – spark something.

Press attendance is complimentary. Enquiries should be directed to:
Jia Le Lim
Marketing Manager
Terrapinn Asia
jiale.lim@terrapinn.com

T4 Banking Philippines 2023: Trends, Tactics, Trust Building Components, and Technology in the Philippine banking landscape

As one of Philippines’ premium conference brands for banking community, T4 Banking is considered as a bridge, and an arena where we connect the thinkers, innovators, disruptors and most importantly all of the decision-makers in the Philippine banking ecosystem.

The live, in-person event will be the gathering of all business executives from banks, financial regulators, pan-financial companies, and technology solution providers across the entire country. The 2023 Edition with the theme “Digital readiness and the future of banking in the Philippines” will be hosted on August 17, 2023 in The Manila Hilton Hotel, where you can expect to see more than 300 high profile delegates such as Technical Directors, CEO, CIO, CTO, CDO, Risk Control Directors, Information Security Heads, and a lot more.

The event is strongly committed in providing its audience deeper knowledge with 4 Ts – Tactics, Trends, Trust Building Components, and Technology in the Philippine banking landscape. The community aims to accelerate the transformation to a future digital banking ecosystem. This conference will be a closed door, B2B oriented forum. Varies type of arrangements will be presented during the event such as lucky draws, interactive panel discussions, roundtable luncheon, booth making contest, one-to-one private meetings, networking and awards-giving.

This is not your ordinary conference. We will be bringing the highest level of excitement and energy showcasing the world’s top banking technology providers and bank participants, all in one roof!

KEY SUBJECTS:
1. Data governance mechanisms to drive bank performance
2. Banks evolving as API providers: Open banking takeaways
3. Artificial intelligence for the banking ecosystem
4. Bank intelligent branches and digital tools
5. AI: The secret sauce to banks risk management strategy
6. The fundamental elements of core modernization for banks
7. Digital customer banking experience: From journeys to intent
8. Cybersecurity in banking: Importance, threats, and challenges
9. Banking risk and compliance management 2023 outlook
10. Upgrading bank marketing technology to become future-ready
11. Philippine banking: Talent acquisition, development, retention and engagement
12. Global banking innovations and emerging technology trends

For sponsorship, and speaking engagement please contact our event director at jimby@t4bevent.com or visit our event website at www.t4bevent.com.

Don’t miss the opportunity to be a part of the biggest event in the Philippine banking ecosystem! Witness how we gather all of the leading experts in the industry and share their thoughts and insights with very timely topics.

Chiratae Ventures Maiden Growth Fund-I announces its close at INR 1001 cr, oversubscribed by 34%

Chiratae Ventures, India’s largest homegrown venture capital fund, has successfully concluded the fundraising for its first Chiratae Growth Fund (CGF-I), raising INR 1001 cr. On a targeted INR 750 crore, CGF-I has been oversubscribed by 34%. The announcement of the close of CGF-I comes on the heels of Fund 4, which was oversubscribed by 22%. This marks a continued trend of Chiratae’s funds being oversubscribed, highlighting the confidence and faith placed in the firm’s ability to identify and nurture promising startups poised for growth and success.

CGF-I will invest in the growth rounds of market-leading technology startups from its portfolio and other new opportunities, making it a sector-agnostic fund to support the growth and expansion of companies.

CGF-I is supported by Chiratae’s existing investors, including Pratithi (Family Office of Kris Gopalakrishnan, the Co-Founder of Infosys), 57 Stars (a global alternative asset manager) and Manish Choksi (Vice Chairman and non-executive board member of Asian Paints) and his Family Office and, new investors including State Bank of India, India Infoline Limited (IIFL), Axis Bank and others. With this new CGF-I, Chiratae Ventures will continue its mission of supporting innovative technology startups in their growth stage and unlocking their potential.
Chiratae Ventures has a successful track record of investing in early and growth-stage startups over the past 16 years. The Chiratae Funds collectively (across 6 funds) have $1.1 Bn in AUM, 130+ investments, 48 exits, 8 Unicorns, 3 IPOs and a track record of having returned capital to the investors in each of the last 12 years. Chiratae Ventures has been an early backer of technology-led companies such as Bizongo, Curefit, Fibe, Firstcry, Lenskart, Myntra, PolicyBazaar, Pixis, Vayana, and Uniphore, amongst others.

Sudhir Sethi, Founder and Chairman of Chiratae Ventures, said, “We are excited to have raised our first Growth Fund, enabling us to continue supporting the growth and expansion of market-leading technology startups in India and beyond. The oversubscription of the fund by 34% is a testament to the trust and confidence our investors have placed in us. As we embark on this exciting new chapter, we remain committed to identifying and investing in innovative startups that have the potential to drive transformative change and create long-term value. Thank you to our existing investors Pratithi (Family Office of Kris Gopalakrishnan, the Co-Founder of Infosys), 57 Stars (a global alternative asset manager) and Manish Choksi (Vice Chairman and non-executive board member of Asian Paints) and his Family Office and, we welcome the new ones, State Bank of India, IIFL, Axis Bank and others.”

On closing the Chirataes’ first Growth Fund, TC Meenakshi Sundaram, Founder and Vice-Chairman of Chiratae Ventures, said, “The successful fundraising for Chiratae’s First Growth Fund is a testament to the quality of the investment strategy and our team’s ability to identify and support exceptional entrepreneurs. With the Growth Fund -I, we are well-positioned to continue to support promising startups through their growth journey and create value for all stakeholders by becoming market leaders. We thank all our investors for their continued support to Chiratae.”

About Chiratae Ventures

Chiratae Ventures is a 16-year-old Indian technology venture capital fund, which collectively (across 6 funds) has $1.1 Bn AUM, 130+ investments, 48 exits, 8 Unicorns, 3 IPOs and a track record of having returned capital to LPs in each of the last 12 years. The Chiratae funds have investments across sectors such as Consumertech, SaaS, Fintech, and Healthtech and have been early backers of companies such as Myntra, Flipkart, Lenskart, FirstCry, PolicyBazaar, Bizongo, Uniphore, Pixis, and Fibe, amongst many others.

Chiratae Ventures’s Global Advisory board consists of esteemed personalities such as Mr Ratan Tata (Chairman), Mr Kris Gopalakrishnan, Mr Manish Choksi (Vice Chairman Asian Paints), Mr Bruno Raschle (Founder Adveq Zurich), Dr Andreas Hettich (Chairman Hettich Corporation Germany) and Dr Ferzaan Engineer (Founder Cytecare and Nightingale).

Contact:
Namrata Sharma
Namrata.sharma@adfactorspr.com
+6581383034

Asia’s insurance leaders to gather at InsureTech Connect Asia in Singapore to discuss the future of insurance

The second annual InsureTech Connect Asia will take place in Singapore from May 30 to June 1, 2023, where insurance industry leaders, professionals, and InsurTech providers from across Asia and beyond will convene to share their successes, strategies, and plans for the future of insurance.

The event will kick off with an opening keynote by Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore (MAS). Mr. Mohanty will share his vision of the future of fintech and its impact on the insurance industry. Following the opening keynote, there will be a keynote panel on “Developing a Future Proofed Workforce.” The panel will be moderated by Simon Phipps, and will feature Peta Latimer, CEO of Mercer Singapore, Clemens Philippi, CEO Asia of MSIG, and Rishi Srivastava, CEO – Group Agency Distribution of AIA. The panelists will discuss how to develop a workforce that is equipped to tackle the challenges of a rapidly evolving industry.

They will be joined by over 200 leaders representing insurance companies, investors and InsurTechs across Asia sharing their insights as they take the stage with interactive panel discussions over the three days.

Alongside the conference, over 100 InsurTech solution providers, including Income, Aon, Munich Re, Swiss Re and more will be on-floor to showcase how they are transforming the insurance industry in Asia. Additionally, the exhibition will also witness InsurTech startups across the region compete in the ITC Asia Awards finals and the Pitch Competition hosted by Lloyd’s Labs.

“We are thrilled to have such esteemed experts and executives from the insurance world joining us for this event,” said Tricia Wong, Director of InsureTech Connect Asia. “Their insights and experiences will provide attendees with a comprehensive understanding of the key issues and opportunities facing the industry, and how to prepare for the future.”

InsureTech Connect Asia 2023 will take place at Sands Expo & Convention Centre, Singapore from 30 May to 1 June 2023. For more information on InsureTech Connect Asia, please visit https://bit.ly/itcasia23

InsureTech Connect Asia 2023
Date: 30 May – 1 June 2023
Conference opening hours:
Exhibition opening hours
Sands Expo & Convention Centre, Singapore

About InsureTech Connect

InsureTech Connect (ITC) is the world’s largest insurtech event, offering unparalleled access to the largest and most comprehensive gathering of tech entrepreneurs, investors, and insurance industry executives from across the globe. ITC has been attended by over 25,000 people from 65+ countries. Founded in 2016, ITC has established itself as the biggest insurtech event in its US location in Vegas and has launched a new venture in APAC with ITC Asia in Singapore. ITC Asia will be held 30 May – 1 June 2023 at Sands Expo & Convention Centre, Marina Bay Sands. ITC is also the leading source of insurtech webinars, knowledge and meetings.

For more information, please visit https://bit.ly/itcasia23

Sunshine Insurance: Creating a New Customer Strategy and Fully Promoting High-Value Development

As a stabilizer of the country and society, in recent years, China’s insurance industry has played an important role in compensating for disaster losses, maintaining social stability, and supporting China’s economic development. On March 29, 2023, Sunshine Insurance Group (Sunshine Insurance or the Company, HKG: 6963), a rapidly growing private insurance service group in China, announced its full-year performance for the year ended December 31, 2022.

In 2022, Sunshine Insurance adhered to its focus on the insurance industry and value development, and all business segments maintained a good development trend, achieving steady and healthy growth in overall business performance. The total revenue for the year was 128.58 billion (RMB, Yuan, the same as below), a year-on-year increase of 7.2%. The net profit attributable to the shareholders of the parent company was 4.88 billion. The total premium income was 108.74 billion, a year-on-year increase of 6.9%; among them, the premium income of Sunshine Life Insurance was 68.3 billion, a year-on-year increase of 12.3%, and the premium income of Sunshine Property and Casualty Insurance was 40.38 billion.

Pushing forward the “Vertical and Horizontal Partners” strategy and effectively increasing the number of customers has seen rapid growth.

The 20th National Congress report regards “qualitative and effective improvement with reasonable growth in quantity” as the intrinsic requirement for high-quality economic development. Sunshine Insurance has taken this as the fundamental guideline and direction for the company’s development, upholding the value development concept. According to the annual report, Sunshine Insurance achieved embedded value of 101.27 billion in 2022, an increase of 8.0%. Sunshine Life Insurance achieved new business value of 3.02 billion in one year, which is a rare positive growth in the industry. In the future, the company will continue to adhere to the value development concept, leading to a steady improvement in overall business performance.

In recent years, the industry as a whole has entered a period of deep adjustment and transformation. Faced with increasingly diversified and differentiated customer demands, the insurance supply side also needs to proactively adapt to new customer demands and listen to new customer voices. In terms of customer management, Sunshine Insurance takes the “Vertical and Horizontal Partners” strategic plan as a starting point, deeply implementing the “Vertical and Horizontal” plan for individuals and families, and building multi-level and differentiated product service ecosystems that cover the entire life cycle of families around core needs such as health, pension, children’s education, and wealth management. In addition, the company takes “Partner” actions for enterprise organizations, providing a system integration of risk solutions for corporate clients, promoting Sunshine’s transformation from a simple economic compensation insurance provider to a risk management service support provider, and winning a rapid increase in effective customers. According to the annual report, as of the end of 2022, the company had approximately 32.88 million effective customers, providing strong support for the company’s business growth with a huge user base.

The company is fully promoting digital transformation and technological innovation, actively fulfilling its social responsibilities.

While focusing on its main business, Sunshine Insurance is comprehensively promoting digital transformation and technological innovation, promoting online and intelligent business operations, and enhancing the company’s value. Sunshine Life Insurance is promoting the application of digital technology in sales support, customer service, risk prevention, and other aspects, empowering business and operational efficiency. Sunshine Property and Casualty Insurance is leveraging core technologies such as big data, artificial intelligence, cloud computing, and the Internet of Things to empower service, sales, claims, products, operations, and the entire ecosystem of the business process and its peripheral areas. The company won 14 external technology innovation awards and obtained 13 new authorized patents in 2022. It can be anticipated that with the continuous acceleration of digital transformation, the company’s operational efficiency will continue to be optimized, and its foundation for high-quality development will be further consolidated.

It is worth mentioning that since its establishment, Sunshine Insurance has always remembered its original mission and actively fulfilled its social responsibilities. According to the annual report, in 2022, the company provided risk protection of 44.5 trillion for the real economy, provided risk protection of 82.2 billion for the “Belt and Road” project, provided risk protection of more than 170 billion for small and micro enterprises, helped small and micro enterprises obtain financing of 14.5 billion, and provided green insurance protection of nearly 60 trillion. The sustainable investment balance more than 40 billion, contributing Sunshine’s strength in serving the real economy, protecting people’s livelihood, promoting common prosperity, and promoting a green China.

Overall, in 2022, facing the turbulent international environment and arduous development tasks, Sunshine Insurance responded promptly and rose to the challenges, delivering a satisfactory “report card.” Zhang Weigong, the founder, the Chairman, and CEO of Sunshine Insurance Group, said, “The company will continue to adhere to its development strategy, promote high-quality development and high-value growth through reform and transformation measures, and strive to build the company into a customer-driven high-value growth insurance group.” In the future, the company will strengthen its core competitiveness, fully exert its insurance protection function, provide high-quality product services to customers, escort the stable operation of the economy, and create more value for shareholders and investors.

Sunshine Insurance Released 2022 Annual Results: Keeping a High-quality and Steady Development

On March 29, Sunshine Insurance Group (Company or Sunshine Insurance) released its first results report after going public. Looking back at 2022, the Chinese insurance industry faced multiple challenges, including increased marketing difficulties, weaken consumer willingness, and market volatility, etc. Under this backdrop, In the Annual Results Announcement on March 30, Mr. Zhang Weigong, the founder of Sunshine Insurance, said,” Sunshine has successfully passed this high-intensity stress test”. Meanwhile, he also stated that the whole company has further established customer-oriented thinking through some measures and reforms, ” The overall improvement of customer-oriented thinking was the biggest progress for Sunshine Insurance in 2022″. Sunshine Insurance focuses on its core insurance business, continuously strengthens the company’s value development capabilities, maintains steady growth in overall business performance, and highlights the company’s strong business resilience.

Overall, Sunshine Insurance Group’s total assets in 2022 increased steadily, with continuous growth in premium income . As of the end of 2022, the company’s total assets were approximately RMB 485.36 billion, an increase of 9.9% compared to the beginning of the year. The company achieved total income of RMB 128.58 billion, a year-on-year increase of 7.2%; among which the total premium income was RMB 108.74 billion, a year-on-year increase of 6.9%. The company achieved a net profit attributable to shareholders of RMB 4.88 billion.

Business development has shown great resilience and value creation capabilities continue to strengthen

In 2022, Sunshine Insurance Group adhered to the development philosophy of “Stability and Excellence,” continuously optimized channel layout, accelerated model innovation, maintained stable growth in premium scale, continuously increased intrinsic value, and maintained a stable business structure. As of the end of 2022, the company’s intrinsic value was approximately RMB101.27 billion, a year-on-year increase of 8.0%, continuing to maintain a good growth trend.

In the life insurance business, Sunshine Life Insurance adhered to a value-led approach and continued to solidify the foundation for business development through a diversified and collaborative channel development model, with a focus on “multi-line development.” In terms of channels, the agency channel accelerated its transformation, and the per capita productivity further increased, with a 31% year-on-year increase in the number of MDRT qualified agents. The bancassurance channel focused on value development, and the renewal rate improved year by year. In addition, Sunshine Life Insurance also continued to accelerate the development of other channels and optimize its business structure. In 2022, Sunshine Life Insurance achieved new single-period premium income of RMB 14.75 billion, a year-on-year increase of 9.3%; the new business value was RMB 3.02 billion, achieving a counter-trend positive growth trend in the context of pressure on new business value across the industry.

In the property insurance business, Sunshine Property Insurance continued to deepen its personal customer management, enhance its risk management service guarantee, and saw rapid improvement in profitability. Business development in all insurance categories accelerated, and the comprehensive claims ratio and comprehensive expense ratio decreased by 1.6 and 3.6 percentage points year-on-year respectively. The application of intelligent life tables in auto insurance continued to improve, while the non-auto insurance risk identification and product pricing capabilities steadily increased, and risk reduction management showed initial results. In 2022, Sunshine Property Insurance achieved a premium income of RMB 40.38 billion, achieving a net profit of RMB 1.602 billion.

Promoting digital transformation comprehensively and open up future growth space with scientific and technological strength

Currently, the insurance industry has entered a new stage of digital transformation. Sunshine Insurance Group focuses on process optimization and the application of data and models, continuously improving its core capabilities in digital customer insights, digital marketing, digital product innovation, digital risk control, and digital operations, promoting the improvement of the company’s operational efficiency and service quality, promoting the improvement of the company’s operating efficiency and service quality.

In terms of customer service, Sunshine Life Insurance relies on the “My Sunshine” App intelligent service platform to provide customers with a 7×24-hour ultimate service experience, achieving effective connection between customers and the company. As of 2022, the My Sunshine App has accumulated 4.022 million users, and served 60.743 million users throughout the year. Sunshine Property Insurance relies on the Sunshine Online platform to continuously optimize customer service processes and provide customers with one-stop convenient services. It has served more than 120 million customers with a service satisfaction rate of up to 94%.

In terms of risk prevention, Sunshine Insurance Group uses big data and machine learning technologies to continuously improve its risk identification and risk control capabilities. Taking life insurance as an example, Sunshine Life Insurance combines customer protection needs, health trends, and industry regulations to deepen the field of health big data, promote health big data projects, and match product demand for thousands of people based on individual customer health. The company has developed predictive model for risk and improved the accuracy of pricing long-term insurance products, as well as the ability to prevent risks before they occur. These efforts have helped to promote the company’s value development.

Technology is the next competitive field for insurance companies. Sunshine Insurance, which is at the forefront of the industry, continues to promote digital upgrades, enhance its competitive advantages, and is expected to open up a new blue ocean of value and win greater opportunities for future development.

In the future, Sunshine Insurance Group will continue to adhere to its core business and focus on its main responsibilities, continuously upgrade and enrich its product supply, optimize its business layout, strengthen technological innovation, continuously stimulate the company’s internal dynamic and development vitality, and stride towards on the road of high-quality development.

Sunshine Insurance Announces 2022 Annual Results

  • Focus on Insurance as the Primary Responsibilities and Core Businesses and Adhere to Value Development for Releasing the Potential of Long-Term Investment

Sunshine Insurance Group Company Limited (Sunshine Insurance or The Group; SEHK HKG: 6963) is pleased to announce the annual results for the year ended 31 December 2022 (the Reporting Period).

2022 Annual Results Highlights:

  •  Revenue increased by 7.2% YoY to RMB128.58 billion, in particular, total income increased by 6.9% YoY to RMB108.74 billion;
  • FYRPs of Sunshine Life increased by 9.3% YoY to RMB14.75 billion;
  • The value of one year’s new business was RMB3.02 billion, realising positive YoY growth;
  • Premiums of Sunshine P&C reached RMB40.38 billion, realising underwriting profits;
  • Net profit attributable to equity owners of the parent reached RMB4.88 billion;
  • Embedded value increased by 8.0% to RMB101.27 billion.

The year 2022 was a very unusual and extraordinary year. Facing with the stormy international environment as well as the difficult and heavy task of stable reform and development in China, and under the times of coexistence of both opportunities and challenges, the Group responded to the times and the challenges, insisted on the development concept of “Prioritize Stability, Prioritize Good”, cultivated new opportunities in the crisis and opened up new situation in the changes, focused on insurance as the core business and strove to value development, provided momentum for business development through innovation and successfully achieved all business targets.

Focus on Insurance as the Core Business to Write a New Chapter of High-quality Development
As a fast-growing insurance enterprise in China, the Group has never forgotten its original intention, and adhered to its mission of “bring more sunshine to people”, assuming the role of economic “shock absorber” and social “stabilizer”. In 2022, the Group focused on insurance as the core business, fully balanced insurance business, made steady growth in overall operating results and continuously enhanced its capability for value creation. The total income increased by 7.2% YoY to RMB128.58 billion, embedded value increased by 8.0% to RMB101.27 billion and net profit attributable to equity owners of the parent reached RMB4.88 billion.

For life insurance, in 2022, with the volatile global economic environment, the transformation of insurance industry was experiencing challenges. In this regard, Sunshine Life persisted in striving to create value and actively explored new ideas for development based on its profound understanding of the market environment and changes in customer demand. Through the insight of customer demand, team transformation and upgrading, product system improvement, service system construction, digital innovation and other measures, the Company continuously promoted the high-quality and healthy development. During the Reporting Period, our GWPs was RMB68.30 billion, increased by 12.3% year on year; The value of one year’s new business was RMB3.02 billion, achieving a rare positive growth in the industry.

For property and casualty insurance, the Group mainly provided property and casualty insurance products and services through Sunshine P&C. During the year, Sunshine P&C enhanced profitability capacity, optimized business structure, and further consolidated the foundation of high-quality development. During the Reporting Period, Sunshine P&C achieved anet profit of approximately RMB1.6 Billion, with loss ratio of 65.0%, and expense ratio of 34.9% according to the data. In the whole year, the OPI was RMB 40.38 billion.

Practice Value Development to Demonstrate Long-term Investment Value
In addition to focusing on insurance as the main responsibility and core business, the Group has also persisted in practicing value development, focused on asset-liability management while improving customer operation capabilities, and built a solid development moat for consolidating its own industry position. According to the result report, in 2022, the Group achieved a total investment yield of RMB20.13 billion, increased by 5.4% year on year; The total investment yield was 5.0%. The Group has also continuously improved its comprehensive investment management capability and customer service level among multiple assets, strategies and customers, and the asset management scale of third party reached RMB414.98 billion, increasing by 21.4% year on year.

In terms of customer operation, Sunshine Life adopted a customer-oriented business model and implemented a “Two-Dimensional Plan” around the whole life cycle of customer’s family, and constantly improved the construction of “Insurance plus Service” products and ecological service system. By the end of 2022, the number of effective customers of Sunshine Life had reached 14.95 million; Sunshine P&C continued to deepen the insight research of customer demand, steadily promoted the implementation of “Partner Action”, and helped corporate customers achieve risk reduction and value improvement. In 2022, it provided scientific disaster mitigation and professional risk consulting services to more than 4,300 important corporate customers. By the end of 2022, the number of effective customers of Sunshine P&C reached 18.72 million.

Under the background of focusing on the main business of insurance, the market share of both life and health insurance and property and casualty insurance being at the top and adhering to value development, the Group’s intrinsic value is expected to receive long-term attention from the market with the subsequent growth in performance, and its operational resilience and long-term investment value will fully emerge. Recently, securities dealers, such as CICC, Huatai and Soochow, have released in-depth analysis research reports on Sunshine Insurance (06963.HK), rating the Group as “Outperform” and “Buy”, etc. It is expected that the Group’s target stock price in 2023 still has more than 25% upside compared with the current price, and its long-term investment value is highly recognized by the industry.

Driven by “Entrepreneurship Gene + Culture Guidance” to Build Strong Comprehensive Strength
Sunshine Insurance has maintained a good growth momentum. The internal energy brought by the company’s development focus of “sticking to the main business and pursuing value” comes from the company’s unique, solid, systematic and complete Sunshine culture, and the source of Sunshine Insurance culture from its original entrepreneurial gene. As an entrepreneurship-driven company, Zhang Weigong, the founder of Sunshine Insurance, led his entrepreneurial team to visit 17 provinces and cities in China, visited and negotiated with 389 companies, and identified shareholders who shared the same vision and then founded Sunshine Insurance in a market-oriented way. The entrepreneurial spirit of “Challenge and Persevere” formed during the start-up period of Sunshine Insurance, laid the foundation for its continuous development and growth in the future. Meanwhile, Sunshine Insurance insists on “Cultural Governance”. From the entrepreneurial spirit to the core culture of “Sunshine Way” formed before the company opened, to today’s systematic and complete Sunshine cultural system, it has become the internal driving force for Sunshine’s development. The company’s core values have been established. Penetrating into all aspects of management, so that the company always has the core competitiveness in the fierce market competition.

It is worth mentioning that, with the support of the “Entrepreneurship Gene + Culture Guidance”, Sunshine Insurance remained true to its social responsibility and commitment, served the real economy and practiced sustainable development through concrete actions. In 2022, Sunshine Insurance provided risk coverage of RMB44.5 trillion, RMB82.2 billion and over RMB170 billion for the real economy, the Belt and Road projects as well as 12,000 micro, small and medium-sized enterprises respectively. It helped small and medium-sized enterprises finance RMB14.5 billion. Additionally, the Group provided green insurance coverage of RMB60,000 billion for 16.35 million enterprises and individuals. By the end of 2022, sustainable investment balance amounted to RMB42.72 billion.

The year 2023 is the opening year for the full implementation of the spirit of the 20th National Congress of the Communist Party of China and the construction of Chinese modernization. In the future, Sunshine Insurance will adhere to its main business and focus on its main responsibilities, identify its own development direction while serving Chinese modernization, and realize the scale effect so as to obtain stable growth. At the same time, Sunshine Insurance will continue to follow the trend of digital transformation of the financial industry, seize the opportunities of empowering innovation in various fields, usher in broader development margin in the wave of insurance industry changes, and continue to advance towards the goal of building a high-value insurance group oriented to the needs of customers.

About Sunshine Insurance Group Company Limited
Sunshine Insurance Group Company Limited is a fast-growing private insurance service group in China. Since its establishment, the Group has focused on value creation and been committed to providing customers with professional risk coverage and integrated service solutions. The Group carries out life and health insurance business through Sunshine Life, property and casualty insurance business through Sunshine P&C, and manages insurance funds through Sunshine AMC. As of December 31, 2022, the Group has been ranked among the top 500 Chinese enterprises by the China Enterprise Confederation for 12 consecutive years and has been entitled as one of the “Top 500 Valuable Brands in China” by the World Brand Lab for 11 consecutive years.