Futu news on November 30th$Sunshine Insurance Group (06963.HK)$The company plans to issue 1.15 billion shares from November 30 to December 5, including a public offering of 115 million shares and an international offering of 1.035 billion shares at a price of HK $5.83 to HK $6.45 per share, which is expected to be listed on December 9.
Sunshine Insurance is a fast-growing private insurance service group in China. Since its inception, the company takes value creation as the main line and is committed to providing customers with professional risk protection and integrated service solutions.
The company operates life insurance and health insurance business through Sunshine Life Insurance, providing customers with about 140 kinds of products such as life insurance, health insurance and accident insurance. It mainly operates property insurance business through Sunshine property Insurance, providing customers with more than 4000 property insurance products covering motor vehicle insurance, accidental injury and short-term health insurance, warranty insurance, liability insurance, agricultural insurance and corporate property insurance. Mainly through the sunshine management of the use of insurance funds.
According to data released by Bank of China Ltd. Insurance Regulatory Commission and the insurance industry association, Sunshine Life's market share was 1.7% in 2020, ranking 12th among China's 91 life insurance companies in terms of original insurance premium income.
According to data released by the China Banking Insurance Regulatory Commission and the Insurance Industry Association, in terms of original insurance premium income, Sunshine property Insurance's market share was 2.7% in 2020, ranking seventh among China's 87 property insurance companies.
As of June 30, 2022, the company's total investment assets are RMB 416.267 billion. In 2019, 2020, 2021, and the six months ended June 30, 2022, the company's total return on investment was 5.8%, 6.5%, 5.4% and 4.2% (annualized), respectively.
Financially, the total revenue of the Company in 2019, 2020, 2021 and the six months ended 30 June 2021 and 2022 was 100.837 billion yuan, 115.059 billion yuan, 119.969 billion yuan and 61.372 billion yuan, 69.396 billion yuan, respectively. In terms of net profit, the net profit in the same period was 5.151 billion yuan, 5.681 billion yuan, 6.02 billion yuan and 1.828 billion yuan, 1.797 billion yuan respectively.
In terms of industry, in recent years, China's insurance market has developed rapidly and is one of the most important growth engines of the global insurance market. According to the Sigma report, premiums in China increased from US $466.13 billion to US $696.13 billion from 2016 to 2021, achieving an average annual compound growth rate of 8.4 per cent, accounting for 10.8 per cent of the global premium growth in the same period. In terms of premium scale, from 2016 to 2021, the premium income of China's life insurance business increased from US $262.62 billion to US $365.46 billion, achieving an average annual compound growth rate of 6.8%. Over the same period, the premium income of the global life insurance business increased from US $2.61702 trillion to US $2.99757 trillion, achieving an average annual compound growth rate of 2.8%.
According to the Sigma report, from 2016 to 2021, the premium income of China's non-life insurance business increased from US $203.52 billion to US $330.67 billion, achieving an average annual compound growth rate of 10.2%. In the same period, the premium income of global non-life insurance business increased from US $2.11517 trillion to US $3.86303 trillion, achieving an average annual compound growth rate of 12.8%.
In terms of fund-raising purposes, the company intends to use the net proceeds from the global offering (after deducting the underwriting commission and estimated expenses payable by the company for the global offering) to strengthen the company's capital base to support the continued growth of the company's business.