Title: Sunshine Insurance Group's 2023 Annual Results: A Reminder of the Importance of Insurance
As insurance executives, it’s easy to get caught up in the day-to-day operations of the business. But the recent announcement of Sunshine Insurance Group’s 2023 annual results serves as a reminder of the importance of insurance and the impact it can have on people’s lives.
According to the report, Sunshine Insurance Group saw a 9.3% increase in gross written premiums (GWPs) to RMB118.91 billion and a 7.5% increase in insurance revenue to RMB59.90 billion. The net profit attributable to equity owners of the parent reached RMB3.74 billion, and the embedded value was RMB104.06 billion, up 6.4% from the end of last year on a comparable basis. These numbers are impressive, but they also represent the real-life impact of insurance on millions of people.
In 2023, Sunshine Insurance Group actively seized the development opportunities arising from the economic recovery, the rising awareness of insurance protection among residents, the increasing diversity of insurance needs, and the growing demand for pension insurance brought about by the ageing population. With in-depth research, development, and innovation, the Group effectively formulated and fully activated the “New Sunshine Strategy” with “Sunshine of Technology” created by data intelligence, “Sunshine of Value” created by model innovation, and “Sunshine of Caring” created by a culture of goodness with love and responsibility as its three core elements.
But what does all of this mean for insurance executives? It means that insurance is not just a business, but a way to make a positive impact on people’s lives. It means that insurance companies have a responsibility to innovate and create value for their customers. And it means that insurance executives have the power to shape the future of the industry and make a difference in the world.
At Riskwolf, we believe that parametric insurance is the future of the industry. By turning real-time data into insurance, we enable insurers to build and operate parametric insurance at scale. With unique real-time data and dynamic risk modeling, we can help insurance companies create innovative products that meet the evolving needs of their customers.
So, as you reflect on Sunshine Insurance Group’s 2023 annual results, remember the importance of insurance and the impact it can have on people’s lives. And if you’re interested in learning more about how Riskwolf can help you develop parametric insurance for your customers, get in touch with us today.