As an insurance executive, you are always looking for ways to improve your company’s performance and stay ahead of the competition. That’s why it’s important to pay attention to the annual results of other insurance companies, such as Sunshine Insurance Group Company Limited.

According to their audited consolidated results for the year ended 31 December 2023, Sunshine Insurance saw a 9.3% YoY increase in gross written premiums (GWPs) to RMB118.91 billion, and a 7.5% increase in insurance revenue to RMB59.90 billion. Their net profit attributable to equity owners of the parent reached RMB3.74 billion, and their embedded value was RMB104.06 billion, up 6.4% from the end of last year on a comparable basis. As of December 31, 2023, the number of active customers was approximately 31.54 million.

These results are a testament to Sunshine Insurance’s “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. By effectively formulating and fully activating this strategy, Sunshine Insurance achieved steady development in core business of insurance industry with a high level of strategic determination and solid execution, resulting in continuous improvement in value creation and effective implementation of customer ideas.

As an insurance executive, it’s important to take note of Sunshine Insurance’s success and learn from their strategies. By focusing on innovation, value development, and customer care, you can improve your own company’s performance and stay ahead of the competition.

But it’s not just about learning from success stories. It’s also important to be aware of potential risks and challenges that could impact your business. For example, the growing demand for pension insurance brought about by the ageing population is a trend that insurance executives should be paying attention to. By being proactive and developing solutions to address these challenges, you can position your company for long-term success.

At Riskwolf, we understand the importance of staying ahead of the curve and developing innovative solutions to address emerging risks. That’s why we offer parametric insurance, which allows insurers to turn real-time data into insurance. Using unique real-time data and dynamic risk modelling, we enable insurers to build and operate parametric insurance at scale. Simple. Reliable. Fast.

So, as you review Sunshine Insurance’s 2023 annual results, remember to take note of their successes and learn from their strategies. But also be aware of potential risks and challenges, and be proactive in developing solutions to address them. And if you’re interested in exploring the benefits of parametric insurance, get in touch with Riskwolf today.