Sunshine Insurance Group Ranked 62nd in the '2023 Top 500 Private Enterprises in China' List

According to the Zhisheng Finance APP, on September 12, the All-China Federation of Industry and Commerce released the "Top 500 Private Enterprises in China 2023" and the "Top 100 Service Industry Private Enterprises in China 2023" rankings. Sunshine Insurance Group (06963) ranked 62nd among the top 500 private enterprises and 17th among the service industry private enterprises with an annual revenue of 131.873 billion yuan. Sunshine Insurance has been on these two lists for many years consecutively, maintaining a steady rise. It climbed 9 places and 7 places respectively compared to the previous year.

Along with the release of this list, the All-China Federation of Industry and Commerce (ACFIC) also published the "2023 China Top 500 Private Enterprises Research and Analysis Report." It is reported that this year marks the 25th consecutive year that the ACFIC has organized a large-scale private enterprise survey, with a total of 8,961 companies participating, each having an annual revenue of over 500 million yuan. The analysis from this survey shows that currently, the size of China's private enterprises continues to grow, their strength keeps increasing, and they are playing an important role as a cornerstone for high-quality economic development in China.

As an important member of China's private service industry and a leader in China’s mid-generation insurance sector, Sunshine Insurance has not only achieved impressive growth in recent years but also played an active role in driving industry transformation and giving back to society.

In the recently released 2023 semi-annual performance report, Sunshine Insurance has made steady progress, focusing on the development of its core business while balancing growth speed and quality, enhancing its value creation capabilities. The group achieved a total premium income of 67.81 billion yuan, representing a year-on-year increase of 7.7%; net profit attributable to parent company shareholders reached 2.9 billion yuan, a year-on-year increase of 9.0%; and embedded value amounted to 104.98 billion yuan, an increase of 3.7% from the end of last year. Sunshine Life reported a new business value of 2.68 billion yuan in the first half of the year, a year-on-year increase of 37.1%, demonstrating strong business value and growth potential; Sunshine Property & Casualty Insurance continued to optimize its combined ratio, with profitability steadily improving.

With the continuous development of the insurance market and the popularization of insurance concepts, the insurance awareness of the Chinese people has been constantly increasing, leading to a growing emergence of diversified and differentiated insurance needs. Correspondingly, the supply side of the insurance industry urgently needs to undergo transformation and upgrading to better align with consumer demands through higher-quality product and service experiences. Sunlight Insurance has taken the lead in stepping forward with industry transformation, adopting a customer-driven business model and the management philosophy of "Love and Responsibility." It innovatively proposed the concept of full life cycle insurance. Through the implementation of the "Vertical and Horizontal Partners" strategy, it designs and provides customers with products and services that match the characteristics of customer groups, family roles, and the patterns of the entire life cycle, practicing the original intention of "Everything for the Customers."

Looking back, the development of private enterprises has been inseparable from the favorable opportunities of the times. They have grown and risen rapidly in the process of common prosperity, and further assumed the social responsibility of promoting common prosperity with their corporate strength. Sunshine Insurance has always maintained a profound sense of mission and strong emotional commitment to the nation and society, actively taking on responsibilities and spreading the power of sunshine.

In the first half of this year, Sunshine Insurance provided risk protection of 32.6 trillion yuan for the real economy, offered risk protection of 66.98 billion yuan for "Belt and Road" projects, provided risk protection of 126.9 billion yuan for approximately 15,000 small, medium and micro enterprises, and helped small and micro businesses secure financing amounting to 5.39 billion yuan. In promoting green and sustainable development, Sunshine provided green insurance coverage of nearly 6.0 trillion yuan to 754,000 enterprises and individuals in the first half of this year, with compensation support exceeding 1.74 billion yuan; by the end of June, the balance of sustainable investments surpassed 50 billion yuan. In terms of public welfare contributions, Sunshine actively organized and participated in various public welfare activities such as education support, eldercare assistance, and poverty alleviation. By the end of June this year, it had cumulatively built 73 Benevolence Schools across 24 provinces in China and trained 17,733 rural doctors.

Looking ahead, the high-quality development of China's economy and society will provide a broader space for the further progress of private economy. Meanwhile, driven by the strong momentum of the private economy, China's high-quality development will become increasingly steady. It can be imagined that on the road to jointly advancing Chinese-style modernization, private enterprises will have great potential and significant impact.