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Zhong An posts third consecutive quarterly loss

Markets news

Chinese internet only insurer Zhong An has posted its third consecutive quarterly loss in 2017.

Zhong An, which recently listed on the Hong Kong stock exchange, posted a loss of 400m yuan (£45.8m) in the third quarter; the result follows 180m yuan loss in Q2 2017 and 202m yuan loss in Q1 2017. The Q3 loss was blamed on increased marketing expenses and regulatory restrictions.

Showing the challenges for the fast growing sector, all four Chinese internet only insurers - Zhong An, E An P&C Insurance,  Answern P&C and Insurance made a loss in Q3 2017.

Online insurers in China are limited by what they are allowed to sell online in China and have to pay high fees to third party websites.

Zhong An is valued at around £11bn and is backed by Alibaba, Tencent and Ping An.

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