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China’s first online-only insurer plans to raise up to $1.5 billion in an IPO that could value the company at around $10 billion. During a recent Chinese online-shopping festival similar to the U.S. Black Friday, ZhongAn sold a record 13,000 policies per second!
“Numbers like that aren’t something that traditional insurers can imagine,” chief executive Chen Jin said Sunday at a press conference in Hong Kong. The large sales volumes have yet to translate into big profits. ZhongAn produced a net profit of $1.4 million in 2016 after earning about $488 million in net premiums, which were up two-thirds from the previous year.
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