Sunshine Insurance Group Full Year 2024 Earnings: Beats Expectations

Sunshine Insurance Group (HKG:6963) Full Year 2024 Results

Key Financial Results

• Revenue: CN¥78.7b (up 9.6% from FY 2023).
• Net income: CN¥5.45b (up 46% from FY 2023).
• Profit margin: 6.9% (up from 5.2% in FY 2023). The increase in margin was driven by higher revenue.
• EPS: CN¥0.47 (up from CN¥0.33 in FY 2023).

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All figures shown in the chart above are for the trailing 12 month (TTM) period

Sunshine Insurance Group Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) also surpassed analyst estimates by 3.6%.

The primary driver behind last 12 months revenue was the Property and Casualty Insurance - Sunshine P&C segment contributing a total revenue of CN¥50.2b (64% of total revenue). Notably, cost of sales worth CN¥60.4b amounted to 77% of total revenue thereby underscoring the impact on earnings. The largest operating expense was General & Administrative costs, amounting to CN¥8.83b (69% of total expenses). Explore how 6963's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Insurance industry in Hong Kong.

Performance of the Hong Kong Insurance industry.

The company's shares are down 2.3% from a week ago.

Balance Sheet Analysis

Just as investors must consider earnings, it is also important to take into account the strength of a company's balance sheet. See our latest analysis on Sunshine Insurance Group's balance sheet health.

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