Recently, Shenzhen BYD Property & Casualty Insurance Co., Ltd. (hereinafter referred to as “BYD Insurance”) released its solvency report for the fourth quarter of 2024, revealing its operational performance in the first year of entering the auto insurance market.

According to the report, BYD Insurance achieved insurance business revenue of RMB 1.351 billion in 2024 and incurred a loss of RMB 169 million. Notably, the loss for the fourth quarter amounted to RMB 81 million.

It is worth noting that BYD Insurance’s two key indicators, the combined ratio and the combined cost ratio, significantly exceeded the industry averages. In 2024, the company’s combined ratio reached 233.92%, and the combined cost ratio soared to 308.81%. The high levels of these two indicators undoubtedly exerted tremendous pressure on the company’s profitability.