Cheche Group Inc, a digital platform for motor insurance transactions in China, has reported its unaudited financial performance for the fourth quarter (Q4) and full year of 2024 (FY24).
Latest data shows increases in revenue, improved operating results, and a growing footprint in the new energy vehicle (NEV) insurance segment.
Full-year net revenues totalled RMB3.5 billion (US$475.8 million), marking a 5.2% increase from 2023. Fourth-quarter revenues rose 13.4% year-on-year to RMB983.6 million (US$134.8 million), driven by a rise in insurance transactions conducted through Cheche’s partner network.
Operating losses were substantially reduced, declining to RMB66.5 million (US$9.1 million) for the full year, down 60.3% from the prior year. In the fourth quarter, the operating loss narrowed to RMB3.0 million (US$0.4 million), a 93.7% reduction.
Adjusted figures show the company moved into positive territory for quarterly operating income, recording RMB1.3 million (US$0.2 million), while adjusted annual operating losses dropped 40.2% to RMB28.2 million (US$3.9 million). Net loss for 2024 came in at RMB61.2 million (US$8.4 million), compared with RMB159.6 million in 2023.
Written premiums placed reached RMB24.3 billion (US$3.3 billion) for 2024, up 7.5% year-on-year. The number of policies issued climbed from 15.8 million in 2023 to 17.3 million.
Cheche has prioritised collaboration with NEV manufacturers to grow its embedded insurance services.
In Q4 2024, it partnered with 15 NEV firms, resulting in 441,000 embedded policies and RMB1.4 billion (US$189.8 million) in written premiums. For the year, embedded policies totalled 1.1 million and contributed RMB3.3 billion (US$452.4 million) in premiums – more than doubling results from the previous year.
Founder and CEO Lei Zhang said that Cheche’s direction reflects broader shifts in the automotive and insurance sectors.
GlobalData projects the Asia-Pacific motor insurance sector will grow at a compound annual growth rate of 5.6% over the next five years, reaching US$301.7 billion by 2029. China remains a central market within this regional growth, alongside South Korea, Japan, and India.
“Our latest financial results validate the success of our strategic focus on the intelligent connected electric vehicle insurance sector. Revenues for the fourth quarter achieved robust growth of over 13%, and notably, our NEV-related business has experienced a remarkable 171% growth in written premiums over the same period. This strong growth momentum, coupled with our adjusted operating income for the quarter, demonstrates our ability to balance business expansion with operational efficiency. By leveraging technological innovation to enhance customer experiences and drive sustainable growth, we are well-positioned to maintain this upward trajectory,” Zhang said.
The company ended the year with RMB152.9 million (US$21.0 million) in combined cash, equivalents, and short-term investments.
In a separate update, Cheche confirmed on March 10 that it had regained compliance with Nasdaq’s US$1.00 minimum bid price requirement.
The company had previously received a non-compliance notice in November 2024 but met the listing standard in February after 10 consecutive trading days with a share price above the threshold.
Looking to 2025, Cheche projects revenues between RMB3.6 billion and RMB3.8 billion and total written premiums in the range of RMB25.5 billion to RMB27.0 billion.
Premiums from NEV-related policies are forecast to more than double, reaching between RMB7.0 billion and RMB8.0 billion.
