Good afternoon. Welcome, everyone, to attend this 2023 annual announcements of ZhongAn Online. Please be noted that you are all on mute session. Before the end, there will be Q&A, and if you would like to ask question in the Chinese line, please press star one. Now I'll give the floor to the first speaker, Zhang Ning. Distinguished investors, analysts, and media friends, good afternoon. Welcome, everyone, to attend this 2023 annual announcements of ZhongAn Online. I am the Director of IR, Zhang Ning. First of all, I'll be introducing the management from ZhongAn Online. General Manager and CEO, Mr. Jiang Xing from ZhongAn Online, CFO and Chief Investment Officer, Mr. Gaofeng Li, and Executive Vice General Manager and Secretary of the Board, Wang Ming, and also Wayne Xu , the Director and President of ZhongAn International. Now I give the floor to the first speaker, Jiang Xing.
Good afternoon, dear friends and media friends and investors analysts. My name is Jiang Xing, the General Manager of ZhongAn Online. Welcome, everyone, to attend this 2023 annual announcement of ZhongAn Online, and thank you very much for your support and also attention to ZhongAn. The year 2023 holds a special significance for ZhongAn as it marks the 10th anniversary of the company. There's a nation in China saying that takes 10 years to sharpen the sword. Over the past decade, we have transformed from the child learning how to walk and gradually explored to become the ninth largest P&C insurance company in terms of premium volume in China. Throughout these 10 years, ZhongAn has consistently adhered to the mission of empowering the finance with technologies and providing insurance service with the caring hand, continuous deepen our understanding and application of technology in finance.
We adhere to dual engine strategy of insurance plus technology, deeply integrating technology with insurance throughout the entire process, while at the same time, also driving the digital transformation of the global insurance industry. Over the past 10 years, we have issued over 64 billion policies and served over 500 million users. Last year, we were listed for the first time in the Fortune China 500 ranking for 2023, becoming the only InsurTech company to be selected. Next, I'll be sharing with you the specific achievements of the company in 2023. In 2023, amidst a complex international environment, the overall Chinese economy show the signs of recovery and improvement. Despite the ever-changing economic landscape, we boldly move forward. In 2023, we achieved a total P&C GWP of CNY 29.501 billion, representing a year-on-year increase of 24.7%, almost 25% already.
You can see that securing the top market positioning in internet P&C insurance sector. Starting from January of 2023, we adapted to the new insurance contract accounting standard HKFRS 17. On this new standard, the revenue from P&C insurance service amounted to CNY 27.521 billion, a year-on-year increase of 24.2%. Upholding our core operational philosophy centered around users and effective branding, our proprietary channels achieved a total premium of CNY 7.6 billion with a year-on-year growth rate of 31%, surpassing the overall company's GWP growth rate. In 2023, we continued to implement our strategy of sustainable growth with quality, maintaining a combined ratio of 95.2% and achieving the underwriting profit for three consecutive years, surpassing the industrial average. Our overall investment income significantly improved compared with the previous year.
As a result, the insurance business segment achieved a net profit of CNY 554 million, successfully turning losses into profits. At the group level, we achieved a net profit attributable to the parent company of CNY 4.078 billion in 2023, including approximately CNY 3.784 billion of one-time investment income. The adjustment was made because ZhongAn International ceased to be a subsidiary of the company from August 14, 2023 and was no longer accounted as the equity method investee. We exclude this one-time investment income, and we adjust the net profit attributable to the parent company was CNY 2.94 billion. Also turned around into profit compared to the previous year. Meanwhile, the overall asset quality remained solid, and our solvency was robust, earning us a rating of Moody's Baa1 with a positive outlook and AM Best A- with a stable outlook from the international rating agencies.
As one of the ZhongAn strategic engines, our technology business also made breakthroughs last year benefiting from recovery of domestic economy and the ongoing digital transformation of the global financial industry. Our total revenue from the technology export business reached CNY 829 million, a year-on-year increase of 40%. Our virtual bank in Hong Kong, ZA Bank, also continued its rapid growth momentum, achieving a net income of HKD 366 million in 2023, a year-on-year increase of 42.9%. Over the past 10 years, we have been providing users with various types of insurance covering scenarios such as e-commerce and travel, starting from internet platforms. Through this high-frequency products and services, we have gained consumer recognition and trust in ZhongAn brand. In recent years, we have increased the investment in building the ZhongAn brand while vigorously developing the proprietary channels.
The aim is to deliver the caring hand and service of ZhongAn directly to our users through our app and nearly 30 proprietary channels and also private domains. We adhere a long-term philosophy of managing and developing ZhongAn's proprietary channels, and we strive to provide users with convenient and affordable, comprehensive protection for their lives. In 2023, the GWP of our proprietary channels reached CNY 7.614 billion, while the total premium contributed further increasing to 25.8%. The number of paying users grew by 47.6% to 11.36 million, with an average premium per capita of CNY 670. We have enriched the product matrix of our proprietary channels, upgrading services around the four major ecosystems, including the medical health, family, and pet, and to better provide the value to users.
The proportion of repeated users premiums in the proprietary channels premium reached 39%, with an average policy per person of 1.6. Moreover, the renewal rate increased by 3.3 percentage points to 88.3%. In the future, we will continue to upgrade the products and services of our proprietary channels and making ZhongAn brand even more deeply integrated into people's mindsets. Next, I would like to introduce to you the main operational achievements from four major ecosystems in 2023. The first one is about health ecosystem. In 2023, we achieved the GWP of CNY 9.806 billion, a year-on-year increase of 9.2%. Among them, our flagship health insurance product, Personal Clinic Policy, has contributed and continued to iterate and innovate since its launch, meeting the users' constantly upgrading and personalized health needs, demonstrating a strong vitality. In 2023.
You can see that the total premium of the million RMB medical insurance represented by Personal Clinic Policy increased by 14.4% year-on-year, reaching CNY 6.515 billion in total premium. Among them, the zero deductible version Personal Clinic Policy provides users with practical protection through more flexible product combinations and has been well-recognized. While the Personal Clinic Policy continues to penetrate into the mass market, we have observed the specific needs of the segmented consumer targets and the medium to high-end version of Personal Clinic Policy launched last year focusing on people with medical upgraded needs. Achieving a rapid premium growth also upon its launch. Apart from this flagship product, in 2023, our short-term critical illness insurance product has also become popular for meeting the consumers' patrons protection needs.
Also it became another blockbuster product with an annual GWP breaking CNY 1 billion, reaching CNY 1.341 billion in the GWP and a year-on-year growth of 130.6%. Additionally, our outpatient insurance products, which innovatively integrate online consultation, medication purchase, and offline medical services through internet hospitals, experienced a total premium growth of 157.3% in 2023, reaching CNY 327 million. In the health ecosystem, the number of paying users reached 19.96 million in 2023, a year-on-year growth of 23.6%. Upholding our initial aspiration of providing health insurance for 1 million people by the end of 2023, we have provided the health protection to over 125 million insureds. Next, Digital Lifestyle Ecosystem.
In 2023, we had a breakthrough of CNY 10 billion threshold, achieving a GWP of CNY 12.563 billion, with a strong year-on-year growth rate of 41.6%. We actively embrace the evolution and development of e-commerce formats, providing products covering various types of e-commerce scenarios such as platform-based or live streaming, short videos, and private domains. Leveraging our technology capabilities and product development expertise, we introduced the products covering the entire e-commerce value chain, including return shipping insurance, product quality assurance, amount security, and also logistics guarantees, for instance. In 2023, the total premium growth rate of our e-commerce business reached 25.3%, reaching CNY 6.593 billion. At the same time last year, with the rapid recovery of domestic tourism industry, the aviation and travel business sector also benefited from the industry's revival.
Our aviation and travel business achieved a total premium of CNY 3.242 billion, a year-on-year growth of 89%, and we cover the major OTA platforms as well as the other specialized apps of airlines providing travel protection for over 70 million travelers. Apart from the e-commerce and travel, in the ecosystem, we also have innovative business achieving a GWP of CNY 2.728 billion, representing a year-on-year growth of 43.8%, and increasing their proportion to 22% of the total premium against the digital lifestyle ecosystem as a whole. One of the important products is the pet insurance, and last year we had CNY 500 million in terms of the total transaction volume with the growth rate of exceeding 150%.
In total, we have served over 4.65 million pet owners, mainly driven by an increasing level of pet familiarization, leading to a higher average spending per pet. In terms of the product offerings, in addition to pet medical and accidental coverage, we have collaborated with the ecosystem partners to launch various innovative insurance products such as the chronic pet disease and pet food safety, for instance. This expansion has broken the boundary to both our company and the industry. We have been partnering with nearly 14,000 offline pet hospitals and service institutions. In our innovative business endeavors, we, apart from the pet insurance, are closely following the development trends of the new consumption patterns, exploring new growth trajectories within the digital lifestyle ecosystem.
We have achieved breakthroughs in accidental insurance like volumes for lifestyle and fashion, as well as sports and other scenarios. We have provided various services, including liability insurance and quality insurance to over 1.5 million drone owners. Additionally, our service oriented home insurance has serviced over 500,000 households. We have joined the Shanghai Family Insurance Alliance, a customized and inclusive home insurance initiative in Shanghai to better meet the practical needs of Shanghai residents and newcomers, thus promoting the inclusive insurance practice. Next, take a look at the consumer finance ecosystem. We focus on high quality customers in small and dispersed internet scenarios. In 2023, our total premium or GWP of our consumer finance ecosystem reached 5.551 billion CNY, a year-on-year increase of 22.5%.
We constantly and consistently adhere to a strategy of prudent and steady development and strictly enforce the rigorous risk control standards, and also dynamically adjust our risk reserves based on the macroeconomic conditions. This approach has sustained the underwriting profitability in our business. Additionally, we offer insurance products from other ecosystems to users within the consumer finance ecosystem and meeting their comprehensive protection needs. Last but not least, we are talking about the auto insurance ecosystem. We achieved the GWP of 1.58 billion CNY for the year with a year-on-year growth of 24.7%. We actively embrace the opportunities and policy dividends of new energy vehicle insurance, providing insurance products and services for new energy vehicle owners from over 100 brands. This has injected a new momentum into the overall growth of automotive insurance.
In 2023, the GWP of new energy vehicle insurance grew by over 196% compared to the previous year. We are providing comprehensive services to vehicle owners, including the coverage for driving accidents and aftermarket service, and also videos, claims, et cetera, offering them with more comprehensive and integrated services. We already talked to you about the four ecosystems. Next, I would like to share with you our practice in ESG. Although a property insurance product provides a short-term protection within a year, our business philosophy and interaction with users are focusing on a long-term fashion. We also integrate the ESG principles and the United Nations Sustainable Development Goals into ZhongAn's business development and practice in environmental protection and social responsibility.
Specifically, we have launched over 50 green insurance products covering different areas such as new energy, environment protection, and photovoltaics, with a risk coverage amounted to CNY 20 billion. In terms of the protection provided to micro and small enterprises, we offer 95 products covering various potential risks in their operations. Our blockbuster product, the Dian Dian Bao, has insured over 14,000 micro and small enterprises and spanning multiple industries. In the inclusive insurance field, we have developed more protection products covering groups such as the chronic illness patients and women and elderly and children. Our online operation model in the InsurTech enables us to conduct the business with lower carbon emissions, contributing to carbon neutrality. Our ESG rating has also steadily improved in recent years.
In the future, we will further implement the ZhongAn sustainable development strategy to create more value for users, shareholders, and also the society as a whole. This is the end of my talk, and I will invite Wang Ming to introduce the progress of our technology segment.
Thank you very much, Jiang Xing, for your sharing. Next, I'll be delve into the progress of our group in technology research and development as well as technology export. We are strategically position ourselves in the cutting-edge technologies such as artificial intelligence, reshaping various aspects of insurance value chain through technology, leveraging our solid foundation in AI, accumulatively over the past decade. In 2023, we released the first AI in general insurance AIGC application and white paper in domestic insurance industry.
This white paper delineates over 30 specific application scenarios and points of AIGC application in the insurance field. Also, in the same time, we have produced the ZhongAn capabilities and launched the AIGC middle platform, Lingxi, as well as the operation analysis platform featuring dialogue generation AI and dev pilot, which enhances the code export efficiency. AI has improved efficiency across various aspects with our organization, including product development, marketing, risk control and management, and daily operations. In terms of customer service, we utilize AIGC to construct intelligent customer service system based on the customer intent. Personalized services are provided, resulting in faster and more customized responses. By embedding AIGC into our online customer service, we have been an average time saving of over 10 seconds per person and session, while also assisting in identifying the high-risk customers and reducing complaints rates.
On the marketing front, AIGC enables the rapid generation of promotional videos, enhancing the video production efficiency and reducing the costs. With the assistance of AI code helpers and assistance, the development efficiency within the group has increased by over 20% within six months. We firmly believe that through this continuous investment in AI, ZhongAn will definitely maintain our leading positioning in this area. In 2023, our technology export business experienced a remarkable growth with an overall revenue growth rate of around 40%, and also the total revenue of the technology export within the group reached CNY 829 million. We signed the contracts with 101 domestic and foreign clients along the industrial chain and are successfully assisting them in achieving digital transformation. By the end of last year, our technology business had a cumulative service of 848 clients from various industries.
Additionally, we broke through industrial barriers, signing contracts with 12 clients from the banking and securities industry throughout the year. We are actively expanding into non-financial industries, providing ZhongAn's general software and solutions. We deeply understand that the digital transformation is an inevitable trend of the industry and a key factor in honing our competitiveness. At the beginning of 2023, we hope that we are going to comprehensively create more values with our users. In the beginning of 2023, with the issuance of the overall layout plan of building Digital China by the State Council, the construction of Digital China was proposed, and it is an important engine for promoting Chinese style modernization in the digital era. By 2025, a horizontally interconnected and vertically integrated and well-coordinated integrated development pattern will be formed, making significant progress in the construction of Digital China.
Our technology export business focuses on the exploration and research on cutting-edge technologies such as artificial intelligence, big data, cloud computing, etc. Leveraging the advantages of ZhongAn's ecosystem and validated through practical business operations. We have established a value delivery system based on the technology and service. In 2023, our domestic technology export business grew by over 70% compared to the previous year. We signed contracts with 91 clients along the industrial chain, with over 30 clients have contract in amounts exceeding CNY 1 million. Four clients exceeding CNY 10 million in terms of the value of contracts. These achievements are really remarkable and actually the best against our history. We do have three series for our products: Business production series, business growth series, and digital infrastructure series, covering the entire business process of the insurance industry comprehensively.
In 2023, our next generation property insurance core system, MATE, has been successfully launched and used by multiple P&C companies in China. In the field of data, we have collaborated with several life insurance companies to develop data platforms and intelligent data solutions, providing services such as data planning, data governance, and data platform construction. Starting from 2023, the insurance industry began implementing the new insurance contract standard, IFRS 17 integrated platform, and our independently developed system has been successfully operational for two years. In 2023, we productized this IFRS 17 integrated platform for external output and assisting many insurance companies, including Mitsui Sumitomo Insurance, Generali China Insurance, and Global Benefits Group, etc. In the future, we are going to continuously leverage the technology power of ZhongAn to contribute to the development of digital economy and construction of Digital China. This is pretty much my part.
Next, hand over to Wayne of introducing the development of ZhongAn International, please.
Thank you very much, Wang Ming, for your introduction about the ZhongAn technology. Next, I will be introducing to you the business of the international technology export through ZA Tech. We were founded in 2018 and headquartered in Singapore. ZA Tech focuses on exporting the advanced insurance core systems and digital insurance technology expertise to overseas insurance companies and intermediaries. It is committed to setting new standards for global digital insurance technology. Currently, ZA Tech business footprint expands across Japan, Southeast Asia, Hong Kong and Europe. ZA Tech has built a global digital operating system for insurance industry servicing clients categorized into insurers and internet platforms.
Through this unique cloud native and modulized and no-code or low-code digital solutions, including the insurance core systems, distribution systems, customer data platforms, and AI solutions, it provides digital infrastructure support for various insurance business models or insurance product lines and every aspect of the end-to-end insurance business value chain. For the insurance company's clients, our next generation distributed insurance core system, Graphene, can assist them in locally connecting various ecosystem partners to launch the fragmented and scenario-based insurance products tailored to the local environment. For the internet platform and clients, we provide the low-code insurance distribution solution, Fusion, which helps the internet platforms offering more value added services to their end users and improve the traffic monetization efficiency.
In 2023 July, our core system product, Graphene, successfully entered the track of the traditional core business systems and was deployed for one of the leading insurance companies in Central and Eastern Europe. The system in achieving full coverage of traditional car insurance end-to-end functionalities seamlessly supporting five countries in Europe market. We're going to have a very rapid replication and development deployment. Not only it is about this, but also we would like to establish an ecosystem based on insurance operation systems for mutual benefits. For instance, in 2023, through the strategic collaboration with leading traffic channels in Japan, we generated positive network effects by establishing strategic partnership with the major traffic channels in Japan through our insurance distribution platform, Fusion, targeting the insurance, the intermediaries, and also similar strategic attracting top-tier insurance companies in Japan to launch the product on leading e-commerce platform like Yahoo! Japan.
Leading the e-wallets like Alipay through their full stack core system product, Graphene. This arrangement not only attracted the new insurance company clients through the broad traffic channels, but also helped to expand the client base of insurance intermediaries and agencies continuously. This synergetic growth between the insurance companies and also other agencies contributed to the collaborative expansion of both segments. In 2023, our international export revenue reached CNY 325 million, with sustainable revenue accounting for 51%, driving the gross profit margin to increase by 6 percentage points to 46%. In addition to our overseas technology export business, in Hong Kong, our virtual bank, ZA Bank, has been committed to building all-in-one digital financial services platform since its establishment in 2020, providing rich, convenient, and inclusive financial services to retail users and small medium-sized enterprises. In 2023, ZA Bank achieved significant improvements in our business matrix.
As of the December 31st of 2023, ZA Bank has approximately HKD 11.7 billion in deposit balances, representing year-on-year growth of 27.5%. Total loan balance was approximately HKD 5.4 billion, with a year-on-year growth of 10%. Additionally, benefiting from interest rate hike cycle and continuous enrichment of loan products, ZA Bank's net interest margin increased from 1.84% in the same period of 2022 to 1.94%. During the reporting period, with the launch of new products, ZA Bank recorded a net income of HKD 366 million, a year-on-year increase of 40%, a non-interest income accounting for approximately 43% of the total. At the same time, ZA Bank focuses on the business quality and operational efficiency improvement, resulting in an improvement of 85.6 basis points in the net loss ratio.
At current stage, ZA Bank has become one of the most feature-rich virtual banks in Hong Kong market with a high-quality customer base. Our retail banking side, ZA Bank, in addition to traditional banking products and services, enhancing user engagement through the continuous development of innovative gamified experience, while also facilitating the online account opening for visitors to Hong Kong, resulting in a very good and also strong user growth of those visitor users. Currently speaking, one out of every 10 adults in Hong Kong is a ZA Bank user. As the Hong Kong's first virtual bank of exceeding HKD 10 billion in customer deposits, ZA Bank is honored to be recognized as the best mobile banking app in Asia by Sia Partners 2023 International Mobile Banking Benchmark and ranks the sixth globally.
Also at the same time, in February 2024, ZA Bank officially launched the U.S. stock trading service to Hong Kong users. By entering into the world's largest stock market, ZA Bank users can seize the growth potential of the most valuable and influential companies globally. This marks another milestone for ZA Bank on its journey to create an all-in-one digital financial platform. On the corporate banking side, to further promote the concept of inclusive finance in Hong Kong and support the financial technology transformation of the bank industry, ZA Bank officially launched its enterprise client e-onboarding service in April 2023. This service provides local small and medium-sized enterprises with a rapid account opening experience and address the pain points such as the difficulty of slowness of account opening for SMEs, thereby seizing market opportunities.
Through this rapid account opening function, corporate clients can complete account opening application in as little as six minutes, and account opening process completed in as fast as two hours, enabling them to enjoy the one-stop banking service. Looking ahead, ZhongAn International will continue to leverage the synergistic effect in various brands to enhance user experience and create more values for users in their future digital financial experiences. We will continue to support the development of financial technology in Hong Kong, contributing to establishment of global influential financial center and promote financial inclusion. Now, I'd like to invite Gaofeng to share the financial performance in 2023.
Thank you. For the three presenters for the summarization and reviewing of our business performance at last year. Now providing overview of growth, including the overall financial, like insurance service revenue, profits, and investments, and balance sheet.
I would like to introduce to you the situation of our insurance service revenue under the new standard. In 2023, our domestic P&C business achieved insurance service revenue of CNY 27.521 billion, an increasing of 24.2% year-on-year with rapid evidence across all the major four ecosystems. In the health ecosystem, we adhere to our original exploration of providing national medical insurance for 100 million people in 2023 while maintaining sustainable growth in our core product Personal Clinic Policy. We witnessed the remarkable growth in new products such as outpatient insurance and critical illness insurance. At the same time, we enhanced our service capabilities to meet the rapidly growing healthcare needs of our users and establish long-term competitive edges. The revenue from health ecosystem reached CNY 8.599 billion in 2023, with a year-on-year growth of 7.9%.
In digital life ecosystem, we seized the opportunity arising from the growth of new e-commerce formats and recovery of the aviation and travel industry last year. Leveraging our insights into our users' behavior and data analytics capabilities, we witnessed rapid growth in innovative products such as travel insurance. In 2023, the revenue from digital lifestyle ecosystem insurance services reached CNY 12.446 billion, surpassing CNY 10 billion mark with a year-on-year growth of 39.9%. In the customer finance ecosystem, we adhere to risk control guidance and develop business prudently. In 2023, the revenue service reached CNY 5.041 billion, with a year-on-year increase of 19.8%. In automotive ecosystem, the revenue from auto insurance ecosystem services reached CNY 1.434 billion, and a year-on-year growth of 30.9%, outperforming the industry average.
In 2023, benefiting from adhering to the strategy of sustainable growth with quality, the company achieved a combined ratio of 95.2% under the new standard, marking three consecutive years of underwriting profit and surpassing the industry average. Next, I'll present the loss ratio and expense ratio for each ecosystem. In 2023, the combined ratio of the health ecosystem was 87.2%, maintaining underwriting profitability and improving by 1.4 percentage points. Comprehensive loss ratio was 34.2%, decrease of 14.8 percentage points year-on-year, mainly due to optimization of product structure and an increase in the proportion of new policies and improved risk control. The comprehensive expense ratio for the healthcare ecosystem in 2023 was 53%, rising 13.4 percentage points, primarily due to increased investment user growth and retention during the reporting period.
In 2023, benefiting the strategy of sustainable growth with quality, we have reached a comprehensive underwriting combined ratio of 95.2%, also realizing a very good and stable growth. While we are increasing the volume, the total profitability of underwriting has reached a very good growth. In 2023, also the particular consumer finance combined ratio of 96.4%, increasing by 6.8 percentage points. The loss ratio 68.4%, primarily due to the rising of the risk. The expense ratio 20%, reducing by 13.4 percentage points. This is primarily due to the increasing of our users of proprietary channel. For the auto insurance, the profitability improving, the combined ratio of this ecosystem 95.4%, improving by two percentage points.
Impacted by the mobility and the loss ratio increasing by 5.5 percentage points to 65.1%, due to the cost reduction and lean management, the expense ratio reduced by 7.5 percentage points to 30.3%. Next, I would like to give a recap of our investment performance from last year. In 2023, our total investment income from domestic insurance funds amounted to CNY 720 million, a total investment yield of 1.9%, shows significant improvement compared to previous year. This improvement was primarily attributed to the strong performance of domestic bond market and our steady fast commitment to prudent investment principles. We have strengthened the risk control measures and leading to value appreciation of insurance funds. As of December 31st of 2023, the total investment assets of our domestic insurance investment amounted to CNY 38.2 billion.
Among these, fixed income investments amounted to 75%, mainly in domestic bonds and bond funds, representing 65% of our total investment assets. Among the bonds that we hold, those with external credit rating of AA or higher accounted for 99%, with those rated AAA or higher accounted to 77%. Regarding equity investments, considering the volatility in A-share market last year, we proactively reduced the equity positionings. At the end of 2023, we combined the proportion of stock and equity funds was 6.7%, decreasing by 4.1 percentage points compared to the end of 2022, when it was 10.8%. In 2023, financial indicators of various segments within the group shows improvements in the insurance division achieved a stable and rising underwriting profit, significant improvement in investment income, and a certain degree of improvement in foreign exchange gains and losses.
As a result, the insurance division successfully turned losses into profits, achieving a net profit of CNY 554 million. Technology exports sector, despite achieving 40% increase in revenue, further narrowed the net loss ratio. Also, ZA Bank, with a revenue growth rate of exceeding 40%, we have improvement in both amount and ratio of losses. Starting from August 14, 2023, ZhongAn International is no longer recognized as associate company and is no longer accounted for under the equity method, instead, a one-time investment income of CNY 3.784 billion is recognized. Overall speaking, we achieved a net profit of CNY 3.845 billion in 2023, with a net profit attributable to equity holders of parent company of CNY 4.078 billion. Excluding the impact of one-time investment income, we had just net profit attributable to equity holders of CNY 294 million, marking a turnaround from losses in 2023.
At the end of 2023, the total assets of the group amounted to CNY 42.9 billion, a decrease of CNY 4.7 billion compared to the end of 2022. The amount affected by the exclusion of ZhongAn International from financial statements decreased by CNY 10.5 billion. Excluding this impact, total asset increased by CNY 5.7 billion. At the end of 2023, the group's attributable net assets was CNY 20.1 billion, an increase of CNY 4.3 billion compared to the end of 2022, and the amount affected by exclusion of ZhongAn International from financial statements increased by CNY 3.8 billion. At the end of 2023, the company comprehensive solvency ratio was 240%, a decrease of approximately 59 percentage points compared to the end of 2022. Approximately 42 percentage points of the decrease was attributable to exclusion of ZhongAn International from financial statements.
The company's core solvency ratio of 129%, a decrease of 56 percentage points compared to the end of 2022. Approximately 38 percentage points of decrease was attributable to this exclusion of ZhongAn International. 2024 marks a new beginning of next decade for ZhongAn. We would like to express our gratitude to our users for choosing products and services. We also extend our thanks to investors and managers in the capital market for continuous trust on ZhongAn. Remain committed to our original aspiration, empowering the financial business with technologies and providing insurance services with care in hand. Thank you. Now we're going to have Q&A. Please may I have more than two questions at a time, and please identify yourself before the questions. Thank you. We would like to remind you that if you would like to ask questions through the telephone, please press star one one.
First question from online is Michael Lee from Bank of America, please.
Thank you for having this opportunity. I'm from Bank of America. I have 2 questions. The first question is how do we balance the growth rate and profit margin of the business? In the past years, our growth rate was maintained at around 20%-25%. In the future, while we have expanded our business volume, do you think this profit margin could be maintained? At the same time, you're going to sacrifice the profit. Could you give us some guidance in the next 2-3 years of time, how we're going to maintain the growth rate? What is the situation for the net profit? How or what is the level of the combined ratio we would like to keep?
The second question is about the ZA Bank in Hong Kong. In Hong Kong, we've been actually seeing a very good and rapid growth in Hong Kong. You're taking a lot of deposits also from the Hong Kong users. In 2024, you're going to actually break even or start making profit in 2024. Do you still maintain that target? When you start to make profit, what kind of strategic changes you're going to have? Also, we have noticed some of your stock, U.S. stock exchange, what is the thinking behind?
Thank you very much Michael for this question. For the first question, with regards to the balance of the growth rate and the profit margin, know 2024 is the 11th year of our foundation.
Together with our expectations of the macroeconomy and the overall situation, in the future, we're going to adhere to the long-term and stable sustainable growth instead of just driving the growth of GWP, but paying attention to the underwriting profit, the quality of our product, and the profitability of non-insurance products. Renewal rate and the additional cross and upselling rate are something we are going to focus. In terms of the overall growth, we are going to have 4 ecosystems. Starting from the value of the users and starting to protect comprehensively more to the users, to have a cross and upselling more, using proprietary channels and private domains to improve the conversion rate. In the interim result announcement of this year, we're going to share with you more.
We are confident, on top of that, we are going to maintain a very robust growth on the underwriting profitability and to provide more inclusive and more value-for-money products. For ZA Bank, please. As for your second question, you have already noticed for the ZA Bank, we have already started to do transaction on the U.S. stock market, what kind of next moves we are going to have. In the annual announcement just now, we already said in 2023, in terms of retailing and corporate banking of ZA Bank, we made a lot of achievements. This year we are going to focus on these 2 areas and providing more excellent services. Also, as for the Hong Kong users and the U.S. stock market transaction service we have launched this year successfully.
We hope that we can provide a one-stop solution for our users and this is going to satisfy the need of diversifying the asset portfolio of our users. At the current stage, not only are we providing service to the existing users, but also attracting more U.S. stock investors to Hong Kong and finding differentiated advantages. And also the ZA Bank bank app is going to be a very important platform for us to attract new users. The existing products were really welcoming. By the end of 2023, you can see that we had in total the volume of $1 billion, HKD. Apart from providing the equity and stocks and shares, we are also providing more choices to our users. Also, ZA Bank is going to be optimizing ourselves continuously and getting satisfactory results.
In the long run, the digital bank of ZA Bank is also going to improve our adherence and user stickiness and hopefully that the operational efficiency could be improved. Thank you.
Thank you very much for this question. We are going to have the next question. The next question is Sampson Tan from Nomura.
Hello, thank you for this opportunity. I have two questions. The first question is we would like to ask the management how do you think about the cooperation and competition among the three shareholders? One is Alibaba, Tencent and Ping An. How do you think about the collaboration and competition with them? Second question is about the healthcare insurance. By having the regulation change, if we look into the future, how do you think about the perspectives and how do you think about the profitability?
Seems the profitability improvement is pretty big. Thank you.
Thank you for your question. Let me have the first question, which is about the business of our shareholders. We had actually over 430 different customers from the internet industry, and we explore with them and talking about the possibilities of insurance industry. We are here to the mindset of inclusive but win-win, and also collaborating with our partners. In terms of the channel collaborations, we are actually paying attention to, for instance, Ant and also Alibaba, in terms of the collaboration on the healthcare insurance. Pretty we have a very thorough collaborations with them. Together with Ping An, we are having the co-insurance together with them for the years for auto insurance.
On the WeChat platform, we are also positioning ourselves in the Tencent Video, in those private domains with Tencent. I do believe that this is an open and win-win collaborations. As for the ZhongAn business, we do have hundreds of different partners from different ecosystems. You can see we are having a very good performance and also our total performance is more robust. At the same time, in our reports, we have already said we are exploring the establishments of more proprietary channels and reaching to more end users at the current stage. We have over 30% of our users from the proprietary channels. Second question about the health ecosystem and healthcare insurance, and some of the aspects on the future. The health ecosystem is actually the ecosystem we focus for years.
In 2024, we are going to maintain the momentum of our robust growth. In 2023, we had a steady user growth. We are in favor of this market for a very long time. The total market potential is CNY 1 trillion, and still there are diverse demands and needs. We need to innovate and integrate more to satisfy the needs of our users. In the past we have seized the opportunities, and we believe that in the future there will be more opportunities for innovations. The health ecosystem, we have several parts. The first is the Personal Clinic Policy, which is going to be continuously growing. Also last year we had a version of zero deductible to actually lower down the threshold of purchase so that we are going to cover more people and also insureds.
We have medium to high-end products available, tailoring to a more customized users from the corporations. At the same time, apart from the CNY million healthcare insurance, we are also focusing on the health management. By having more inclusive pricing and also very enriched product items. We also are going to launch new products like the credit owners products, which experience hundreds of percentage of growth. Another breakthrough is that by integrating with internet healthcare and ZhongAn online hospitals, our outpatient and emergent insurance was really welcoming. By having more innovations on our product and the business models, I do believe that this is going to be offering more potentials to our future.
On the overall basis, for the healthcare industry in China, we are continuously paying attention to it, and we hope that we can cover the diversified needs in a very enriched way. We firmly believe that ZhongAn will have more market potential and opportunities to seize from. Thank you.
Thank you very much. Let's wait for another question. The next question is from CICC, Jingjing Mao. You may have the opportunity, please.
Thank you for this opportunity. I am Jingjing Mao from CICC. I have two questions. The first one is that I would like to have a follow-up question on the expectations of the GWP growth. I would like to understand that what is the driver in the future, from which ecosystem and which product? In terms of innovative products, which kind of products are really potential in it becoming the long-term driver force?
Second question is about the credit insurance. You can see that you had the underwriting profitability, in 2023 for the credit insurance. By the current stage, I think that people are concerning about this. We would like to understand your countermeasures over this? Whether you have confidence and how do you think about the long-term growth strategy, whether you have adjusted this?
Thank you very much for your questions. Innovation is the gene of ZhongAn, and also in our announcements, you have already seen in different ecosystems, we have actually a very good innovation. I would like to give you a brief summary. First one is that on a digital lifestyle ecosystem, in the e-commerce business, we are actively embracing the new areas like live stream and short videos and vertically integrated e-commerce.
We are having innovations a lot by embracing them and like the pet and drone insurance, et cetera. Focusing on those less than popular areas. We have our advantages in terms of pricing and designing of our products. At the same time, we are focusing on some of the green economy area. For instance, the PVs and, I mean, photovoltaic and renewable energies. In terms of our healthcare ecosystem, we also have a lot of innovations and also a lot of incremental growth. In our announcement, we have iterations of Personal Clinic Policy in covering more users. In recent years, the critical illness products has the growth of over 100%. We have a dig into the deeper demands of our users and also critical illness products and emergent insurance are also developing very well.
In the future, we have to really now focus on this and making this as a sustainable growth engine. Another one is for the auto insurance ecosystem. You know that for the last years, the GWP growth was very rapid, but because still the base number was small. I believe that while we are having more writings and transactions finished online for the auto insurance and the habits of transaction is going to change. I do believe that the auto insurance segment will be exploded very soon. I think that we fully believe in ourselves and we are more than capable to seize the opportunity of this round. In the future, we are going to adhere to our original aspiration and focusing on the long-term strategy. By leveraging new technologies, we want to create new customer experience and create more products with more added values.
We are confident over our long-term growth in the future. In terms of the consumer finance, I would like to hand over the call to Wanling to answer this question.
Thank you very much for this question. Actually, we have a prudent operational mindset and risk control methods. At the current stage, we maintain a very good robustness. For the consumer finance, the underlying assets have been keeping a very good positioning. Of course, considering the overall macroeconomic pressure, which is quite big, and the industry is shifting and experiencing the shifts and adjustments. In the second half of last year, we have identified those risks and also made some countermeasures. The kind of premium growth was shrinking for this business.
In the second half of last year, the GDP growth of consumer finance sector was only increasing by about 2% in the second half. Whereas in the first half of last year, we had 52% of the growth of GDP for the consumer finance segment. You know that there was a big change on it. From the figures and statistics, we see that still the consumer finance segment is profitable and also better performing than the industry average. As we have already mentioned that we are providing the other product insurance and also tailoring to the needs of different users. As for the value contribution, year-over-year, we had an increase. Actually, towards the future, of course, that we are going to be confronted with many different external challenges.
There are uncertainties about the economic growth. I think that the consumers are still going to have a very rational consumption needs. We're going to be precautious and prudent. We are going to focus on the risk control fashions. We are able to provide differentiated services to those users. At the same time, we're going to maintain a very robust risk control measures and to realize a high quality based growth for all the businesses. Thank you very much. Next question is from Citibank, Michelle Ma.
Thank you very much for accepting this question. I am from Citibank. My name is Michelle. Just now, we have already mentioned something about the operational channels, and in 2023, we had around 30% growth. In the annual announcements, you already said that CNY 7.6 billion of the total written premium.
This was already big enough, and also accounting for 26% of our GWP as a whole. How are you going to focus on the proprietary channels and also the private domains and any methods and any strategies that you are able to be sharing with us? Second question is that just now we have mentioned that for the banking segments, you have certain measures. You had a plan of having a break even for this segment by 2024. I would like to understand more details about this. Thank you.
Thank you very much, Michelle, for your questions. I would like to answer the first question, which is about the establishment of our proprietary channels. For the proprietary channels, we have two focuses.
The first one is that we are going to continue the focus on the traffic marketing and short video, live streaming, and also some of the public videos traffic and to attract more users. Recently on the Xiaohongshu, the Red Book, we have been achieving a lot. We're going to leverage some of the new technologies, for instance, artificial intelligence, to improve the marketing efficiency and also establishing the branding continuously and increasing the brand recognition among the users. In the past several years, by establishing the proprietary channels, we have already the apps and also the corporate WeChat accumulating many users already.
How that we're going to benefit the users with more choices among the matrix and to have cross and upselling and cross-service provision so that we are going to create more values for our users, this is something that we're going to thinking about. How do we leverage the AIGC at this round and to use AI and to have high efficient artificial intelligence to better retain the users and renew the users and also provide the better conversion rate. With regards to the loss reduction of our technology segment, I would like to hand over to Wang Ming to answer this question. Thank you very much, Michelle, for this question.
The technology segment in 2023, still we maintain a very rapid growth. Especially in China, the technology export revenue was very robust, even though the operational environment as a whole for some of the customers had the impact on the revenue.
On the overall basis, in terms of digital transformation and also the technology investment based on this digital transformation, actually this is something that has been enhanced continuously. This is the industrial background, and the contract signing and also the revenue all grew a lot. As for the technology output and technology export business, we have a confidence in having a long-term and high-quality growth.
As we have already mentioned that, for instance, the MATE, the new generation of core systems have been launched in many different P&C insurers, and by iterating the products in the future, based on this MATE as a core, we are going to further optimize the InsurTech matrix and also to further boost our user stickiness and also the user coverage of our existing products. The repeated purchase rate is going to be improved, and more products could be optional so that the more efficient and high intelligent products could be provided to the users. For this MATE core system, this is actually a revolutionary product that we have. Based on a better product R&D, and also based on the more investments that we have conducted to the product development.
We have a better product and the better operational cost and also a better match of our products with the users' needs and demands. During this whole approach, the growth margin of our product is going to be improved. In other areas, in terms of data, for instance, we are already operating the collaborations with many different data companies in terms of the provision of services of data governance and data platforms and others. By leveraging our experience, we are also going to provide AI services to our users, like the AI modeling and data modeling, for instance, to help them with their digital transformation. In the past, we have already had a very good product and investments. Some of the digital products are available this year, I believe, continuously. For this technology segment, we will have more business profit margins.
It is worth mentioning that in 2023 The Hong Kong IFRS, I mean, the China version, IFRS 17 is going to be implemented. We are having R&D focusing on this standard, and we were involved quite early. That's why you can see that when the product is launching into the market, it's already a very mature product which has already been testified by the different scenarios. I believe that this is going to be more matching the people's needs and also a very good and tailor-made solution. It would be welcomed by the users. This segmented market, we're going to have a far leading market share. By having this particular kind of situation, on one hand, we're going to have more continuous revenue and also at the same time, we are going to have more products and better business with higher profit margin.
Of course, while we are diversifying the business of technology export, at the same time, we are also increasing the efficiency of management and also the human resource efficiency. We firmly believe that in the future, by leveraging this experience in the past and also by having the same momentum kept in the future, we will definitely give a very satisfactory result.
Thank you. Next question is the Rick Zhao from Morgan Stanley.
Thank you very much. This is the Rick Zhao from Morgan Stanley. I have two questions. The first question is about the investment. Now while the interest rate is reducing and also there is a fluctuation, but how do you think about the equity and also fixed income investment proportion? Second question is that we would like to have a follow-up that throughout this year, the overall premium is growing and breakdown by ecosystems.
I'd like to understand that which ecosystems are having a better growth and the reasons behind.
Thank you very much for this question. With regards to the investment, the overall investment is always fixed on the fixed income investment. Also you know that as of the end of last year, in total, CNY 38.2 billion of those assets and also a lot of them are fixed income. Comparing with the level of 2022, we had actually an increase. Also, you know that AA and above are accounting for 92.4% and 77% of them are having AAA and above. While talking about this overall market, while we had the new standard implemented, the investment strategy is optimized. We are emphasizing more on the comprehensive yield of investment.
Also in terms of equity, we have also more kinds of assets with a higher dividend so that we are going to see a lowering of the risk of investment and also now we are going to enjoy the long-term development benefit. In 2024, in terms of the overall premium growth, in 2024, the overall drivers of our premium is on two areas. The first one is digital lifestyle, the other is the healthcare ecosystem. These two ecosystems are something that we're going to focus on the premium growth. Throughout the whole year of 2024, we are also going to actually pay not only the attention to the growth premium, but also the quality of the premium and also underlying quality as well. Also, the user satisfaction also is going to be paid attention to. Hopefully that we're going to sustainably grow ourself.
Also, throughout the whole year, we are going to really realize a robust development as a whole. Thank you.
Due to the limit of time, this is the end of this annual announcement. On behalf of the management, I would like to thank you all for your participation. Thank you. Ladies and gentlemen, this is the end, and you may disconnect now. Thank you very much for your participation again.