Zhibao Technology Inc. reported that its natural gas insurance business generated nearly RMB 100 million (US$14.5 million) in premiums for calendar year 2025, a ten‑fold increase over 2024, marking a milestone for the company’s 2B2C embedded insurance model.
The jump reflects the company’s strategy of partnering with natural gas utilities to deliver homeowner coverage directly to consumers. The 2B2C model has enabled Zhibao to tap a market where residential property insurance penetration remains below 1%, with coverage at less than 0.7% in 2019.
While the premium growth is impressive, it comes amid broader financial challenges. For the fiscal year ended June 30, 2025, Zhibao posted a net loss of RMB 62.0 million (US$8.7 million) and a loss from operations of RMB 53.5 million (US$7.5 million). Brokerage revenue exceeded RMB 56 million (US$8.1 million), but the company invested heavily in selling expenses during 2025 to support the new insurance line.
CEO Botao Ma said, “I believe the strong results from our natural gas solution are a vote of confidence in our vision. I am confident that we can apply our learnings and experience from our natural gas solution to our many other sectors and solutions.” COO Xiaowe Le added, “Our calendar year 2025 results in the gas sector validate our strategy of empowering the individual consumer through superior technology and user experience.”
The milestone also signals that Zhibao’s embedded insurance approach can be replicated across other product lines. The company has recently launched ten new AI agents to enhance digital operations and has begun a joint venture focused on mid‑ and high‑end medical insurance services, positioning it to broaden its footprint beyond the gas sector.
The achievement underscores the potential of niche, digitally delivered insurance in China’s under‑served homeowners market, while highlighting the company’s ongoing need to balance growth investments with profitability.
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