OneDegree Group reaches first operating profit in Q3 2024

OneDegree Group, a provider of cybersecurity and insurance solutions, has reached its first operating profit in the third quarter of 2024, marking a significant milestone for both the group and its insurance division.

The company’s success can be attributed to the scale and profitability of its two flagship products: digital asset protection and pet insurance, which have gained substantial market share.

Through strategic use of AI and advanced technology tools, the Group has successfully achieved scale and profitability in its product offerings while maintaining a stable headcount. Their focus on product innovation and technology automation has been instrumental in this success.

OneDegree has established a healthy portfolio over the past four years, resulting in favourable profit margins from its innovative product lines.

Moreover, the firm’s strong performance has attracted substantial reinsurance support, which further enhances profitability while minimising risk exposure, it noted.

“Our achievement of operating profit in Q3 2024 showcases our strategic focus on innovative product development and operational efficiency. We are committed to providing a security layer for future mega trends while ensuring responsible innovation that creates value and protects consumer rights,” OneDegree Group co-founder Alvin Kwock commented.

OneDegree also provided an update regarding its digital assets arm, OneInfinity, which has been collaborating with regulators in Asia, the Middle East, and Europe for over three years to develop consumer protection standards for major global digital assets hubs.

The Group’s understanding of digital assets risk classification and mitigation has progressed as their clients’ assets under custody, geographical reach, and trading volume have increased.

In Hong Kong, OneInfinity insures ten out of thirteen virtual asset trading platforms (VATP) either licensed or deemed to be licensed under the Securities and Futures Commission VATP regime. They have also contracted up to US$418 million coverage limit per client, and are adding reinsurance capacity to expand the limit per client to US$1 billion.

While in the Middle East, OneInfinity has onboarded clients with broad international backgrounds, which facilitates a diversified pool of risks and geographical exposure.

Additionally, the Group has launched MAMORI.AI, an AI-powered Web3 risk intelligence platform for regulators, exchanges, and asset managers. The Group also plans to launch tailor-made offerings for stablecoins in the fourth quarter of 2024.

Regarding its AI and cybersecurity progress, OneDegree is projecting its Cymetrics business continue its strong performance into 2024, capitalising on the growth of the global AI cybersecurity market – projected to double by 2026 and reach nearly US$134 billion by 2030.

“As we continue expanding our global market presence, we remain focused on strong unit economics to ensure the sustainability of our business. Our priority is delivering value not only to our customers but also to our partners and investors, and staying ahead of the innovation curve,” OneDegree Group co-founder Alex Leung said.

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