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Huize Holding Limited (NASDAQ: HUIZ) is a premier digital insurance product and service platform catering to new-generation consumers in China. The company operates an independent online platform that distributes insurance products underwritten by its partnered insurance companies. These insurer partners rely on Huize to connect with a large clientele through various internet and mobile channels.
Huize offers a digitalized insurance purchasing experience, backed by AI-powered tools and data-driven insights. The platform supports the entire insurance life cycle, from consultation, user engagement, marketing, and risk management to claims services. The company targets mass affluent consumers, providing a comprehensive range of insurance products and one-stop services that streamline the transaction process.
Recent achievements include the launch of products like “Darwin Critical Care No.9” and “i Wu You – Low-Threshold Edition,” which are designed to provide extensive coverage and flexible options for customers with various health conditions. The company also recently announced its participation in the 14th Annual LD Micro Invitational, reflecting its active engagement in the financial community.
Financially, Huize generates revenue from the brokerage fees paid by its insurer partners. The company's strong focus on leveraging technology and data analytics has positioned it as a leader in the insurance technology sector in China. Partnerships with prominent insurance carriers further bolster its market position, enabling it to offer innovative and customer-centric products.
For the latest updates and more information, please visit Huize’s Investor Relations page.
Huize Holding reported strong Q3 2024 financial results, achieving record-high gross written premiums (GWP) of RMB2,060.7 million, up 65.5% year-over-year. First year premiums (FYP) more than doubled to RMB1,354.4 million, driven by strong demand for long-term savings products. The company's international business contribution increased to 19% of revenue, up 8 percentage points sequentially.
The company served 10.1 million insurance clients and partnered with 123 insurers. Net profit reached RMB18.7 million, with operating revenue increasing 26.4% to RMB369.7 million. The expense-to-revenue ratio improved by 5 percentage points to 24%. Cash and cash equivalents stood at RMB242.6 million as of September 30, 2024.
Huize Holding (NASDAQ: HUIZ), an insurance technology platform in Asia, announced it will release its third quarter 2024 unaudited financial results on December 10, 2024, before the U.S. market opens. The company will host an earnings conference call at 7:00 A.M. Eastern Time (8:00 P.M. Beijing/Hong Kong Time) on the same day. Participants must register online in advance to receive dial-in numbers and access PIN. A live and archived webcast will be available on the company's investor relations website.
Huize Holding (NASDAQ: HUIZ) announced plans to change its American Depositary Shares (ADS) ratio from 1:20 to 1:100 Class A ordinary shares, effective around December 9, 2024. This change will function as a one-for-five reverse ADS split, requiring holders to exchange every five existing ADSs for one new ADS. The company will maintain its NASDAQ listing under 'HUIZ'. Fractional ADSs will be sold, with proceeds distributed to holders. The ratio change won't affect underlying Class A ordinary shares, and no shares will be issued or cancelled.
Huize Holding (NASDAQ: HUIZ) announced that its long-term medical insurance product 'Chang Xiang An No.2' has won the 'Annual Popular Commercial Health Insurance Product' award from Today Insurance during their 2024 annual awards ceremony. Developed with Ping An Health Insurance, the product offers comprehensive healthcare coverage including: RMB8 million maximum claim coverage, specialized rehabilitation coverage up to RMB20,000, extended eligibility age up to 70 years, family discounts up to 15%, and diminishing deductibles. The product also features value-added services such as hospitalization assistance, medical escort services, and complimentary health screenings.
Huize Holding (NASDAQ: HUIZ) announced it will hold its annual general meeting of shareholders on November 29, 2024 at 10:00 AM (Hong Kong time) at Suite 3904-3905, Tower 6, The Gateway, Harbour City, Tsim Sha Tsui, Hong Kong. The meeting will serve as an open forum for shareholders and ADS holders to discuss company affairs with management, with no proposals submitted for approval. The record date is set for November 4, 2024. The company has filed its annual report on Form 20-F for the fiscal year ended December 31, 2023, which is accessible on the company's investor relations website and the SEC website.
Poni Insurtech, the international arm of Huize Holdings (NASDAQ: HUIZ), has announced the launch of a new health insurance comparison platform, GlobalCare.vn, in Vietnam through its subsidiary Global Care. The platform aims to offer Vietnamese consumers a transparent and user-friendly insurance shopping experience, positioning itself as a one-stop 'insurance supermarket'.
The launch marks a significant milestone in Poni Insurtech's ASEAN expansion strategy. GlobalCare.vn provides customers with an intuitive way to search and customize insurance packages, offering quick claims analysis and approval. It also benefits insurers by allowing easy product digitization and fast claim processing, while providing agents with tools to match customers with the right policies.
This initiative combines Poni Insurtech's advanced technology with Global Care's local market expertise, aiming to drive innovation and enhance the digital insurance experience in Vietnam.
Huize Holding (NASDAQ: HUIZ) reported its Q2 2024 unaudited financial results. Key highlights:
- GWP slightly decreased to RMB1,336.9 million, down 3.0% year-over-year
- Renewal premiums increased by 42.8% to RMB685.4 million
- Gross profit margin improved to 31.3%, up 2.3 percentage points sequentially
- Operating revenue decreased 23.2% to RMB283.0 million
- Net loss was RMB23.3 million, compared to a net profit of RMB14.1 million in Q2 2023
- Cash and cash equivalents stood at RMB236.2 million as of June 30, 2024
The company highlighted its resilient business performance, improved customer quality, and expansion into international markets. Huize's CEO emphasized their focus on sustainable growth and diversification of revenue streams.
Huize Holding (NASDAQ: HUIZ) has partnered with New China Life Insurance Company to launch 'Bliss No.2', a customized lifetime annuity product. This upgraded addition to the 'Bliss' series aims to meet the growing demand for diversified retirement solutions in China. Key features include:
1. Rapid cash value growth
2. Flexible annuity start times
3. Simplified underwriting process
4. Complimentary care services
The product is designed to provide flexible and stable financial planning in response to China's gradual retirement age extension. With a low minimum annual premium of RMB2,000, it offers broad accessibility. Huize's CEO, Cunjun Ma, emphasized the product's alignment with China's retirement reforms and the company's commitment to providing comprehensive wealth and health protection solutions.
Huize Holding (NASDAQ: HUIZ), a leading insurance technology platform in Asia, has announced plans to release its second quarter 2024 unaudited financial results on September 25, 2024, before the U.S. market opens. The company will hold an earnings conference call at 8:00 A.M. Eastern Time (8:00 P.M. Beijing/Hong Kong Time) on the same day.
Participants can register for the call using the provided link. Upon registration, they will receive dial-in numbers and a unique access PIN. A live and archived webcast of the conference call will also be available on Huize's investor relations website.
Huize Holding (NASDAQ: HUIZ) has announced the completion of its international arm Poni Insurtech's acquisition of a 71.7% stake in Global Care, a leading Vietnam-based insurtech company. The acquisition, completed through existing share purchases and new share subscriptions, marks Huize's expansion into its second international market. As part of the deal, VinaCapital Ventures received newly issued class A common shares of Huize, representing about 1.7% of the Company's fully diluted share capital. Global Care is now a majority-owned subsidiary of Huize, with its financial results to be consolidated into Huize's financial statements. This strategic move is expected to accelerate market growth in Vietnam through innovative product development, distribution partnerships, and AI capabilities deployment.
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