Huize Launches its First Customized Educational Annuity Insurance with Heng An Standard Life

Rhea-AI Summary

Huize Holdings Limited (NASDAQ: HUIZ) announced a partnership with Heng An Standard Life Insurance Company to launch a new annuity product named 'Jin Zhi Qi Hang.' This tailored insurance product is designed to assist families with their children's education expenses. Key features include annual benefit payouts for higher education, options for returning premium upon maturity, and flexible coverage periods. Huize’s CEO emphasized the company's commitment to meeting evolving consumer demands through innovative products available nationwide in China.

Positive

• Launch of 'Jin Zhi Qi Hang' annuity product tailored for children's education expenses.
• Annual payouts of 10% and 20% of total premiums for beneficiaries aged 18-24.
• Flexibility in policy options, including full premium return or reinvestment at maturity.
• Product availability nationwide enhances market reach and accessibility.

Negative

• None.

SHENZHEN, China, June 02, 2022 (GLOBE NEWSWIRE) -- Huize Holding Limited, (“Huize”, the “Company” or “we”) (NASDAQ: HUIZ), a leading digital insurance product and service platform for new generation consumers in China, today announced that it has partnered with Heng An Standard Life Insurance Company Limited (“HASL”, a joint venture of Tianjin TEDA International Holdings (Group) Company Limited and Aberdeen Group in the UK) to launch “Jin Zhi Qi Hang”, a customized annuity product dedicated to meet clients’ savings needs for their children’s future education.

There are three key product highlights of “Jin Zhi Qi Hang”: (i) the insurance benefits can be used to cover children’s higher education expenses from undergraduate to postgraduate degrees (the beneficiary will receive 10% of the total premium paid per annum between the ages of 18-21, and 20% of total premium paid per annum between the ages of 22-24); (ii) the beneficiary will have the option to receive 100% of the total premium paid when the policy expires, or reinvest the residual cash value of the policy for further returns; and (iii) the product offers two flexible coverage periods (up to the age of 25 or 30, respectively) and a death benefit.

Mr. Cunjun Ma, Chairman and Chief Executive Officer of Huize, commented, “The launch of ‘Jin Zhi Qi Hang’ demonstrates our strong capabilities in designing customized products and responding rapidly to the dynamic consumption demands and regulatory regime within the industry. As an Internet-exclusive insurance product, ‘Jin Zhi Qi Hang’ is available nationwide in China and is easy for customers to purchase. Overall, combining our strong customer insights and professional service capacity with the expertise of HASL, we believe this high-quality customized annuity product reinforces our commitment to offering a wide range of products to satisfy the diverse and lifetime insurance needs of our customers.”

About Heng An Standard Life Insurance Company Limited

Established in 2003, Heng An Standard Life Insurance Company Limited (“HASL”) is a joint venture of Tianjin TEDA International Holdings (Group) Company Limited and Aberdeen Group in the UK. HASL has set up 10 branches in China with over 70 sales agencies under its management. By the end of 2021, the registered capital of HASL had exceeded RMB4,046 million.

For more information, please visit https://www.hengansl.com.

About Huize Holding Limited

Huize Holding Limited is a leading digital insurance product and service platform for new generation consumers in China. Targeting the younger generation, Huize is dedicated to serving its insurance clients for their life-long insurance needs. Leveraging its online platform, Huize offers a wide variety of insurance products with a focus on long-term life and health insurance products and empowers its insurer partners to reach a large fragmented client base in the insurance retail market efficiently and enhance their insurance sales. Huize provides insurance clients with digitalized insurance experience and services, including suitable product recommendations, consulting service, intelligent underwriting, and assistance in claim application and settlement, which significantly improve transaction experience.

For more information, please visit http://ir.huize.com.

For investor and media inquiries, please contact:

Investor Relations

Harriet Hu
Investor Relations Director
+852 3180 9207
investor@huize.com

Christensen

In China
Ms. Jasmine Zhu
Phone: +852 2117 0861
Email: jasminezhu@christensenir.com

In U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

Media Relations

mediacenter@huize.com

FAQ

What is the new annuity product launched by Huize (HUIZ)?

The new annuity product is called 'Jin Zhi Qi Hang,' aimed at supporting children's education expenses.

When was the 'Jin Zhi Qi Hang' product announced?

The product was announced on June 2, 2022.

What are the key benefits of the 'Jin Zhi Qi Hang' product?

Key benefits include annual payouts for education expenses, a choice to return premium upon maturity, and flexible coverage terms.

Which company partnered with Huize to launch the 'Jin Zhi Qi Hang' product?

Huize partnered with Heng An Standard Life Insurance Company for this product launch.