Huize Partners with Guofu Life to Launch “Ding Hai Zhu No.3” - a Term Life Insurance Product for the Younger Generation

Rhea-AI Summary

Huize Holding Limited (NASDAQ: HUIZ) announced a partnership with Guofu Life Insurance to launch "Ding Hai Zhu No.3", a term life insurance product tailored for younger consumers in China. This innovative product offers up to RMB8 million in benefits, including RMB4 million in basic coverage and additional benefits for traffic accidents. With a cost-effective annual premium starting at RMB2,132, it aims to fill the significant mortality protection gap highlighted in recent statistical reports. By enhancing insurance accessibility, Huize is aligning with China's common prosperity goals, addressing the rising awareness of insurance needs among the younger population.

Positive

• Launch of 'Ding Hai Zhu No.3' aligns with market demand for insurance among younger consumers.
• Product features significant coverage of up to RMB8 million, addressing existing mortality protection gaps.
• Cost-effective premium structure makes insurance more accessible for target demographics.

Negative

• None.

SHENZHEN, China, March 07, 2023 (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 Guofu Life Insurance Co., Ltd. (“Guofu Life”) to launch “Ding Hai Zhu No.3”, a term life insurance product customized to meet the comprehensive protection needs of the younger generation.

“Ding Hai Zhu No.3”, the latest product in the “Ding Hai Zhu” series, is distinguished by three key product features: (i) Maximum benefits of up to RMB8 million covering various scenarios, including up to RMB4 million in basic coverage, up to RMB4 million in additional benefits for death or total disability caused by traffic accidents and optional special care benefits for sudden death before age 65 or death triggered by specified malignant tumors; (ii) Cost-effective, for example, the minimum annual premium for a 30-year old male consumer purchasing basic coverage of RMB4 million for a term of 10 years is just RMB2,132 (equivalent to a daily premium of RMB5.9); and (iii) Lower thresholds with a flexible health declaration process for consumers with pre-existing conditions.

Mr. Cunjun Ma, Chairman and Chief Executive Officer of Huize, commented, “According to the China Population & Employment Statistical Yearbook 2021, 1.34 million people died between the ages of 20 and 59 in 2020. Nonetheless, term life insurance accounts for only 0.66% of China’s insurance market, according to the Term Life Insurance White Paper (2021), highlighting the huge mortality protection gap facing Chinese households. With China’s younger generation becoming increasingly aware of insurance needs, “Ding Hai Zhu No.3” is designed to help address that gap. In line with China’s ‘common prosperity’ development, Huize is meeting its social responsibilities by providing affordable insurance products with expansive protection to more people, an objective that is fully aligned with our mission to serve new generation consumers for their life-long insurance needs.”

About Guofu Life Insurance Co., Ltd

Founded in 2018, Guofu Life Insurance Co., Ltd. is a nationwide life insurance company with a registered capital of RMB1.5 billion. In the third quarter of 2021, its core and comprehensive solvency ratios were above 150%, and it was rated Class B in China’s comprehensive risk rating for insurance companies.

For more information, please visit https://www.e-guofu.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

Media Relations
mediacenter@huize.com

Christensen Advisory
In China
Ms. Crystal Lai
Phone: +852 2117 0861
Email: crystal.lai@christensencomms.com

In U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

FAQ

What is 'Ding Hai Zhu No.3' from Huize?

'Ding Hai Zhu No.3' is a term life insurance product launched by Huize in collaboration with Guofu Life Insurance, aimed at meeting the protection needs of the younger generation in China.

What are the key features of Huize's new insurance product?

The product offers up to RMB8 million in total benefits, including basic coverage and additional benefits for traffic accidents, along with a cost-effective premium structure.

How much does the 'Ding Hai Zhu No.3' policy cost?

The minimum annual premium for a 30-year-old male consumer purchasing basic coverage of RMB4 million for ten years starts at RMB2,132.

Why is the launch of 'Ding Hai Zhu No.3' significant for Huize?

The launch addresses a significant mortality protection gap in China's insurance market, particularly for the younger demographic, and aligns with the country's common prosperity goals.

How does Huize plan to serve new generation consumers?

Huize aims to provide affordable insurance products with expansive protection, helping the younger generation meet their life-long insurance needs through digitalized services.