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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 Limited (NASDAQ: HUIZ) announced a partnership with Guofu Life Insurance to launch the "Darwin Critical Care No. 6" insurance product. The plan offers coverage for 110 critical illnesses, 25 moderate illnesses, and 50 mild illnesses. Key features include reinstatement benefits after the first claim and optional benefits for severe malignant tumors. CEO Cunjun Ma emphasized the product's flexibility to meet increasing demand for critical illness coverage among younger consumers. Guofu Life, founded in 2018, holds strong solvency ratios and a Class B risk rating.
Huize Holding Limited (NASDAQ: HUIZ) announced an acquisition of 100% equity interest in Shanghai Senhao Insurance Agency for approximately RMB29.8 million. This acquisition aims to enhance Huize's offline presence and integrate online and offline services, benefiting customers with a broader range of insurance products. Senhao, founded in 2015, operates across 11 provincial areas in China and holds a license from the CBIRC. The transaction is anticipated to complete in Q1 2022, pending customary conditions.
Huize Holding Limited (NASDAQ: HUIZ) announced its unaudited financial results for Q3 2021, reporting a 24.0% increase in Gross Written Premiums (GWP) to RMB965.5 million (US$149.8 million) and a 42.7% rise in First-Year Premiums (FYP) year-over-year. However, operating revenue fell by 9.6% to RMB315.1 million (US$48.9 million). The company recorded a net loss of RMB78.9 million (US$12.2 million), contrasting with a net profit of RMB14.7 million in the same quarter of 2020. Looking ahead, Huize expects 2021 revenue between RMB1.9 billion and RMB2.0 billion, reflecting a 56% to 64% increase year-over-year.
Huize Holding Limited (NASDAQ: HUIZ) announced it will release its Q3 2021 financial results on December 1, 2021, prior to the market opening. Management will host a conference call on the same day at 7:00 A.M. ET to discuss the results. Interested participants must register in advance through the provided link. A replay will be available until December 8, 2021. The company is a prominent digital insurance platform in China, catering to the younger generation's long-term life and health insurance needs.
Huize Holding Limited (NASDAQ: HUIZ) announced a partnership with Huagui Life Insurance to launch a new term life insurance product, “Da Mai Ding Hai Zhu”, aimed at younger consumers in China. This product features basic coverage of up to RMB3 million and additional benefits for major accidents and natural disasters. It also offers care benefits of up to RMB1.5 million for parents and enhanced flexibility for those with pre-existing conditions. Huize aims to address the growing mortality protection gap among youth, leveraging its digital platform to enhance customer experience.
Huize Holding Limited (NASDAQ: HUIZ) will hold its annual general meeting (AGM) on December 2, 2021, at 10:00 a.m. Beijing time. The meeting will take place at 49/F, Building T1, Qianhai Financial Centre, Shenzhen. No proposals will be submitted for approval; instead, the AGM will serve as a forum for shareholders to discuss company affairs with management. The record date for shareholder eligibility is set for November 4, 2021. Additionally, Huize has filed its annual report with the SEC, providing audited financial statements for the fiscal year ending December 31, 2020.
Huize Holding Limited (NASDAQ: HUIZ) announced an agreement to acquire a controlling 56.19% equity interest in Hubei Shengs Life & General Insurance Agency Co., Ltd. for approximately RMB42.68 million in cash, plus a capital injection of RMB15 million. This acquisition, facilitated through Huize's subsidiary Zhixuan Investment, aims to transform Shengs Life & General into a wholly-owned subsidiary of Huize. The transaction is anticipated to close by the end of 2021, pending customary conditions. This strategic move is expected to bolster Huize's position in China's digital insurance market.
Huize Holding Limited (NASDAQ: HUIZ) reported a strong performance for the first half of 2021, achieving a 72.7% increase in Gross Written Premiums (GWP) to RMB2.06 billion (US$319.1 million) and a 97.1% rise in operating revenue to RMB953.6 million (US$147.7 million). However, net losses increased to RMB48.7 million (US$7.5 million) from RMB6.0 million a year earlier. In the second quarter, GWP grew by 12.1% to RMB668.0 million, while operating revenue fell by 7.0% to RMB218.6 million. The company expects full-year revenue to reach RMB1.7 billion, a 40% year-over-year increase.
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