Huize Holding Limited Reports Third Quarter 2024 Unaudited Financial Results

Core Insights - Huize Holding Limited reported record high gross written premiums (GWP) of RMB2,060.7 million (approximately US$293.6 million) for Q3 2024, a 65.5% increase from RMB1,245.1 million in Q3 2023 [1] - First year premiums (FYP) more than doubled year-over-year to RMB1,354.4 million, driven by strong demand for long-term savings products [1] - The company achieved a net profit of RMB18.7 million (US$2.7 million) for Q3 2024, compared to RMB20.2 million in the same period of 2023 [5] Financial Performance - GWP for Q3 2024 reached RMB2,060.7 million, with FYP accounting for RMB1,354.4 million (65.7% of total GWP), marking a 110.1% year-over-year increase [1] - Operating revenue was RMB369.7 million (US$52.7 million) in Q3 2024, up 26.4% from RMB292.4 million in Q3 2023 [2] - Operating costs increased to RMB267.0 million (US$38.0 million), a 41.0% rise from RMB189.3 million in Q3 2023, primarily due to higher channel expenses [3] Operational Highlights - The company served a cumulative total of 10.1 million insurance clients as of September 30, 2024, and partnered with 123 insurers [1] - Revenue contribution from international businesses rose to 19% in Q3 2024, an increase of 8 percentage points sequentially, largely due to growth in the Hong Kong market [1] - The average FYP ticket size for savings products was approximately RMB79,000, with persistency ratios for long-term life and health insurance products exceeding 95% [1] Strategic Initiatives - Huize plans to expand into two additional Southeast Asian markets, Singapore and the Philippines, within the next 12 months, aiming for international revenue contributions to reach 30% by 2026 [1] - The company is focused on leveraging AI and data analytics to enhance its insurance service chain and improve operational efficiency, achieving an expense-to-revenue ratio of 24% [1][4]