Wed Sep 25 09:12:05 UTC 2024: ## Huize Holding Reports Resilient Second Quarter Despite Economic Challenges

**SHENZHEN, CHINA – September 25, 2024** – Huize Holding Limited (NASDAQ: HUIZ), a leading insurance technology platform in Asia, today announced its second-quarter 2024 financial results, showcasing resilience amidst a challenging economic environment. Despite a 3% decrease in gross written premium (GWP) facilitated, the company achieved record-high average first-year premiums (FYP) for savings products, demonstrating a continued commitment to attracting high-quality customers.

“Our business demonstrated resilience amidst a challenging economic and operating environment,” said Cunjun Ma, Founder and CEO of Huize. “These results reflect our strategic vision and core competencies in attracting high-quality customers, innovating customized products, developing sophisticated AI solutions, and diversifying into international markets.”

**Key Highlights:**

* **Total GWP reached RMB1.34 billion (US$184 million) in the second quarter.**
* **Long-term insurance products maintained a GWP contribution above 90% for the nineteenth consecutive quarter.**
* **Average FYP ticket size for savings products reached a record-high RMB78,000.**
* **Repeat purchase rate for long-term insurance products remained high at 40.5%.**
* **Persistency ratio for long-term life and health insurance products remained at industry-leading levels.**
* **International business revenue contribution increased to 11% in the second quarter.**
* **Huize completed the acquisition of a controlling stake in Global Care, a leading Vietnamese Insurtech company.**

**Looking Ahead:**

Huize remains focused on enhancing the customer experience through innovative technology and diversifying revenue streams by expanding into Southeast Asia. The company is committed to its strategy for sustainable, long-term growth.

**Financial Results:**

* **GWP facilitated on the platform was RMB1,336.9 million (US$184.0 million), down 3.0% year-over-year.**
* **FYP accounted for RMB651.5 million (48.7% of total GWP), down 27.4% year-over-year.**
* **Renewal premiums accounted for RMB685.4 million (51.3% of total GWP), up 42.8% year-over-year.**
* **Operating revenue was RMB283.0 million (US$38.9 million), down 23.2% year-over-year.**
* **Net loss was RMB23.3 million (US$3.2 million), compared to net profit of RMB14.1 million in the same period of 2023.**

**The company will host an earnings conference call on September 25, 2024, at 8:00 AM Eastern Time.**

Huize continues to solidify its position as a leading pan-Asian digital insurance platform, leveraging technology and innovation to empower the insurance service chain and cater to the diverse needs of its growing customer base.

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