On November 17th, one of the top digital insurance service platforms in China, Huize, released an unaudited performance report for the third quarter of 2023 before the opening of the US stock market. Huize contributed a total premium of 1.25 billion yuan and a total revenue of 290 million yuan in the third quarter of 2023, achieving an adjusted net profit of 18.485 million yuan during the quarter, making profits for four consecutive quarters.
The report shows that due to the improvement of business quality and the connotative growth of benefits, Huixuan achieved a first-year premium of 2.2 billion yuan in the first three quarters of 2023, a year-on-year increase of 54%. During the third quarter, Huixuan's long-term health insurance contributed 100 million yuan in new premiums, an increase of 8% year-on-year; The new premium for annuity insurance is 120 million yuan, a year-on-year increase of two times. As of the end of the third quarter, Huize had a total of 9.12 million insured customers, with 223000 new insured customers added in the third quarter.
Huixuan's long-term insurance performance advantage has further expanded, and the moat has remained stable. During the third quarter of 2023, Huize's long-term insurance premiums accounted for 90.9% of the total premiums, accounting for over 90% for 16 consecutive quarters. Based on the first year's premium, the average savings insurance items in the third quarter were about 50000 yuan, a year-on-year increase of 23%. In addition, the proportion of savings insurance premiums to total premiums is 66%, an increase of 13 percentage points year-on-year. In the current environment, consumers' demand for insurance as an asset allocation method is increasing.
The report shows that Huixuan has launched multiple innovative products and services tailored to the needs of young insurance consumers, which are deeply loved by young user groups. In the third quarter of 2023, Huixuan's short-term insurance premiums recovered strongly, with a year-on-year increase of 50.1%. Among them, the domestic tourism insurance premiums of the single month platform in September nearly doubled year-on-year, significantly exceeding the same period in 2019, with young customers under the age of 40 accounting for nearly 60%.