On November 17, 2023, HUIZ. US, one of the top digital insurance service platforms in China, released its unaudited performance report for the third quarter of 2023 before the opening of the US stock market. Data shows that in the third quarter of 2023, Huixuan contributed a total premium of 1.25 billion yuan, a total revenue of 290 million yuan, and achieved an adjusted net profit of 18.485 million yuan within the quarter, earning profits for four consecutive quarters.
According to Huize's third quarter financial report data, Huize's first year premium in the first three quarters reached 2.2 billion yuan, a year-on-year increase of 54%. During the third quarter, Huixuan's long-term health insurance contributed 100 million yuan in new premiums, a year-on-year increase of 8%; 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.
Data shows that Huixuan's long-term insurance performance advantage has further expanded, and the moat has remained stable. In the third quarter, Huixuan'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 during the third quarter were about 50000 yuan, an increase of 23% year-on-year. The proportion of savings insurance premiums in the total premium was 66%, an increase of 13 percentage points year-on-year.
During the third quarter, the total premium of Huixuan's long-term life insurance reached 670 million yuan, a year-on-year increase of 12%; The renewal premium was 600 million yuan, a year-on-year increase of 7%. The average age of long-term insurance insured customers is 33.9 years old, with 67.5% of them in second tier and above cities; Long term insurance repurchase customers accounted for 38%, an increase of 5 percentage points year-on-year. As of the end of August, the cumulative annual continuation rate of long-term insurance in the 13th and 25th months was above 95%. In addition, 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 on the platform in September almost doubled year-on-year, significantly exceeding the same period in 2019, with young customers under the age of 40 accounting for nearly 60%.
Ma Cunjun, Chairman and CEO of Huixuan Holdings, stated that in the future, we will adhere to the wisdom of putting customers first, adopt customization as our product design philosophy, carefully understand users, and continue to bring innovative products to the market, accurately matching customers' health, accidents, elderly care, savings plans, and wealth inheritance needs, creating a win-win value for both customers and the company in the industry. At the same time, we will seize the opportunity of digital transformation in the industry, actively carry out layout, deepen the application of digital technology finance, and further promote deep integration of online and offline, empower agents and teams with technology, and promote high-quality development of the industry.