On May 24th, HUIZ. US, one of the top digital insurance service platforms in China, released its unaudited performance report for the first quarter of 2024 (hereinafter referred to as "Q1") before the opening of the US stock market. Data display, In Q1, Huize's entire platform contributed to a total premium of 1.72 billion yuan, a month on month increase of 38%; The total revenue was 310 million yuan, a month on month increase of 31.5%; Net profit of approximately 6.91 million RMB, achieving profitability for six consecutive quarters; The new premium is about 860 million yuan, a month on month increase of 105%.
The report shows that in Q1 2024, Huize's various indicators stabilized and improved. The company has diversified its revenue layout in business areas, insurance types, and customer quality, promoting the continuous aggregation of internal vitality and achieving new results in high-quality development.
In terms of business areas, as of the end of the first quarter, Huize has set up 22 workplaces in 19 regions across the country, covering the first tier city clusters of Beijing Tianjin Hebei, Jiangsu Zhejiang Shanghai, and the Pearl River Delta. In Q1 2024, a new premium of 130 million yuan was generated through the Independent Agent (IFA) platform, a year-on-year increase of 69.9%. The number of core agent studios increased by 105% compared to the same period last year.
In terms of insurance types, the long-term insurance moat remains stable, while short-term insurance builds new growth engines. As of the end of the first quarter, Huize's long-term insurance premium accounted for 90.5% of the total premium, accounting for over 90% for 18 consecutive quarters. As of the end of February, the cumulative retention rates for long-term insurance in the 13th and 25th months were both above 95%, continuing to maintain a high level in the industry. Meanwhile, During Q1, the new premium for Huize Property and Casualty Insurance increased by 15.8% year-on-year.
In terms of customer quality, Huize continues to deeply cultivate the new middle-class workplace customer base in China, and customer stickiness continues to increase. In the first quarter, Huize had a total of 9.56 million insured customers and 220000 new insured customers. Huize has improved the closed-loop system of providing high-end insurance services and diversified asset allocation for high potential users. In the first quarter, the growth momentum of mainland customers visiting Hong Kong to allocate Hong Kong insurance continued, and the contribution of Hong Kong insurance business to total revenue increased to 7%. Benefiting from this, based on the first year's premium, Huize Savings Insurance had an average of 69000 yuan per item, a year-on-year increase of 58.3%.
Ma Cunjun, Chairman and CEO of Huize Holdings, stated that as the insurance intermediary industry enters the era of "integration of reporting and banking", Huize will face opportunities and challenges for deep industry transformation. This transformation requires Huize to continuously improve its own capabilities and efficiency while adapting to the new regulatory environment, in order to maintain competitiveness. In the future, Huize will return to product customization and innovation AI (Artificial Intelligence) drives efficiency and production capacity optimization, international layout, and digital development as the core growth points, continuing to create differentiated products that meet market demand, optimizing organizational structure, enhancing operational leverage, achieving cost control and stable profitability; Continuously enriching the customized products and sales capabilities of the Hong Kong insurance market, and seizing the development opportunities of emerging markets in Southeast Asia; Accelerate the implementation of proprietary AI models in the insurance service chain, fully empowering partners such as insurance companies, agents, and sales channels.