On May 24th, the domestic digital insurance service platform HUIZ. US released its unaudited performance report for the first quarter of 2024. Data shows that the entire platform of Huize 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%; Realized a net profit of approximately 6.91 million yuan, achieving profitability for six consecutive quarters.
The report shows that in the first quarter of 2024, Huize's various indicators stabilized and improved. 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 the first quarter of 2024, the IFA platform created by Huize facilitated a new premium of 130 million yuan, a year-on-year increase of 69.9%, and the number of core agent studios increased by 105% compared to the same period last year.
From the perspective of business types, as of the end of the first quarter, Huize's long-term insurance premiums accounted for 90.5% of the total premiums, accounting for over 90% for 18 consecutive quarters. As of the end of February, the cumulative retention rates of Huize Long Term Insurance for the 13th and 25th months were both above 95%, continuing to maintain a high level in the industry. At the same time, Huize continues to make efforts in the field of property and accident insurance, customizing and launching Little Bee No. 5 and Little Wonder No. 5 accident insurance in January. At the same time, it continues to support national strategic plans such as new citizens, small and medium-sized enterprises, and new energy. During Q1, the new premium for property and accident insurance increased by 15.8% year-on-year.
In terms of customer quality, in the first quarter of 2024, Huize had a total of 9.56 million insured customers and 220000 new insured customers. The average long-term insurance coverage and repurchase rate have both increased, maintaining a leading level in the industry. Among them, the average age of long-term insurance insured customers is 34.8 years old, with 66.4% in second tier and above cities; Long term insurance repurchase customers accounted for 40.4%, an increase of 4.5 percentage points year-on-year.
In terms of technology empowerment, Huize improves operational efficiency through digitalization and continuously iterates algorithms to optimize the effectiveness of empowering consultants. As of now, the "AI Marketing Assistant" developed by Huize has fully covered Huize A B. Used by C-end consultants. At the same time, Huize has launched the insurance big model product "Exhibition Industry Intelligent Agent" to serve the digital transformation of the industry. The product has been launched on the PC end and has started internal testing for external agents. In the first quarter of 2024, Huize's total operating expenses decreased by 24.9% year-on-year, and the expense ratio decreased by 10 percentage points.
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 in the deep transformation of the industry. This transformation will require 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 driven efficiency and production capacity optimization, international layout, and digital development are 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.