On December 10th, Huize Holding, a leading domestic insurance e-commerce service platform listed on the stock market, also known as Huize (huiz. us), released its unaudited Q3 performance report before the opening of the US stock market. Data shows that during Q3, the entire platform of Huize contributed a total premium of 2.06 billion yuan (RMB, the same below), a total revenue of 370 million yuan, and a net profit of 18.7 million yuan.
Q3 financial report data shows that Huize has historically exceeded 10 million insured customers, not only achieving steady growth in financial data, but also achieving multiple milestones in terms of model, layout, products, services, technology, and other aspects.
To continuously enhance customer stickiness and increase potential customer attraction, Huizhe has significantly increased the proportion of high-quality customer groups through refined operations and precise construction of customer profiles. During Q3, the average age of long-term insurance users insured by the company was 35 years old, with 40.2% of long-term insurance repurchase customers. Among long-term insurance customers, second tier and above cities account for 68.7%. Based on the first-year premium, the long-term insurance coverage for Q3 increased to approximately 9630 yuan, a 1.4-fold increase compared to the previous period; The savings insurance coverage reached approximately 79000 yuan, a year-on-year increase of 59%. As of the end of August, the cumulative annual continuation rates for the 13th and 25th months of long-term insurance were both above 95%, maintaining a high level in the industry.
During Q3, Huizhe maintained stable cooperative relationships with 123 insurance companies. The Q3 platform facilitated a first-year premium of 1.35 billion yuan, a year-on-year increase of 110%; The renewal premium is about 710 million yuan, a year-on-year increase of 18%. From the perspective of product structure, during the window of interest rate reduction, insurance products represented by savings insurance have seen an increase in sales, with the first year premium of savings insurance rising 1.5 times year-on-year. Among them, the first-year premium of long-term life insurance increased to 760 million yuan, a year-on-year increase of 1.5 times. During Q3, Huizhe also recorded double-digit stable growth in its short-term insurance business, with short-term insurance premiums increasing by 14% year-on-year to approximately 130 million yuan.
Huize continues to promote the replication of domestic insurance e-commerce models overseas to promote the long-term sustainable development of the group. In 2024, Hui Ze established the headquarters of overseas brand Poni Insurtech in Singapore. In September of this year, it completed the acquisition of Vietnam's leading digital insurance technology platform Global Care and officially entered the Vietnamese market. In October, we partnered with Global Care to launch the insurance comparison platform Globalcare.vn in the Vietnamese market, positioned as a "one-stop insurance supermarket" aimed at providing Vietnamese consumers with a higher quality, more transparent, and user-friendly insurance purchasing experience. During Q3, Huize International's total business revenue accounted for 19%, an increase of 8 percentage points from the previous quarter.