Huixuan achieved a total premium of 1.25 billion yuan and a total revenue of 290 million yuan in the third quarter
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发表于 2023-11-18 13:32:18
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On November 17th, HUIZ (with a stock price of $1.12 and a total market value of $57.31 million) released its unaudited performance report for the third quarter of 2023 (hereinafter referred to as "Q3"). Data shows that in the third quarter of 2023, Huixuan contributed a total premium of 1.25 billion yuan (RMB, the same below), a total revenue of 290 million yuan, and achieved a net profit of 2017 million yuan, earning profits for four consecutive quarters.
The first year premium in the first three quarters reached 2.2 billion yuan, a year-on-year increase of 54%
Data shows that during the reporting period, Huixuan's entire platform contributed a total premium of 1.25 billion yuan, a total revenue of 290 million yuan, and achieved a net profit of 2017 million yuan, a month on month increase of 43%; The adjusted net profit for the third quarter was approximately 18.49 million yuan, with a cumulative adjusted profit of 55.91 million yuan in the first three quarters.
According to the Q3 financial report data of Huize, the first year premium of Huize reached 2.2 billion yuan in the first three quarters, a year-on-year increase of 54%. Among them, during Q3, 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 Q3, Huize has accumulated 9.12 million insured customers and added 223000 new insured customers in Q3.
In terms of short-term insurance, Huizhi's short-term insurance premium increased by 50.1% year-on-year in the third quarter of 2023. Among them, the domestic tourism insurance premiums of the single month platform in September nearly doubled year-on-year, significantly surpassing the same period in 2019, with young customers under 40 accounting for nearly 60%.
In terms of long-term insurance, during Q3, Huizhi'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 Q3 savings insurance item is about 50000 yuan, a year-on-year increase of 23%; The proportion of savings insurance premiums to total premiums is 66%, an increase of 13 percentage points year-on-year. In the current environment, the demand for consumers to use insurance as an asset allocation method is increasing.
The total premium for long-term life insurance reached 670 million yuan, a year-on-year increase of 12%
During the Q3 period, 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%. Among long-term insurance policyholders, the average age is 33.9 years old, with 67.5% 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%.
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.
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