On December 7th, Shuidi Company released its unaudited performance report for the third quarter of 2023 as of September 30th, 2023. In the third quarter of 2023, Shuidi Company had a net operating income of 686 million yuan and a net profit of 36.33 million yuan, with a month on month increase of 67.4%, achieving seven consecutive quarters of profitability. In addition, since announcing the launch of its stock repurchase plan in September 2021, as of November 30, 2023, Shuidi Corporation has invested approximately $87.41 million to repurchase approximately 38.5 million ADS (American Depositary Shares) from the public market.
The performance report shows that in the third quarter, Shuidi Company's insurance related revenue was 619 million yuan, accounting for 90% of the company's overall revenue. In addition, the operating profit of the insurance business in this quarter reached 145 million yuan, an increase of 45.6% compared to the previous quarter. The first year scale premium generated by ShuiDiBao was 1.695 billion yuan.
As of September 30, 2023, Shuidi platform has provided customers with 1253 insurance products, a year-on-year increase of 133.8%, and the number of new insurance users has increased by 20.1%. In addition to an increase in the number of users and products, the underwriting quality of insurance business has also improved in this quarter. Among them, the first year scale premium of long-term insurance reached 644 million yuan, a year-on-year increase of 16.6%. The rich supply of products has also increased the renewal rate, with a water drop insurance renewal rate exceeding 90% in the third quarter.
As of September 30, 2023, the total amount of cash, cash equivalents, and short-term investments held by Shuidi Company was 3.139 billion yuan.