On March 20th, Huize released its unaudited performance reports for the fourth quarter and full year of 2023 before the opening of the US stock market. Data shows that in 2023, Huize contributed a total premium of 5.8 billion yuan, a year-on-year increase of 18%; The total revenue was 1.2 billion yuan, a year-on-year increase of 3%; Achieved an adjusted net profit of 72.3 million yuan, exceeding the expected annual profit target of 60 million yuan.
In the field of business leadership, Huize's domestic business has made rapid progress in integrating online and offline, while accelerating its domestic and international layout with a focus on long-term development. In the second quarter of 2023, Huizeji completed branch coverage in the first tier city clusters of Beijing Tianjin Hebei, Jiangsu Zhejiang Shanghai, and the Pearl River Delta. The new premium facilitated by the IFA platform reached 350 million yuan, a year-on-year increase of 73%, and the number of core agent studios increased by 106% compared to 2022.
In overseas markets, Huize has begun to explore the insurance market in Southeast Asia and further diversify its revenue structure. The data shows that the average insurance penetration rate in emerging markets in Asia in 2022 is 3.6%, while the personal insurance penetration rate is only 2.1%.
From the perspective of premium structure, Huize's long-term insurance accounted for 92.3% of the total premium in 2023, accounting for over 90% for four consecutive years. The new premium for long-term health insurance is about 510 million yuan, a year-on-year increase of 19%. At the same time, short-term insurance business has also experienced an outbreak. By supporting national strategic plans such as new citizens, small and medium-sized enterprises, and new energy, Huize has driven a year-on-year increase of 74% in new property and accident insurance premiums, reaching 390 million yuan.
Ma Cunjun, Chairman and CEO of Huize Holdings, stated that in the future, Huize will seize the sustained growth trend of the insurance industry in China and Asia, strengthen its ability to customize products across all scenarios and differentiation, and integrate online and offline sales and service capabilities. At the same time, it will continue to expand its insurance market business in Hong Kong and actively explore the development opportunities of the insurance industry in emerging markets in Southeast Asia, achieving the goal of achieving double-digit international market revenue contribution by 2024.