Online insurance platform posts record-high revenue

Huize Holding, an independent online long-term life and health insurance product and service platform in China, announced its preliminary estimated record-high revenue for the fourth quarter of 2020.

Total operating revenue for the quarter is expected to be at least 380 million yuan (US$58.8 million), representing a record quarterly high and a year-over-year growth of 47.1 percent, exceeding the company's previous guidance of 330 to 350 million yuan.

Total gross written premiums facilitated on the platform are expected to be approximate 1 billion yuan, an increase of 55.7 percent over the same quarter last year, of which first-year premiums accounted for approximately 610 million yuan, officials at the NASDAQ-listed firm said.

"The results were primarily due to better-than-expected market demand for the proprietary critical illness products co-developed with our insurance partners, against the backdrop of continued economic recovery in China that has boosted consumer confidence," said Ma Cunjun, chairman and chief executive officer of Huize.

The company's 2020 annual financial results are expected to be released in March.