Online insurance platform Huize posts record Q3

Huize Holding Ltd, an independent online insurance product and service platform in China, has announced solid financial results for the three months ended September 30.

Total gross written premiums (GWP) facilitated on the platform increased by 41.2 percent to a record quarterly high of 779 million yuan (US$118.4 million), compared with 551.8 million yuan in the third quarter of 2019.

Its total operating revenue jumped by 22.9 percent year on year to 348.5 million yuan, with a net profit of 14.7 million yuan, the NASDAQ-listed firm said.

Premiums on long-term life and health insurance products accounted for 92.9 percent of total facilitated GWP and the cumulative number of insured clients was approximately 56 million as of September 30.

Ma Cunjun, founder, chairman and chief executive officer of Huize, said they continued to observe a steady increase of people’s insurance awareness in the third quarter, as well as increasing adoption of online purchase of insurance products by consumers.

The company plans to roll out offline service centers in select first- and second-tier cities in order to better serve the differentiated demands of its customers for higher-quality products and premium insurance services.

“Over the next three years, we will take the opportunity to invest in a comprehensive strategic upgrade for the core Huize platform as we evolve into the post-COVID-19 era where consumers demand further innovation in insurance products and digital transformation of the insurance purchase and service experience,” Ma noted.

The upgraded platform will accelerate the integration of online and offline channels, further empower upstream and downstream partners in its ecosystem with data and technology, and ultimately enable the industry as a whole to reach insurance clients in all scenarios and provide them with a fuller range of personalized insurance products and services throughout their entire life cycle more efficiently, Huize said.