Zhitong Finance App News, Benefit Group (00406) announced that the company and REC Engineering Co., Ltd., a wholly-owned subsidiary of the company, have signed separate medical insurance agreements with Asia Insurance on May 10, 2024. According to the agreement, Asia Insurance agreed to provide group medical insurance for a period of one year from June 1, 2024 to May 31, 2025.

Within 12 months immediately prior to the date of the medical insurance agreement and up to that date, REC Engineering Co., Ltd. has entered into a life insurance agreement with Asia Insurance to provide life insurance services for a period of one year from April 1, 2024 to March 31, 2025.

The Board of Directors believes that medical insurance and life insurance as stipulated in the insurance agreement are necessary components of the Group's competitive remuneration package to attract and retain talents. Every year, the company hires service providers through independent licensed insurance intermediaries, which invite a number of medical and life insurance companies to participate in the recruitment selection process. The Board of Directors reviews the submitted offers based on price, quality of service and policy coverage, and Asia Insurance is selected according to the company's requirements. The Board of Directors believes that the transactions to be carried out under the insurance agreement are carried out in the normal daily business process of the company, and that the terms of the insurance agreement are normal commercial terms, fair and reasonable, and conform to the overall interests of the company and shareholders.