May 24 | HUIZ.US (HUIZ.US) today announced unaudited results for the first quarter of 2024 (hereinafter referred to as “Q1”). The Q1 platform contributed to total premiums of about 1.72 billion yuan (RMB, same below), of which first-year premiums increased 29.7% year-on-year to about 860 million yuan, more than doubling month-on-month; total Q1 revenue increased 3.8% year-on-year to about 310 million yuan; and Q1 achieved net profit of about 6.91 million yuan, the sixth consecutive quarter of profit. By the end of the first quarter, the platform had accumulated more than 9.6 million insured users. Mr. Ma Cunjun, CEO of Huize, said, “In the first quarter, we efficiently increased the life cycle value of users through the IFA platform, C-side activation transformation, and high-value Hong Kong insurance products. During the period, the IFA platform increased 70% year-on-year, the repurchase rate for long-term insurance users reached 40.4%, and the contribution of the Hong Kong business to total revenue increased to 7%. In the future, Huize will return to product customization and innovation, AI-driven efficiency and capacity optimization, international layout and digital development as the core growth point, continue to expand the Hong Kong insurance market and seize the development opportunities of emerging markets in Southeast Asia to further diversify revenue sources, continuously refine the underlying technology to enrich the functions of insurance AI products, meet users' needs for personalized content and services, meet the demands of consultants and agents to increase production capacity, and meet the demands of insurance company partners for market insight and risk management.”