On May 28, Huiz.US (HUIZ.US) announced its first quarter results report. First-year premiums (“FYP”) more than doubled month-on-month, up 29.7% year-on-year to 857.2 million yuan, reflecting Huize's progress in acquiring high-value customers, promoting innovation in long-term insurance products, and expanding its international influence. As of March 31, 2024, the cumulative number of insurance customers served increased to 9.6 million. As of March 31, 2024, Huize has partnered with 120 insurance companies, including 74 life and health insurance companies and 46 financial insurance companies. Revenue for the first quarter of 2024 was 310.3 million yuan, up 3.8% from 298.9 million yuan in the same period in 2023, mainly driven by FYP growth.

Mr. Ma Cunjun, founder and CEO of Huize, said, “We are pleased to report strong FYP growth and our sixth consecutive quarter of profitability, which reflects the resilience of our business and our progress in acquiring quality customers, increasing customer life cycle value, diversifying our product supply, optimizing our omnichannel distribution capabilities, and expanding from Hong Kong to the international market.”

“We continue to seize market opportunities by enriching savings products, including dividend and annual products, and increased FYP for savings products by 77% year over year. In FYP terms, the average bill amount for savings products reached a record level of about RMB 69,000. Furthermore, with our comprehensive IFA (Independent Financial Advisor) platform, high-quality lead generation, and strong sales conversion capabilities in the DTC (direct-to-consumer) market segment, and successful penetration into the Hong Kong market, we have further maximized our clients' LTV (lifetime value) potential, which is reflected in the high repeat purchase rate of 40.4% for our long-term insurance products, 70% FYP growth driven by our IFA platform, and 7% revenue contribution from the Hong Kong brokerage business in the first quarter. By the end of February, the cumulative continuation rate of long-term insurance for the 13th and 25th months remained at a high level of over 95% in the industry.”