Huize Holding LimitedNASDAQ: HUIZ
Phone: +86-4006366366Web url: www.huize.comAddress: 5F Building 3-4, Yuehai Road Shenzhen Animation Park, ShenZhen, 518052 China
Sector :Financials
Industry :Insurance
Sub-Industry :Insurance E-commerce

Huize Holding Ltd. (Nasdaq: HUIZ) operates an online insurance product and service platform in China. Acting as a licensed intermediary between insurance providers and end-users, the company does not bear underwriting risks.

Huize’s products target the tech-savvy younger-generation. Its products focus on life and health insurance with a period over one year; the company also offers property and casualty insurance. Huize helps its insurance partners reach a wider user base and improve efficiency by leveraging internet, technology, and data analytics. Revenues are generated from the brokerage fees these insurance partners pay. Life and health insurance products, which generate higher commission fees, comprise majority of Huize’s revenues. As measured in gross written premiums (GWP), Huize was the largest independent online long-term life and health insurance product and service platform in China in 2018, according to a report by market research firm Oliver Wyman.

Since 2015, China is home to the world’s second largest insurance market in terms of GWPs. According to Oliver Wyman, its size is expected to reach 6.9 trillion yuan by 2023, representing a CAGR of 13% from 2018. The growth drivers in the sector include the shift online, independent service providers, and long-term insurance products focusing on protection.

Additionally, the global Covid-19 pandemic also contributed to the industry’s growth. In the fourth quarter of 2020, Huize facilitated over 1 billion yuan in GWPs, an increase of 63% from the same time in 2019. Cumulative number of insurance clients served was approximately 6.8 million, and cumulative number of insured clients was approximately 57.6 million as of Dec. 31, 2020. Huize’s operating revenue was $59.5 million, up 50% year-over-year, while losses were $4.1 million. In the full year 2020, Huize booked $187 million in revenue, a 23% year-over-year growth, on net loss of $2.8 million. However, in terms of non-GAAP, net profit in 2020 reached $5.2 million.

Headquartered in Shenzhen, Huize’s founding team began operating as an online insurance intermediary business in 2006. Today, the company leverages its deep understanding of insurance clients’ profiles and behavior to create accurate profiling and detailed segmentation, which leads to improved client traffic. Huize’s online platform offers digitalized insurance services through various internet and mobile internet channels, capitalizing on the trend towards online. Focused on user experience, it provides easy-to-understand terms and protection and ensures long-term engagement along users’ life journey.

Huize employs professionally trained insurance consultants with a full understanding of insurance products able to provide high quality services, intelligent underwriting, and assistance in claim application and settlement. The company also offers free educational content to the general public to continually enhance its brand.

In September 2020, Huize was named in Hurun’s “China Digital Insurance Agencies 2020” list, ranking fourth in terms of market performance and innovation capabilities. Moreover, the company’s critical illness insurance product, Darwin 3, won the “Popular Health Insurance Product of 2020” award, marking the sixth time that its Darwin series of insurance products wins the position.

Huize completed its initial public offering in New York in February 2020 amid the Covid-19 lockdowns and raised $55.9 million, including partial exercise of the greenshoe option. The capital was intended to boost Huize’s technology and big data analytics for improved client acquisition and risk management, as well as for product design and development, and potential investments.

IR CONTACTS
In China:

Harriet Hu

Investor Relations Director

+852 3180 9207

investor@huize.com

In the United States:

Media Relations

mediacenter@huize.com