Huize Holding Limited’s Strong Q3 2024 Performance

Huize Holding Ltd. ( (HUIZ) ) has released its Q3 earnings. Here is a breakdown of the information Huize Holding Ltd. presented to its investors.

Huize Holding Limited is a prominent insurance technology platform in Asia, specializing in connecting consumers, insurance carriers, and distribution partners through advanced AI and data-driven solutions.

In its latest financial report for the third quarter of 2024, Huize Holding Limited announced impressive achievements, showcasing a record high in gross written premiums and significant growth in international business contributions.

The company reported gross written premiums reaching an all-time high of RMB2,060.7 million, with first-year premiums doubling year-over-year, driven by strong demand for long-term savings products. The international business also saw a remarkable increase, contributing 19% to the revenue, highlighting the expansion in Hong Kong. Additionally, Huize served over 10.1 million insurance clients and maintained high persistency ratios for its long-term products.

Despite the growth, Huize’s net profit slightly decreased to RMB18.7 million compared to the previous year. However, the company managed to improve its expense-to-revenue ratio and continues to invest in international expansion, with plans to enter new markets like Singapore and the Philippines.

Looking ahead, Huize remains optimistic about its growth prospects, aiming to solidify its leadership in China and expand its digital insurance distribution platform across Southeast Asia, targeting a 30% contribution from international revenues by 2026.