Huize (HUIZ.US) surges over 9% in Q2 with 40.5% of long-term insurance renewal customers

Zhitong Finance learned that on Friday, the leading insurance e-commerce platform Huize (HUIZ.US) soared more than 9% at the opening of the US stock market. As of the time of writing, it rose 9.70% to US$0.95, with a trading volume of US$24,900.

On the news front, Huize recently released its unaudited financial results for the second quarter of 2024. The data showed that the total premiums on the platform reached Rmb3.05bn in the first half of the year, with total revenue reaching Rmb590mn. During Q2, the cumulative number of insured users on the platform grew to 9.8mn, with 240,000 new insured users added. On this basis, the platform generated Rmb650mn in first-year premiums, with the proportion of long-term insurance business accounting for 91.3%, up 16.9 percentage points year-on-year. Among them, the proportion of customers who repurchase reached 40.5%, up 6.5 percentage points year-on-year. The average annual premiums of savings insurance reached Rmb780,000, up 22.7% year-on-year. As of the end of June, the annual cumulative retention rates of the 13th and 25th months of long-term insurance were both above 95%. The proportion of new premiums of customized products increased by 16.9 percentage points year-on-year to 41.2%.