Huize Holding Ltd: Q3 2024 Earnings Call Unveils Strong Growth
Tuesday, Dec 10, 2024 10:09 pm ET
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Huize Holding Ltd, a leading insurance technology platform in Asia, recently reported its Q3 2024 unaudited financial results, showcasing robust growth and strategic initiatives. The company's strong performance was driven by several key factors, including product innovation, international expansion, and customer acquisition.

Gross Written Premiums (GWP) reached a record high of RMB2,060.7 million in Q3 2024, up 65.5% year-over-year. First-year premiums (FYP) more than doubled to RMB1,354.4 million, reflecting the company's success in attracting high-quality mass affluent customers. The average FYP ticket size for savings products remained sustainably high at approximately RMB79,000.
Huize Holding's international business expansion contributed significantly to its overall revenue and growth. Revenue contribution from international businesses surged to 19% in the third quarter, up 8 percentage points sequentially. This acceleration was primarily driven by the steady growth of the Hong Kong business and the acquisition of Global Care, a leading Vietnam-based Insurtech company.
The company's strategic initiatives to diversify revenue streams and expand its footprint in Southeast Asia are expected to further boost international revenue contributions, with a target of reaching 30% by 2026. Huize Holding plans to enter two additional markets—Singapore and the Philippines—within the next 12 months, capitalizing on the tremendous untapped market opportunities across the region.

Huize Holding's Q3 2024 earnings call also highlighted the company's commitment to becoming a leading pan-Asian digital insurance distribution platform. By replicating and localizing its successful home market-proven business model, Huize Holding aims to solidify its leadership in mainland China while capitalizing on the tremendous untapped market opportunities across Southeast Asia.
In conclusion, Huize Holding Ltd's Q3 2024 earnings call revealed strong growth and strategic initiatives, driven by product innovation, international expansion, and customer acquisition. The company's record-high GWP, robust FYP growth, and international business expansion position it well for continued success in the insurance technology sector. As Huize Holding continues to execute its strategic vision, investors should remain optimistic about the company's long-term growth prospects.