Huize (HUIZ.US) total premiums in H1 reached Rmb3.05bn, with the proportion of long-term insurance renewal customers reaching 40.5% in Q2

On September 25, Huize (HUIZ.US), a leading insurance e-commerce service platform in China, released its unaudited financial report for the second quarter of 2024 before the opening of the US stock market. The data showed that the total premiums on the platform reached RMB3.05 billion in the first half of the year, with total revenue reaching RMB590 million. During Q2, the cumulative number of insured users on the platform grew to 9.8 million, with 240,000 new insured users added. Based on this, the platform generated a total of RMB650 million in first-year premiums, with a 91.3% share of long-term insurance business, which has been above 90% for 19 consecutive quarters, with a 40.5% share of repeat customers, up 6.5 percentage points year-on-year. The average premium per policy for savings insurance reached RMB780,000, up 22.7% year-on-year. As of the end of June, the annual cumulative retention rates for the 13th and 25th months of long-term insurance were both above 95%. The new single premiums of customized products accounted for 41.2%, up 16.9 percentage points year-on-year.