Waterdrop Inc. Boasts Impressive Q3 2024 Results

Waterdrop Inc. (NYSE: WDH), a leading technology platform dedicated to insurance and healthcare services, has announced its unaudited financial results for the third quarter of 2024. The company's strong performance in the quarter reflects its strategic initiatives and market positioning.

Waterdrop's insurance business contributed significantly to its increased profitability in Q3 2024. The company reported a 14.8% quarter-over-quarter growth in first-year premiums (FYP) to RMB2,041.8 million (US$290.9 million), representing a 20.4% year-over-year increase. This growth was driven by user acquisition, innovative tailor-made products, and the contribution of Shenlanbao. The insurance business maintained an operating profit margin above 20%, demonstrating its strong performance and profitability.



Waterdrop's expansion into medical crowdfunding and digital clinical trial services has significantly contributed to its overall financial performance. As of Q3 2024, around 466 million people had donated a total of RMB66.3 billion to 3.32 million patients through Waterdrop Medical Crowdfunding, marking a substantial increase from the previous quarter. This expansion has not only broadened the company's reach but also enhanced its reputation and user base. Additionally, the digital clinical trial services have shown remarkable growth, with a quarter-over-quarter increase of 17.4% in income. The company collaborated with 184 pharmaceutical companies and CROs, enrolled 909 patients, and initiated services for 88 new programs during Q3 2024.



Waterdrop's strong execution capability, ample cash reserves, and continuous profitability have positioned the company to focus on fostering sustainable growth and delivering substantial returns to its shareholders and investors. The company's commitment to innovation, strategic partnerships, and user-centric approach has enabled it to maintain a competitive edge in the insurance and healthcare services market.

In conclusion, Waterdrop Inc.'s impressive Q3 2024 results reflect the company's strategic initiatives and market positioning. The company's insurance business, medical crowdfunding, and digital clinical trial services have all contributed to its strong financial performance. With a focus on sustainable growth and innovation, Waterdrop is well-positioned to continue delivering value to its shareholders and investors.