Workflow
Huize Holding Limited Reports Fourth Quarter and Full Year 2024 Unaudited Financial Results
HUIZHuize(HUIZ) Newsfilter·2025-03-24 09:00

Core Viewpoint - Huize Holding Limited reported resilient business results for 2024, achieving record highs in gross written premiums (GWP) and first-year premiums (FYP), while maintaining non-GAAP profitability for the second consecutive year [3][10][18]. Financial and Operational Highlights - For the full year 2024, GWP reached RMB 6.2 billion (US843.7million),a6.2 843.7 million), a 6.2% increase from RMB 5.8 billion in 2023. FYP also hit a record high of RMB 3.4 billion, up 30.5% year-over-year [10][13]. - The average FYP ticket size for savings products increased by 39.1% year-over-year to over RMB 75,000, indicating strong demand [4]. - The company served over 10.6 million insurance clients and partnered with 139 insurers, including 80 life and health insurance companies and 59 property and casualty insurers [10]. International Expansion - Revenue from international operations accounted for 18% of total revenue in 2024, with plans to increase this to 30% by 2026. The company is making progress in entering new markets such as Singapore and the Philippines [5][10]. - The acquisition of Global Care, a Vietnam-based insurtech company, has been a significant contributor to the growth of the international arm, Poni Insurtech [5]. Technology Integration - The integration of proprietary AI solutions, such as DeepSeek into the Huize App, has enhanced customer experience by providing real-time, personalized recommendations [6]. Fourth Quarter 2024 Financial Results - In Q4 2024, GWP facilitated was RMB 1,043.0 million (US 142.9 million), a decrease of 16.2% from RMB 1,245.3 million in Q4 2023. FYP accounted for RMB 557.9 million, a 33.3% increase year-over-year [6][12]. - Operating revenue for Q4 2024 was RMB 286.0 million (US39.2million),up21.2 39.2 million), up 21.2% from RMB 236.0 million in Q4 2023, driven by increased FYP [7][14]. - Operating costs increased by 37.0% to RMB 186.8 million (US 25.6 million) due to higher channel expenses [8]. Profitability Metrics - The net loss attributable to common shareholders in Q4 2024 was RMB 2.9 million (US0.4million),comparedtoanetprofitofRMB18.0millioninQ42023.Non−GAAPnetlosswasRMB1.3million(US 0.4 million), compared to a net profit of RMB 18.0 million in Q4 2023. Non-GAAP net loss was RMB 1.3 million (US 0.2 million) [12][18].