Huize Holding (HUIZ) Q3 2024 earnings summary

Executive summary

• Achieved record gross written premiums (GWP) of RMB 2.06 billion in Q3 2024, up 65.5% year-over-year, with total revenue of RMB 370 million and net profit reaching RMB 18.7 million.

• First-year premiums (FYP) more than doubled year-over-year to RMB 1.35 billion, with international business revenue contribution rising to 19%, up 8 percentage points sequentially.

• Customer base surpassed 10 million, with high persistency ratios above 95% for long-term insurance.

• Continued expansion in Southeast Asia, including acquisition of Vietnam-based Global Care and plans to enter Singapore and the Philippines within 12 months.

• Partnerships span 123 insurers globally.

Financial highlights

• Operating revenue rose 26.4% year-over-year to RMB 369.7 million in Q3 2024.

• GWP reached a record RMB 2.06 billion; FYP more than doubled to RMB 1.35 billion year-over-year.

• Non-GAAP net profit was RMB 18.3 million for the quarter.

• Expense-to-revenue ratio improved by 5 percentage points year-over-year to 24%.

• Cash and cash equivalents stood at RMB 243 million at quarter-end.

Outlook and guidance

• Q4 expected to be less strong than Q3 due to front-loaded demand and product transition in savings products.

• International revenue contribution targeted to reach 30% by 2026, with ongoing expansion in Southeast Asia.

• Plans to enter Singapore and the Philippines within 12 months, focusing on digital insurance services.

• No specific FYP guidance for 2025 provided; will update after Q4 results.

• Plans to replicate and localize the business model in new Asian markets to drive sustainable long-term growth.