Huize Holding (HUIZ) Q4 2024 earnings summary

Executive summary

• Total revenue for 2024 increased by 4.5% year over year to RMB 1.25 billion, with record-high gross written premiums (GWP) of RMB 6.16 billion (up 6.2%) and first-year premiums (FYP) of RMB 3.42 billion (up 31%).

• International business revenue grew to RMB 228.7 million, contributing 18% of total revenue, led by the acquisition of Vietnam's Global Care and expansion plans for Singapore and the Philippines.

• AI-driven transformation, including integration of DeepSeek, enhanced service efficiency, customer acquisition, and operational scalability.

• The company expanded its product mix, with whole life premiums up 76% and long-term health insurance up 2% year over year.

• Cumulative insurance clients served reached 10.6 million, with partnerships spanning 139 insurers.

Financial highlights

• Full year 2024 operating revenue was RMB 1.25 billion, up 4.5% year over year.

• GWP: RMB 6.16 billion (+6% YoY); FYP: RMB 3.42 billion (+31% YoY).

• Short-term insurance premiums grew 23% YoY to RMB 550 million.

• Average FYP policy size for savings products increased 39% YoY to over RMB 75,000.

• Cash and cash equivalents at year-end: RMB 233 million.

Outlook and guidance

• International revenue contribution target of 30% by 2026, with ongoing expansion into Southeast Asia, including Singapore and the Philippines within 12 months.

• Gross margin recovered to 34.7% in Q4 2024; target for 2025 is to maintain low to mid-30% range.

• 2025 guidance: profitable full year with mid-single-digit net profit margin.