Q2 2024 Huize Holding Ltd Earnings Call Transcript
Key Points
- Huize Holding Ltd (HUIZ) achieved a total gross written premium (GWP) of RMB1.34 billion in Q2 2024.
- The company saw a 42.8% year-over-year increase in renewal premiums, reaching RMB690 million.
- Huize Holding Ltd (HUIZ) added 240,000 new customers in Q2 2024, bringing the total to 9.8 million.
- International business contributed 11% of total revenue in Q2 2024, hitting the company's initial double-digit target.
- The company successfully launched several customized insurance products, including a participating whole life insurance product with Aviva-COFCO and a child critical illness insurance product with China Merchants Life Insurance.
- There was a year-over-year increase in G&A expenses and share-based compensation in Q2 2024.
- The company experienced a deceleration in first-year premium (FYP) growth, attributed to regulatory changes and shifting customer demand.
- The rationalization of brokerage commissions impacted overall customer demand and FYP trends.
- Despite the positive international revenue contribution, the company faces challenges in navigating different regulatory environments in new markets.
- The economic climate in China remains challenging, affecting consumer propensity to purchase insurance products.
Ladies and gentlemen, thank you for standing by. Welcome to Huize second-quarter 2024 earnings conference call. (Operator Instructions)
Today's conference call is being recorded, and a webcast replay will be available on Huize's website at ir.huize.com, under the Events and Webcast section.
I would now like to hand the conference over to your speaker host today, Mr. Kenny Lo, Huize's Investor Relations Manager. Please go ahead, Kenny.
Thank you, operator. Hello, everyone, and welcome to our second-quarter 2024 earnings conference call. Our financial and operational results were released earlier today and are currently available on both our IR website and Global Newswire services.
Before we continue, I would like to refer you to the Safe Harbor statement in our earnings press release, which also applies to this call as we will be making forward-looking statements. Please also note that we will discuss non-GAAP measures today, which are more correctly
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