Huize plans expansion in Singapore, Philippines

Its Q3 2024 gross written premiums (GWP) reached an all-time high of $290m.

Huize Holding Limited plans to expand into Singapore and the Philippines within the next 12 months and aims to increase international revenue contributions to 30% by 2026.

Looking ahead, Huize aims to solidify its position in mainland China whilst expanding its business model across Southeast Asia, targeting sustainable, long-term growth as a pan-Asian digital insurance distribution platform.

Additionally, the company saw its third quarter ending 30 September gross written premiums (GWP) reach an all-time high of $0.29b (RMB2.06b), a 65.5% increase from $0.18b (RMB1.25b) during the same period in 2023.

First-year premiums (FYP) more than doubled year-over-year to $0.19b (RMB1.35b), driven by demand for long-term savings products, product innovation, and Huize's omnichannel distribution platform.

Revenue from international operations surged to 19% of the total, up 8 percentage points from the previous quarter, propelled by growth in Huize's Hong Kong business.

The cumulative number of insurance clients served reached 10.1 million by 30 September, supported by partnerships with 123 insurance carriers, including 77 life and health insurers and 46 property and casualty companies.

Founder and CEO Cunjun Ma highlighted the company's strong performance, citing its core strengths in customer acquisition, product innovation, and AI-powered operations.

Huize’s international expansion, led by its subsidiary Poni Insurtech, continues to gain traction.

The company reported significant progress in the Hong Kong market and recently acquired Vietnam-based Global Care.

($1.00 = RMB7.28)