Huize Q1 FYP Soars 52% to RMB1.11 Billion; GWP Climbs 23%
Huize’s first-quarter first-year premiums rose 52% year-over-year to RMB1.11 billion while gross written premiums expanded 23% to RMB1.77 billion, driven by 30% growth in new customer acquisitions to 506,000. Renewal premiums fell to RMB611.2 million and 13-month persistency slipped to 97.2%.
1. Strong FYP and GWP Expansion
In the first quarter, first-year premiums climbed to RMB1.11 billion, a 52% increase from the prior year, while gross written premiums reached RMB1.77 billion, up 23%. Renewal premiums dipped to RMB611.2 million, marking a 13.6% year-over-year decline.
2. Surge in Customer Acquisition
New customer acquisitions rose by 30% to 506,000, driving total accumulated customers to 12.8 million, up from 11.0 million a year ago. This increase underscores Huize’s expanding reach in the mass affluent insurance market.
3. Persistency Ratio Movements
The 13-month persistency ratio slightly decreased to 97.2% from 97.8%, while the 25-month ratio improved to 98.9% versus 98.1% a year earlier. These mixed trends reflect ongoing policy retention dynamics within the platform.