From GlobeNewswire: 2024-09-18 17:00:00

Fanhua Inc. announced unaudited financial results for the first half of 2024. Total net revenues were RMB1.1 billion, a 42.7% decrease from 2023. Operating income dropped 62.5%, and net income attributable to shareholders fell by 96.5%. Cash at the end of the period decreased by 52.2%. Life insurance GWP remained stable at RMB8.8 billion.

Despite sector disruption, Fanhua achieved gross written premiums of RMB8.8 billion in the face of challenges. The company launched the ‘Du Xiaobao’ AI model with Baidu Smart Cloud, aiming to revolutionize insurance distribution. The number of platform professional users reached 963, generating 26.8% of life insurance first-year premiums through the Open Platform.

In the first half of 2024, Fanhua expanded its share repurchase program by an additional US$20 million. Total net revenues for the period were RMB1.1 billion, a 42.7% decrease from the previous year. Gross profit was RMB424.6 million, a 29.0% decrease. Operating income dropped 62.5%, and net income attributable to shareholders fell by 96.5%.

Analysing financial results for the first half of 2024, Fanhua reported a 42.7% decrease in total net revenues, with operating income dropping by 62.5%. Gross profit was RMB424.6 million, a 29.0% decrease from the previous year. The company’s net income attributable to shareholders fell by 96.5% to RMB4.7 million. Adjusted EBITDA for the period was…



Read more at GlobeNewswire:: Fanhua Reports First Half 2024 Unaudited Financial Results