Fanhua reports Q2 adjusted EPS RMB 1.42 vs. RMB 0.60 last year

Reports Q2 revenue RMB 1.13B vs. RMB 703.1M last year. Yinan Hu, Co-Chairman and Chief Executive Officer, commented: “FANHUA has delivered a set of excellent results, boasting a remarkable revenue growth of 61.1% year over year and an impressive operating income growth of 177.3% year-over-year. These results were driven by a combination of our continued execution of a well-defined strategy and a regulatory body-mandated pricing rate change with regard to traditional life insurance products, which led to a strong surge in certain savings products across the industry. I am particularly pleased that our focus on quality services has resulted in a consistent improvement of our persistency ratio which is a positive outcome for our insurance partners. Our digitization and platform strategy continue to deliver operating efficiency for us and is a key driver of our financial results over the quarter. While the outlook for the industry in the second half of 2023 is likely to be adversely impacted by the recent pricing rate change, we remain confident that the medium- to long-term outlook of the life insurance industry and in particular, the third-party distribution channel that we operate in, remain promising. We have recently released a new version of our company mission statement and core values. In essence, our mission revolves around empowering the growth of independent financial advisors and fostering sustainable value creation for our clients. We seek to become a globally leading technology-driven financial services platform, distinguished by the highest standards of ethics and trust for all our stakeholders.”