Fanhua Ranks Among Best’s Review’s Top 20 Global Brokers Again
July 30 2018 - 6:41AM
Fanhua Inc. (Nasdaq:FANH) (the "Company" or "Fanhua"), a leading
independent financial services provider operating in China, today
announced that it was once again ranked among top 20 global
insurance brokers, according to the July 2018 edition of Best’s
Review, a monthly magazine published by A. M. Best, one of the most
prestigious insurance rating agencies. Fanhua, which was ranked No.
20th in 2017, has been on the list for four consecutive years and
is the only Asian company that makes it to the list.
The annual ranking was compiled based on total
revenues. Fanhua reported RMB4.1 billion net revenues in 2017, of
which RMB2.4 billion were generated from its life insurance
operations, representing a growth of 144.8% from 2016. Its net
income reached RMB450 million, up 186.0% year-over-year.
A. M. Best, which focuses on providing insurance
credit ratings and information services worldwide, is one of the
largest and influential international rating agencies.
Mr. Chunlin Wang, Chief Executive Officer and
Chairman of the Company, commented: “We are glad to be recognized
as the top 20th in the 2017 annual ranking of global insurance
brokers by A. M. Best. We are also proud to be the only Asian
insurance broker in the list, which demonstrates our leading
position in the insurance intermediary market in China and
Asia.”
“The insurance penetration and density rates in
China are far below the world average. There is huge potential for
the Chinese insurance market to grow rapidly within the next ten
years. We believe that Fanhua, as the largest independent insurance
intermediary in China, is well positioned to benefiting from the
strong growth in the China’s insurance market, especially in the
life insurance sector, thus enabling us to further increase our
position among our international counterparts.”
About Fanhua Inc.
Fanhua Inc., formerly known as CNinsure Inc., is a
leading independent online-to-offline financial services provider.
Through our online platforms and offline sales and service network,
we offer a wide variety of financial products and services provided
by over 90 insurance companies to individuals and businesses,
including property and casualty and life insurance products. We
also provide insurance claims adjusting services, such as damage
assessments, surveys, authentications and loss estimations, as well
as value-added services, such as emergency vehicle roadside
assistance.
Our online platforms include:(1) CNpad, a mobile
sales support application; (2) Baoxian.com, an online entry portal
for comparing and purchasing health, accident, travel and homeowner
insurance products; (3) eHuzhu (www.ehuzhu.com), a non-profit
online mutual aid platform in China and (4) Lan Zhanggui, an
all-in-one platform which allows our agents to access and purchase
a wide variety of insurance products, including life insurance,
auto insurance, accident insurance, travel insurance and standard
health insurance products from multiple insurance companies on
their mobile devices.
As of March 31, 2018, our distribution and service
network consisted of 683 sales and service outlets covering 30
provinces.
For more information about Fanhua Inc., please
visit http://ir.fanhuaholdings.com/.
Forward-looking Statements
This press release contains statements of a
forward-looking nature. These statements, including the statements
relating to the Company's future financial and operating results,
are made under the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. You can identify these
forward-looking statements by terminology such as "will,"
"expects," "believes," "anticipates," "intends," "estimates" and
similar statements. Among other things, management's quotations and
the Business Outlook section contain forward-looking statements.
These forward-looking statements involve known and unknown risks
and uncertainties and are based on current expectations,
assumptions, estimates and projections about Fanhua and the
industry. Potential risks and uncertainties include, but are not
limited to, Fanhua’s ability to attract and retain key personnel
and productive agents, its ability to maintain existing and develop
new business relationships with insurance companies, its ability to
execute its growth strategy, its ability to adapt to the evolving
regulatory environment in the Chinese insurance industry, its
ability to compete effectively against its competitors, quarterly
variations in its operating results caused by factors beyond its
control and macroeconomic conditions in China and their potential
impact on the sales of insurance products. All information provided
in this press release is as of the date hereof, and Fanhua
undertakes no obligation to update any forward-looking statements
to reflect subsequent occurring events or circumstances, or changes
in its expectations, except as may be required by law. Although
Fanhua believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that its expectations will turn out to be correct, and investors
are cautioned that actual results may differ materially from the
anticipated results. Further information regarding risks and
uncertainties faced by Fanhua is included in Fanhua's filings with
the U.S. Securities and Exchange Commission, including its annual
report on Form 20-F.
For more information about Fanhua Inc., please
visit http://ir.fanhuaholdings.com/.
Source: Fanhua Inc.
Contact: Oasis Qiu
Investor Relations Manager
Tel: (8620) 83883191
Email: qiusr@fanhuaholdings.com
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