Fanhua Launches Customized Whole Life and Annuity Insurances with Sinatay
November 28 2021 - 9:14PM
Fanhua Inc. (“Fanhua” or “the Company”) (Nasdaq: FANH), a leading
independent financial services provider in China, today announced
that it has partnered with Sinatay Life Insurance Co., Ltd
(“Sinatay”) to launch two customized products, including
“Fanhua-Sinatay Legacy”, a whole life insurance plan and
“Fanhua-Sinatay Yixiang”, an annuity insurance plan.
Fanhua-Sinatay Legacy whole life insurance plan
not only provides lifelong protection, but also enables
policyholders to enjoy stable returns to suit various financial
objectives including children education funds, savings for
retirement life, investment or financial legacy management, with
guaranteed rate of return of 3.5% on cash value and the flexibility
for policyholders to apply for policy loan, adjust premiums or
place policies into insurance trusts.
Fanhua-Sinatay Yixiang is a pension annuity that
is designed to help hedge against inflation and secure a lifetime
stable annuity income stream. This plan, among others, boasts the
advantages of high cash value, short payback periods, an internal
rate of return of up to 3.965% and monthly annuity payout
guaranteed for 25 years, meeting the multifaceted needs of
mid/high-net-worth individuals.
Mr. Chunlin Wang, chairman and chief executive
officer of Fanhua, stated, “With China’s aging population,
declining interest rates and overwhelmed social security and
pension system, these two customized products by Fanhua accurately
meet the needs of middle-and-high-net-worth people for both wealth
accumulation and lifelong pension benefits. This is another major
breakthrough of Fanhua in tapping into the savings insurance
segment and echoes our commitment to keeping innovating our ideas
and products to better meet evolving market needs.”
About Sinatay Life
Insurance
Sinatay Life Insurance Co., Ltd., founded in
2007, has a registered capital of RMB5 billion. As of the end of
2020, it had total assets of over RMB100 billion, total premiums of
RMB50 billion, and the customer number of over 4.3 million. In the
second quarter of 2021, its core and comprehensive solvency ratios
were both 155.24%, an increase of 23.23 percentage points compared
with the same period in 2020.
About Fanhua
Inc.
Fanhua Inc. is a leading independent financial
services provider. Through our online platforms and offline sales
and service network, we offer a wide variety of financial products
and services to individuals, including life and property and
casualty 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) 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; (2) Baowang (www.baoxian.com),
an online entry portal for comparing and purchasing health,
accident, travel and homeowner insurance products and (3) eHuzhu
(www.ehuzhu.com), a non-profit online mutual aid platform in
China.
As of September 30, 2021, our distribution and
service network is consisted of 750 sales outlets covering 23
provinces and 110 service outlets covering 31 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, those relating to its ability to attract and retain
productive agents, especially entrepreneurial 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, future development of COVID-19 outbreak 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.
CONTACT: Investor Relations
Tel: (8620) 83883191
Email: qiusr@fanhuaholdings.com
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