Fanhua Ranks Among Best’s Review’s Top 20 Global Brokers for 2021
July 05 2022 - 9:20AM
Fanhua Inc. (the “Company” or “Fanhua”) (Nasdaq: FANH), a leading
independent financial services provider in China, announced that it
once again ranked 20th in the Top 20 Global Insurance Brokers
ranking for 2021, according to the July 2022 edition of Best’s
Review, a monthly magazine published by A. M. Best, one of the most
prestigious insurance rating agencies. Fanhua has been on the list
for the 12th time since 2010.
The annual ranking was compiled based on total
revenues. Fanhua reported net revenues of US$513.3 million and
adjusted net income of US$44.0 million in 2021. Despite industry
downturn, Fanhua facilitated $1.73 billion gross written premium,
up 12.2% year-over-year.
Mr. Yinan Hu, Chief Executive Officer and
Chairman of the Company, commented: “We are proud to be recognized
as the top 20th in the 2021 annual ranking of global insurance
brokers by A. M. Best, which demonstrates our market leadership in
the Chinese insurance intermediary sector.”
“With the aging population and rising middle
class in China, we remain optimistic about the huge growth
potential in the Chinese insurance market, particularly driven by
people’s emerging needs for elderly care and legacy management. We
have been implementing in full strength the new strategy of
“Professionalization, Career-based, Digitalization and Open
Platform” in 2021, in an attempt to fully empower and cultivate
professional talents, digitalize our operations and also empower
the industry, which we believe will enable us to be best positioned
to benefiting from the strong growth in the China’s insurance
market over the long run.”
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 short term
health, accident, travel and homeowner insurance products; and (3)
eHuzhu (www.ehuzhu.com), a non-profit online mutual aid platform
in China.
As of March 31, 2022, our distribution and
service network is consisted of 735 sales outlets covering 23
provinces, autonomous regions and centrally-administered
municipalities and 109 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.
For more information, please contact:
Investor Relations
Tel: +86 (20) 8388-3191
Email: qiusr@Fanhuaholdings.com
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