Huize to Acquire Leading Regional Insurance Agency Shengs Life & General to Accelerate its Online-to-Offline Integration and Open Platform Strategy
August 24 2021 - 6:00PM
Huize Holding Limited, (“Huize”, the “Company” or “we”, together
with its subsidiaries, its consolidated variable interest entity
and the subsidiaries of the consolidated variable interest entity
the “Group”) (NASDAQ: HUIZ), a leading digital insurance product
and service platform for new generation consumers in China, today
announced that the Group has entered into a binding memorandum of
understanding to acquire a controlling equity interest in Hubei
Shengs Life & General Insurance Agency Co., Ltd. (“Shengs Life
& General”), one of the leading regional insurance agency
groups dedicated to distributing life and health insurance
products.
Pursuant to the binding memorandum of
understanding by and among the Group, Shengs Life & General and
current shareholders of Shengs Life & General, the Group will
acquire a controlling equity interest in Shengs Life & General.
The Group will enter into definitive agreements with Shengs Life
& General and its shareholders in connection with the
transaction. The Group expects the transaction to complete by the
end of 2021, subject to customary conditions precedent. Following
the completion of the transaction, Shengs Life & General will
be accounted for as a consolidated subsidiary of the Company.
Founded in 2011, Shengs Life & General holds
the license issued by the CBIRC that is required for conducting an
insurance agency business, and is focused on distributing life and
health insurance products. Managed by a dedicated founding team
with in-depth business insights in the insurance intermediary
industry, Shengs Life & General has emerged as one of the
leading independent insurance agency groups in Hubei Province. To
further expand the distribution network, Shengs Life & General
has set up its regional centers in Guangdong Province and Sichuan
Province and is currently operating over 20 sales outlets to engage
with and serve insurance clients.
Mr. Cunjun Ma, Chairman and Chief Executive
Officer of Huize, commented, “The acquisition of Shengs Life &
General marks a key milestone in Huize’s online-to-offline
integration and open platform strategy. Shengs Life & General
has a customer-first corporate culture and has accumulated deep
customer insights in the mass affluent life and health insurance
market. Leveraging its robust sales team of professional industry
veterans, extensive coverage, and experience in serving clients,
Shengs Life & General greatly complements our last-mile offline
presence, allowing us to provide products and services both online
and offline, which will further improve the market presence of our
customized products and enhance the brand awareness of Huize. Huize
intends to utilize its digital capabilities to empower Shengs Life
& General, accelerating the establishment of our open insurance
product and service platform covering sales management, product
offerings and back-end support, with the aim to significantly
enhance the efficiency of traditional insurance operations. We look
forward to the business expansion and realizing revenue growth
synergies from this mutually beneficial integration.”
About Huize Holding Limited
Huize Holding Limited is a leading digital
insurance product and service platform for new generation consumers
in China. Targeting the younger generation, Huize is dedicated to
serving its insurance clients for their life-long insurance needs.
Leveraging its online platform, Huize offers a wide variety of
insurance products with a focus on long-term life and health
insurance products, and empowers its insurer partners to reach a
large fragmented client base in the insurance retail market
efficiently and enhance their insurance sales. Huize provides
insurance clients with digitalized insurance experience and
services, including suitable product recommendations, consulting
service, intelligent underwriting and assistance in claim
application and settlement, which significantly improve transaction
experience.
For more information, please visit
http://ir.huize.com.
Investor RelationsHarriet
HuInvestor Relations Director+852 3180 9207investor@huize.com
Media
Relationsmediacenter@huize.com
Christensen
In ChinaMs. Constance ZhangPhone: +86
138-1645-1798E-mail: czhang@christensenir.com
In U.S.Ms. Linda BergkampPhone:
+1-480-614-3004Email: lbergkamp@ChristensenIR.com
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