GUANGZHOU, China, July 05, 2022 (GLOBE NEWSWIRE) -- 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.
