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慧 择 huize Huize Holding Limited Reports First Quarter 2021 Unaudited Financial Results May 18 , 2021 SHENZHEN , China , May 18 , 2021 ( GLOBE NEWSWIRE ) -- Huize Holding Limited , ( “ Huize ” , the " Company " or " we " ) ( NASDAQ : HUIZ ) , a leading digital insurance product and service platform for new generation consumers in China , today announced its unaudited financial results for the first quarter ended March 31 , 2021 . First Quarter 2021 Highlights : • Total Gross Written Premiums ( " GWP " ) facilitated on our platform increased by 133.1 % to a record quarterly high of RMB1,393.8 million , compared to RMB597.9 million in the first quarter of 2020 . • Total operating revenue increased by 195.5 % to a record quarterly high of RMB735.0 million ( US $ 112.2 million ) , compared to RMB248.7 million in the first quarter of 2020 . • Cumulative number of insurance clients served increased to approximately 7.0 million , and cumulative number of insured clients was approximately 58.4 million as of March 31 , 2021 . Mr. Cunjun Ma , Founder , Chairman and Chief Executive Officer of Huize , commented , " Our first quarter results again demonstrated our strong growth potential . Driven by continuous improvements in pandemic situation in China and seasonal strength for the life and health insurance sector , our total GWP and total operating revenue both achieved record quarterly highs . " " During the quarter , market demand for critical illness insurance surged due to the transition to a new statutory definition of critical illnesses , coupled with our increased marketing spend to capture market share , as a result , our GWP for long - term health insurance grew by 123.2 % year - over - year to RMB1.1 billion . The new definitions of critical illnesses brought both challenges and opportunities to the critical illness insurance market . Leveraging our years of experience and continuous improvement in product customization capabilities , we completed the product upgrade soon after the revised definitions went into effect , and launched the innovative new - definition critical illness product Darwin 5 Glory . In the long term , we believe there is still room for greater demand for critical illness protection , and we will continue to explore and develop more innovative products . " " With the official implementation of the Regulation of Internet Insurance Business in China , the online insurance industry is expected to thrive in a more sustainable and healthy environment . Going forward , Huize will continue to focus on users , polish our core capabilities , improve operational efficiency , and provide users with more diversified and personalized products and services through both online and offline channels . Moreover , we will seize the opportunity presented by the accelerating digital transformation of the insurance industry , empower upstream and downstream partners and the whole insurance ecosystem with data and technology , develop more mature insurance technology solutions , and strive to achieve sustainable development and high - quality growth . " First Quarter 2021 Financial Results Total operating revenue Total operating revenue in the first quarter of 2021 increased by RMB486.3 million , or 195.5 % , to RMB735.0 million ( US $ 112.2 million ) from RMB248.7 million in the same period of 2020. The increase in total operating revenue was primarily driven by an increase in brokerage income , which increased by 195.8 % year - over - year to RMB732.6 million ( US $ 111.8 million ) in the first quarter of 2021. The increase in brokerage income was primarily driven by the 133.1 % increase in total GWP facilitated , which amounted to RMB1,393.8 million during the first quarter of 2021 , of which first year premiums accounted for RMB889.8 million ( 63.8 % ) and renewal premiums accounted for RMB504.0 million ( 36.2 % ) . Total operating costs Cost of revenue in the first quarter of 2021 increased by RMB408.9 million , or 276.7 % , to RMB556.7 million ( US $ 85.0 million ) from RMB147.8 million in the same period of 2020 , which was primarily attributable to increased service fees paid to user traffic channels . Total operating costs in the first quarter of 2021 increased by RMB408.8 million , or 274.9 % , to RMB557.5 million ( US $ 85.1 million ) from RMB148.7 million in the same period of 2020 , primarily attributable to the increase in cost of revenue . Operating expenses Selling expenses in the first quarter of 2021 increased by RMB24.0 million , or 45.3 % , to RMB77.0 million ( US $ 11.7 million ) from RMB53.0 million in the same period of 2020. This increase was primarily attributable to increased advertising and marketing expenses , as well as an increase in salaries and employment benefits due to an increase in headcount , offset by a decrease in share - based compensation expenses . General and administrative expenses in the first quarter of 2021 increased by RMB15.1 million , or 38.7 % , to RMB54.1 million ( US $ 8.3 million ) from RMB39.0 million in the same period of 2020. This increase was primarily attributable to the increased rental expenses due to office expansion , as well as an increase in general and administrative salaries and employment benefits , offset by a decrease in share - based compensation expenses . Research and development expenses in the first quarter of 2021 increased by RMB7.6 million , or 67.9 % , to RMB18.8 million ( US $ 2.9 million ) from RMB11.2 million in the same period of 2020 , primarily attributable to an increase in the number of R & D personnel .