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慧 择 huize Huize Holding Limited Reports Third Quarter 2021 Unaudited Financial Results and Adjusts 2021 Revenue Guidance Upward December 1 , 2021 SHENZHEN , China , Dec. 01 , 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 third quarter ended September 30 , 2021 . Third Quarter 2021 Highlights • Gross Written Premiums ( " GWP " ) facilitated on our platform increased by 24.0 % to RMB965.5 million ( US $ 149.8 million ) , compared to RMB779.0 million in the third quarter of 2020. First - year premiums ( " FYP " ) accounted for RMB510.9 million , an increase of 42.7 % year - over - year . GWP and FYP facilitated for the nine months ended September 30 , 2021 , amounted to RMB3.0 billion and RMB1.7 billion , representing year - over - year growth of 53.4 % and 78.5 % respectively . • Operating revenue decreased by 9.6 % to RMB315.1 million ( US $ 48.9 million ) , from RMB348.5 million in the third quarter of 2020 . • The cumulative number of insurance clients served increased to approximately 7.3 million , and the cumulative number of insured clients reached approximately 61.4 million as of September 30 , 2021 . • As of September 30 , 2021 , we cooperated with 102 insurer partners , including 62 life and health insurance companies , and 40 property & casualty insurance companies . Mr. Cunjun Ma , Founder , and CEO of Huize commented , " We are very pleased to deliver a quarter of robust growth in both GWP and FYP of 24.0 % and 42.7 % year - over - year respectively amidst the current challenging macroeconomic and industry conditions in China . Benefiting from our omni - channel digital distribution platform and continued product co - development efforts with our insurer partners , we were able to drive significant growth in the savings insurance product segment during the quarter to offset the continued market weakness in protection insurance products due to depressed consumer confidence . As such , operating revenue rebounded from the seasonally weaker second quarter and increased by 44.1 % quarter- on - quarter . Furthermore , the upward adjustment of our full - year 2021 revenue guidance illustrates our confidence in achieving solid growth again in the fourth quarter . " " During the quarter , we continued to make progress in diversifying our product portfolio with an increase in contribution from long - term endowment life insurance and annuity products that we have co - developed with insurer partners . In terms of FYP facilitated , the contribution from saving products was 66.7 % in the third quarter , increasing significantly as compared with 38.2 % in the second quarter and showing a continuous growth trend since the first quarter of 2021. The average ticket size of savings products facilitated on our platform also increased from RMB25,156 in the second quarter to RMB35,087 in the third quarter . " " We believe the new regulatory measures will bring about short - term headwinds to the industry but also opportunities for established players with a demonstrated track record of regulatory compliance , strong technology infrastructure , proven product innovation , and customer service capabilities . Since the beginning of the year , we have been implementing an upgrade of our business model to an open platform architecture to provide our users with more diversified and personalized products and services online and offline . Starting from the fourth quarter , we are also actively implementing a group - wide organizational optimization program to improve our cost structure and operating efficiencies . " Third Quarter 2021 Financial Results GWP and operating revenue GWP facilitated was RMB965.5 million ( US $ 149.8 million ) in the third quarter of 2021 , an increase of 24.0 % from the same period of 2020. Of the total GWP facilitated in the third quarter of 2021 , FYP accounted for RMB510.9 million ( 52.9 % of total GWP ) , an increase of 42.7 % year - over - year , and renewal premiums accounted for RMB454.6 million ( 47.1 % of total GWP ) , an increase of 8.0 % year - over - year . Operating revenue was RMB315.1 million ( US $ 48.9 million ) in the third quarter of 2021 , a decline of 9.6 % from RMB348.5 million in the same period of 2020. The decrease in operating revenue was primarily due to a lower average brokerage commission rate as a result of an increase in FYP contribution from annuity insurance products . Operating costs Total operating costs were RMB233.0 million ( US $ 36.2 million ) in the third quarter of 2021 , a decrease of 1.0 % from RMB235.3 million in the same period of 2020 , and in line with the decrease in operating revenues . Operating expenses Selling expenses were RMB83.4 million ( US $ 12.9 million ) in the third quarter of 2021 , an increase of 44.0 % from RMB57.9 million in the same period of 2020. This increase was primarily due to an increase in headcount , as well as an increase in advertising and marketing expenses , offset by a