Fanhua Launches Customized Whole-life Insurance with Dingcheng Life and Gen Re
GUANGZHOU, China, Aug. 26, 2021 (GLOBE NEWSWIRE) -- Fanhua Inc. (“Fanhua” or “the Company”) (Nasdaq: FANH), a leading independent financial services provider in China, today announced that it has partnered with Dingcheng Life Insurance Co., Ltd (“Dingcheng Life”) and Gen Re to launch “Huading Number One”, a customized whole-life insurance product that targets at mid-and-high net worth individuals.
The key features of “Huading Number One” include: i) high cash value that grows over the coverage period with a guaranteed internal rate of return of 3.49%, higher than most of the products of its kind currently available in the market; ii) flexible option for better financial planning which allows reduced annual premium payment for unlimited number of times, frequency and amount and policy loan for ready cash; iii) option to transfer the cash value balance into an annuity policy; and iv) option to place the insurance policy in a life insurance trust which can provide the insured high flexibility to manage their financial legacy. In addition, immune cell storage services are offered to guard against future health conditions.
Mr. Chunlin Wang, chairman and chief executive officer of Fanhua, stated, “With the ending of implicit guarantee of return from financial products and declining interest rate, savings-oriented insurance products with guaranteed return, as an important component in family asset allocation to defend against financial risks, become increasingly favored by middle-class families in China. Huading Number One, co-designed by Fanhua, Dingcheng Life and Gen Re, is tailored to meet such needs of the mid-and-high net worth customers with its strengths in life protection and financial legacy management.
“The launch of Huading Number One is another major milestone on our product customization journey. Fanhua will continue to focus on product customization and provide high-quality insurance products and services to our customers by leveraging the resources and strengths that Fanhua and our partners boast and algorithm-driven insights into customer needs.”
About Dingcheng Life
Founded in 2009, Dingcheng Life is headquartered in Beijing, China. It is a joint venture life insurance company with nationwide market presence and a registered capital of RMB1.3 billion. Its shareholders include Shin Kong Life Insurance Co., Ltd., Heung Kong Finance Group, and Bolin Holding Limited.
About Gen Re:
Gen Re, a Berkshire Hathaway Company, is one of the leading life and health and property & casualty reinsurers in the world. Headquartered in Stamford, Connecticut, U.S.A, it has extensive market presence around the globe.
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 health, accident, travel and homeowner insurance products and (3) eHuzhu (www.ehuzhu.com), a non-profit online mutual aid platform in China.
As of June 30, 2021, our distribution and service network is consisted of 771 sales outlets covering 23 provinces and 112 service outlets covering 31 provinces.
For more information about Fanhua Inc., please visit http://ir.fanhuaholdings.com/.
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.
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