GUANGZHOU, China, July 30, 2018 (GLOBE NEWSWIRE) -- Fanhua Inc. (Nasdaq:FANH) (the "Company" or "Fanhua"), a leading independent financial services provider operating in China, today announced that it was once again ranked among top 20 global insurance brokers, according to the July 2018 edition of Best’s Review, a monthly magazine published by A. M. Best, one of the most prestigious insurance rating agencies. Fanhua, which was ranked No. 20th in 2017, has been on the list for four consecutive years and is the only Asian company that makes it to the list.
The annual ranking was compiled based on total revenues. Fanhua reported RMB4.1 billion net revenues in 2017, of which RMB2.4 billion were generated from its life insurance operations, representing a growth of 144.8% from 2016. Its net income reached RMB450 million, up 186.0% year-over-year.
A. M. Best, which focuses on providing insurance credit ratings and information services worldwide, is one of the largest and influential international rating agencies.
Mr. Chunlin Wang, Chief Executive Officer and Chairman of the Company, commented: “We are glad to be recognized as the top 20th in the 2017 annual ranking of global insurance brokers by A. M. Best. We are also proud to be the only Asian insurance broker in the list, which demonstrates our leading position in the insurance intermediary market in China and Asia.”
“The insurance penetration and density rates in China are far below the world average. There is huge potential for the Chinese insurance market to grow rapidly within the next ten years. We believe that Fanhua, as the largest independent insurance intermediary in China, is well positioned to benefiting from the strong growth in the China’s insurance market, especially in the life insurance sector, thus enabling us to further increase our position among our international counterparts.”
About Fanhua Inc.
Fanhua Inc., formerly known as CNinsure Inc., is a leading independent online-to-offline financial services provider. Through our online platforms and offline sales and service network, we offer a wide variety of financial products and services provided by over 90 insurance companies to individuals and businesses, including property and casualty and life 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) CNpad, a mobile sales support application; (2) Baoxian.com, an online entry portal for comparing and purchasing health, accident, travel and homeowner insurance products; (3) eHuzhu (www.ehuzhu.com), a non-profit online mutual aid platform in China and (4) 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.
As of March 31, 2018, our distribution and service network consisted of 683 sales and service outlets covering 30 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, Fanhua’s ability to attract and retain key personnel and productive 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 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.
For more information about Fanhua Inc., please visit http://ir.fanhuaholdings.com/.
Source:Fanhua Inc.
Contact: Oasis Qiu
Investor Relations Manager
Tel: (8620) 83883191
Email: qiusr@fanhuaholdings.com
Source: Fanhua Inc.
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