HomeTop MoversHuize Holding Limited (HUIZ) stock surged in the premarket trading session; find...

Huize Holding Limited (HUIZ) stock surged in the premarket trading session; find out why

In the premarket trading session, at last check, Huize Holding Limited (HUIZ) stock had surged by 5.1% to $6.6. HUIZ stock previously closed the session at $6.28 gaining 0.64%. The HUIZ stock volume traded 83810.0 shares. In the past year, up-to-date HUIZ stock had shed -10.67% while in the past week the shares jumped by 2.78%. In the past three and six months, the stock has shed -30.30% and -14.79%. Furthermore, Huize is currently valued in the market at $325.68 million and has 51.92 million outstanding shares.

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What you need to know about Huize Holding Limited

Huize Holding Limited is an insurance broker company that is zeroing in on driving autonomous online Insurance products and service platforms. The HUIZ stock has set up its foundation and advertised its services for China. Focusing on the more youthful, Huize is committed to serving its insurance customers for their long-lasting insurance needs. Utilizing its online Platform, Huize offers a wide assortment of insurance products with attention on long-term life and health insurance products and engages its safety net provider accomplices to arrive at an expanded and scattered customer base in the insurance retail market productively and upgrade their protection deals. Huize gives insurance customers digitalized insurance experience and services, including appropriate product consultation, smart insurance, and help with administration and financing insurance, which fundamentally improves customer experience.

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How is the HUIZ stock’s financial and operational performance?

HUIZ Stock’s first-quarter results have displayed solid development potential. The results were released on 18th May 2021. Driven by consistent upgrades in the pandemic circumstance in China and occasional strength for the life and health care coverage area, the total GWP and absolute working income both accomplished record quarterly highs.

With the official execution of the Regulation of Internet Insurance Business in China, the online insurance industry is expected to flourish in a more sustainable and solid environment. Furthermore, the Chinese regulation authority continuously upgraded the health care and insurance sector with newer and newer upgrades as it adapts to the COVID-19 pandemic. However, the new meanings of critical illness carried both pros and cons to the critical illness insurance market

During the quarter, market interest for critical illness protection flooded because of the redefining the legal term definition for critical illnesses, combined with the organization’s expanded advertising expense to catch a piece of the market pie, accordingly, the GWP for long term health care coverage grew by 123.2% year-over-year to RMB1.1 billion. The organization utilized its long-term experience and consistent improvement in service customization capacities, finished the product update not long after the updated definitions came full circle, and dispatched the inventive new-definition critical illness product Darwin 5 Glory. In the long term, the organization is expecting greater demand for critical illness protection and would like to expand accordingly.

What are the recent quarter’s financial updates?

Here are the financial highlights of the first quarter of 2021 for HUIZ stock.

Absolute Gross Written Premiums (“GWP”) expanded by 133.1% to a record quarterly high of RMB1,393.8 million, contrasted with RMB597.9 million in the principal quarter of 2020.

Total operating revenue expanded by 195.5% to a record quarterly high of RMB735.0 million (US$112.2 million), contrasted with RMB248.7 million in the principal quarter of 2020.

An aggregate number of protection customers served expanded to roughly 7.0 million, and the total number of guaranteed customers was around 58.4 million as of March 31, 2021.

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Tell me what the outlook for the company looks like?

In view of the Company’s fundamental evaluation of the current economic situations, the Company presently expects total operating revenue for the second quarter of 2021 to be in the scope of RMB230 million to RMB250 million.

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