Huize Partners with Aviva-COFCO to Launch “Fu Man Jia” – A Customized Participating Whole Life Insurance Product
SHENZHEN, China, April 17, 2024 (GLOBE NEWSWIRE) -- Huize Holding Limited (“Huize”, the “Company” or “we”) (NASDAQ: HUIZ), a leading insurance technology platform connecting consumers, insurance carriers and distribution partners digitally through data-driven and AI-powered solutions in China, today announced that it has partnered with Aviva-COFCO Life Insurance Co., Ltd. (“Aviva-COFCO” or “ACL”) to launch “Fu Man Jia”, a customized participating whole life insurance product.
“Fu Man Jia” stands out with three key features: i) stable value growth with long-term potential returns: a guaranteed return on a compound basis of 2.5% with additional non-guaranteed annual dividend; ii) low threshold with high dividend flexibility: policy available to customers from 30 days after birth to 70 years old, with options in receiving dividend payout, including cash payment, dividends on deposit, premium reduction, or purchasing paid-up additional insurance; and iii) enhanced flexibility with premium payment terms of single upfront payment or annual payments ranging from 3 years to 15 years.
Mr. Cunjun Ma, Founder, Chairman, and Chief Executive Officer of Huize, commented, “We have witnessed robust and continued demand for high-return participating insurance products following the regulatory update last year. To address the market demand, we are thrilled to announce the launch of ‘Fu Man Jia’, a participating whole life insurance product empowering customers with a wider range of choices for confident future planning. With Aviva-COFCO’s solid track record of investment performance, boasting a 3-year average portfolio return of 5.93% and a portfolio return of 6.42% in 2023, this partnership exemplifies Huize’s dedication to providing customers at different life stages with flexible and sustainable options for their future planning.”
About Aviva-COFCO Life Insurance Co., Ltd.
Aviva-COFCO Life Insurance Co., Ltd. (“Aviva-COFCO” or “ACL”) is a joint venture between Aviva group and COFCO with a registered capital of RMB2.9 billion. Founded in 2003, Aviva-COFCO offers life and health insurance products to its customers through a variety of distribution channels, including agency, broker, bancassurance, telemarketing and direct marketing. Aviva-COFCO has stretched its business into 17 provinces and cities, including Guangdong, Beijing, Sichuan, Fujian, Shandong, Hunan, Hebei, Jiangsu, Liaoning, Hubei, Henan, Heilongjiang, Shanghai, Anhui, Jiangxi and Shaanxi.
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About Huize Holding Limited
Huize Holding Limited is a leading insurance technology platform connecting consumers, insurance carriers and distribution partners digitally through data-driven and AI-powered solutions in China. Targeting mass affluent consumers, Huize is dedicated to serving consumers for their life-long insurance needs. Its online-to-offline integrated insurance ecosystem covers the entire insurance life cycle and offers consumers a wide spectrum of insurance products, one-stop services, and a streamlined transaction experience across all scenarios. By leveraging AI, data analytics, and digital capabilities, Huize empowers the insurance service chain with proprietary technology-enabled solutions for insurance consultation, user engagement, marketing, risk management, and claims service.
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