Huize (NASDAQ:HUIZ) executives said the company delivered record premium volume and another year of profitability in 2025, citing strong demand for long-term savings and health products in China, continued investment in proprietary AI tools to improve efficiency, and rapid growth in its international operations.
Record premiums and revenue, third straight year of non-GAAP profitability
Founder and CEO Cunjun Ma said the company facilitated gross written premiums (GWP) of CNY 7.4 billion in 2025, up 21% year over year, and first-year premiums (FYP) of CNY 4.6 billion, up 35%—both record highs for the platform. Total revenue increased about 27% to CNY 1.6 billion.
On profitability, Ma said the company reported non-GAAP net profit of CNY 222.6 million, marking the third consecutive year of non-GAAP profitability, supported by revenue growth and AI-driven efficiency gains. CFO Ronald Tam added that the company posted net profit of CNY 4 million and non-GAAP net profit of CNY 23 million for the year, and ended 2025 with cash and cash equivalents of CNY 251 million.
Customer growth and retention metrics highlighted
Huize emphasized expansion of its customer base and persistency metrics. Ma said the platform added approximately 1.7 million new customers in 2025, bringing total cumulative policyholders to more than 12 million by year-end. Tam specified the total customer base at 12.3 million as of December 31, 2025.
Ma described Huize’s long-term insurance customer profile as relatively young and concentrated in higher-tier cities. The average age of long-term policyholders was 35.3 years, and 65.8% lived in Tier 2 cities or above, he said. The average FYP ticket size for long-term insurance rose to roughly CNY 7,900 in 2025, up 38% year over year.
Both Ma and Tam highlighted persistency: the 13th- and 25th-month persistency ratios for long-term life and health insurance products were above 95% as of year-end. Tam also said the repurchase ratio for long-term insurance products was 36%, which he said reflected the firm’s ability to increase customer lifetime value through upselling and cross-selling.
Product mix: long-term insurance dominated, annuities accelerated
Tam said long-term insurance remained the company’s strategic focus and accounted for over 90% of total GWP in 2025. FYP from long-term savings products rose 48% year over year to CNY 3.5 billion, while FYP for annuity products more than doubled to CNY 1.0 billion, which management linked to demand for financial planning solutions in a lower interest-rate environment.
Huize also discussed new customized offerings launched during the year. Ma said the company expanded its partner ecosystem to 158 insurance carriers and introduced products aimed at retirement planning and medical coverage, including:
- 大家惠选 2.0, a participating annuity product positioned for retirement planning needs;
- Two “million-yuan” medical insurance products, 新享舍 2.0 and 长享安 3.0, featuring differentiated elements such as 20-year guaranteed renewal and simplified health underwriting.
Tam added that FYP from short-term health and accident insurance increased 12% year over year to CNY 613 million, and said the average ticket size of long-term savings products rose 37% to CNY 103,000 in 2025, partly driven by higher sales of premium products internationally.
AI investments lowered expense ratio and expanded self-service
Management repeatedly pointed to AI deployment as a key lever for operating efficiency and platform transformation. Ma said Huize promoted an “AI-native culture,” embedding AI across the insurance service value chain and extending AI use cases through the customer journey, including intent recognition, product recommendation, underwriting, and claims.
Both Ma and Tam said the company’s expense-to-income (or expense-to-revenue) ratio improved by 5.9 percentage points year over year to 26.3% in 2025. Tam said operating expenses rose 3.4% year over year to CNY 415 million, growing more slowly than revenue.
On digital conversion, management said AI-driven self-directed policy purchases increased 50% year over year in 2025, and executives said the company’s AI systems can independently complete sales conversion. Ma also highlighted the launch of an AI financial planner that generates personalized family insurance plans based on user profiles.
Huize further discussed a new AI claims capability. Ma said the AI claims agent has been integrated with the core claims system, and the first AI-reviewed claim was settled in 23 minutes, which the company characterized as the first end-to-end AI agent-driven claim settlement in China’s insurance intermediary sector.
International growth and Hong Kong regulatory changes discussed in Q&A
International expansion through Poni Insurtech was described as another major driver. Ma said Huize obtained a financial advisory and insurance broker license from the Monetary Authority of Singapore, marking a formal entry into the local market, and is exporting internal AI capabilities to support growth there.
In Hong Kong, Ma said demand for Hong Kong insurance products remained strong and that 2025 revenue grew more than twofold year over year, driven by differentiated product features. In Vietnam, executives highlighted rapid growth at Global Care. Ma said GWP increased 106% year over year and revenue rose 484% year over year, while Tam said Global Care delivered 106% GWP growth and 84% revenue growth, and described strong expansion in the GoSale business line, including a quadrupling of platform users and premiums growing more than threefold.
During the question-and-answer session, executives addressed margin dynamics and Hong Kong regulation. Tam said the observation that operating costs grew faster than revenue reflected a year-over-year gross margin decline driven by mix, as international revenue (which he said carries a lower gross margin than mainland China revenue) became a larger portion of total revenue. He said management expected margins to remain around current levels with “slight improvement” over the course of the year.
On Hong Kong, Tam said new rules—such as a cap on broker referral fees and commission spreading effective January 1—have dampened growth momentum in the overall brokerage channel, particularly in the MPF segment. However, he argued the underlying drivers for onshore customers seeking offshore products remain robust, citing maturing onshore time deposits and the potential for a portion to flow into offshore markets like Hong Kong. He said the company expected strong growth momentum to persist for Huize’s Hong Kong business in 2026.
Management also responded to a question about the company’s stock trading below cash value. Tam said the market appeared pessimistic and suggested the switch to a half-year reporting schedule may have raised concerns about sustainability, while emphasizing the company’s 2025 growth and profitability and continued investment in AI-driven growth for 2026.
About Huize (NASDAQ:HUIZ)
Huize Holding Limited operates as a technology-driven online insurance distribution platform in China, offering a wide spectrum of personal insurance products including life, health, accident, property and casualty, and travel policies. Through its proprietary technology infrastructure, the company aggregates product information from insurance carriers, provides comparative quotes, and facilitates policy purchase and after-sales service. Huize’s platform integrates data analytics, automated underwriting tools and user-friendly interfaces to streamline insurance selection and enrollment processes for individual customers and small-to-medium enterprises.
Founded in 2012 and headquartered in Beijing, Huize serves clients across mainland China via a multi-channel distribution model.
