Docoh
Loading...

FANH Fanhua

Participants
Chunlin Wang Chairman & CEO
Oasis Qiu IR Manager
Xue Yuan Wang CICC
Call transcript
Due to licensing restrictions, you must log in to view earnings call transcripts.
Operator

Thank you for standing by for Fanhua's Third Quarter 2021 Earnings Conference Call. [Operator Instructions].

For your information, this conference call is now being broadcasted live over the internet. Webcast replay will be available within 3 hours after the conference is finished. Please visit Fanhua's IR website at ir.fanhuaholdings.com under the Events and Webcast section. recorded. being is conference Today's

Qiu, If you time. meeting now this Ms. you to you. Manager. Please go any would now objections, ahead. Oasis conference, I today's the host may Investor like Relations your Thank disconnect for have Fanhua's to over turn

Oasis Qiu

Call. well and Welcome on are to Conference our Quarter as were results IR XXXX Third morning. earnings released as on available Newswire. Good Earnings website our The earlier today

Such will statement Reform from contain note safe uncertainties any not XX-F. of please we our XXXX. in required impacted today our number business undertake to results be those under the and information except the Before not by The may to, Commission, statements anticipated. that the cause under of SEC on update obligation forward-looking registration the actual as discussion applicable to risks harbor or projected including U.S. those continue, law. made Private risks limited materially our Act Form filings accuracy outlined this but of uncertainties provisions and forward-looking statements could a include, Securities do these Litigation differ We of that with

will Officer, Executive highlights for Wang the Officer; Secretary, Chunlin Lily a our and operational Joining will session of be financial There are Q&A prepared our remarks. Li. provide Ge; third and us today of Chief Wang; Financial Mr. Peng after Chief Mr. Mr. Board a the XXXX. review quarter

Wang. will turn to the I call Mr. Now over

Chunlin Wang

Language] [Foreign

Oasis Qiu

earnings participating Thank today's in for you call.

insurance uncertainties not fully, remained uncertainties, needed. are concerns economic not to Despite unbalanced eminently recovery consumer measures. Due macroeconomic life recovery have to that considered industries such especially Chinese and confidence assessment. the control steadying economy, First market has as products recovered a macroeconomic off, due be for yet to COVID-XX over across in

industry span. the result, life insurance short time to is in back struggling a a still As bounce

Chunlin Wang

[Foreign Language]

Oasis Qiu

insurance new October CBIRC, the in The institutions the regulating by a business and or topic accident become regulation refocus to referred distribution has issued Insurance to are new Banking further a of behind on life large of China offline on as rationale new benefit offline XX, insurance usher and is outlets industry. Commission, sales on notice the the regulatory Second, trending number strengthen to with Regulatory brokers from Insurance in set the insurance and and change developing broader the compliance. opportunity. regulation

Chunlin Wang

[Foreign Language]

Oasis Qiu

is catering model well million and and out It professionalization, allocation to that of of for digitalization the platform, proven professionalism family with demand carrying open positioning the of in services. development asset the advancing is -- Fanhua families XXX correct strategy in middle-class

thus this an will unswervingly continue all-out effort. with path We down

Chunlin Wang

[Foreign Language]

Oasis Qiu

deep of income of million Amid adjustment, billion year-over-year Fanhua record representing in managed XXXX, Second, written third to of industrial reaching a GWP, insurance quarter quarter of X.X% X.X Fanhua's with life year-over-year. higher or in than quarter third total X.X% performance with witnessed growth operating XX.X GWP RMB the XXXX total RMB expectation. the fall premiums, China's XXXX continued third met a insurance industry of growth negative the in a in expectations. of worth growth

Chunlin Wang

Language] [Foreign

Oasis Qiu

total in and target life the XXXX. higher-than-industry the registered X a in growth RMB first period, insurance of the Total the negative a same of XXXX. XX.X% industry XX% Despite nearly income, of X.X GWP operating this, growth X.X% year-over-year XXX.X months RMB in meeting suffered million billion of for during in year-over-year insurance Fanhua premiums total

Chunlin Wang

Language] [Foreign

Oasis Qiu

quarter in open We the encouraging Third, Fanhua's progress went professionalization. of third platform of underway professionalization, strategy in well digitalization XXXX. saw and

October, of business units financial unit October. business opened tree, were Yuntong Yuntong, the of Number among branches planners. recruited at already Shenyang XX we We or XXX for have over translated approved as XX which Yuntong unit end advisers One phoenix and have the establishment literally Chongqing end or and business business By of the cloud

Chunlin Wang

Language] [Foreign

Oasis Qiu

We target XX, had digital operating we expected the we over schedule. XX,XXX at entrepreneurial already XX,XXX teams online built by to digital WeCom-based ahead November conversion. We teams accomplish But of groups teams. well of November building XX. Currently, of for entrepreneurial completed stage as to are drive the this of chat target

Chunlin Wang

[Foreign Language]

Oasis Qiu

also are strategy. from encouraged We remarkable results customization by our product

has [ph] These One, offline As providing demand customized diversified establish to meet to with also closer range reliance financial on. products Huading XX% of new total including contribute to from company Huacheng partners. the mutual with sold customized expand bonds In Huaxao The of policy expected and our insurance are so sales. online life and Number management all-around life, million-yuan co-launched critical our Guardian legacy strategy to annuity Huabai quarter One XXXX, customers' enables together and illness insurers and third Fanhua over Number insurance, us One medical Number pension, choices insurance, customized and late, exclusive for [indiscernible]. care, products, health products to [ph], reinsurers One, and/or whole customization term XX Number

Chunlin Wang

[Foreign Language]

Oasis Qiu

Fourth, of quarter business for the outlook XXXX. fourth

of focused while a of good the growth start strategy and our year to the and see opportunities. prepared get on achieve for to winning XXXX. our full fourth target sales quarter for both the XXXX Fanhua execution XXXX, challenges ahead campaign for we Looking XXXX will jump-start remain

Chunlin Wang

Language] [Foreign

Oasis Qiu

at thorough all sales made operation -- teams management made levels For the preparations. through have campaign jump-start and XXXX, our

Chunlin Wang

Language] [Foreign

Oasis Qiu

One, business entrepreneurial have and campaign. all our division sales upcoming More channel force geared of service mobilized financial XX teams, than been partners all opening units, planners the to approximately Baowang, sales cloud Yuntong up. in digital join the year XX,XXX

Chunlin Wang

[Foreign Language]

Oasis Qiu

XX% and for exclusive products, These available each total advantages. of products be that offline A business and online the outstanding customized campaign come products. Abundant with is of It product the customized estimated include campaign. from popular the products will Fanhua's Fanhua during XX supply. will

Chunlin Wang

[Foreign Language]

Oasis Qiu

support. operational Strong

or et WeCom, ready We Operating expected digital the and to at also entrepreneurial attract live supported of including established are DOP Digital teams meetings city distinguished a including Rons tools, be system kick-off audiences. streaming from empowering programs. RONS have is Yuntong and graced Guanjia, digital teams training to X-level digital started few to level group levels a which operation different Platform, over the and conference XXX,XXX through Fanhua by guests targeted will go, various by Kick-off cetera,

Chunlin Wang

Language] [Foreign

Oasis Qiu

with programs, our summit limited intend we partners, host Macau including we but unprecedented jointly company sellers. in of top sales that a would insurance XX roll and not out to incentive levels to, Together prices tickets to for

Chunlin Wang

[Foreign Language]

Oasis Qiu

XX RMB for income to million and fourth is quarter XXXX expected of RMB Operating million XXXX. XXX for hit the

Chunlin Wang

[Foreign Language]

Oasis Qiu

third is the The $X.XX Fifth, record dividend for to is of dividend shareholders ADS. quarter for of -- XXXX. of plan of for third XX, the on quarter per dividend around payable XXXX December quarterly December X, the XXXX. for -- quarter XXXX the quarter The or second on fourth XXXX the

Chunlin Wang

[Foreign Language]

Oasis Qiu

you. Thank

questions Mr. Ge we ready your Lee. take for to like would are and the questions. I Operator, with Ms. Now

Operator

Wang [Operator Xue Instructions]. question And CICC. line the our Yuan from first of comes from

Xue Yuan Wang

questions. I have two

productivity brokerage you companies about might the seen the since the top insurance? new of suppliers brokers? company long-term of supply expected details more you Have intermediates. insurance commission the our could any more could and FYP influence introduce and the influence, First, forced up to please hired reduce and And on online change company are benefit they about second, provide insurance rate? small- of And of medium-sized sellers we offline that tighten mentioned product

Oasis Qiu

third To of insurance is XX,XXX, which to amounted end registered performing the to our get the agents XXXX, of sales about about third the performing about And insurance first the performing question, agents X amounted -- And for quarter, back agents to of agents you the life in in for number amounted on agents XXX,XXX. of life the quarter, in at first about the XX,XXX total. XX,XXX. about months

the productivity average APE a APE -- As for have contributed the of basis, their these sellers quarter. third a basis who monthly about top those are will defined XX,XXX monthly the average who over contributed by XX-year top sellers on XX,XXX were on as of in

current for focused as on sales are sales force, contribution force. additional our our existing As plus as force digital teams by sales Yuntong our our well strategies

digital sales the establishing chat are to WeCom-based attract entrepreneurial we to been sales Fanhua this XXXX. XX help join the we agents our join in have we results. top effective as quite has will to model teams, that strategy attract made online can strategy, more teams quarter we professionalization Fanhua. And part. third see groups On digital And in plan our entrepreneurial for are we this this to on As good organization. leveraging And elite expect expand on agents progress

vindicate basis established the service interviewed people in distribution. regarding we on push this campaign, in join has qualities expectations. expect a actual of of strategy, new our a we of couple life opportunity Yuntong regulation will going as second are will we reputation plan have on the us in our which with done of that question which the quite be interviews basically jump-start And will And to results are continue Yuntong this of optimize person the thinking this, to industry months. lot line Yuntong professionalization we good the have forward plan. And of Fanhua. have as to and we good teams the -- the And our a Our forward. And we further sales the are online insurance plan for And join the a industry. know, far top good lot in past

distribution nature new number believe We And with a for geographical believe larger a to regulation and these interpretations we new of a this that reach insurance new studies good on of regulation. on offline lot opportunities We insurance a will is have compliance. we and outlets. larger new financial companies focus and regulation provide done refocus lot intermediaries this and sales of the policies, on that of

coverage on companies and more unit insurance higher. adapt coverage, agency companies into terms also channel. we network approach will this drive distribution as As their of after focus changes development. as -- pursue lot with customization, limited unit a limited cooperation up mainly to marketing cooperation innovation a for coverage business of the and strengthen step their through insurance in and independent intermediaries sales -- you. they with business help with new services, well for insurance Therefore, geographical companies we in will lot restructure know, to far example, insurance insurance regulation, online limited business will channel. intermediary further channels with be insurance product these them larger as cooperation believe company hopefully that reach with the company to on internet will that a and help offline in compelled of to Fanhua with insurance be demand distribution have has Fanhua return offline Thank strategies. network to past, some proactively the decided operations independent a to business new offline And for those the as And

Operator

Morgan Stanley. from next your from [ph] line the of And question comes Peng Alan

Unidentified Analyst

in [ph] This regulations Morgan insurance Alan have Beijing intermediaries, We comment CBIRC the bureaus past that on latest the Hunan. of couple want MGA, see general within The quick to on agency, of limit has to I just development Hunan management hear is question. issued to the the regulators the the from and its what days particularly managing Stanley. aim jurisdiction. in one refresh just in I model this development. have so-called

Oasis Qiu

the for you questions. Thank

have We in noticed positive bureau. policy Fanhua. challenges. believe CBIRC that it's, us than general, Hunan the And also And the provides new this new by more opportunities policies we more for issued

sales teams the backbone organization, teams, development. business our will for our our digital well existing form As as force which I sales consists mentioned, Yuntong of as

the in model, MGA us business practices these the As is will new of some the we total industry. business attempts as in limited percentage are a And the launching well. still somewhat this for this for impact the business quite in business new internet Therefore, But area. done as Fanhua, for the limited. quite be have for

While their which sales us -- the their companies MGA this us practices customers. will restriction of adopt or operate need positive And on quite to will due regulation be sales, think changes, this these to I in be consolidate general. model a or new teams lot to there for insurance Internet for who opportunities

you. approach network sales this and take we today, sales to a resources of of proactive company would have Thank -- companies to consolidate about these adopt or pursue We advantage cooperation further business with XXX that to As outlets. provide the this development. from

Operator

There Instructions]. further no Speakers, you at may questions [Operator time. this are continue.

Oasis Qiu

Thank call. for in conference participating you today's

feel Thank contact any follow-up please you. you to have free If us. questions,

Operator

Thank Thank that today. conference you for conclude our for you. And participating. does

now all may disconnect. You