GUANGZHOU, China, November 28, 2021 (GLOBE NEWSWIRE) – Fanhua Inc. (“Fanhua” or “the Company”) (Nasdaq: FANH), one of China’s leading independent financial services providers, announced today its partnership with Sinatay Life Insurance Co., Ltd. (“Sinatay”) to launch two personalized products, including “Fanhua-Sinatay Legacy”, a whole life insurance plan and “Fanhua-Sinatay Yixiang”, an insurance plan of annuity.
Fanhua-Sinatay Legacy Whole Life Insurance Plan not only provides lifetime protection, but also enables policyholders to enjoy stable returns suitable for various financial goals including children’s education funds, retirement savings , investments or financial inheritance management, with a guaranteed rate of return of 3.5% on the cash surrender value and the option for policyholders to request a policy loan, adjust premiums or place policies in insurance trusts.
Fanhua-Sinatay Yixiang is a retirement annuity designed to help protect against inflation and ensure a stable annuity income stream for life. This plan, among others, offers the benefits of a high cash value, short payback periods, an internal rate of return of up to 3.965% and a guaranteed monthly annuity payment for 25 years, meeting to the multiple needs of medium / high net worth individuals. .
Mr. Chunlin Wang, Chairman and CEO of Fanhua, said, “With China’s aging population, falling interest rates and an overwhelmed social security and pension system, these two customized products from Fanhua precisely meet the needs of medium and large businesses. – people who are worth both the accumulation of wealth and the retirement benefits for life. This is another major breakthrough for Fanhua in operating the savings insurance segment and echoes our commitment to continue to innovate our ideas and products to better meet the ever-changing needs of the market.
About Sinatay Life Insurance
Sinatay Life Insurance Co., Ltd., founded in 2007, has a registered capital of RMB 5 billion. At the end of 2020, it had total assets of over 100 billion RMB, total premiums of 50 billion RMB, and customer count of over 4.3 million. In the second quarter of 2021, its core and overall solvency ratios were both 155.24%, an increase of 23.23 percentage points from the same period in 2020.
On Fanhua Inc.
Fanhua Inc. is one of the leading independent providers of financial services. Through our online platforms and our offline sales and service network, we offer a wide variety of personal financial products and services, including life and property and casualty insurance products. We also provide insurance claim resolution services, such as damage assessments, investigations, authentications and loss estimates, as well as value-added services, such as emergency vehicle roadside assistance. .
Our online platforms include: (1) Lan Zhanggui, an all-in-one platform that allows our agents to access and purchase a wide variety of insurance products, including insurance- life, auto insurance, accident insurance, travel insurance and standard health insurance products. multiple insurance companies on their mobile devices; (2) Baowang (www.baoxian.com), an online entry portal for comparing and purchasing health, accident, travel and home insurance products and (3) eHuzhu (www.ehuzhu.com), a China non-profit online self-help service.
As of September 30, 2021, our distribution and service network was made up of 750 points of sale covering 23 provinces and 110 points of service covering 31 provinces.
For more information about Fanhua Inc., please visit http://ir.fanhuaholdings.com/.
This press release contains forward-looking statements. These statements, including statements relating to the future financial and operating results of the Company, are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will”, “expects”, “believes”, “anticipates”, “intends”, “believes” and similar statements. Among other things, management quotes 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 regarding Fanhua and the industry. Potential risks and uncertainties include, but are not limited to, those related to its ability to attract and retain productive agents, in particular entrepreneurial agents, its ability to maintain and develop new business relationships with insurance companies, its ability to execute its growth strategy, its ability to adapt to the changing regulatory environment of the Chinese insurance industry, its ability to compete effectively with its competitors, the quarterly variations in its operating results caused by factors beyond its control and macroeconomic conditions in China, the future course of the COVID-19 epidemic and their potential impact on sales of insurance products. All information provided in this press release is as of the date hereof, and Fanhua makes no commitment to update any forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, unless the law requires it. Although Fanhua believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will prove to be correct, and investors are cautioned that actual results may differ materially from anticipated results. Further information regarding the risks and uncertainties facing Fanhua is included in documents filed by Fanhua with the United States Securities and Exchange Commission, including its annual report on Form 20-F.