Fanhua (FANH) has released an update.
Fanhua Inc., a prominent financial services provider in China, has reported a significant decline in its financial results for the first half of 2024, with net revenues down by 42.7% and net income attributable to shareholders dropping by a staggering 96.5%. Despite the challenging market conditions, partly due to new industry policies, the company has maintained stable gross written premiums at RMB 8.8 billion and has taken strategic measures towards professionalization and internationalization. Furthermore, Fanhua is optimistic about the role of AI in insurance distribution, as evidenced by the positive reception of their co-developed AI model ‘Du Xiaobao’ L2.
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