Huize Holding Limited

Ladies and gentlemen, thank you for standing by and welcome to Hoytser Holding Limited's fourth quarter and full year 2023 earnings conference call. At this time, all participants are in a listen-only mode. After the management's prepared remarks, we will have a question and answer session. Today's conference call is being recorded and a webcast replay will be available. Please visit Hoytser's IR website at ir.hoytser.com under the events and webcast section. I'd now like to hand the conference over to your speaker host today, Ms. Harriet Hu, Hoyt's Investor Relations Director. Please go ahead, Harriet.

Thank you, Sarah. Hello, everyone, and welcome to our earnings conference call for the fourth quarter and full year of 2023. Our financial and operating results were released earlier today and are currently available on both our Iowa website and a new flyer. Before we continue, I would like to refer you to the safe harbor statement in our earnings press release which also applies to this call, as we will be making follow-up statements. Please also note that we will discuss non-GAAP measures today, which are more thoroughly explained in our earnings-per-release and filing with the FDC. Joining us today are our funder and CEO, Mr. Sun Junma, COO, Mr. Li Jiang, Co-DFO, Mr. Minghan Jiao, and Co-DFO, Mr. Rong Chen. Mr. Ma will start the call by providing an overview of the company's performance and operational highlights for the fourth quarter and fourth year of 2023. Mr. Temp will then provide details on the financial results for the period before we open up the call for questions. I will now turn the call over to Mr. Ma.

Hello, everyone. Welcome to the full-year performance conference of the fourth quarter of 2023. In 2023, China's insurance industry continues to improve and achieve deep transformation in the industry. Since the second consecutive year of growth, especially in an environment where interest rates have dropped, the market's customers' demand for savings has continued to rise. It has also led to a 12.75% increase in the revenue of the entire insurance industry. The confidence index of Chinese insurance consumers is also clearly recovering. Consumers' confidence in the macroeconomic and industrial environment continues to recover, of which Zengbao's will has been reborn in three consecutive seasons, higher than the same level as in 2021 and 2022, and will adapt to the development trend of the market. We have grasped the opportunity of growth in the savings line, rely on long-term strategy, diversified business layout, product innovation, and core advantages in terms of customer performance, and have once again achieved the ideal increase. In 2023, the total insurance fee for our entire platform was about RMB 5.8 billion, which increased by 18.2% in total. The total income increased by 3.3%, reaching 1.2 billion, achieving a net profit of 72.3 million after adjustment, exceeding the expected profit target of 60 million.