Three quarterly report observation: water drop revenue first surpassed Pan Hua Financial Holdings, and Huixuan expected revenue to enter 2 eras

In the past few days, the three insurance platforms listed on the US stock market have successively announced three quarterly reports, and their financial situation has become the focus of discussion and observation in the industry.

According to the third quarterly report of Waterdrop, the revenue in the first quarter was 780 million yuan, and the revenue in the first three quarters was 2.602 billion yuan, an increase of nearly 20% year-on-year; the net loss was 477 million yuan, a decrease of 27.3% compared with the second quarter.

The third quarterly financial report of Panhua Financial Holdings, the first domestic company listed on the US stock market, showed that the revenue in the quarter was 683 million yuan, and the revenue in the first three quarters was 2.468 billion yuan; the net profit was 34.25 million yuan, down 54.5% year-on-year.

At the same time, Wise Choice Insurance Brokers also released a three-quarter report. In the first three quarters of this year, the revenue was 1.269 billion yuan, an increase of 52.46% year-on-year, and the third quarter revenue was 315 million yuan, and the net loss attributable to the parent company was 128 million yuan, a year-on-year profit and loss, and the net profit in the same period last year was 5.469 million yuan.

From the first year premium (FYP) indicator, the FYP generated by Waterdrop Company's Waterdrop Insurance reached 14.464 billion yuan, exceeding the whole of last year, with a year-on-year increase of 37.5%, ranking first among the three.

From the outside world, overall, this is a good report card for The Waterdrop Company. First of all, from a macro level, after the second anniversary of the outbreak of the epidemic, although people's awareness of health protection has increased, the demand for health insurance is weakening because of the reduction of income.

In addition, since the end of last year, the regulatory authorities have issued a number of policies in the field of Internet insurance, with the intention of allowing the development of health norms in the industry. Strong supervision objectively also affects the performance of insurance platforms.

Under the influence of multiple factors, the performance of the entire insurance industry is declining and entering a period of transformation. According to data previously released by the China Banking and Insurance Regulatory Commission, the insurance industry achieved a cumulative original insurance premium income of 3.65 trillion yuan in the first three quarters of this year, down 1.29% year-on-year; compared with the same period last year, it increased by 8.44% year-on-year. From the perspective of life insurance operations, the cumulative original premium income in the first three quarters of this year was 2.77 trillion yuan, down 0.13% year-on-year, and the same period in 2020 increased by 7.37% year-on-year.

In this context, the performance of Waterdrop Company in the first three quarters of this year continued to maintain rapid growth, which is relatively rare.

In addition, from the perspective of the industry, as an Internet company that has just been engaged in insurance business for 4 years, its revenue scale exceeded that of the traditional insurance intermediary giant Fanhua Financial Holdings in the third quarter of this year, which has certain symbolic significance. This means that the emerging Internet insurance platform has begun to slowly surpass the traditional insurance platform in terms of volume, which is also in line with the trend of Internet insurance development.

Third, from the perspective of Shuidi itself, as an Internet company, it is well versed in the development of large-scale economy, and has been taking high-speed growth and scale growth as the starting point of operation in the past few years, until it has become the largest insurance intermediary platform in China. With the leading position being consolidated, The next step of Waterdrop will pay more attention to refined operations, reduce costs, and do net profits like ZhongAn Insurance.

As Shi Kangping, CFO of Waterdrop, said, although the company's net operating income in the third quarter fell by 7.3% year-on-year, the company successfully reduced its dependence on third-party traffic through more refined operation management.

In fact, for the future development of Internet insurance, the platforms are still relatively optimistic. Wise Choice Insurance Brokers also predicts that the company's revenue will be between 1.9 billion yuan and 2 billion yuan this year. This means that after the company was established 15 years ago, the overall revenue scale has exceeded 2 billion yuan again after exceeding 1 billion yuan in recent years.

The second anniversary of the epidemic is also the second anniversary of the accelerated development of Internet insurance, which can be verified from the rapid growth of revenue scale such as Waterdrop Company and Wise Choice. Once the trend is formed, it is difficult to reverse, and the era of Internet insurance platforms becoming the protagonists has arrived. They became China's Vistash Group, Aon Group, Willis Towers Watson, closer together, and the days came faster.