Fanhua Launches Exclusive and Customized Critical Illness Insurance with Greatwall

GUANGZHOU, China, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Fanhua Inc. (“Fanhua” or “the Company”) (Nasdaq: FANH), a leading independent financial services provider in China, today announced that it has partnered with Greatwall Life Insurance Co., Ltd (“Greatwall Life”) to launch “Huacheng Guardian Number One”, a critical illness product custom-designed to meet people’s evolving needs for comprehensive health protection. The product will be sold exclusively through Fanhua’s online and offline channels starting from November 1, 2021.

Huacheng Guardian Number One, as a multi-payout critical illness insurance product tailored to address customers' various pain points, covers 168 kinds of minor, moderate and critical illnesses, terminal illnesses and provides death benefits. It boasts the advantages of high leverage for coverage amount, wide range of protection coverage and flexible and diversified choices of adds-on and riders. In addition, Huacheng Guardian Number One makes the most of the service strengths of Fanhua and Greatwall Life accumulated for many years, and provides customers with all-round services throughout early, middle and late stages of diseases, including, among others, multidisciplinary consultation services for tumor treatment, green channels for hospital visits, doctor’s consultation on phone, advance payment for hospitalization and in-hospital nursing.

Mr. Chunlin Wang, chairman and chief executive officer of Fanhua, stated, “Huacheng Guardian Number One is the result of the joint efforts of Fanhua and Greatwall Life to develop tailor-made products in response to customers’ needs. It is also aligned with our commitment to building Fanhua’s own product ecosystem through product customization and making it part of our core competitive advantages. I believe this product will be well received by the market and contribute to business growth for both Fanhua and Greatwall Life.

“With increasingly diversifying customers' demands for insurance allocation and services, product supply reform and service innovation are expected to accelerate in the China’s insurance market. As an important bridge between insurers and consumers, Fanhua will continue to carry out innovative product customization by leveraging high-quality resources of insurers and reinsurers and integrating excellent service solutions of Fanhua and across the market. We expect to build a targeted, specialized and diversified product ecosystem in both online and offline spaces, so as to meet the ever-increasing and changing needs of Chinese families throughout their life cycle and create value for hundreds of millions of customers.”

About Greatwall Life

Founded in 2005, Greatwall Life is a national life insurance company headquartered in Beijing, China, with a registered capital of over RMB5.5 billion and total assets of RMB50 billion. It has nationwide market presence with 13 branches and 230 sub-branches across China.. In the first half of 2021, it has been affirmed A rating for comprehensive risk management with comprehensive solvency ratio of 174.1%.

About Fanhua Inc.

Fanhua Inc. is a leading independent financial services provider. Through our online platforms and offline sales and service network, we offer a wide variety of financial products and services to individuals, including life and property and casualty insurance products. We also provide insurance claims adjusting services, such as damage assessments, surveys, authentications and loss estimations, as well as value-added services, such as emergency vehicle roadside assistance.

Our online platforms include: (1) Lan Zhanggui, an all-in-one platform which allows our agents to access and purchase a wide variety of insurance products, including life insurance, auto insurance, accident insurance, travel insurance and standard health insurance products from multiple insurance companies on their mobile devices; (2) Baowang (www.baoxian.com), an online entry portal for comparing and purchasing health, accident, travel and homeowner insurance products and (3) eHuzhu (www.ehuzhu.com), a non-profit online mutual aid platform in China.

As of June 30, 2021, our distribution and service network is consisted of 771 sales outlets covering 23 provinces and 112 service outlets covering 31 provinces.

For more information about Fanhua Inc., please visit http://ir.fanhuaholdings.com/.

Forward-looking Statements

This press release contains statements of a forward-looking nature. These statements, including the statements relating to the Company’s future financial and operating results, are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “intends,” “estimates” and similar statements. Among other things, management's quotations 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 about Fanhua and the industry. Potential risks and uncertainties include, but are not limited to, those relating to its ability to attract and retain productive agents, especially entrepreneurial agents, its ability to maintain existing and develop new business relationships with insurance companies, its ability to execute its growth strategy, its ability to adapt to the evolving regulatory environment in the Chinese insurance industry, its ability to compete effectively against its competitors, quarterly variations in its operating results caused by factors beyond its control and macroeconomic conditions in China, future development of COVID-19 outbreak and their potential impact on the sales of insurance products. All information provided in this press release is as of the date hereof, and Fanhua undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Fanhua believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by Fanhua is included in Fanhua's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F.

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