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Huize Partners with PICC Life Insurance to Launch “Darwin Critical Care No.8 – Advanced” – A Customized Critical Illness Insurance Product

SHENZHEN, China, Dec. 15, 2023 (GLOBE NEWSWIRE) -- Huize Holding Limited, (“Huize”, the “Company” or “we”) (NASDAQ: HUIZ), a leading digital insurance product and service platform for new generation consumers in China, today announced that it has partnered with PICC Life Insurance Company Limited (“PICC Life”) to launch “Darwin Critical Care No.8 – Advanced”, the latest customized critical illness insurance product in the “Darwin Critical Care” series, first launched in 2018.

“Darwin Critical Care No.8 – Advanced” provides extensive coverage for 120 critical, 20 moderate, and 40 mild illnesses, and is distinguished by five key product highlights: i) cost-effectiveness, with a minimum annual premium of RMB 65, providing a maximum of 1 claim for severe illnesses, 3 claims for moderate illnesses, and 5 claims for mild illnesses; ii) rapid protection, with first claim available in as few as 90 days; iii) low eligibility threshold, open to a large variety of occupation including electricians, firefighters, sailors, riot police, etc. and a lenient health condition screening for consumers with specified pre-existing conditions; iv) a premium waiver benefit for mild-to-moderate illness; and v) optional benefits including supplemental medical care benefits and benefits of up to 120% of the original sum assured for severe malignant tumors and a premium waiver benefit for critical illness. The product also offers customers value-added services such as unlimited online doctor consultations.

Mr. Cunjun Ma, Founder, Chairman, and Chief Executive Officer of Huize, commented, “We are proud to launch the most advanced offering to date in our highly successful Darwin Critical Care series. Since its launch in 2018, Darwin Critical Care has served over 310,000 customers and paid out more than RMB 527 million across 2,096 claims. The series has proven highly appealing to our core customer demographic: the average age of customers at the time of purchase is 32 years old, and 68.2% of these customers are between 26 and 35. Huize has successfully launched 14 products in the Darwin Critical Care series, bringing comprehensive coverage, broad protection, and high-quality services to our young mass-affluent users. Looking ahead, Huize is firmly committed to developing an array of cost-effective products across health, life, retirement planning, accident, and wealth protection, and leveraging both online and offline channels to reach customers. Through this strategy, we will cater to diverse market demands and maximize customer lifetime value to drive returns for our shareholders.”

About PICC Life Insurance Company Limited

Founded in 2005, PICC Life Insurance Company Limited is a subsidiary of the People’s Insurance Company of China with a registered capital of RMB25.8 billion. PICC Life is dedicated to providing customers with comprehensive, efficient, and convenient services, covering the whole life cycle of customer needs, including health products, retirement protection and wealth protection. As of the end of 2022, the Company's total assets were RMB 578.2 billion. The Company has 36 provincial branches and more than 1,600 sub-branches and offices nationwide.

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About Huize Holding Limited

Huize Holding Limited is a leading digital insurance product and service platform for new generation consumers in China. Targeting the younger generation, Huize is dedicated to serving its insurance clients for their life-long insurance needs. Leveraging its online platform, Huize offers a wide variety of insurance products with a focus on long-term life and health insurance products and empowers its insurer partners to reach a large fragmented client base in the insurance retail market efficiently and enhance their insurance sales. Huize provides insurance clients with digitalized insurance experience and services, including suitable product recommendations, consulting service, intelligent underwriting, and assistance in claim application and settlement, which significantly improve transaction experience.

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