April 19, 2024
FANHUA announces changes in the board of directors

GUANGZHOU, China, Feb. 02, 2024 (GLOBE NEWSWIRE) — Fanhua Inc. (“Fanhua” or the “Company”) (Nasdaq: FANH), a leading independent financial services provider in China, today announced that Mr. Stephen Markscheid for personal reasons. Has tendered his resignation as an independent director of the company, effective from February 1, 2024. Accordingly, Mr. Marksheid will no longer be a member of each of the Audit Committee, the Corporate Governance and Nominating Committee and the Compensation Committee. Committee of the Board of Directors of the Company (“Board”).

Mr. Yinan Hu, Co-Chairman and Chief Executive Officer of the Company, commented, “On behalf of the Board and management, I would like to take this opportunity to express our heartfelt gratitude to Mr. Markshead for his valuable contributions and support. Best wishes to him over the last 16 years, and in his future endeavours.”

About Fanhua

Established in 1998, FANHUA is a leading comprehensive financial services provider in China, driven by digital technology and professional expertise, focused on providing family asset allocation services across the entire lifecycle for individual clients, as well as a one-stop support platform. Provides. Personal agents and sales organizations.

As of September 30, 2023, the company’s offline sales service network spans 31 provinces in China, including 673 sales service outlets, 91,098 agents and more than 2,215 claims adjusters. Through proprietary technical tools such as “Lan Zhanggui”, “Fanhua Policy Custody System” and “RONS DOP”, the company is dedicated to supporting agents in providing convenient services to customers through technical means.

With an integrated online and offline approach, the company has served over 12 million individual customers. For the nine months ended September 30, 2023, FANHUA facilitated RMB12.4 billion of gross written premiums, its net revenue reached RMB2.6 billion, net income attributable to shareholders of RMB307.7 million and RMB4.0 billion Billion net worth.

forward-looking statements

This press release contains statements of a forward-looking nature. These statements, including statements regarding 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 may recognize these forward-looking statements by terminology such as “will.” ”, “expects”, “believes”, “anticipates”, “intends”, “estimates” and similar statements. Among other things, management’s quotes 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 the ability to attract and retain productive agents, particularly entrepreneurial agents, the ability to develop existing and new business relationships with insurance companies, the ability to execute its growth strategy, but Are not limited to these. 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 due to factors beyond its control and macroeconomic conditions in China and insurance Their potential impact on the sales of the product. Except as otherwise indicated, all information provided in this press release speaks as of its date, and Fanhua does not make any forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations. undertakes no obligation to update the statements except as required. down by law. Although FANHUA believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will prove correct, and investors are cautioned that actual results may differ materially from anticipated results. . Further information regarding the 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.

Source: Fanhua Inc.

Fanhua Inc

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