GUANGZHOU, China, Nov. 24, 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 Aviva-COFCO Life Insurance Co., Ltd (“Aviva-COFCO”) to launch “Huaying Guardian No.1”, an innovative, customized critical illness (“CI”) plan.
Huaying Guardian No.1 offers twofold protection with both a lump sum payout of critical illness benefits and coverage for CI-related medical treatment. In addition, during the payment period, the insured amount will increase by 5% per annum, effectively guarding against inflation risk. The plan is reported to be first of its kind in China’s life insurance industry.
Mr. Chunlin Wang, chairman and chief executive officer of Fanhua, stated, “As a leading insurance intermediary company in the industry, Fanhua is dedicated to advancing customer-centered product and service innovation. The new product jointly launched by Fanhua and Aviva-COFCO marks a further step forward for Fanhua following the upgrading of our product strategy. As one of the few critical illness products currently available in China’s life insurance market featuring incremental insurance coverage, Huaying Guardian No.1 offers unique value to customers, fully demonstrating our continued commitment to product innovation to help a broader customer base to manage their medical treatment costs.”
About Aviva-COFCO Life Insurance
Aviva-COFCO Life Insurance, founded in 2003, is a joint venture between Aviva Group and COFCO Capital Investment Co., Ltd. Its market reach has expanded to 16 provinces and more than 80 key cities in China. It has an industry-leading comprehensive risk management system, with a comprehensive solvency ratio of 252%. As of the second quarter of 2021, Aviva-cofco Life Insurance has been awarded Class A of China’s comprehensive risk rating for 20 consecutive quarters.
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.