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Zhibao Technology Subsidiary Sunshine Insurance Brokers Wins Contract to Provide "Hui Jia Bao" Inclusive Homeowners' Insurance in Nanjing

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Shanghai, China--(Newsfile Corp. - September 10, 2024) - Zhibao Technology Inc. (NASDAQ: ZBAO) ("Zhibao" or the "Company"), a leading and high growth InsurTech company primarily engaged in providing digital insurance brokerage services through its operating entities in China, today announced that Sunshine Insurance Brokers ("Sunshine"), one of the Company's subsidiaries, has won a contract to provide "Hui Jia Bao" (an inclusive homeowners' insurance product offered by the Company) ("Hui Jia Bao") in Nanjing, China. Marketed as "Ning Jia Bao" in Nanjing, this implementation of Company's Hui Jia Bao product is insured by a panel of six leading insurers, led by the People's Insurance Company of China ("PICC")'s Nanjing branch.

Hui Jia Bao is one of the Company's 40+ Digital Insurance Solutions; The Company first introduced the first project in Quanzhou, China in December 2023. Since then, the Company has deployed the "Hui Jia Bao" solution in nine other cities or regions in China. Nanjing is the capital of the prosperous Jiangsu Province and is home to over 9 million residents.

Starting at only CNY 99 per year, Hui Jia Bao is a "starter-level" insurance product, designed to provide homeowner's insurance coverage in cities around China. Through the Hui Jia Bao solution, the Company expects to fill a critical coverage gap in the insurance market in China by working with local government entities and insurers to bring down the barrier for millions of Chinese residents to obtain homeowners' insurance. In conjunction with "Hui Min Bao" (an inclusive medical insurance product), the Company is providing disadvantaged or low-income individuals and families with access to critical insurance coverage that might protect from severe financial hardship should an unexpected situation arise by offering more affordable and inclusive insurance products.

Management projects that the Hui Jia Bao solution will generate up to CNY 230 million in premium, and up to CNY 46 million in revenue to Company over the next three years.

"We are proud of securing this contract for the expansion of the 'Hui Jia Bao' Inclusive Homeowners' Insurance product. We are looking forward to providing innovative and important insurance products to the residents of Nanjing, assisting in closing the important coverage gap in our nation, and providing substantial revenue and profitability catalysts for our business," said Luo Xiao, General Manager of Sunshine.