BEIJING, June 6, 2024
/PRNewswire/ -- On June 5, Waterdrop
Inc. (NYSE: WDH), a leading technology platform dedicated to
insurance and healthcare services with a positive social impact,
unveiled its unaudited financial results for the first quarter of
2024 ended March 31, 2024. During the
quarter, Waterdrop reported net operating revenue of RMB 704.7 million, a year-over-year increase of
16.3%. Net profit attributable to ordinary shareholders totaled
RMB 80.6 million, up 62.2% from the
previous year, sustaining profitability for the ninth consecutive
quarter. Operating expenses, including sales and marketing
expenses, general and administrative expenses, and R&D
expenses, accounted for 46.4% of revenue, a decrease of 11
percentage points year-on-year.
Since announcing its stock repurchase program in September 2021, as of May
31, 2024, Waterdrop has repurchased approximately 45.5
million American Depositary Shares (ADSs) from the open market.
Insurance Business Operating Profit Totaled RMB 129.2 Million, with Life Insurance Accounting
for 56.4% of Long-term Insurance Product Mix
Waterdrop's insurance-related revenue increased 13.1%
year-on-year to RMB 607 million. The
insurance business operating profit reached RMB 129.2 million in Q1 2024. First-year premiums
(FYPs) generated by Waterdrop Insurance Marketplace amounted to
RMB 1.755 billion, up 3.7%
year-on-year.
During the quarter, the insurance business demonstrated
significant improvements in underwriting quality, especially within
the long-term insurance services segment. Notably, the share of
life insurance in the FYPs climbed to 56.4% of the long-term
insurance product mix, marking a year-on-year increase of 9.9
percentage points. Moreover, the renewal rate exceeded 95%,
underscoring the trust and recognition our insurance services
garner from policyholders.
The quarter also saw significant enhancements in insurance
technology, notably through the expanded capabilities of the
ShuishouGPT platform. In health insurance, the AI insurance
consultant can now autonomously interact with users for up to 40
minutes. Additionally, its accuracy in answering insurance-related
inquiries exceeds 90%, substantially boosting sales effectiveness
and quality assurance. To date, Waterdrop has secured four
authorized patents and submitted over ten patent applications
related to this technology.
Waterdrop Medical Crowdfunding Raised RMB 63.8 Billion for 3.17 Million Patients,
Signing 88 New Medical Service Projects
During the quarter, Waterdrop Medical Crowdfunding upheld its
mission of "saving lives" with remarkable success. As of
March 31, 2024, the platform had
brought in donations totaling RMB 63.8
billion from approximately 456 million policyholders,
benefiting over 3.17 million patients since its inception. Despite
recording an operating loss of approximately RMB 32.2 million, the losses have narrowed
compared to previous periods.
To enhance service quality, Waterdrop Medical Crowdfunding
unveiled the 'Guardian Program', a comprehensive initiative that
addresses fundraising efficiency, traffic support, fund security,
and audit upgrades to deliver a superior fundraising experience and
empower patients and financially challenged families. Furthermore,
the platform introduced an online 'Green Transfer Channel' that
swiftly advances patient expenses within an hour of application
approval, especially in critical situations such as ICU admissions,
urgent major surgeries, or organ transplants. Additionally, the
platform also offers fee waivers for disadvantaged households and
provides financial subsidies to patients affected by accidental
disasters and major accidents, extending its compassion and support
to those in need.
Waterdrop's healthcare-related services business has witnessed
significant progress in the first quarter of 2024, generating
revenues of approximately RMB 25.3
million, representing a year-on-year growth of 7.3%. The
company has expanded its partner network, collaborating with 179
pharmaceuticals and CROs, signing 88 new cooperation projects, and
cumulatively enrolling approximately 7,800 patients.
Shen Peng, Founder and CEO of
Waterdrop, said, "In the recent quarter, we adhered to our
sustainable development strategy and drove a steady improvement in
profitability, with technological innovation serving as our
cornerstone. While acknowledging the challenges that lie ahead for
our business expansion, we remain focused on pursuing sustainable
growth. We will continually broaden our operational horizons,
aligned with our mission and core business segments, to deliver
even greater value to our users and partners."
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SOURCE Waterdrop Inc.