Fanhua Launches Customized Whole Life and Annuity Insurances with Sinatay

GUANGZHOU, China, Nov. 28, 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 Sinatay Life Insurance Co., Ltd (“Sinatay”) to launch two customized products, including “Fanhua-Sinatay Legacy”, a whole life insurance plan and “Fanhua-Sinatay Yixiang”, an annuity insurance plan.

Fanhua-Sinatay Legacy whole life insurance plan not only provides lifelong protection, but also enables policyholders to enjoy stable returns to suit various financial objectives including children education funds, savings for retirement life, investment or financial legacy management, with guaranteed rate of return of 3.5% on cash value and the flexibility for policyholders to apply for policy loan, adjust premiums or place policies into insurance trusts.

Fanhua-Sinatay Yixiang is a pension annuity that is designed to help hedge against inflation and secure a lifetime stable annuity income stream. This plan, among others, boasts the advantages of high cash value, short payback periods, an internal rate of return of up to 3.965% and monthly annuity payout guaranteed for 25 years, meeting the multifaceted needs of mid/high-net-worth individuals.

Mr. Chunlin Wang, chairman and chief executive officer of Fanhua, stated, “With China’s aging population, declining interest rates and overwhelmed social security and pension system, these two customized products by Fanhua accurately meet the needs of middle-and-high-net-worth people for both wealth accumulation and lifelong pension benefits. This is another major breakthrough of Fanhua in tapping into the savings insurance segment and echoes our commitment to keeping innovating our ideas and products to better meet evolving market needs.”

About Sinatay Life Insurance

Sinatay Life Insurance Co., Ltd., founded in 2007, has a registered capital of RMB5 billion. As of the end of 2020, it had total assets of over RMB100 billion, total premiums of RMB50 billion, and the customer number of over 4.3 million. In the second quarter of 2021, its core and comprehensive solvency ratios were both 155.24%, an increase of 23.23 percentage points compared with the same period in 2020.

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.