Waterdrop Inc. Announces Third Quarter 2024 Unaudited Financial Results, Net profit rises 152.6% year-on-year

BEIJING,Dec. 12, 2024/PRNewswire/ -- OnDecember 11, 2024, 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 third quarter of 2024 endedSeptember 30, 2024. During the quarter, Waterdrop reported net operating revenue ofRMB 704.1 million. Net profit attributable to ordinary shareholders totaledRMB 92.8 million, up 152.6% from the previous year, sustaining profitability for the eleventh consecutive quarter. Operating expenses, including sales, administrative, and R&D costs, accounted for 47.9% of revenue, a decrease of 6.9 percentage points year-on-year.

Since announcing its first share repurchase program inSeptember 2021, as ofSeptember 2024, Waterdrop has repurchased approximately 50.9 million American Depositary Shares (ADSs) from the open market.

Mr.Peng Shen, Founder, Chairman, and Chief Executive Officer of Waterdrop, commented,"We are delighted to announce another quarter of robust profitability, with net profit attributable to ordinary shareholders reaching 2.5 times that of the third quarter last year.

Insurance Business Operating Profit TotaledRMB 123 Million

Waterdrop's insurance-related revenue amounted toRMB 600.7 millionin the third quarter of 2024. The insurance business operating profit reachedRMB 123 millionin Q3 2024. First-year premiums (FYPs) generated by insurance business amounted toRMB 2,041.8 million, representing an increase of 20.4% year over year.

After introducing the"Three Good Services"of good service, good products, and good claims in April this year, on September 11th,Waterdrop Insurance Marketplace, in collaboration with 14 insurance companies, established the"Three Good Services Alliance"and launched the first batch of"Public Review Panels,"constructing a new user-centric ecosystem for insurance services.

AI Consultant, a conversational AI agent powered by"Waterdrop Guardian"large language model, has reached the capacity to generate million yuan in monthly premiums by serving user inquires. Meanwhile, a new application,"AI Service Quality Agent", was deployed to streamline the service quality inspection process by replacing manual work. Externally, a conversational AI platform that customizes AI sales agents for businesses, and have initiated pilots with insurance carriers and companies in non-insurance sectors.

Waterdrop Medical Crowdfunding RaisedRMB 66.3 Billionfor 3.32 Million Patients

During the quarter, Waterdrop Medical Crowdfunding upheld its mission of"saving lives"with remarkable success. As ofSeptember 30, 2024, around 466 million people cumulatively donated an aggregate ofRMB 66.3 billionto 3.32 million patients through Waterdrop Medical Crowdfunding. Despite recording an operating loss of approximatelyRMB 17.9 million, the losses have narrowed compared to previous periods.

Waterdrop's Digital Clinical Trial Solution has maintained its growth in the third quarter of 2024, generating revenues of approximatelyRMB 24.3 million. As ofSeptember 30, 2024, the Company had cumulatively enrolled over 9,500 patients into 1,137 clinical trial programs through the E-Find Platform.

Shen Peng, Founder and CEO of Waterdrop, said,"This quarter, Waterdrop remained user-centric and explored innovations powered by Large Language Models to boost business growth, while also demonstrating resilient performance across our businesses. Moving forward, we will continue to build core capabilities and drive high-quality business growth by leveraging advanced technologies. We are committed to creating greater value for society and adhering to our mission: at Waterdrop, we aspire to bring insurance and healthcare services to billions through technology."

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SOURCE Waterdrop Inc.