Fanhua Inc. (NASDAQ:FANH) Q4 2022 Earnings Conference Call March 13, 2023 9:00 PM ET

Company Participants

Yinan Hu - Chairman and CEO

Oasis Qiu - IR Manager

Conference Call Participants

Operator

Thank you for standing by for Fanhua's Fourth Quarter and Fiscal Year 2022 Earnings Conference Call. [Operator instructions]

I would now like to turn the meeting over to your host for today's conference, Ms. Oasis Qiu, Fanhua's Investor Relations Manager.

Oasis Qiu

Good morning. Welcome to our fourth quarter and fiscal year 2022 earnings conference call. The earnings results were released earlier today and are available on our IR website as well as on Newswire.

Before we continue, please know that the discussion today will contain forward-looking statements made under the safe-harbor provision of the US Private Securities Litigation Reform Act of 1995. The accuracy of this statement may be impacted by a number of business risks and uncertainties that could cause our actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but not limited to those outlined in our filings with the SEC, including our registration statement on From 20-F. We do not undertake any obligation to update this forward-looking information except as required under applicable law.

Joining us today are our Chairman and Chief Executive Officer, Mr. Yinan Hu; Chief Financial Officer, Mr. Peng Ge; Chief Operating Officer, Mr. Lichong Liu and Board Secretary [ph]. Mr. Hu will provide a review of our financial and operational highlights in the fourth quarter and fiscal year 2022. There will be a Q&A session after the prepared remarks.

Now, I will turn the call over to Mr. Hu.

Yinan Hu

[Indiscernible] Good morning and good evening. Thank you for joining today's conference call.

Over the past few years, China's insurance industry has been undergoing ongoing transformation in the life insurance distribution.

While the traditional pyramid structure of life insurance sales force is the constructing, life insurance, sales teams are transforming to become more distinctly professional, specialized and elite and are structured in a more flattened, small, dispersed, and personalized manner.

A large number of scattered individual insurance sales organizations and independent agents are in great need of the support of a third party public professional platform to ensure continuous professional growth in sustained competitiveness.

We believe that while individual life insurance sales organizations will become more fragmented, support platforms will be more concentrated to enable cost efficiency and high quality business growth. The competition in the life insurance sales market will ultimately come down to the competition among platforms, driven by digital technology and artificial intelligence.