Good News on Listing | Frost & Sullivan Assists Yuanbao Insurance Brokerage (Beijing) Co., Ltd. to Successfully List on the US Securities Exchange (NASDAQ: YB)

Yuanbao Insurance Brokerage (Beijing) Co., Ltd. (hereinafter referred to as 'Yuanbao') successfully went public on April 30, 2025, issuing a total of 2.3 million ADSs and raising $34.5 million.

During the process of listing in the US, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the writing of relevant parts of the prospectus (such as the overview, competitive advantages and strategy, industry overview, business, and other important sections), helping the issuer communicate with the SEC and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and providing feedback on various regulatory issues related to the industry for the issuer.

• The company is a leading technology-driven online insurance distributor;

   

• The company is the largest independent insurance distributor in China's personal insurance market;

   

• The company drives innovation to optimize user experience;

   

• The company has an experienced management team with continuous entrepreneurial experience, combining technical expertise with insurance knowledge.

According to a report by Frost & Sullivan,

• Based on the premium income in the first year of 2023, the company is the second-largest insurance distributor in China's personal insurance market;

   

• Based on the premium income in the first year of 2023, the company is the largest independent insurance distributor in the personal insurance market of China;

   

• The penetration rate of online retail in China will rise from 32.3% in 2023 to 37.8% in 2028, while the penetration rate of online insurance sales in China was 12.3% in 2023 and is expected to reach 30.2% by 2028, indicating that the acceptance of online insurance sales is accelerating;

   

• In the Chinese life insurance market, the market share of distributors is far lower than that of mature markets, indicating tremendous growth potential. In 2023, distributors accounted for 6.3% of the total premium of life insurance in China, while according to the latest available data, in 2022, this proportion was 52.1% and 78.5% in the United States and the United Kingdom, respectively. It is expected that by 2028, the proportion of distributors in the total premium of life insurance in China will reach 19.3%.

China has a huge and growing demand for healthcare and insurance services. According to Frost & Sullivan data, in terms of premium income, China became the world's second-largest insurance market in 2022 (latest data). In recent years, the personal insurance market in China has continued to grow, with premium income (GWP) increasing from 3.1 trillion yuan in 2019 to 3.8 trillion yuan in 2023, with a compound annual growth rate of 5.0%. It is expected that by 2028, the market will further reach 5.6 trillion yuan, with a compound annual growth rate of 8.3% from 2023 to 2028. Among them, the health insurance market size grew rapidly from 0.7 trillion yuan in 2019 to 0.9 trillion yuan in 2023, with a compound annual growth rate of 6.3%, and is expected to reach 1.4 trillion yuan by 2028, with a compound annual growth rate of 9.9%.

According to a Frost & Sullivan report, in the Chinese life insurance market, online distribution channels have shown strong development momentum, enhancing consumer experience and meeting consumers' needs throughout the entire process of purchasing insurance and claims settlement. In 2023, online distribution accounted for 14.6% of the total premiums for Chinese life insurance, higher than 6.0% in 2019. It is expected that by 2028, this proportion will reach 35.9%, reflecting the huge growth potential of the online market. The premium income from online distribution of Chinese life insurance increased from 2 trillion yuan in 2019 to 6 trillion yuan in 2023, with a compound annual growth rate of 31.1%. It is expected to reach 2 trillion yuan by 2028, with a compound annual growth rate of 29.7% from 2023 to 2028. The growth rate of online distribution significantly exceeds the compound annual growth rate of offline distribution during the same period (2.5% and 2.3%, respectively).

From 2018 to 2023, distributors have become the fastest-growing distribution channel in the Chinese personal insurance market. In 2023, China's total premium income (GWP) distributed through distributors reached 237 billion RMB, with a compound annual growth rate of 34.2% from 2019 to 2023. It is expected that by 2028, this number will further increase to 1.083 trillion RMB, with a compound annual growth rate of 35.5% from 2023 to 2028.

The share of distributors in the Chinese personal insurance market is far lower than that in mature markets, indicating tremendous growth potential. According to data from Frost & Sullivan, in 2023, distributors accounted for 6.3% of the total premium income from personal insurance in China. However, according to the latest available data, this proportion was 52.1% and 78.5% in the United States and the United Kingdom respectively in 2022. It is expected that by 2028, distributors will account for 19.3% of the total premium income from personal insurance in China.

The Chinese life insurance distributor industry is highly concentrated. According to a Frost & Sullivan report, calculated based on first-year premiums for 2023, the company is the second-largest distributor and the largest independent distributor in the Chinese life insurance market.