Fanhua (NASDAQ:FANH) sees its renewal business becoming a more important and stable source of profits, leading it to boost its 2018 forecast for operating profit growth to at least 50% compared with its prior view of 40%.
Q2 total net revenue fell 3.0% RMB 972.1M (US$146.9M) from RMB 1.00B Y/Y, while total operating income increased to RMB 127.6M (US$19.3M) from RMB 72.0M.
For Q3, the company expects a slight Y/Y decrease in new life insurance premiums and operating profit of at least RMB 100M. Fanhua cites an "extremely high base" in Q3 2017.
Fanhua +0.8% in after-hours trading.
Source: Press Release
Previously: Fanhua reports Q2 results (Aug. 20)
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