Fanhua Inc. (NASDAQ:FANH) Q2 2019 Earnings Conference Call - Final Transcript
Aug 20, 2019 • 09:00 pm ET
Thank you for standing by for Fanhua's Second Quarter and First Half 2019 Earnings Conference Call.
For your information, this conference call is now being broadcasted live over the Internet. Webcast replay will be available within three hours after the conference is being finished. Please visit Fanhua's IR website at ir.fanhuaholdings.com under the Events & Webcasts section. Today's conference call is being recorded. If you have any objections, you may disconnect at this time.
I'd now like to turn the meeting over to your host for today's conference, Ms. Oasis Qiu, Fanhua's Investor Relations Manager. Thank you. Please go ahead, ma'am.
Good morning. Welcome to our second quarter and first half 2019 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 note that the discussion today will contain forward-looking statements made under the Safe Harbor provisions of the United States Private Securities Litigation Reform Act of 1995. The accuracy of these statements maybe 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 Form 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 Chief Executive Officer, Mr. Chunlin Wang; Chief Financial Officer, Mr. Peng Ge; and Board Secretary, Lily Lee. Mr. Wang will provide a review of our financial and operational highlights in the second quarter and first half of 2019. And then he, Mr. Ge and Mrs. Lee will take your questions after the prepared remarks.
Now I'll turn the call over to Mr. Wang.
Thank you for joining us on today's conference call. Here with me we have our Chief Financial Officer, Mr. Peng Ge; and our Board Secretary, Mrs. Lily Lee. We will begin today's call by giving a brief analysis about recent market developments, followed by an overview of our second quarter and first half 2019, financial and operation results and our growth outlook in the second half 2019. And then there will be a Q&A session after the report.
With the intensifying trade conflict between the United States and China, and increasing complexity and uncertainty in the international geopolitical landscape, the security and stability of the financial system has been a top priority for the Chinese State and Regulatory Authorities, since early 2018.
In early 2019, we have seen further tightening of regulatory supervision. As a result, new premiums for individual regular life insurance products, in the life insurance industry dropped significantly in 2018 and the first half 2019. It is expected that such negative growth in the industry, may continue into the second half of 2019.
In the first half 2019, as compared to 16% year-over-year growth of the life insurance