Yuanbao, an online distributor of insurance policies in China, filed on Tuesday with the SEC to raise up to $50 million in an initial public offering.
Yuanbao is a technology-driven online insurance distributor in China, specializing in personal life and accident and health (A&H) insurance. It operates a full consumer service cycle engine, which integrates over 4,400 interconnected models as of June 30, 2024, to optimize personalized recommendations, purchasing, policy management, claim settlements, and post-sales services. The company collaborates with 69 insurance carriers, offering a diverse portfolio of insurance products, including medical, critical illness, and life insurance. It has developed over 700 media models, 3,000 user models, and 700 product models to support its operations, ensuring precise targeting and efficient service delivery.
The Beijing, China-based company was founded in 2019 and booked $368 million in sales for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol YB. Goldman Sachs, Citi, and CICC are the joint bookrunners on the deal. No pricing terms were disclosed.
