Yuanbao Inc. (YB Proposed) – the largest independent insurance distributor in China’s personal life and A&H (accident and health) insurance market in terms of first-year premiums in 2023, according to Frost & Sullivan – filed plans for its U.S. IPO today – Tuesday, Sept. 17, 2024. The Beijing-based insurance holding company did not disclose its IPO’s terms in the initial filing, which estimated its IPO’s initial proceeds at $100 million.
Goldman Sachs (Asia) LLC, Citigroup and CICC are the joint book-runners.
Yuanbaodescribed itself as a leading technology-driven online insurance distributor in China, according to the prospectus.
The company, incorporated in 2019, reported net income from continuing operations of $28.2 million on $281.4 million of revenue for the year that ended Dec. 31, 2023. (Figures are in U.S. dollars converted from China’s currency.)
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