AIFU is a Chinese independent insurance distribution platform. The company does not underwrite insurance — it earns commissions by connecting individual customers to life and health insurance products (whole life, critical illness, annuity, endowment, and term life) from third-party insurers. Life and health insurance accounts for roughly 93% of net revenues. AIFU distributes insurance through a network of approximately 42,000 independent agents operating out of 313 sales outlets across 23 provinces in China, primarily targeting mass-affluent and high-net-worth individuals. A smaller brokerage arm serves corporate clients with commercial property, cargo, and liability products. Revenue scales with the number of active agents, their productivity, and product mix — long-term life products carry higher commissions than short-term or P&C products. Because agents are independent contractors rather than employees, AIFU's cost base is relatively variable. To attract and retain agents, AIFU offers digital tools including its FA App (a sales and client management platform) and RONS DOP (a digital marketing platform), which use AI to support product recommendations, customer tracking, and content marketing. AIFU also offers wealth management and family office consulting services to high-net-worth clients through Fanhua Puyi Family Office. The company has been divesting non-core businesses in recent years, but in late 2025 made a notable strategic departure by acquiring Nova Lumina, whose principal assets are approximately 4,000 metric tons of dark tea inventory, signaling a pivot toward health and wellness.