Thank you for standing by for Fanhua's Fourth Quarter and Fiscal Year 2021 Earnings Conference Call. [Operator Instructions]. For your information, this conference call is now being broadcasted live over the Internet. Webcast replay will be available within 3 hours after the conference is finished. Please visit Fanhua's IR website at ir.fanhuaholdings.com under the Events and Webcast section. Today's conference is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the meeting over to your host for today's conference, Ms. Oasis Qiu, Fanhua's Investor Relations Manager.

Good morning and good evening. Welcome to our Fourth Quarter and Fiscal Year 2021 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 U.S. Private Securities Litigation Reform Act of 1995. The accuracy of these statements may be 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 online 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 -- Chairman and Chief Executive Officer, Mr. Yinan Hu; Chief Financial Officer, Mr. Peng Ge. Mr. Hu will provide a review of financial and operational highlights in the fourth quarter and fiscal year 2021. There will be a Q&A session after the prepared remarks. Now, I will turn the call over to Mr. Hu.

Good morning, and good evening. This is Yinan Hu. Thank you for joining today's conference call. I would like to begin the call by sharing some of my thoughts on current industry trends, then I will discuss our strategic focuses in 2022. In 2021, China's life insurance industry started off well but ended up on a downward track. Premium growth continued to slow down after the transition to the new critical illness definition framework in the first quarter of 2021, and gross written premium, or GWP, dropped year-over-year. The resurgences of COVID-19 and tightened regulations clearly played a role, but we believe the major cause lies in the supply side, as neither the quality of insurance products nor the professional capabilities of insurance sales agents can fully meet customer needs. Against the backdrop of industry transformation, despite mounting challenges, we also see tremendous opportunities. In 2022, people reaching the retirement age are expected to grow from 9 million in 2021 to 25 million in China. More than 25 million people are expected to retire in the next 10 years, each year, starting from 2022, adding up to 300 million people. With an accelerating aging society, there is burgeoning demand for elderly care, asset preservation, tax planning and legacy management among soon-to-be retirees. Meanwhile, based on experience learned from mature markets, with the rise of the middle class and the increase in consumers' disposal income, more and more people are shifting their demand for insurance from ensuring basic protection to more comprehensive plans for family-based asset allocation. These changing consumer demands are driving the next era of strong growth, but such demands require salespeople to be equipped with higher capabilities and more professional knowledge. Statistics from both the industry and Fanhua, in the last few years, also confirm this trend. From…

[Operator Instructions]. Our first question comes from Suzanne Wang of CICC.

First, congrats to the impressive results of our management in Q4. And I have two questions. First, after the new regulation of Internet insurance, so many small- and medium-size insurance companies cannot do online business. Can we see stronger revenues for them to cope with us? And will it affect our 2022 performance outlook? And next one is about the product. We can see a rapid growth in the savings-type product. Do we think this is a short-term adjustment or is it due to the demand for protection products has peaked? So how could we do better in savings-type products? And is the commission rate of saving-type products a bit lower than the protection type?

Concerning your first question regarding the impact of the Internet life insurance regulations, we do observe that a lot of small- and medium-sized insurance companies have more positive attitude towards cooperating with us as well as designing new products. And -- so we believe that this new regulation is positive to our business development, in general. In addition to that, we are observing that the integration between online and offline business has also shown a significant progress. And after the new regulations, a lot of online channels and -- who used to distribute their business through Internet channels, are willing to pursue cooperation with our open-platform business as well. Last year, we have generated about 40 million first-year premiums through our open-platform strategy. And this quarter, in the first quarter, we have already achieved about RMB 30 million first-year premium, and our target for 2022 is to deliver about 300 million to 500 million first-year premium. So in conclusion, we believe that this new regulation is definitely quite favorable to our development. For your second question regarding the product mix, we do observe a drastic change in our product mix in the past quarters and the past year. In the fourth quarter, whole life insurance and annual life insurance collectively accounted for 70% of our total first-year premium, as compared to 20% contributed by critical units products as compared to -- in the first quarter, the percentage of whole life and annuity, as compared to CI product, is much lower. And also, in the second quarter and third quarter, we're already seeing that the percentage of whole life and annuity has already surpassed that of CI products. This has clearly reflected the changing demand in customers. As for whether or not the critical illness product has reached its ceiling, we…

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Okay. Thank you for your attendance. If you have any follow-up questions, please feel free to contact me. Thank you.

This concludes today's conference call. Thank you for participating. You may now disconnect.