{"id":386702,"date":"2020-11-23T08:16:55","date_gmt":"2020-11-23T13:16:55","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=386702"},"modified":"2020-11-23T08:16:55","modified_gmt":"2020-11-23T13:16:55","slug":"micts-insurance-division-signs-contracts-expected-to-generate-significant-recurring-monthly-revenues","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/micts-insurance-division-signs-contracts-expected-to-generate-significant-recurring-monthly-revenues\/","title":{"rendered":"MICT’s Insurance Division Signs Contracts Expected to Generate Significant Recurring Monthly Revenues"},"content":{"rendered":"
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Company delivers ahead of schedule against targets for capitalizing on China’s rapidly growing insurance market<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n MONTVALE, N.J.<\/span>, Nov. 23, 2020<\/span> \/PRNewswire\/\u2014MICT, Inc. (Nasdaq:\u00a0MICT) (the Company),\u00a0today announced that its wholly-owned subsidiary GFH Intermediate Holdings \u00a0Ltd. (GFHI), through an indirect wholly-owned operating company, signed a number of significant new insurance agency contracts which the Company anticipates to generate significant recurring monthly revenues, potentially up to several millions of dollars per month, beginning early in the first quarter of 2021.<\/p>\n

Scheduled to launch in December 2020<\/span>, GFHI’s insurance division is led by a highly-decorated management team recruited from a number of China’s<\/span> largest insurance companies. The signing of these significant new contracts within only a few weeks of the division’s launch demonstrates its management team’s ability and their commitment towards meeting the division’s year 1 targets, of more than $250 million<\/span> of revenue and more than $10 million<\/span> of gross margins. Such a steep growth trajectory also reflects well in terms of meeting the significantly higher revenue and gross margin targets for years 2 and 3.<\/p>\n

“The early success in signing these valuable new contracts is a testament to the combination of our leading-edge technology platform, our innovative business model and the exceptional management team we have been able to attract,” stated MICT’s CEO, Darren Mercer<\/span>. “We have achieved a number of key milestones since the acquisition of GFHI in September and are already ahead of schedule, including in relation to our operating Key Performance Indicators and financial metrics, and we are confident we will continue to rapidly grow our insurance business, aided by our partnerships with the leading insurance groups in China<\/span>.”<\/p>\n

“We have also markedly increased cash reserves and strengthened our balance sheet, which is enabling us to significantly accelerate growth and take advantage of numerous expansion opportunities across all our business verticals,” Mercer concluded.<\/p>\n

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