We will be giving a presentation first, and all the questions at the back end. I will go through, and we will see if anything comes along in the deck. We will answer when I do the introduction, and if not, we will have a Q&A session in the end. First to begin, earlier our company, as we know, our company founded, listed in the United States in New York Stock Exchange in 2015 . Prior to that, our company have over 18 years of experience in consumer lending, in life and property insurance, and consumption and lifestyle business. These are the three main business units of Yiren Digital.
In the past 18 years, our business model changed from the offline business model to online consumer lending, but also the life and property insurance business also transformed from an offline business model only to an online and offline combined business model. With the development of our online internet traffic, and we start our consumption and lifestyle business, along with these two main business units in the past few years.
Let me start with our main business unit, the financial services business unit. In summary, our business, it connects borrowers to institutional funding partners. The core business capability of Yiren Digital is our AI-enabled risk evaluation, AI anti-fraud system, along with our marketing system, which... Is it clear now? Okay.
And from the front. Where did I lose the signal? Shall we start from this slide? Okay, to be safe. So our business model, in summary, is that we connect borrowers with institutional funding partners. That's our loan facilitation business. So our core value, our core capability is our combined with three parts.
First of all, is our ability to connect, to acquire customer from various different online channels, both social media and e-commerce websites, et cetera. And when the borrower start their credit application in our system, we do have our AI-enabled risk evaluation system or anti-fraud system, which allow us to monitor and evaluate the risk from these borrowers.
And also, at the back end, our operational system, along with e-signing platform, our portfolio management system, et cetera, which allow us to help our institution funding partners, which consist mostly of banks and consumer finance companies and other institutions, to connect them with the correct risk tolerance borrowers, then to issue the funding, and we monitor all the lending in our platform and connect with the borrower, with the institutions, and our revenue model is to collect service fee from the institution funding partners, so our lending product is average check size average principal size amount around RMB 6,000-RMB 7,000. Loan tenure is three, six, nine, or 12 months.
On average, every borrower from us each time they will borrow like RMB 8,000, and the average tenure is mostly within nine to 12 months. They have various flexible repayment options. In the past, we have served over 100 million borrowers, and most of them are aged between 25 to 40, have a stable salary or self-employed in mostly Tier 2 or Tier 3 cities in China. Our customer acquisition strategy is to advertising in most Chinese popular social media platform and e-commerce platforms, which namely TikTok in China, Douyin, WeChat and I think majority of the e-commerce platforms.
When the borrowers see the advertisement, they click it and fill in the application forms, and mostly within one to two minutes, the risk evaluation model will to decide whether or not we can connect the borrower to an institutional partner, and to at what amount, and at what risk of the borrower to decide the interest rate that he or she can get from the banks. That's a summary of the business model of our lending business unit. In the past, we have very strong risk control capabilities. First of all, we have, like, 18 years of experience and data collected in China in credit- tech business.
This help us to understand more about the borrowers than our competitors, which might have joined us, joined the business after we start the business. With over 100 million registered users, and we do have a very strong and diversified customer database. Besides the data and information that we collect in our history, we do have connected with more than 20 credit enhancement agencies. From the various source of data, we can have over 5,000 dimensions of external data incorporated in our risk model. This data, both from internally and externally, help us to evaluate the borrower's risk and to avoid any fraud in this loan application process. Using this, we do have a very low delinquency rate, which I will introduce in the later part of this presentation.
The second part of our second main business unit is our insurance business. We have a licensed insurance broker in China, which named Hexiang. It now has 30 branches nationwide and over 500 insurance agents. And the business model of our insurance business, we do have both life insurance and property insurance products to provide to our clients. Our clients are also both business clients and what we call mass affluent, high net worth, and more inclusive customers.
So for the property insurance, we do provide various property insurance product, including automobile insurance, construction insurance, and also products for schools, products for overseas business, in which, in recent years, Chinese company that go abroad, and they have the employee employers with insurance, which also we have connect them with the right insurance company. Along with the business corporate clients, we also have these consumer products, which includes medicine and healthcare, travel, leisure products, wealth and finance products, insurance, and engineering and construction insurance.
So the business clients, and in which they purchase insurance, maybe for their business, like engineering and construction, are also get insurance products for their employees, and their employees can also to get personal life insurance from our life insurance products, so these two both drive the growth of the insurance business unit, and besides that, from this quarter, our insurance team will also start the internet insurance marketing products, which similar to ZhongAn or JD, that sells advertise in social media and in e-commerce platform, that provide to a wider base of customers of our mostly health and life insurance products.
So as of first half of 2024 , we do connected a 130 partner insurance companies in China, and on the shelf, there are only over 10,000 insurance products in our insurance product platform. So to summarize, our our revenue model comes from three business units: financial service both from our external funding partners and our licensed subsidiaries, to the revenue in the form of loan facilitation, post-origination service fee, and also guarantee service fee, financing service fee. And for insurance brokerage, business unit is mostly insurance commissions. And the lifestyle and service, lifestyles and consumption has come from the revenue come from sales of consumption service products, membership service, and some of the virtual goods. So that's to the summary of our revenue model.
Quickly go through our financials of last quarter. So in last quarter, our loan facilitated growth year-on-year 59%. Number of borrowers we served those are 47% year-on-year. And total premium dropped 20% year-on-year, which mostly due to a change of regulation on the commission in China. And the GMV of our life and consumption business goes up 40% year-on-year. For our consumer lending financial service business, and you can see in the past two years, and the growth is significant. And in this year, in the first half of 2024, and in the fourth quarter, we have serviced 1.35 million borrowers, and in the second quarter, 1.49 million borrowers.
The loan facilitated in the first quarter is RMB 11.9 billion, and in the second quarter, we keep the growth to RMB 12.9 billion. So in this year, in the first half, second half of the year, we expected the growth will continue and the number of borrowers and both in the number of borrowers and loan facilitated. In the insurance brokerage business, our gross written premiums in this quarter start to goes back growing to RMB 1 billion in this quarter. It dropped from the third quarter of 2023, but in this quarter, the team have managed to reverse the decrease of the total gross written premium, and the accumulated number of insurance clients continued to grow.
To give more details on the insurance business, in the last 2023 to this quarter, 2024 , the regulation that changed the commission rate of insurance brokerage company all over China. So most of the insurance brokerage companies in the past year have suffered from the decrease of commission and the increase of competition. But our team tried to manage to reverse the dropping, and we hope in the second half of 2024 , we can see continued growth in insurance business.
So, on the revenue and net income side, in last quarter, the total revenue is RMB 1.49 billion, and it grows quarter-on-quarter 9% from the RMB 1.37 billion in the first quarter of 2024 . And for the net income, the margin dropped a bit, a little bit in these two quarter, and part of because we do have a competition, a stronger competition, that in the consumer lending business in China, which causing us, and on the other side, we do have a different combination of new borrowers and existing borrowers. And the...
Now, our customer mix is 50%-60% new borrowers and 40%-50% existing borrowers in each quarter, which costs us a little bit higher spending on the customer acquisition cost. That drops down a little bit of our profit margin. And on the other side, we do have some more new loan products that we take more risk on our balance sheet. And that change of customer base and the product mix causes us a little bit dropping on the net revenue side. Together with the insurance business, the lower of the regulation that's causing the lower commission rate.
On the delinquency rate, the company continuing to maintain a low delinquency rate, in both, in among the 15-29 days is kept lower than 1%, 30-59 days is around 1.4%, and for 60-89 days is 1.6%. For future strategy, we will continue to grow, expand our customer base in the financial service business, and in which this, in which we will continue to grow new borrowers in our customer base. Compared to our competitors in China, we do have a higher percentage of new borrowers, and we. Now, the loan balance is around, loan facilitated balance is around RMB 20 billion , which also a bit lower than our main competitors in this area in China.
So our first priority in the financial service business will be to continue to grow our customer base and increase line of credits for high-quality borrowers, so that we can expand our asset, our loan balance, and also to lower our customer acquisition cost. We do have a new team that specialized in customer operation, customer service, and to increase the existing borrowers' and credit lines. And for the insurance brokerage company, the regulation changes still impact the sectors seriously. So we do try to adopt new products and new partnerships to get through this change of regulation in the short term.
And we do have a new team that specialize in internet, online insurance new products, that we would like to expect to see that in the second half of 2024 can bring us a new revenue mix in the insurance brokerage business. For international expansion, we do started our lending business in Southeast Asia and also in Latin America. But they are still in early stages, and we try to maintain a reasonable cost at the local teams, but at the same time, we do have plans to expand to other Southeast Asia countries, and to see other opportunities both in Latin America and also other continent.
For the AI upgrade, I don't want to emphasize too much on the technology side, but our IT team now works closely with business teams to enable us to apply AI in our customer acquisition, in our collection, in our daily operations, customer service, and other day-to-day business. We don't expect very lot, very different changes that AI can bring to this sector. We think will be take some time, but with all the data and the customer that we have on our platform, our IT team, our AI team, that will try the best to using AI to minimize the, reduce the cost and minimize risks, and try some new business model also in this financial service area. Now, I'll go through some questions.
I will start with the first few ones. I'm sorry. Cash on the balance sheet. Yes, we do keep a large amount of cash on balance sheet, cash and cash equivalent. That part of where the cash on our interest income. We do have interest income, but as we, as you know, our business in China, most of our revenue and accumulated cash are in RMB. We do have interest income, but, as you know, the Chinese banks and the other institutions, they have very low interest rates. So we do have a plan to, well, to improve our treasury management, which also I will be overseeing in the second half of 2024.
How does Yiren comply with regulatory capital requirement maintain optimal capital structure? Yes, as you know, most of our business are loan facilitation business, we, in which we don't take risks, so in that part of the business, we don't actually have regulatory capital requirements. We are not like banks. So the business model that allowed us to help banks to get borrowers, and when the loan facilitate the, and the bank or institutions that issue the loan to the borrower, we collect a service fee that which not require a reserved capital requirement. But, I think in the future, when we start more our risk-taking business, that will, in some of our business, we will need to comply with the license in which we use the regulatory capital requirement, and the foreign exchange risk. Yes.
As I said in the last question, the most of our revenue come with the RMB, so it's not U.S. dollar or other currencies. In the Philippines and in other part of the other overseas business, now the size of the overseas business is actually quite small. So for currently, we don't actually have a strong risk that come from the foreign exchange. But as also we mentioned in the in the strategy slide, that we are looking to expand to more other Southeast Asia and other part of the world. When we do that, we do have to hedge against the FX risk, but at the time, I think we are. Well, the risk we could, I could say it's relatively small and controllable. Some yeah.
The question is about the cash reserve and also the dividend policies. So we do have a dividend policy that we announced in the last quarter, in which we will start in October the first semi-annual dividend policy that we will give out no less than 10% of half year net income after tax, starting from this October. So the first dividend will be $0.2 per ADR, so it will be paid out on October 15th. And to the holders of company ordinary shares of record as of the close business day on September 30th. And we will continue to do that in the future. And buybacks, yes.
We do have a buyback policy in 2022 , if I'm not remembering wrong, and that we will also continue to do in the future. The next question is the impact to the business of the recent central bank rate reduction. And actually, for us, we are doing a little bit higher interest rate borrower groups than banks. And so actually for that, it makes us easier to get a lower cost from our bank partners, and the banks are more willing to help to work together with us and to reach out to more borrowers, especially online. This capability that banks don't actually have, and which that makes our business. I think it will help us to get a thicker profit margin.
I think this is the last question: What model techniques do you use for forecast revenue and expense, particularly in context or modeling problems? I don't think we have time to go into much of the details, but we do that. We have a well financial team that comes from both our competitors and some from investment banks. So we do have a strong forecasting team that allow us to predict the right amount of the money and the loans to the right group of the people.
So if you're interested in that, we maybe we can communicate through emails. I think we are running out of time, so I hope I could answered most of our questions. To summarize, thank you for your time, and if you're interested, we can continue to communicate via emails or through our IR website. Now, that conclude our presentation. Thank you.