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CNinsure Q2 Net Revenue Up 33%

BBR Staff Writer Published 26 August 2009

Net income rose 39.5%

CNinsure, an independent insurance intermediary company operating in China, has revealed its unaudited financial results for the second quarter and the first half ended June 30, 2009.

The company posted total net revenue of $41.8m for the second quarter of 2009, representing an increase of 33% from the corresponding period of 2008. Income from operations is $12.1m, representing an increase of 16.5% from same period of previous year.

Q2 net income attributable to the company's shareholders is $12.4m, representing an increase of 39.5%, when compared to same quarter previous year.

Total net revenue of the company for the half year ended June 30, 2009 is $73.4m, representing an increase of 42.7% compared to the first half of 2008. Income from operations is $18.8m, representing an increase of 24.1% from previous year.

Net income attributable to the company's shareholders for the half year is $19.1m, representing an increase of 36% from the corresponding period of 2008.

Yinan Hu, chairman and CEO of Cninsure, said: “We are very pleased to achieve our operating targets with solid financial results, which has once again proved the viability of our business model. Amid the global financial crisis, the management has effectively capitalised on new growth opportunities and proactively explored new ways to develop the company, which has further enhanced our competitiveness and laid a solid foundation for the company's sustainable growth in the coming years.”