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CNinsure Q3 Revenues Up 41% To RMB297.8m

IBR Staff Writer Published 22 November 2009

Riding on the growth of Datong segment and the increase in renewal commissions

Insurance intermediary CNinsure has reported net revenues of RMB297.8m for the third quarter of 2009, an increase of 41.1% compared to RMB210.6m for the corresponding period of 2008. The increase was primarily attributed to an increase in sales professionals and claims adjusters, with operations in 22 provinces as of September 30, 2009 compared to 15 provinces as of September 30, 2008.

CNinsure posted an operating income of RMB87.7m, representing an increase of 54.4% compared to RMB56.8m for the corresponding period of last year. The company has reported a net income attributable to its shareholders of RMB76.9m, representing an increase of 47.3%. Net margin was 25.8%, compared to 24.7%. Diluted net income per share was RMB1.641 an increase of 43.4%.

Yinan Hu, chairman and CEO of CNinsure, said: The company continued to deliver strong financial results during the third quarter with total net revenues up 41.1% and net income attributable to the Company's shareholders up 47.3% compared to the same period of last year, and we are encouraged to see a significant year-over-year growth of 95.3% in our life insurance business, which was mainly attributable to the growth of our Datong segment and the increase in renewal commissions.”