CNinsure is a China-based insurance intermediary company engaged in the distribution of property, casualty and life insurance products underwritten by domestic and foreign insurance companies operating in China. The company completed a follow-on offer in July 2010.
During the third quarter of 2010, net revenue increased 30% year over year to $58 million, driven by growth in the life insurance business. Net income surged 43% to $16.4 million.
Commenting on the financial results, Yinan Hu, chairman and CEO, said in a press statement, "Robust growth of our three existing business lines continued into the third quarter with the life insurance business and claims adjusting business growing 109.1% and 34.3% year over year, respectively. The overall commission rate from the property and casualty insurance business increased over the previous quarter, which led to a year-over-year growth of 6.7% in our property and casualty insurance business in the third quarter as compared to year-over-year decline of that in the second quarter. We believe there is still room for further improvement in our property and casualty insurance commission rate."
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