CNinsure Reports Fourth Quarter And Fiscal Year 2010 Unaudited Financial Results

GUANGZHOU, China, March 1, 2011 (GLOBE NEWSWIRE) -- CNinsure Inc., (Nasdaq:CISG), (the "Company" or "CNinsure"), a leading independent insurance intermediary company operating in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2010. ⁽¹⁾

Financial Highlights:

Highlights for Fourth Quarter 2010l

• Total net revenues: RMB449.0 million (US$68.0 million), representing an increase of 26.3% from the corresponding period of 2009.
• Income from operations: RMB132.7 million (US$20.1 million), representing an increase of 20.4% from the corresponding period of 2009.
• Net income attributable to the Company's shareholders: RMB126.5 million (US$19.2 million), representing an increase of 34.9% from the corresponding period of 2009. Excluding non-recurring investment income incurred by business combination achieved in stages, net income attributable to the Company's shareholders grew 32.4% from the corresponding period of 2009, which exceeded the previous guidance of approximately 32% year-over-year growth.
• Basic and diluted net income per American Depositary Share ("ADS"): RMB2.514 (US$0.381) and RMB2.447 (US$0.371), respectively, representing an increase of 22.3% and 22.7%, respectively, from the corresponding period of 2009.

Highlights for Fiscal Year 2010

• Total net revenues: RMB1,485.0 million (US$225.0 million), representing an increase of 28.6% from 2009.
• Income from operations: RMB431.6 million (US$65.4 million), representing an increase of 32.3% from 2009.
• Net income attributable to the Company's shareholders: RMB422.3 million (US$64.0 million), representing an increase of 40.4% from 2009. Excluding non-recurring investment income incurred by business combination achieved in stages, net income attributable to the Company's shareholders grew 36.5% from 2009.
• Basic and diluted net income per ADS: RMB8.816 (US$1.336) and RMB8.529 (US$1.292), respectively, representing an increase of 33.7% and 31.6%, respectively, from 2009.

Commenting on the financial results, Mr. Yinan Hu, chairman and chief executive officer of the Company, stated, " I am pleased to report that CNinsure continued to deliver solid financial results in 2010 with total net revenues and net income attributable to the Company's shareholders growing 28.6% and 40.4%, respectively, and fully diluted EPS growing 31.6% to RMB 8.529, which exceeded the management target.