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CNinsure Reports Second Quarter And First Half 2012 Unaudited Financial Results

GUANGZHOU, China, Aug. 22, 2012 (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 second quarter and first half ended June 30, 2012. 1

Financial Highlights for Second Quarter of 2012

  • Total net revenues: RMB409.9 million (US$64.5 million), representing an increase of 2.3% from the corresponding period in 2011, as compared to the previous guidance of a less than 8% decrease.  
  • Operating income: RMB17.8 million (US$2.8 million), representing a decrease of 82.8% from the corresponding period in 2011. Non-GAAP operating income (which excludes share-based compensation expenses) was RMB54.5 million (US$8.6 million), representing a decrease of 50.0% from the corresponding period in 2011.  
  • Net income attributable to the Company's shareholders: RMB32.8 million (US$5.2 million), representing a decrease of 67.2% from the corresponding period in 2011.  
  • Non-GAAP net income attributable to the Company's shareholders excludin g share-based compensation expense: RMB69.5 million (US$10.9 million) representing a decrease of 34.2% from the corresponding period in 2011.  
  • Basic and diluted net income per ADS: RMB0.66 (US$0.10) and RMB0.65 (US$0.10), respectively, representing decreases of 67.3% and 66.6%, respectively, from the corresponding period in 2011.  
  • Non - GAAP basic and diluted net income per ADS: RMB1.39 (US$0.22) and RMB1.38 (US$0.22), respectively, representing decreases of 34.2% and 33.0%, respectively, from the corresponding period in 2011.

Financial Highlights for First Half of 2012

  • Total net revenues: RMB747.3 million (US$117.6 million), representing an increase of 4.6% from the corresponding period in 2011.  
  • Operating income: RMB56.5 million (US$8.9 million), representing a decrease of 70.7% from the corresponding period in 2011. Non-GAAP operating income (which excludes share-based compensation expenses) was RMB97.3 million (US$15.3 million), representing a decrease of 50.2% from the corresponding period in 2011.  
  • Net income attributable to the Company's shareholders: RMB87.5 million (US$13.8 million), representing a decrease of 74.4% from the corresponding period in 2011.  
  • Non-GAAP net income attributable to the Company's shareholders, excluding (1) net income from discontinued operations 2 and ( 2 ) share-based compensation expense: RMB128.3 million (US$20.2 million) representing a decrease of 31.3% from the corresponding period in 2011.  
  • Basic and diluted net income per ADS: RMB1.75 (US$0.28) and RMB1.74 (US$0.27), respectively, representing decreases of 74.3% and 73.9%, respectively, from the corresponding period in 2011.  
  • Non - GAAP basic and diluted net income per ADS: RMB2.56 (US$0.40) and RMB2.55 (US$0.40), respectively, representing decreases of 31.3% and 30.1%, respectively, from the corresponding period in 2011. 

Commenting on the second quarter and first half 2012 financial results, Mr. Chunlin Wang, CNinsure's chief executive officer, stated, "As the complex macroeconomic situations in China continued into the first half of 2012, the China insurance market remains in a low single digit growth territory with total insurance premiums up 5.9% and life insurance premiums up by only 0.2% from the corresponding period of 2011.

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