GUANGZHOU, China, May 20, 2013 (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 first quarter ended March 31, 2013. 1
Financial Highlights for First Quarter of 2013
- Total net revenues: RMB401.3 million (US$64.6 million), representing an increase of 18.9% from the corresponding period in 2012.
- Operating income: RMB1.6 million (US$0.3 million) representing a decrease of 95.8% from the corresponding period in 2012.
- N on-GAAP operati ng income : RMB14.4 million (US$2.3 million), which excludes share-based compensation expenses, representing a decrease of 66.3% from the corresponding period in 2012.
- Net income attributable to the Company's shareholders: RMB21.0 million (US$3.4 million), representing a decrease of 61.5% from the corresponding period in 2012.
- Non-GAAP net income attributable to the Company's shareholders: RMB33.8 million (US$5.4 million), which excludes share-based compensation expenses, representing a decrease of 42.4% from the corresponding period in 2012.
- Basic and diluted net income per ADS: RMB0.42 (US$0.07) and RMB0.42 (US$0.07), respectively, representing decreases of 61.4% and 61.3%, respectively, from the corresponding period in 2012.
- Non - GAAP basic and diluted net income per ADS: RMB0.68 (US$0.11) and RMB0.67 (US$0.11), respectively, representing decreases of 42.2% and 42.1%, respectively, from the corresponding period in 2012.
Commenting on the first quarter financial results, Mr. Chunlin Wang, CNinsure's chief executive officer, stated, "The first quarter of 2013 continued to present challenges for the Chinese insurance industry. Although the property and casualty ("P&C") insurance market had solid premium growth, fiercer competition among P&C insurance companies resulted in a higher combined ratio and lower profitability for many P&C insurance companies. Life insurance premium growth remained sluggish with weak growth in new policy sales and a sharp increase in policy surrender ratios.
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