This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

CNinsure Reports First Quarter 2013 Unaudited Financial Results

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.

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs