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CNinsure Reports Second Quarter And First Half 2013 Unaudited Financial Results

GUANGZHOU, China, Aug. 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 second quarter and first half ended June 30, 2013 1.

Financial Highlights for Second Q uarter of 2013

  • Total net revenues: RMB421.3 million (US$68.6 million), representing an increase of 2.8% from the corresponding period in 2012.  
  • Operating income: RMB0.2 million (US$31,882) representing a decrease of 98.9% from the corresponding period in 2012.  
  • N on-GAAP operati ng income : RMB10.4 million (US$1.7 million), which excludes share-based compensation expenses, representing a decrease of 80.9% from the corresponding period in 2012.  
  • Net income attributable to the Company's shareholders: RMB20.9 million (US$3.4 million), representing a decrease of 36.3% from the corresponding period in 2012.  
  • Non-GAAP net income attributable to the Company's shareholders: RMB31.1 million (US$5.1 million), which excludes share-based compensation expenses, representing a decrease of 55.2% 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 36.0% and 36.2%, respectively, from the corresponding period in 2012.  
  • Non - GAAP basic and diluted net income per ADS: RMB0.62 (US$0.10) and RMB0.62 (US$0.10), respectively, representing decreases of 55.1% and 55.2%, respectively, from the corresponding period in 2012.

Financial Highlights for First Half of 201 3

  • Total net revenues: RMB822.6 million (US$134.0 million), representing an increase of 10.1% from the corresponding period in 2012.  
  • Operating income: RMB1.8 million (US$0.3 million) representing a decrease of 96.8% from the corresponding period in 2012.  
  • N on-GAAP operati ng income : RMB24.8 million (US$4.0 million), which excludes share-based compensation expenses, representing a decrease of 74.5% from the corresponding period in 2012.  
  • Net income attributable to the Company's shareholders: RMB42.0 million (US$6.8 million), representing a decrease of 52.0% from the corresponding period in 2012.  
  • Non-GAAP net income attributable to the Company's shareholders: RMB64.9 million (US$10.6 million), which excludes share-based compensation expenses, representing a decrease of 49.4% from the corresponding period in 2012.  
  • Basic and diluted net income per ADS: RMB0.84 (US$0.14) and RMB0.84 (US$0.14), respectively, representing decreases of 52.1% and 51.8%, respectively, from the corresponding period in 2012.  
  • Non - GAAP basic and diluted net income per ADS: RMB1.30 (US$0.21) and RMB1.30 (US$0.21), respectively, representing decreases of 49.2% and 49.0%, respectively, from the corresponding period in 2012.

Commenting on the second quarter financial results, Mr. Chunlin Wang, CNinsure's chief executive officer, stated, "Amid the industry trend towards the protection business, we adjusted our life insurance product strategy during the second quarter of 2013 by shifting our sales focus from participating policies to traditional protection policies which generally generates lower per policy premiums but have a higher imbedded value. This shift was one of the major reasons for the drastic decline of our first year life insurance premiums and the lower-than-expected growth of our total net revenues, although the number of new life insurance policies during the period remained flat year-over-year. Despite the negative impact on life insurance business volume in the near-term, we believe this move is conducive to enhancing the long-term sustainability of our life insurance business and prepares us well for capitalizing on the growth opportunities arising from the deregulation of prices for traditional life insurance products.

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