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CNinsure Reports Fourth Quarter And Fiscal Year 2013 Unaudited Financial Results

GUANGZHOU, China, March 10, 2014 (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, 2013 1.

Financial Highlights for Fourth Q uarter of 2013

  • Total net revenues: RMB503.8 million (US$83.2 million), representing an increase of 15.6% from the corresponding period in 2012.  
  • Operating income: RMB14.4 million (US$2.4 million), representing an increase of 125.1% from the corresponding period in 2012.  
  • Net income attributable to the Company's shareholders: RMB24.7 million (US$4.1 million), representing an increase of 23.2% from the corresponding period in 2012.  
  • Adjusted EBITDA: RMB36.4 million (US$6.0 million), representing an increase of 8.3% from the corresponding period in 2012.  
  • Basic and diluted net income per ADS: RMB0.49 (US$0.08) and RMB0.49 (US$0.08), respectively, representing increases of 23.5% and 24.0%, respectively, from the corresponding period in 2012.

Highlights for Fiscal Year 201 3

  • Total net revenues: RMB1.8 billion (US$290.2 million), representing an increase of 10.8% from 2012.  
  • Operating income: RMB18.0 million (US$3.0 million), representing a decrease of 72.7% from 2012.  
  • Net income attributable to the Company's shareholders: RMB95.6 million (US$15.8 million), representing a decrease of 26.7% from 2012.  
  • Adjusted EBITDA: RMB124.2 million (US$20.5 million), representing a decrease of 36.5% from 2012.  
  • Basic and diluted net income per ADS: RMB1.92 (US$0.32) and RMB1.91 (US$0.32), respectively, representing decreases of 26.5% and 26.4%, respectively, from 2012. 

Commenting on the fourth quarter financial results, Mr. Chunlin Wang, CNinsure's chief executive officer, stated, "We delivered much stronger top line growth than expected in the fourth quarter of 2013, reflecting solid performance in our property and casualty insurance and claims adjusting businesses. With disciplined expense management in the fourth quarter of 2013, our operating expense to revenue ratio dropped year-over-year, which translated into improved operating profit and stellar profit growth in the fourth quarter of 2013.

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