CNinsure Enters Into Strategic Partnership With Ping An Life Insurance
February 04 2008 - 6:00AM
PR Newswire (US)
GUANGZHOU, China, Feb. 4 /Xinhua-PRNewswire-FirstCall/ -- CNinsure
Inc. (NASDAQ:CISG), a leading independent insurance agency and
brokerage company operating in China, today announced the signing
of a Memorandum of Understanding (MOU) with Ping An Life Insurance
Company of China, Ltd. ("Ping An Life Insurance") for a strategic
partnership in the distribution and design of certain insurance
products. According to the MOU, CNinsure will work closely with
Ping An Life Insurance in the distribution of accident, health,
endowment and medical insurance policies. They will also co-design
some insurance policies, based on Ping An Life Insurance's
expertise in product development and CNinsure's understanding of
customers' needs. Under the partnership, CNinsure can exclusively
distribute the customized products while Ping An Life Insurance
provides comprehensive training and sales support, including
incentive rewards to sales agents. Commenting on the event,
CNinsure's Chairman and Chief Executive Officer, Yinan Hu, said,
"We are pleased to announce the signing of the MOU. With increasing
market appeal since our IPO and expanding distribution network, we
have made significant progress in deepening relationship with
insurance companies, particularly with Ping An Life Insurance,
which is one of the leading Chinese insurance companies and one
important strategic partner of CNinsure. By forming the
partnership, we believe we can help Ping An Life Insurance's
products reach more individuals and families through our
distribution network, while the exclusive sales of customized
products will help us further differentiate CNinsure from other
market players." About CNinsure Inc. CNinsure is a leading
independent insurance agency and brokerage company operating in
China. CNinsure's distribution network reaches some of China's most
economically developed regions and affluent cities. The company
distributes a wide variety of property and casualty and life
insurance products underwritten by domestic and foreign insurance
companies operating in China and provides insurance-related
services. Forward-looking Statements This press release contains
statements of a forward-looking nature. These statements are made
under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. You can identify these forward-
looking statements by terminology such as "will," "expects,"
"believes," "anticipates," "intends," "estimates" and similar
statements. Among other things, the management's quotations contain
forward-looking statements. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
current expectations, assumptions, estimates and projections about
CNinsure and the industry. Potential risks and uncertainties
include, but are not limited to, those relating to CNinsure's
limited operating history, especially its limited experience in
selling life insurance products, its ability to attract and retain
productive agents, especially entrepreneurial agents, its ability
to maintain existing and develop new business relationships with
insurance companies, its ability to execute its growth strategy,
its ability to adapt to the evolving regulatory environment in
Chinese insurance industry, and its ability to compete effectively
against its competitors. All information provided in this press
release is as of February 04, 2008, and CNinsure undertakes no
obligation to update any forward looking statements to reflect
subsequent occurring events or circumstances, or to changes in its
expectations, except as may be required by law. Although CNinsure
believes that the expectations expressed in these forward looking
statements are reasonable, it cannot assure you that its
expectations will turn out to be correct, and investors are
cautioned that actual results may differ materially from the
anticipated results. Further information regarding risks and
uncertainties faced by CNinsure is included in CNinsure's filings
with the U.S. Securities and Exchange Commission, including its
registration statement on Form F-1. DATASOURCE: CNinsure Inc.
CONTACT: Phoebe Meng IR Officer +86-20-6122-2730 or ; Oasis Qiu,
Investor Relations, +86-20-6122-2732, or
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