12 Affiliated Insurance Intermediaries of CNinsure Ranked Among China's Top 20 in Their Respective Categories
August 01 2008 - 4:10AM
PR Newswire (US)
GUANGZHOU, China, Aug. 1 /Xinhua-PRNewswire-FirstCall/ -- CNinsure
Inc. (NASDAQ:CISG), a leading independent insurance agency and
brokerage company operating in China, announced that twelve of its
affiliated insurance intermediary companies, including eight
insurance agencies, one insurance brokerage and three insurance
claims adjusters, were among China's top 20 in their respective
categories, according to the Insurance Intermediary Market
Development Report -- 1st Half 2008 published by the China
Insurance Regulatory Commission on July 30, 2008. According to the
report, eight of CNinsure's 28 affiliated insurance agencies ranked
No. 1, No. 2, No. 6, No. 8, No. 14, No. 18, No. 19, and No. 20,
respectively, among China's top 20 insurance agencies in terms of
revenues, with a combined market share of 13.03% in the first half
of 2008, as compared with only 4 of its insurance agencies among
the top 20 with 4.87% combined market share in the first half of
2007, and 7 among the top 20 with 11.26% combined market share in
the first quarter of 2008. One of CNinsure's five affiliated
insurance brokerages ranked No. 17 among China's top 20 insurance
brokerages by revenue, with an approximately 1.34% market share for
the same period. Noticeably, three insurance claims adjusters,
which were recently acquired by CNinsure, ranked No. 2, No. 3 and
No. 9, respectively, with a combined market share of 10.72% in the
first half of 2008, as compared with their respective rankings of
No. 4, No. 5 and No. 8, together accounting for 9.99% of the total
revenue of all insurance claims adjusters, in the first quarter of
2008. The report found that as of June 30, 2008, there were a total
of 2,381 professional insurance intermediary companies operating in
China, including 1,781 insurance agencies, 333 insurance brokerages
and 267 insurance claims adjusters. The written premiums generated
through independent insurance intermediaries were RMB21.68 billion,
representing an increase of 39.58% over the same period of last
year and accounting for 3.86% of the total written premiums
generated. Commenting on this progress, CNinsure's Chairman and
Chief Executive Officer, Yinan Hu, said, "We are pleased that
despite the impact of the Sichuan earthquake in May on some of our
operations, our affiliated insurance intermediaries as a whole
continued to deliver strong performance, further enhancing our
status as a leading insurance intermediary in China. This reflects
the vitality of China's overall insurance industry, as well as the
joint efforts of our sales agents and management in executing our
growth strategies." About CNinsure Inc. CNinsure is a leading
independent insurance agency and brokerage company operating in
China. CNinsure's distribution network reaches many 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 claims
adjusting as well as other 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 August 1st, 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
annual report on Form 20-F. For more information, please contact:
Phoebe Meng Investor Relations Officer Tel: +86-20-6122-2777 Email:
Oasis Qiu Investor Relations Tel: +86-20-6122-2777 x850 Email:
DATASOURCE: CNinsure Inc. CONTACT: Phoebe Meng, Investor Relations
Officer, +86-20-6122-2777, or ; or Oasis Qiu, Investor Relations,
+86-20-6122-2777 x850, or
Copyright
Fanhua (NASDAQ:FANH)
Historical Stock Chart
From Jun 2024 to Jul 2024
Fanhua (NASDAQ:FANH)
Historical Stock Chart
From Jul 2023 to Jul 2024