CNinsure Signed Exclusive Distribution Agreement with Sino Life Insurance for Custom-designed Product
September 02 2008 - 7:45AM
PR Newswire (US)
GUANGZHOU, China, Sept. 2 /Xinhua-PRNewswire/ -- CNinsure Inc.,
(NASDAQ:CISG), a leading independent insurance agency and brokerage
company operating in China, today announced that it has signed an
exclusive distribution agreement with Sino Life Insurance Company
Ltd. ("Sino Life Insurance"), one of the leading life insurance
companies in China, for the sales of a refundable participating
whole life insurance product. This is the second time that CNinsure
has announced strategic cooperation with leading insurers for
exclusive distribution arrangements, following the announcement of
another arrangement with Ping An Life Insurance Company of China,
Ltd. ("Ping An Life Insurance") in the first quarter. The new life
insurance product, underwritten by Sino Life Insurance, and
custom-designed by Swiss Reinsurance Company ("Swiss Re") for
CNinsure to address diversified insurance needs of Chinese
consumers, has become available exclusively over CNinsure's
distribution network, under the brand name "Fanhua (CNinsure)
Ruixiang", starting from September 1st, 2008. The product,
packaging accidental, health care, annuity, pension and whole life
insurance together, features higher coverage, longer lifetime
annuity payment period with payment starting immediately in the
second year after purchasing the policy, higher pension as well as
waiver of future premiums in case of disability of both the insured
and the applicant, as compared with similar insurance products on
the market. Commenting on the event, CNinsure's Chairman and Chief
Executive Officer, Mr. Yinan Hu, said, "We are proud to work with
Sino Life Insurance and Swiss Re to introduce such an exciting
product to Chinese consumers. The exclusive distribution
arrangement with Sino Life Insurance and cooperation with Swiss Re
in custom-designing insurance products reflect that CNinsure, with
our extensive reach to customers, is increasingly gaining
recognition from our insurance partners as a valuable retail
insurance distributor in China. It also shows that our efforts to
expand the product portfolio with more differentiated products are
reaping benefits, which we believe will help maximize our profits
and fuel the future growth of CNinsure." 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 September 2, 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. DATASOURCE: CNinsure Inc. CONTACT:
Phoebe Meng, IR Officer, +86-20-6122-2777, or ; or Oasis Qiu,
+86-20-6122-2777 x850, or
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