Monday, independent insurance intermediary Cninsure, Inc. (CISG) reported a 47.5% increase in profit on higher revenue with strong growth in its life insurance business.
Guangzhou, China-based CNinsure reported a net income attributable to company's shareholders of RMB76.9 million or US$11.3 million, up 47.3% from RMB52.20 million in the year-ago period. Results were helped by a 95.3% year-over-year growth in its life insurance business, as well as strong growth in its Datong segment.
For the third quarter, CNinsure's net income was RMB0.084 or US$0.012, compared to RMB0.057 in the prior-year period. Earnings per American Depositary Share or ADS increased 43.4% to RMB1.641 or US$0.240 from RMB1.144 in the prior-year period.
Total net revenues increased 41.1% to RMB297.8 million or US$43.6 million from RMB210.5 million due to engaging more sales professionals and claims adjusters, acquisitions and growth in sales volume. Income from operations went up 54.4% to RMB87.7 million or US$12.9 million in the year-earlier quarter.
Cninsure's interest income decreased 41.4% to RMB7.5 million or US$1.1 million from RMB12.9 million due to a decrease in bank deposit interest rates. Third-quarter net margin was 25.8%, compared to 24.7% in the year-ago period.
Total operating costs and expenses jumped 36.3% to RMB210.1 million or US$30.8 million from RMB154.2 million. Commissions and fees expenses increased 26.7% to RMB139.7 million or US$20.5 million from RMB110.3 million due to sales volume growth.
For the nine-month period, Cninsure reported a profit of RMB207.06 million or RMB4.476 per ADS, compared to a net income of RMB147.8 million or RMB3.241 per ADS in the year-ago quarter. Revenue increased to RMB799.3 million from RMB562.4 million.
CNinsure expects its fourth-quarter revenue to grow 26% and full-year revenue to increase by 36% compared to the year-ago period.
CISG closed Monday's regular trading session at $21.37, up $0.41 or 1.96% on the Nasdaq. In after-market hours, CISG shares fell 4.07% or $0.87 to $20.50.
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