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CNinsure reports strong Q1 results

CNinsure has reported a net income of $5 million for the first quarter ended March 31, 2008, up 36% from a net income of RMB25.8 million for the same quarter of 2007.

Total net revenues for the quarter were RMB136.6 million, up 93.2% compared with total net revenues of RMB70.7 million during the corresponding period of 2007.

For the period, total operating costs and expenses increased 123.5% to RMB104 million from RMB46.5 million for the comparable quarter of 2007. Income from operations were RMB32.7 million for the first quarter of 2008, representing a growth of 34.9% compared with RMB24.2 million for the same quarter of 2007.

For the quarter, operating margin was 23.9% as against 34.2% for the comparable period of 2007.

Yinan Hu, chairman and CEO of CNinsure, said: Looking ahead to the remainder of 2008, we believe that our business will be even stronger, primarily driven by continued acquisitions and integration of the acquired companies, increasing bargaining power with insurance companies, further co-operation with insurance companies in the exclusive distribution of customized products and addition of a nationwide insurance claims adjusting service network.