CNinsure Inc. is a Guangzhou-based independent insurance intermediary company that distributes a variety of property and casualty insurance products in China. The company also offers insurance claim adjusting services, including assessment, survey, authentication and loss estimation for individuals and institutions.
Founded in 1998, the company has worked to establish a distribution and service network across China that includes 55 affiliated insurance intermediary companies, 47 of which are insurance agencies, four that are insurance brokerages and four that are insurance adjusting companies. The company utilizes a sales force of more than 36,000 sales representatives that comprise a network reaching 23 provinces in China.
CNinsure continuously revamps its core business systems to reflect and adhere to the changes in the marketplace to support its nationwide operations. This tactic is part of its long-term goal to become a premier diversified financial services group, leveraged by its established distribution network, operating platform and brand recognition, a strategy that is ultimately expected to attract more product suppliers and service offerings.
Since its IPO in 2007, the company has boosted its market reach through organic growth and growth through acquisitions. In a recent press release, CNinsure said it plans on refining its acquisition model for simplicity and reduced risks, as it anticipates acquisitions to fuel future growth.
The company recently announced its unaudited third-quarter financial results for 2010, posting total net revenues at US$58.0 million, up 30.4% from revenues for the third quarter of 2009. Income from operations was reported at US$17.8 million, an increase of 35.7% from the comparable quarter of 2009. Net income attributable to CNinsure shareholders was US$16.4 million, a 42.7% increase from the third quarter of 2009.
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