CNinsure has reported that its net income for the fourth quarter of 2007 was RMB53.8 million, up 105% compared to a net income RMB26.2 million in the fourth quarter of 2006.
Total net revenues of the company for the period improved 80.9% to RMB158.7 million from RMB87.8 million in the same period in 2006, primarily reflecting increase in net revenues from commissions and fees.
For fiscal 2007, net income was RMB154.9 million, representing an increase of 170% from RMB57.4 million in fiscal 2006. Net margin was 34.6% for the fiscal year 2007, as against 23.3% for the fiscal year 2006.
CNinsure’s total net revenues for the period were RMB448.2 million, up 81.8% from RMB246.6 million in fiscal 2006. Likewise total operating costs and expenses improved 56.2% to RMB307 million from RMB196.5 million in fiscal 2006.
Yinan Hu, chairman and CEO of CNinsure, said: We are pleased to report strong financial results for the fourth quarter which exceeded our previous estimate. In 2007, the insurance market and insurance intermediary market in China continued to grow rapidly.
By executing our existing growth strategy we believe that CNinsure, led by an experienced management team, is well positioned to capture the growth opportunities.