CNinsure has reported revenues of RMB355.5m for the fourth quarter of 2009, an increase of 26.3% compared to RMB281.4m for the same period last year.
The company’s operating income for the fourth quarter was RMB110.2m, an increase of 117.8% compared to RMB50.5m for the same period last year.
For the fourth quarter ended December 31, 2009, the company posted net income of RMB93.8m, an increase of 114.4% compared to RMB43.7m for the same period last year.
For the full year 2009, the company has reported revenues of RMB1.15bn, an increase of 36.8% compared to RMB843.96m in 2008. Operating income increased to 55.5% to RMB326.1m from RMB209.8m in 2008. Net income of 2009 increased 56.9% to RMB300.8m from RMB191.7m in 2008.
Yinan Hu, chairman and CEO of CNinsure, said: “Looking ahead to 2010, we expect to deliver strong growth of over 30% in net income with improving gross margin, driven by a few strong initiatives in the pipeline. These include build-out of new distribution channels (e.g. tele-marketing, online sales, brokerage business channel and bancassurance), introduction of more customized products for exclusive sales, and launching of bundled-sales campaigns.
“In addition, we expect to implement a fee-based revenue model, which has been successfully used by several of our P&C insurance agencies in 2009, on a wider-scale among our affiliated subsidiaries. With these moves, we believe that CNinsure’s competitiveness and its leading position will be further enhanced amid the steadily recovering economy and a well regulated insurance market.
CNinsure anticipates the net income attributable to the company’s shareholders to grow by approximately 30% for the first quarter of 2010 compared to the corresponding period of 2009.