CNinsure has reported total revenues of RMB365.8m for the second quarter of 2010, an increase of 28.1% compared to RMB285.5m for the same quarter in 2009.
The company said that the increase was primarily driven by the growth of life insurance business as a result of the growth in sales volume, increase in commission rate for new life insurance policies and growth in renewal commissions.
The operating income for the quarter were RMB107.2m compared to RMB82.4m for the same period last year.
For the quarter ended 30 June 2010, the company posted net income of RMB117.3m which is an increase of 59% compared to RMB73.8m for the same quarter in 2009.
CNinsure chairman and CEO Yinan Hu said that the company saw a strong growth momentum in its second quarter, with life insurance growing over 138% year-over-year and accounting for 36.1% of our total net revenues, driven by the increases in first year commission rate, accumulation of renewal commissions and performance bonus.