GUANGZHOU, China, Sept. 2 /Xinhua-PRNewswire/ -- CNinsure Inc.,
(Nasdaq: CISG), a leading independent insurance agency and brokerage company operating in China, today announced that it has signed an exclusive distribution agreement with Sino Life Insurance Company Ltd. (“Sino Life Insurance”), one of the leading life insurance companies in China, for the sales of a refundable participating whole life insurance product.
This is the second time that CNinsure has announced strategic cooperation with leading insurers for exclusive distribution arrangements, following the announcement of another arrangement with Ping An Life Insurance Company of China, Ltd. ("Ping An Life Insurance") in the first quarter. The new life insurance product, underwritten by Sino Life Insurance, and custom-designed by Swiss Reinsurance Company (“Swiss Re”) for CNinsure to address diversified insurance needs of Chinese consumers, has become available exclusively over CNinsure’s distribution network, under the brand name "Fanhua (CNinsure) Ruixiang", starting from September 1st, 2008. The product, packaging accidental, health care, annuity, pension and whole life insurance together, features higher coverage, longer lifetime annuity payment period with payment starting immediately in the second year after purchasing the policy, higher pension as well as waiver of future premiums in case of disability of both the insured and the applicant, as compared with similar insurance products on the market.
Commenting on the event, CNinsure’s Chairman and Chief Executive Officer, Mr. Yinan Hu, said, “We are proud to work with Sino Life Insurance and Swiss Re to introduce such an exciting product to Chinese consumers. The exclusive distribution arrangement with Sino Life Insurance and cooperation with Swiss Re in custom-designing insurance products reflect that CNinsure, with our extensive reach to customers, is increasingly gaining recognition from our insurance partners as a valuable retail insurance distributor in China. It also shows that our efforts to expand the product portfolio with more differentiated products are reaping benefits, which we believe will help maximize our profits and fuel the future growth of CNinsure.”
About CNinsure Inc.
CNinsure is a leading independent insurance agency and brokerage company operating in China. CNinsure’s distribution network reaches many of China’s most economically developed regions and affluent cities. The Company distributes a wide variety of property and casualty and life insurance products underwritten by domestic and foreign insurance companies operating in China, and provides insurance claims adjusting as well as other insurance-related services.
Forward-looking Statements
This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward- looking statements by terminology such as "will," "expects," "believes," "anticipates," "intends," "estimates" and similar statements. Among other things, the management’s quotations contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about CNinsure and the industry. Potential risks and uncertainties include, but are not limited to, those relating to CNinsure’s limited operating history, especially its limited experience in selling life insurance products, its ability to attract and retain productive agents, especially entrepreneurial agents, its ability to maintain existing and develop new business relationships with insurance companies, its ability to execute its growth strategy, its ability to adapt to the evolving regulatory environment in Chinese insurance industry, and its ability to compete effectively against its competitors. All information provided in this press release is as of September 2, 2008, and CNinsure undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although CNinsure believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by CNinsure is included in CNinsure’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F.
