China United Insurance Service, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Audited Earnings Results for the Year Ended December 31, 2014
March 19, 2015 at 09:10 pm IST
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China United Insurance Service, Inc. reported unaudited consolidated earnings results for the fourth quarter and audited earnings results for the year ended December 31, 2014. For the quarter, revenues increased 3.4% to $16.46 million, from $15.92 million in the same period last year. The increase, in part, reflected higher sales of insurance products in Taiwan through the company's strategic alliance with AIA International Limited Taiwan Branch, as well as increased sales of China Trust Life Insurance products. Net income was $0.31 million versus $0.28 million for the same quarter last year. The net loss attributable to CUIS' shareholders for the quarter was $33,000, or $0.001 per basic and diluted share, compared with a net loss of $135,000, or $0.005 per basic and diluted share, in the same period of 2013. Income from operations was $606,503 compared to $1,173,064 a year ago. Income before income taxes was $808,831 compared to $480,886 a year ago.
For the year, revenues rose to $47.45 million from $45.16 million a year ago. Income before income taxes was $1.63 million, compared with $4.10 million in 2013. Net loss was $0.04 million, compared with net income of $3.17 million last year. Net loss attributable to CUIS' shareholders for the 2014 fiscal year was $0.91 million, or $0.031 per basic and diluted share, versus net income of $1.54 million, or $0.053 per basic and diluted share, in 2013. Income from operations was $1,035,572 compared to $4,333,709 a year ago.
China United Insurance Service, Inc. (China United) operates in Taiwan and China through its subsidiaries Action Holdings Financial Limited (AHFL) and ZLI Holdings Limited (CU Hong Kong), respectively. AHFL holds shares of Law Enterprise Co., Ltd. (Law Enterprise), a company based in Taiwan. Law Enterprise holds shares of Law Insurance Broker Co., Ltd. (Law Broker), Law Risk Management & Consultant Co., Ltd. (Law Management) and Law Insurance Agent Co., Ltd. CU Hong Kong owns Law Anhou Insurance Agency Co., Ltd. (Anhou), which provides insurance agency services in the People's Republic of China. Law Broker and Anhou markets and sells insurance products: life insurance products, and property and casualty insurance products, both focused on meeting the particular insurance needs of individuals. The insurance products that Law Broker and Anhou sell are underwritten by certain insurance companies in Taiwan and China, respectively.
China United Insurance Service, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Audited Earnings Results for the Year Ended December 31, 2014