Malingaliro a kampani CHINA UNITED INSURANCE SERVICE, INC. ZOKAMBIRANA ZA MANAGEMENT NDI KUSANGALALA NTCHITO ZA NDALAMA NDI ZOTSATIRA ZA NTCHITO. (mawonekedwe 10-x)

The following discussion of the results of operations and financial condition
should be read in conjunction with our unaudited condensed consolidated
financial statements and notes thereto included in Item 1 of this part. This
report, including the information incorporated by reference, contains
forward-looking statements as defined in the Private Securities Litigation
Reform Act of 1995. The use of any of the words "believe," "expect,"
"anticipate," "plan," "estimate," and similar expressions are intended to
identify such statements. Forward-looking statements include statements
concerning our possible or assumed future results. The actual results that we
achieve may differ materially from those discussed in such forward-looking
statements due to the risks and uncertainties described in the Risk Factors
section of this report, in Management's Discussion and Analysis of Financial
Condition and Results of Operations, and in other sections of this report, as
well as in our annual report on Form 10-K. We undertake no obligation to update
any forward-looking statements.

Chidule

The Company primarily provides two broad categories of insurance products, life
insurance products and property and casualty insurance products, in Taiwan and
PRC. The Company also provides reinsurance brokerage services and insurance
consulting services in Hong Kong and Taiwan. The percentage of reinsurance
brokerage services and insurance consulting services is less than 1% of our
total revenue. The insurance products that the Company's subsidiaries sell are
underwritten by some of the leading insurance companies in Taiwan and PRC,
respectively.

 (1) Life Insurance Products


Total revenue from Taiwan segment's sales of life insurance products were 92.2%
and 87.7% of the Company's total revenue for the three months ended September
30, 2022 and 2021, respectively. Total revenue from PRC segment's sales of life
insurance products were 2.1% and 3.3% of the Company's total revenue for the
three months ended September 30, 2022 and 2021, respectively.

Total revenue from Taiwan segment's sales of life insurance products were 90.3%
and 88.1% of the Company's total revenue for the nine months ended September 30,
2022 and 2021, respectively. Total revenue from PRC segment's sales of life
insurance products were 2.9% and 4.3% of the Company's total revenue for the
nine months ended September 30, 2022 and 2021, respectively.

In addition to the periodic premium payment schedules, most of the individual
life insurance products we distribute also allow the insured to choose to make a
single, lump-sum premium payment at the beginning of the policy term. If a
periodic payment schedule is adopted by the insured, a life insurance policy can
generate periodic payment of fixed premiums to the insurance company for a
specified period of time. This means that once the Company sells a life
insurance policy with a periodic premium payment schedule, it will be able to
derive commission and fee income from that policy for an extended period of
time, sometimes up to 25 years. Because of this feature and the expected
sustainable growth of life insurance sales in the PRC and Taiwan, we have
invested significant resources ever since the incorporation of Anhou and Law
Broker on developing our capability to distribute individual life insurance
products with periodic payment schedules. We expect that sales of life insurance
products will continue being our primary source of revenue in the next several
years.

(2) Inshuwaransi ya katundu ndi anthu ovulala



Total revenue from Taiwan segment's sales of property and casualty insurance
products were 5.7% and 8.1% of the Company's total revenue for the three months
ended September 30, 2022 and 2021, respectively. Total revenue from PRC
segment's sales of property and casualty insurance products were nil and 0.9% of
the Company's total revenue for the three months ended September 30, 2022 and
2021, respectively.

Total revenue from Taiwan segment's sales of property and casualty insurance
products were 6.3% and 7.0% of the Company's total revenue for the nine months
ended September 30, 2022 and 2021, respectively. Total revenue from PRC
segment's sales of property and casualty insurance products were 0.4% and 0.5%
of the Company's total revenue for the nine months ended September 30, 2022
and
2021, respectively.

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As the impacts of COVID-19 and its duration remain uncertain, we have been
monitoring and will continue to measure and modify our business attempting to
keep our customers, sales professionals and employees healthy and safe. The
extent of the COVID-19 impact to the Company will depend on numerous factors and
developments. Consequently, any potential impacts of COVID-19 remain highly
uncertain and cannot be predicted with confidence.

MFUNDO ZOYENERA ZOYANKHULA NDI ZOLINGALIRA

A critical accounting policy is one that is both important to the portrayal of
our financial condition and results of operation and requires our management's
most difficult, subjective or complex judgments, often as a result of the need
to make estimates about the effect of matters that are inherently uncertain.
Except for the accounting policy for disposal of subsidiary as described in Note
2 to this Form 10-Q for the quarter ended September 30, 2022, we have had no
changes to our Critical Accounting Policies as described in our most recent Form
10-K for the year ended December 31, 2021 and believe that of our significant
accounting and reporting policies, the more critical policies include our
accounting for revenue recognition and estimate of income taxes. Our significant
accounting policies are described in Note 1 of "Summary of Significant
Accounting Policies" included within our 2021 Annual Report on Form 10-K filed
with the Securities and Exchange Commission.

Zotsatira za ntchito – miyezi itatu Seputembara 30, 2022 Poyerekeza ndi miyezi itatu yapitayo Seputembara 30, 2021

Gome lotsatirali likuwonetsa zotsatira za ntchito za miyezi itatu yomwe yatha
Seputembara 30, 2022 ndi 2021:

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                                                           Three Months Ended September 30,
                                                 2022             2021
                                              (Unaudited)      (Unaudited)        Change         Percent
Revenue                                      $  32,648,269    $  31,629,500    $   1,018,769          3.2 %
Cost of revenue                                 20,014,864       17,066,959        2,947,905         17.3 %
Gross profit                                    12,633,405       14,562,541      (1,929,136)       (13.2) %
Gross profit margin                                   38.7 %           46.0 %          (7.3) %     (15.9) %

Operating expenses (income):
Selling                                            872,974          397,628          475,346        119.5 %
General and administrative                       6,351,001        7,189,914        (838,913)       (11.7) %
Gain on disposal of nonfinancial assets
in Jiangsu Law                                 (3,262,890)                -      (3,262,890)            - %
Total operating expenses (income), net           3,961,085        7,587,542

(3,626,457) (47.8)%

Income from operations                           8,672,320        6,974,999

1,697,321 24.3%


Other income (expenses):
Interest income                                    232,343          116,277          116,066         99.8 %
Interest expenses                                (107,046)         (47,701)         (59,345)        124.4 %
Foreign currency exchange gain (loss),
net                                              1,240,704         (31,341)        1,272,045    (4,058.7) %
Dividend income                                      7,521              499            7,022      1,407.2 %
Other - net                                          4,574          253,960        (249,386)       (98.2) %
Total other income, net                          1,378,096          291,694

1,086,402 372.4%

Income before income taxes                      10,050,416        7,266,693
       2,783,723         38.3 %
Income tax expense                               (866,461)      (1,908,078)        1,041,617       (54.6) %

Net income                                       9,183,955        5,358,615        3,825,340         71.4 %
Net income attributable to noncontrolling
interests                                      (2,284,110)      (2,338,903)           54,793        (2.3) %
Net income attributable to China United's
shareholders                                     6,899,845        3,019,712

128.5% 3,880,133

Zinthu zina zonse, msonkho wa msonkho: (6,711,878) 208,851

(6,920,729) (3,313.7)%

Comprehensive income                             2,472,077        5,567,466      (3,095,389)       (55.6) %
Comprehensive income attributable to
noncontrolling interests                         (118,808)      (2,404,539)        2,285,731       (95.1) %
Comprehensive income attributable to
China United's shareholders                  $   2,353,269    $   3,162,927
   $   (809,658)       (25.6) %


Revenue

As a distributor of insurance products, we derive our revenue primarily from
commissions and fees paid by insurance companies, typically calculated as a
percentage of premiums paid by our customers to the insurance companies in
Taiwan, PRC and Hong Kong. We generate revenue primarily through our sales
force, which consists of individual sales agents in our distribution and service
network. For the three months ended September 30, 2022 and 2021, the revenues
generated from Taiwan, PRC and Hong Kong were as follows:

Geographic Areas                    Three Months Ended September 30,
                             2022            2021          Change       Percent
Revenue
Taiwan segment           $ 31,965,176    $ 30,291,212    $ 1,673,964        5.5 %
Percentage of revenue            97.9 %          95.8 %
PRC segment                   682,836       1,337,946      (655,110)     (49.0) %
Percentage of revenue             2.1 %           4.2 %
Hong Kong segment                 257             342           (85)     (24.9) %
Percentage of revenue               - %             - %
Total revenue            $ 32,648,269    $ 31,629,500    $ 1,018,769        3.2 %


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Revenue from our Taiwan segment increased by $1.7 million from $30.3 million for
the three months ended September 30, 2021 to $32.0 million for the three months
ended September 30, 2022. The revenue in local currency was increased due to the
performance and operation bonus resulting from the sales of insurance products
increase from Uniwill and Law Broker but partially offset by the foreign
exchange fluctuation from the substantial depreciation of the New Taiwan Dollar
against the U.S. dollar.

Revenue from our PRC segment decreased by $0.6 million from $1.3 million for the
three months ended September 30, 2021 to $0.7 million for the three months ended
September 30, 2022. The overall insurance industry environment was declining
during 2022 in PRC and customers in PRC were less willing to buy those insurance
products in 2022, which resulted in the decrease of revenue in the PRC segment.

Revenue from the Hong Kong Segment was primarily derived from reinsurance
commission on sales of insurance products from other insurers to Taiwan Life
Insurance Co., Ltd. ("Taiwan Life") for risk management. Revenue decrease from
our Hong Kong segment for the three months ended September 30, 2022 continued
compared to that of the three months ended September 30, 2021 due to the
termination of certain of our reinsurance agreements and the discontinuation of
travel insurance.

Mtengo wa ndalama ndi phindu lalikulu


The cost of revenue mainly consists of commissions paid to our sales
professionals. The cost of revenue increased by $2.9 million from $17.1 million
for the three months ended September 30, 2021 to $20.0 million for the three
months ended September 30, 2022. The increase in the cost of revenue was mainly
resulted from the revenue increase of both Uniwill and Law Broker. In addition,
the bonuses paid to agents also increased due to the outstanding sales
performance from senior agents with higher commission rates.

Zotsatira zake, phindu lonse la phindu linatsika kuchoka pa 46.0% kwa miyezi itatu yomwe inatha Seputembara 30, 2021 mpaka 38.7% kwa miyezi itatu yatha Seputembara 30, 2022.

Kugulitsa ndalama


Selling expenses were mainly incurred by Law Broker and Uniwill in connection
with costs related to marketing and advertising. For the three months ended
September 30, 2022, selling expenses were $0.9 million, reflecting an increase
of $0.5 million, compared with $0.4 million of selling expenses for the three
months ended September 30, 2021. The increase in the selling expenses was caused
by the marketing activities during the three months ended September 30, 2022.
For the same period in 2021, the adverse impact from the outbreak of COVID-19 in
Taiwan had substantially restricted our marketing activities in Taiwan, leading
to less selling expenses in such period.

Ndalama zonse ndi zoyendetsera ntchito


General and administrative ("G&A") expenses are principally comprised of
salaries and benefits for our administrative staff, office rental expenses,
travel expenses, depreciation and amortization, entertainment expenses, and
professional service fees. For the three months ended September 30, 2022, G&A
expenses were $6.4 million, reflecting a decrease of $0.8 million, compared with
$7.2 million of G&A expenses for the three months ended September 30, 2021. The
decrease in the general and administrative expenses was attributed to the
recognition of compensation costs for the issuance of shares of common stock
during the three months ended September 30, 2021.

Pezani kuchokera kukutaya zinthu zomwe si zandalama mu Jiangsu Law

Kwa miyezi itatu yomaliza Seputembara 30, 2022ndalama zina zogwirira ntchito zinali $3.3 miliyoni Zimayambitsidwa ndi kutayidwa kwa zinthu zomwe si zandalama m’gulu lina, Jiangsu Law.

Ndalama zina (ndalama), ukonde


Other income mainly consisted of interest income, interest expenses, gain or
loss on valuation of financial assets and foreign currency exchange gain or
loss. Other income were $1.4 million, reflecting an increase of $1.1 million,
compared with the other income of $0.3 million for the three months ended
September 30, 2021. The increase in other income was mainly due to the foreign
currency exchange gain recognized from foreign currency time deposits assets and
intercompany receivable and payable because of the substantial depreciation of
the New Taiwan Dollar against the U.S. dollar and Chinese Yuan during the third
quarter of 2022.

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Income tax expense

Kwa miyezi itatu yomaliza Seputembara 30, 2022akaunti ya msonkho wa ndalama inali $0.9 miliyonizomwe zikuwonetsa kuchepa kwa $1.0 miliyoni kapena 54.6% poyerekeza ndi ndalama zamisonkho $1.9 miliyoni Kwa miyezi itatu yomaliza Seputembara 30, 2021. Chifukwa chakutsika kwa ndalama za msonkho wa ndalama zomwe amapeza makamaka chifukwa cha kubwezeredwa kwa kayezedwe kawo, ponena za chifukwa chomwe chinasinthiratu kuwunikaku, chonde onani Note 14.


Other comprehensive items

Other comprehensive items mainly consisted of foreign currency translation gain
or loss. The foreign currency translation loss was $6.7 million, reflecting a
decrease of $6.9 million, compared with foreign currency translation gain of
$0.2 million for the three months ended September 30, 2021. The decrease was
mainly due to a larger foreign currency translation loss resulted from the
substantial depreciation of the New Taiwan Dollar against the U .S. dollar for
the three months ended September 30, 2022.

Zotsatira za Ntchito – Miyezi isanu ndi inayi Yatha Seputembara 30, 2022 Poyerekeza ndi miyezi isanu ndi inayi yapitayo Seputembara 30, 2021

Gome lotsatirali likuwonetsa zotsatira za ntchito za miyezi isanu ndi inayi yomwe yatha
Seputembara 30, 2022 ndi 2021:

                                                          Nine Months Ended September 30,
                                                2022             2021
                                            (Unaudited)       (Unaudited)         Change         Percent
Revenue                                    $   95,284,500    $  95,133,297    $      151,203          0.2 %
Cost of revenue                                60,354,318       59,576,604           777,714          1.3 %
Gross profit                                   34,930,182       35,556,693         (626,511)        (1.8) %
Gross profit margin                                  36.7 %           37.4 %           (0.7) %      (1.9) %

Operating expenses (income):
Selling                                         1,990,805        1,073,702           917,103         85.4 %
General and administrative                     19,094,349       19,470,001         (375,652)        (1.9) %
Gain on disposal of nonfinancial assets
in Jiangsu Law                                (3,262,890)                -       (3,262,890)            - %

Ndalama zonse zogwirira ntchito (ndalama), zokwana 17,822,264 20,543,703

(2,721,439) (13.2)%

Income from operations                         17,107,918       15,012,990 

2,094,928 14.0%


Other income (expenses):
Interest income                                   498,395          330,054           168,341         51.0 %
Interest expenses                               (229,185)        (136,807)          (92,378)         67.5 %
Foreign currency exchange gain (loss),
net                                             2,682,717        (130,527)         2,813,244    (2,155.3) %
Dividend income                                   219,890          251,827          (31,937)       (12.7) %
Other - net                                       127,855          513,569         (385,714)       (75.1) %
Total other income, net                         3,299,672          828,116 

2,471,556 298.5%

Income before income taxes                     20,407,590       15,841,106 
       4,566,484         28.8 %
Income tax expense                            (3,565,730)      (4,308,482)           742,752       (17.2) %

Net income                                     16,841,860       11,532,624         5,309,236         46.0 %
Net income attributable to
noncontrolling interests                      (5,378,928)      (4,911,643)         (467,285)          9.5 %
Net income attributable to China
United's shareholders                          11,462,932        6,620,981 

4,841,951 73.1%

Zinthu zina zonse, zotsala pambuyo pa msonkho: (13,377,127) 716,903

(14,094.030) (1.966.0)%

Comprehensive income                            3,464,733       12,249,527       (8,784,794)       (71.7) %
Comprehensive income attributable to
noncontrolling interests                        (993,950)      (5,163,181)         4,169,231       (80.7) %
Comprehensive income attributable to
China United's shareholders                $    2,470,783    $   7,086,346 
  $  (4,615,563)       (65.1) %


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Revenue

As a distributor of insurance products, we derive our revenue primarily from
commissions and fees paid by insurance companies, typically calculated as a
percentage of premiums paid by our customers to the insurance companies in
Taiwan, PRC and Hong Kong. We generate revenue primarily through our sales
force, which consists of individual sales agents in our distribution and service
network. For the nine months ended September 30, 2022 and 2021, the revenues
generated from Taiwan, PRC and Hong Kong were as follows:

Geographic Areas                     Nine Months Ended September 30,
                              2022            2021           Change       Percent
Revenue
Taiwan segment           $ 92,085,528    $ 90,439,019    $   1,646,509        1.8 %
Percentage of revenue            96.6 %          95.1 %
PRC segment                 3,115,764       4,554,515      (1,438,751)    
(31.6) %
Percentage of revenue             3.3 %           4.8 %
Hong Kong segment              83,208         139,763         (56,555)     (40.5) %
Percentage of revenue             0.1 %           0.1 %
Total revenue            $ 95,284,500    $ 95,133,297    $     151,203     

0.2%



Revenue from our Taiwan segment increased by $1.7 million from $90.4 million for
the nine months ended September 30, 2021 to $92.1 million for the nine months
ended September 30, 2022. The revenue in local currency was increased due to the
performance and operation bonus resulting from the sales of insurance products
increase from Uniwill but partially offset by the foreign exchange fluctuation
from the substantial depreciation of the New Taiwan Dollar against the U.S.
dollar.

Revenue from our PRC segment decreased by $1.4 million from $4.5 million for the
nine months ended September 30, 2021 to $3.1 million for the nine months ended
September 30, 2022. The overall insurance industry environment in PRC was
declining during 2022 and customers in PRC were less willing to buy those
insurance products in 2022, which resulted in the decrease of revenue in the PRC
segment.

Revenue from the Hong Kong Segment was primarily derived from reinsurance
commission on sales of insurance products from other insurers to Taiwan Life for
risk management. Decrease in revenue from our Hong Kong segment for the nine
months ended September 30, 2022 continued compared to that of the nine months
ended September 30, 2021 due to the termination of certain reinsurance
agreements and the discontinuation of travel insurance.

Mtengo wa ndalama ndi phindu lalikulu

Mtengo wa ndalama makamaka umakhala ndi ma komisheni omwe amaperekedwa kwa akatswiri athu ogulitsa. Mtengo wa ndalama za miyezi isanu ndi inayi udatha Seputembara 30, 2022
Zinakhala zogwirizana ndi nthawi yomweyi mu 2021.

Consequently, the gross profit margin slightly decreased from 37.4% for the nine
months ended September 30, 2021 to 36.7% for the nine months ended September 30,
2022.

Selling expenses

Selling expenses were mainly incurred by Law Broker and Uniwill in connection
with marketing and advertising. For the nine months ended September 30, 2022,
selling expenses were $2.0 million, reflecting an increase of $ 0.9 million,
compared with that of $1.1 million of selling expenses for the nine months ended
September 30, 2021. The increase in the selling expenses was caused by the
increase of marketing activities during the nine months ended September 30,
2022. For the same period in 2021, the adverse impact from the outbreak of
COVID-19 in Taiwan had substantially restricted our marketing activities in
Taiwan, resulting in less selling expenses during the nine months ended
September 30, 2021.

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Ndalama zonse ndi zoyendetsera ntchito


General and administrative ("G&A") expenses are principally comprised of
salaries and benefits for our administrative staff, office rental expenses,
travel expenses, depreciation and amortization, entertainment expenses, and
professional service fees. The decrease in the general and administrative
expenses was mainly attributed to the recognition of compensation costs for the
issuance of shares of common stock for the nine months ended September 30, 2021
but partially offset by the recognition of severance pay arising from the
disposal of the subsidiary Jiangsu Law in June, 2022.

Pezani kuchokera kukutaya zinthu zomwe si zandalama mu Jiangsu Law


For the nine months ended September 30, 2022, other operating income were $3.3
million generated from the disposal of nonfinancial assets in the subsidiary,
Jiangsu Law.

Ndalama zina (ndalama), ukonde


Other income mainly consisted of interest income, interest expenses, gain or
loss on valuation of financial assets and foreign currency exchange gain or
loss. Other income during the nine months ended September 30, 2022 was $3.3
million, reflecting an increase of $2.5 million, compared with that of $0.8
million for the nine months ended September 30, 2021. The increase in other
income was mainly due to the foreign currency exchange gain recognized from
foreign currency time deposits assets because of the substantial depreciation of
the New Taiwan Dollar against the U.S. dollar and during the nine months ended
September 30, 2022.

Income tax expense

For the nine months ended September 30, 2022, income tax expense was $3.6
million, reflecting a decrease of $0.7 million or 17.2%, compared with that of
$4.3 million for the nine months ended September 30, 2021. The decrease in tax
expenses was mainly due to the reversal of valuation allowance, with respect to
reason of reversal of valuation allowance, please refer to Note14.

Zinthu zina zonse

Other comprehensive items mainly consisted of foreign currency translation gain
or loss. Foreign currency translation loss were $13.4 million, reflecting a
decrease of $14.1 million, compared with foreign currency translation gain of
$0.7 million for the nine months ended September 30, 2021. The decrease was
mainly due to a larger foreign currency translation loss resulted from the
substantial depreciation of the New Taiwan Dollar against the U.S. dollar for
the nine months ended September 30, 2022.

Liquidity ndi chuma chuma


The following table presents a comparison of the net cash provided by operating
activities, net cash used in investing activities and net cash provided by
financing activities for the nine-month periods ended September 30, 2022 and
2021:

                                                              Nine Months Ended September 30,
                                                     2022             2021             Change        Percent

Ndalama zopezeka muzochita zogwirira ntchito $12,233,715 $8,968,709 $3,265,006 36.4% ndalama zonse zomwe zimagwiritsidwa ntchito popanga ndalama

             (14,499,782)      (4,061,826)      (10,437,956)      257.0 %
Net cash provided by financing activities            2,445,876        3,886,078       (1,440,202)     (37.1) %


Operating activities

Net cash provided by operating activities during the nine months ended September
30, 2022 was $12.2 million, reflecting an increase of $3.3 million or 36.4% in
comparison with that of $8.9 million during the nine months ended September 30,
2021. The increase in cash inflows was mainly due to higher net income and the
collection form accounts receivable for the nine months ended September 30, 2022
compared with that of the same period in 2021.

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Investing activities

Net cash used in investing activities during the nine months ended September 30,
2022 was $14.5 million, reflecting an increase of $10.4 million or 257.0% in
comparison with that of $4.1 million for the nine months ended September 30,
2021. Increases in the cash used in the investing activities mainly resulted
from the increase of the purchases of time deposits during nine months ended
September 30, 2022. However, the cash outflow was offset by proceeds from
disposal of nonfinancial assets in subsidiary and proceeds from maturities
of
time deposits.

Financing activities
Net cash provided by financing activities was $2.4 million during the nine
months ended September 30, 2022, which decreased by $1.4 million from that of
$3.8 million during the same period of 2021. The decrease was mainly due to the
decrease in net proceeds from additional borrowings under the revolving credit
agreements and partially offset by the decrease of repayment of related party
borrowings during the nine months ended September 30, 2022.

maudindo amgwirizano

Panalibe zosintha pazantchito zamakampani monga zafotokozedwera mu lipoti lapachaka la 2021 la kampaniyo pa Fomu 10-K.

makonzedwe a off-balance sheet

Kampaniyo inalibe makonzedwe ochotsera ndalama ngati a Seputembara 30, 2022.

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