Seven Life Insurers See FYP Revenues Double YoY in First Five Months

Taipei, June 27, 2012 (CENS)--The first-year-premium (FYP) revenues scored by all the life insurance firms in Taiwan reached NT$ 486.1 billion (US$ 16.2 billion) in the first five months of this year, up 37% from a year earlier, according to the statistics released by the Life Insurance Association Taiwan.

Among the insurers, Chinatrust Life Insurance saw its FYP revenue increase six times to over NT$ 11.522 billion (US$ 384 million) in the Jan.-May period, for the highest growth in the life insurance industry.

Meanwhile, Taiwan Life, Nan Shan Life Insurance, Fubon Life, Global Life Insurance, Manulife, and ACE Life, all saw their FYP revenues for the five-month period at least double from the corresponding levels of a year earlier.

Chinatrust Life indicated that all of its sales channels continue to grow, particularly its telephone sales remains the highest market share in the industry, and its bank insurance sales shows the largest improvement under the supports of the same group's Chinatrust Commercial Bank, with market share advancing to NO.8 from last year's NO.15 in the industry.

Chinatrust Life pointed out that it will focus its operation on guarantee- or investment-linked insurance products, as well as retirement pension management.

Nan Shan Life Insurance, a leading insurance company in Taiwan, saw its FYP revenues in the first five months shoot up to NT$ 71.57 billion (US$ 2.39 billion), about four times the corresponding figure of last year. The company mainly relies on two major channels—sales representatives and banks--for selling insurance policies, which contributed FYP revenues of NT$ 40.66 billion (US$ 1.36 billion) and NT$ 30.12 billion (US$ 1.004 billion), respectively, in the first five months of the year.