Cathay Life of Taiwan Tops in FYP Revenues in August

Taipei, Sep.18, 2012 (CENS)--Cathay Life, a major life insurer in Taiwan, scored the highest FYP (first year premium) revenues in August at over NT$20 billion (US$666.67 million), thanks to remarkable sales of high-interest investment-oriented insurance policies. Fubon Life followed in second with approximately NT$14 billion (US$466.67 million), trailed by Nan Shan Life with NT$9 billion (US$300 million).

With sales of some high-interest rate policies ceasing from the second half, life insurers saw significant sales growth of high-interest policies in June and July, with August being the first month without revenues from the said policies to reflect the reality of new policy sales. An industrial source estimated FYP revenues of Taiwan’s life insurers in August to be NT$70~80 billion (US$2.33~2.67 billion), only half of NT$130~140 billion (US$4.33~4.67 billion) in June and July.

A representative of Cathay says the company will not compete with peers in FYP revenues, so will not publicize such numbers in the future. An industrial source estimates Cathay posted NT$190 billion (US$6.33 billion) in FYP revenues in the first eight months.

Fubon’s FYP revenues in the first eight months exceeded NT$200 billion (US$6.67 billion), remaining the leader in 2012.

Nan Shan leads in FYP revenue growths among medium & large-sized insurers, with a total of NT$130 billion (US$4.33 billion) in FYP revenues from Jan. to Aug. Benefiting from NT$1.4 billion (US$46.67 million) in stock dividends, the company saw net earnings reach NT$1.1 billion (US$36.67 million) in August, with NT$8.4 billion (US$280 million) in the first eight months, NT$0.91 (US$0.03) in earnings per share (EPS).

Other insurers including Cardif Assurance Vie (Taiwan Branch), Shin Kong Life Insurance Co., China Life, and BNP Paribas Cardif TCB Life Insurance Co. all scored over NT$4 billion (US$133.33 million) of FYP revenues in August, with Shin Kong exceeding NT$50 billion (US$1.67 billion) in the first eight months, ranking 4th, and China Life being fifth with NT$45 billion (US$1.5 billion).