Cathay Life Leads in FYP Revenues for First 10 Months

Taipei, Nov.15, 2012 (CENS)--With growing sales of investment-oriented insurance policies, Cathay Life in Taiwan achieved FYP (first year premiums) in October of NT$17.6 billion (US$586.67 million), the highest among rivals for the third consecutive month, with a total of NT$230.5 billion (US$7.68 billion) in the first 10 months to lead the industry.

An industry source estimates Taiwan's life insurers achieved NT$75 billion (US$2.5 billion) in total FYP revenues in October, exceeding NT$1 trillion (US$33.33 billion) in the first 10 months. With sales of some insurance policies to be ceased in 2013, Taiwan's life insurers are likely to see FYP revenues in 2012 hit a historical high.

Fubon Life Insurance and Nan Shan Life scored NT$9.7 billion (US$323.33 million) and NT$9.6 billion (US$320 million), respectively in FYP revenues in October. Nan Shan's FYP revenues in the first 10 months reached NT$143.5 billion (US$4.78 billion), up 383% YoY, the sharpest growth among large life insurers.

China Life came in fourth in FYP revenues in October with NT$6.5 billion (US$216.67 million), followed by BNP Paribas Cardiff and Mercuries Life Insurance, which both registered about NT$4.7 billion (US$156.67 million).

Due to ending sales of some high-interest insurance policies in the first half of 2012, life insurers with bank sales saw FYP revenues soar remarkably, with Fubon having started to lead in monthly FYP revenues from April, but was finally surpassed by Cathay in October.

Cathay and Fubon both reported more than NT$200 billion (US$6.67 billion) in FYP revenues in the first 10 months, while Nan Shan scored NT$140 billion (US$4.67 billion), with the three being the “big three” in the market.