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Cathay Life of Taiwan leads industry in August FYPE.

Taipei, Sept. 29, 2010 (CENS) -- Cathay Life Insurance Co. was Taiwan's top life insurer by scoring NT$6.72 billion (US$211.98 million) in FYPE (first year premium equivalent) in August, according to statistics compiled by the Taiwan Insurance Institute (TII).

Fubon Life Assurance Co. came in second with NT$5.509 billion, with Chunghwa Post Co., Ltd. Life Insurance Department in third with NT$2.841 billion, followed by Nan Shan Life Insurance Co. with NT$2.047 billion, and Shin Kong Life Insurance Co. with NT$1.351 billion.

To encourage domestic life insurers to sell longer-term commodities and installment protection-based life insurance coverage, the Financial Supervisory Commission (FSC) adopts the FYPE, in addition to first year premium, to gauge performance of life insurers.

Taiwan's life-insurance industry saw first-year premium revenues grow from NT$446.2 billion in 2004 to NT$925.1 billion in 2009. According to statistics compiled by the Life Insurance Association of the Republic of China (LIA-ROC), the industry saw the ratio of revenues from wholesale commodities and interest-variable annuity jump to 73% in 2009 from 44% in 2004.

The LIA-ROC's tallies show domestic life insurers saw growth in FYP revenues in August, with Fubon Life leading with NT$37.274 billion, followed by Cathay Life with NT$36.408 billion, Shin Kong Life with NT$7.322 billion, BNP Paribas TCB Life with NT$6.323 billion and China Life with NT$5.077 billion.

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Article Details
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Title Annotation:first year premium equivalent
Author:Shen, Ben
Publication:The Taiwan Economic News
Article Type:Brief article
Geographic Code:9TAIW
Date:Sep 29, 2010
Words:243
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