Printer Friendly

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.

COPYRIGHT 2010 China Economic News Services
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2010 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
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
Previous Article:Global shipment of tablet PCs will double in 2011: Goldman Sachs.
Next Article:Taiwan's China-bound investments surge 176% in first eight months.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters