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.
|Printer friendly Cite/link Email Feedback|
|Title Annotation:||first year premium equivalent|
|Publication:||The Taiwan Economic News|
|Article Type:||Brief article|
|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.|