2010/07/19
Taipei, July 19, 2010 (CENS)--Cathay Life Insurance Co. of Taiwan generated US$5.61 billion of premium revenues from first-year policies in the first half of 2010, for a 74% year-on-year increase.
Fubon Life Assurance Co. trailed in second place with first-half premium revenues from first-year policies totaling US$4.3 billion, up 69% from a year earlier.
Cathay Life`s premium revenues from first-year policies totaled US$894.4 million to take a 30% market share in June, during which high-margin policies contributed to 49.2% of such revenues, up from 39.6% a year earlier.
Fubon`s premium revenues from first-year policies totaled US$795.03 million in June, lagging modestly by US$99.37 million from Cathay, with the two leaders expected to continue vying for bigger share in the local life-insurance market in the second half.
Huanan Insurance Agent Co. says the most popular products in the second half will be policies based on interest-variable, six-year endowment, foreign-currency, and bonus-linked terms.
C.C. Su, president of Huanan Insurance Agent, says the domestic insurance market hinges on the financial environment, cross-Taiwan Strait political and economic relations, and reduced bank deposit guarantee in the second half.
S.H. Yang, vice president of Chinatrust Commercial Bank, suggests domestic consumers to buy risk-managed, investment-linked policies, predicting the domestic insurance market will promote interest-linked annuity and bonus-linked policies in the second half.
(by Ben Shen)
From Taiwan economic News published on 2010/07/19
