HONG KONG, March 7, 2019 /PRNewswire/ -- FTLife Insurance Company Limited ("FTLife") announces its unaudited 2018 financial results. The new business value (NBV) grew year-on-year by 68%, APE sales surged by 44% and profits after tax increased by 15%.
Outstanding channel performance supported by popular products
The continued growth momentum of business results underscores FTLife's remarkable corporate performance. Last year, the flagship "Regent Insurance" Series and "HealthCare 168" remained as FTLife's key products on the market, driving strong growth in NBV. In 2018, the "Regent Insurance" Series accounted for nearly 60% of APE sales and "HealthCare 168" saw over 200% year-on-year growth in APE. IFA channel APE sales grew year-on-year by 55% while the agency channel achieved growth of 34%.
Roll out Certified Plan as early as April in tandem with the Government's VHIS
FTLife CEO Gerard Yang commented: "FTLife enjoyed continuing pre-eminence in 2018 by capitalising on the competitive advantage of sales channels and product innovation. To support the Voluntary Health Insurance Scheme (VHIS) of the Government, we anticipate that the certified VHIS product will be launched as early as April. According to the market research conducted by Nielson and commissioned by the Hong Kong Federation of Insurers, nearly 40% of respondents are interested in getting VHIS coverage, and over 70% of them would purchase a VHIS plan for themselves and their family members. Such figures reflect the huge market potential of VHIS products."
Chief Product Officer Christine Yeung said, "FTLife is committed to providing customers with superior protection. Our recent medical protection products, including 'HealthCare 168' Critical Illness Protector or MediGold Plus Insurance Plan, incorporate many innovative features and are popular in the market. The soon-to-be-launched Certified Plan in concert with the Government's VHIS will make our health product series even more comprehensive for customers from all walks of life, allowing them to enjoy all-round medical protection and tax deduction at the same time."
FTLife is commended for product development in the industry and has been offering medical products for over 30 years. The Insurance Excellence Awards 2018 (Best Medical Insurance Product) from iMoney Magazine and Best-in-Class Award (HealthCare Product) of the BENCHMARK Wealth Management Awards 2018 are bestowed to the Company for the excellence of its medical protection products.
- The information contained in this document is intended as a general summary of information for reference only. Please browse the official company website for details of relevant financial results and product information. For any inquiries, please contact FTLife Customer Service Hotline on +852 2866 8898.
- This document is for distribution in Hong Kong only. It is not an offer to sell or solicitation to buy or provision of any insurance product by FTLife outside Hong Kong.
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About FTLife Insurance Company Limited
FTLife Insurance Company Limited ("FTLife") is one of Hong Kong's most well-established life insurance companies. Capitalising on a heritage of professionalism and excellence in serving clients, FTLife seeks to become a leading insurance group in Asia. It serves individual and institutional clients from a diverse portfolio of financial protection and wealth management products. FTLife aims to excel by cultivating lasting relationships and dedicates itself to providing clients with best-of-breed financial services to help them lead fulfilling lives.