FTLife sales in first three quarters 2017 grew 25%, attributed to first-in-market flagship products

HONG KONG, Dec. 19, 2017 /PRNewswire/ -- FTLife Insurance Company Limited ("FTLife") today announced its financial results ended 30 September 2017. New business value (NBV) for the first three quarters grew year-on-year 57%, sales in APE up by 25%, profits after tax increased by 65%, invested assets rose by 16%, and solvency ratio remains strong at over 400%, far exceeding regulatory requirement. 

New business delivers strong results despite adverse market conditions

According to the latest statistics from the Insurance Authority, new premium for long-term business in Hong Kong fell 12% year-on-year in the first three quarters of 2017. Despite the slowing growth of the industry at large, FTLife managed to deliver robust results with a 25% year-on-year increase in APE and high volumes of new business.

Profit climbs substantially.   Flagship products meet customer demand

All of FTLife's main business indicators were positive for the review period. Apart from NBV reaching record high, its investment assets and profit after tax also reported remarkable performances. Profit after tax for the third quarter grew 65% driven primarily by a rise in bond interest income, along with higher capital gain, whereas growth in new business was owed mainly to agency and IFA channels reporting strong sales of FTLife's flagship products -- "Regent" and "HealthCare 168".

Insurance Authority statistics also showed that some 95% of the insurance policies issued to visitors from mainland China were medical or protective in nature, such as critical illness, medical, whole life, term life and annuity products. FTLife's "Regent" and "Healthcare" 168 products are able to address the needs of this group of customers. "Regent" is appreciated for several market-first features, including a long protection period up to the age of 128, flexibility in changing the insured person and a high rate of return, offering policyowner an ideal wealth succession solution. "Regent" has been warmly welcomed by the market and accounts for 55% of the company's product mix.

The other flagship product of the company "HealthCare 168" also boasts a number of first-in-market features, including full coverage of 168 illnesses -- the most comprehensive protection in town -- complete with protection for critical illnesses and a protection reset benefit.  "HealthCare 168" provides protection and a means for savings, and stands out in the market in customer return.

Outstanding products and corporate achievements gain industry and market recognition

"Regent" and "HealthCare168" were ranked top three in Hong Kong market by an independent organisation*. Furthermore, the "A-" and "Baa1" ratings given to FTLife on its financial strength by Fitch Ratings and Moody's respectively are also important achievements of the company. Such ratings are testament to FTLife's management excellence, abundant working capital, low risk debt portfolio and solid business performance. The over 400% capital adequacy ratio of the company in particular speaks for its solvency.

FTLife Chairman Fang Lin said: "Since FTLife was acquired by JD Group in 2016, we have formulated a long-term development strategy with clear objectives. The FTLife's culture emphasises trust, stability and focus on customer. Combining the Group's agility and entrepreneurial spirit, FTLife is able to further enhance talent development, product innovation, distribution management, finance & actuarial and investment portfolio. The financial performance for the first three quarters of 2017 reflects the effectiveness of the company's strategies. Building on its solid development strategies, sound corporate governance, excellent management team, strong capital strength, and leveraging the expertise of its parent company JD Group in technology and investment, FTLife is poised to grasp important growth opportunities in Hong Kong and mainland markets. We will also invest more resources into building a stronger agency force, uplifting productivity, developing more best-in-class products and services that fulfil our customers' need, and enhancing overall operating efficiency through the latest technology; all to the end in generating sustainable value for our customers, employees, society and shareholders."

New management appointment to take FTLife to new heights

Moreover, on 5 December 2017, the Board announced the appointment of Gerard Yang as Chief Executive Officer of FTLife. Mr Yang is currently Chief Financial Officer and Chief Administration Officer of the company. The appointment is subject to the approval of the Insurance Authority. Lennard Yong, the current Regional CEO, will remain as a member of the Board of FTL Asia Holdings Limited.

Fang Lin said: "In the past year, with Lennard at the helm, FTLife's Hong Kong business achieved strong growth, thus we are so grateful to him for his contribution to the company. The Hong Kong market is very important to FTLife and we are very pleased to have Gerard to head our Hong Kong business and guide the team in continuing to deliver outstanding performance. With full backing from JD Group and the Board, he shall steer the FTLife team in boosting the company's competitiveness in the market, and help the company realise its vision of becoming a world-class customer-centric insurance company that achieves long-term growth by flourishing in Hong Kong, deepening integration with China and expanding throughout Asia."

*10Life, November 2017: "Regent" is ranked third in whole-life savings with highest projected returns, while "HealthCare 168" ranks first in overall whole life critical illness.

Media inquiries

FTLife Insurance Company Limited 
Branding, Marketing & Communication  
Tel: +852 2591 8888  
Email: ftlhk.mkt@ftlife.com.hk  

About FTLife Insurance Company Limited

FTLife Insurance Company Limited ("FTLife") is one of Hong Kong's largest life insurance companies and a wholly-owned subsidiary of Tongchuangjiuding Investment Management Group Co., Ltd. ("JD Group"). 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.

About JD Group

Headquartered in Beijing, JD Group has offices in China, North America and other parts of Asia. The Group runs companies in the financial services industry and is engaged principally in investment, Internet finance, and insurance. One such business is JD Capital, a China-based leader in private equity investment. The Group aspires to become an insurance-centric financial asset management platform operating on a global scale.