FTLife's New Business Value grows strong & sales in APE outperforms the market in the first six months of 2018
HONG KONG, Sept. 4, 2018 /PRNewswire/ -- FTLife Insurance Company Limited ("FTLife") announces its half-year financial results as of 30 June 2018. The new business value (NBV), sales in APE and profit-after-tax continue to grow strong. The key financial results of FTLife for the first half of 2018 are summarised as follows:
- Sales in APE rose 99% year-on-year
- Profit-after-tax increased by 47%
- New Business Value was more than doubled
- Solvency Ratio stays above 500%, exceeding the regulatory requirement.
The Insurance Authority recently released statistics on the market performance of the Hong Kong insurance industry for the first half of 2018. The APE based on the statistics shows a year-on-year increase of 9.1%. FTLife continued to deliver robust results with a 99% year-on-year increase in APE. Also, FTLife maintained its high market position in both IFA channel and agency channel as measured by new business APE.
FTLife CEO Gerard Yang commented: "FTLife's strong growth momentum continues into the first half of this year. The company's flagship products "Regent Insurance Plan 2" and "HealthCare 168" remain as market leaders, driving strong growth in New Business Value. The "Regent Insurance" series accounted for more than 60% of sales in APE and received a warm welcome from customers. FTLife's remarkable results were driven by the sales in APE of the IFA channel which grew year-on-year by over 200%; while the agency channel achieved growth of over 30%."
Gerard Yang added: "We are currently developing new front and back office applications based on the needs of customers, agents and distribution channels. By improving our technological capabilities, we will create a platform that will facilitate our teams in customer services and marketing, in addition to the increased operational efficiency. These developments will bring even better customer experience and help create growth and value for FTLife."
FTLife also recorded a 47% increase of profit-after-tax over the same period, reflecting the enhanced investment return and cost efficiency in business operation. Also, the Solvency Ratio remained above 500%, exceeding the regulatory requirement.
FTLife Chairman Fang Lin said: "FTLife's trusting relationship with our customers and workforce is the basis of our business growth. We will continue to improve our products, business operations, services and information technology systems to provide even better and caring customer experience. Our strong solvency ratio indicates our robust financial strength to deliver what we promise to our clients. Our well-structured training and development systems will offer staff and sales force a platform to boost their personal growth and career development."
Fang Lin continued: "To rise on the rapid development of our business, we will move into FTLife Tower in Kowloon Bay in October this year. The all-new FTLife Tower is an important milestone in our business development. The new office is designed with such concepts as 'harmony', 'openness' and 'collaboration' in mind. With the use of advanced technologies, FTLife Tower will be an even better place for our employees and agents to work and collaborate. Adhering to our principles of business integrity and customer-first, FTLife strives to bring our core values of 'positivity', 'enthusiasm', 'responsiveness', 'innovation', 'practical' and 'cooperation' in everything we do. We aspire to become a world-class, customer-centric insurance company that achieves long-term growth."
FTLife Insurance Company Limited
Branding, Marketing & Communication
Tel: +852 2591 8888
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.
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