FTLife reports 47% increase in after-tax profit for first half

Profit growth credited to strong showing by independent financial adviser and agency channels

FTLife reports 47% increase in after-tax profit for first half

Insurance News

By Gabriel Olano

Hong Kong-based FTLife Insurance has announced a 47% increase in after-tax profit for the first half of 2018.

According to a statement by the insurer, its sales in annual premium equivalent (APE) rose 99% year-on-year, with new business value more than doubling. Its solvency ratio remained over 500%, exceeding the market’s regulatory requirement.

“FTLife’s strong growth momentum continues into the first half of this year,” said Gerard Yang, FTLife chief executive. “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 [independent financial adviser] channel which grew year-on-year by over 200%; while the agency channel achieved growth of over 30%,” he added.

Yang also revealed that the company is 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,” he said.

Furthermore, FTLife chairman Fang Lin announced that the company will move to a new office, named FTLife Tower, in Kowloon Bay in October.

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