Nan Shan Life widened the lead on Fubon Life in first year premium (FYP) revenues from NT$500 million (US$16.67 million) in October to NT$2.8 billion (US$93.3 million) in November, also challenging the leader Cathay Life fiercely after starting policy sales in Chinatrust Commercial Bank from November.
Taiwan’s life insurers posted NT$978 billion (US$32.6 billion) in FYP revenues in the first 10 months, which is likely to challenge an historical high of NT$1.2 trillion (US$40 billion) in the whole year.
Among the 30 life insurers in Taiwan, the top five FYP revenue earners in November are Cathay, NanShan, Fubon, China Life, and Mercuries Life Insurance, all of whom except China Life posted growths from October.
Since Ruen Chen Investment Holding Co. became Nan Shan’s largest shareholder in August 2011, Nan Shan has been aggressively expanding sales via banks. Statistics unveiled by the life Insurance Association of R.O.C show that sales by agents and banks contributed 52.2% and 46.4%, respectively to Nan Shan’s FYP revenues in the first 10 months.
Since Chinatrust Commercial Bank ended policy sales in March 2012, Nan Shan’s two savings-type policies in U.S. dollar began to be sold again via said bank from November, with monthly sales reaching NT$700 million (US$23.33 million). The insurer reported NT$156.2 billion (US$5.21 billion) in FYP revenues in the first 11 months, the third highest in the industry.
Cathay Life led FYP revenues in the first 11 months with NT$239.8 billion (US$8 billion), followed by Fubon Life with NT$234.8 billion (US$7.83 billion). The mid-sized life insurer Mercuries Life became a top-five insurer in FYP revenues after improvements in operation.
