FTLife reports 20% growth in GWP

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Hong Kong-based FTLife Insurance Company has released its financial results for the whole year 2019, bannered by 20% growth in gross premiums.

According to a statement from the insurer, its GWP grew 20% year-on-year to HK$8.7 billion, while annualised premium equivalent was at almost HK$2 billion and value of new business exceeded HK$600 million.

Net profit amounted to more than HK$1 billion, according to Hong Kong Financial Reporting Standards. Total asset value was HK$64.9 billion, while net asset value was HK$15.6 billion. The firm’s embedded value was HK$17.3 billion, growing 7% year-on-year. Solvency ratio stood at 601%, far higher than

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Noah Singapore gains capital markets services licence

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Noah Holdings Singapore has been granted a capital markets services (CMS) licence by the Monetary Authority of Singapore (MAS).

In a statement, Noah Singapore said that with its new licence, it will be able to deal in capital markets products that are securities and units in a collective investment scheme, and provide custodial services. It also allows the firm to provide financial advisory services on capital markets products that are securities, units in a collective investment scheme and life policies, as well as advice on the arranging of contracts of insurance in respect of life policies, other than contracts of

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Japanese motor sector could be stagnant for years due to coronavirus

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Motor insurance, one of the largest segments of the Japanese general insurance market, is expected to encounter stagnation over the next four years due to the coronavirus outbreak, according to a report by GlobalData.

The report revealed that motor insurance gross written premiums recorded a compound annual growth rate (CAGR) of 0.7% between 2014 and 2019. However, motor insurance’s share in the general insurance sector, is projected to decrease from 53.3% in 2019 to 52.4% in 2023.

The slump was mostly credited to the recent decline in insurance premium rates. In 2017, the General Insurance Rating Organisation of Japan (GIROJ)

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