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