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 the minimum regulatory requirement of 150%.
Last year, FTLife was acquired by NWS Holdings from JD Group, with the transaction finalised on November 01, 2019. The company was awarded an upgraded insurance financial strength rating of ‘A3’ by Moody’s. This was largely attributed to its improved distribution strength and profitability over the last few years, plus strong support from its new shareholder, the statement said. In addition, Fitch Ratings reaffirmed FTLife’s insurer financial strength rating of ‘A-’, owing to the company’s robust capital base and strong solvency.
“Despite many operational challenges last year, the company launched various well-received VHIS and qualified deferred annuity products that drove business growth,” said Gerard Yang, FTLife’s CEO. “Our sales force continued to grow, with the number of agents increasing 14% year-on-year to more than 3,200; while total brokers and strategic partners exceeded 270. We also launched ‘Reach FTLife’ as a mobile app designed to serve the policy needs of customers in a more flexible and speedier manner. Looking ahead, FTLife will pursue long-term development strategies and continue to strive for outstanding performance in product development, technological innovation, customer service and talent development.”