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First-Aviva sets target of NT$13 billion for the year

"So far, we've earned more than NT$200 million in premium income, which is satisfactory for the first month."

Christopher Knight, First-Aviva CEO

First-Aviva Life Insurance Co (第一英傑華人壽), a newly established subsidiary under the First Financial Holding Co (第一金控), yesterday celebrated its first month of operations, vowing to reach more than NT$13 billion (US$402.5 million) in premium income this year.

"So far, we've earned more than NT$200 million in premium income, which is satisfactory for the first month," First-Aviva chairman Huang Hsien-chuan (黃獻全) said yesterday.

With initial capital of NT$2.25 billion, First-Aviva is a joint venture between First Financial, which holds a controlling 51 percent stake, and Aviva Group, the UK's largest insurance services provider.

It aims to provide tailor-made insurance by taking advantage of First Financial's 188 bank branches nationwide.

First-Aviva chief executive officer Christopher Knight said yesterday that bancassurance has great potential in Taiwan since a survey conducted by the life insurer found that over 60 percent of high-income clients with at least NT$3 million in bank accounts had bought insurance policies from banks.

As of last year, the share of the insurance market controlled by bancassurance in terms of sales reached 34.4 percent, Financial Supervisory Commission Vice Chairwoman Susan Chang (張秀蓮) said yesterday, adding that this figure could grow.
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