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 (
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 (
Elon Musk’s lieutenants have reached out to chip industry suppliers, including Applied Materials Inc, Tokyo Electron Ltd and Lam Research Corp, for his envisioned Terafab, early steps in an audacious and likely arduous attempt to break into the production of cutting-edge chips. Staff working for the joint venture between Tesla Inc and Space Exploration Technologies Corp (SpaceX) have sought price quotes and delivery times for an array of chipmaking gear, people familiar with the matter said. In past weeks, they’ve contacted makers of photomasks, substrates, etchers, depositors, cleaning devices, testers and other tools, according to the people, who asked not to
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