Sat, Feb 28, 2009 - Page 11 News List

New York Life to recruit 3,000 more agents in Taiwan

By Joyce Huang  /  STAFF REPORTER

New York Life Taiwan (紐約人壽) plans to recruit more than 3,000 agents from rival insurers who are about to be merged, beefing up its current 500-strong team, a top executive said yesterday.

“We would welcome the top 10 percent of those 30,000 to 40,000 [unemployed] agents, who are looking for a home,” Gary Bennett, chief executive officer of the life insurer in Greater China, told a media briefing.

Bennett said that New York Life was committed to the Taiwanese market, which contributed 16 percent to all revenues from Asia last year, and that it would weather the current tough times by strengthening its traditional policy businesses and building a multiple channel via agents, bancassurance and telemarketing.

Chief financial officer Steve Miles said the life insurer saw a 20 percent year-on-year growth in net profits last year in Taiwan. He said health insurance policies were the biggest growth driver, while the company had a strong 260 percent risk-based capital (RBC) ratio.

However, he refused to detail earning figures.

To show its commitment, the insurer announced it would boost its charity outreach programs that support disabled and disadvantaged children by sending employee volunteers to read and tell stories to children and by donating books to children’s groups nationwide in May.

New York Life Taiwan will also sponsor a children’s painting competition from March 16 to April 20 and donate NT$10 to the Maria Social Welfare Foundation for every painting submitted by a child.

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