Hit by the financial crisis, premium income from sales of investment-linked insurance products in the first five months of the year fell 69 percent year-on-year to NT$91.4 billion (US$2.8 billion), the Life Insurance Association of the Republic of China said yesterday.
That included first-year premium income on investment-linked products, which fell 84.1 percent year-on-year to NT$38.3 billion over the same period, the association said in a statement.
Total premium income from sales of traditional insurance policies were not hurt by the financial crisis, however, and did better than expected. The total grew 19.7 percent to NT$668.6 billion.
First-year premium income from traditional policies grew 66.6 percent to NT$287.3 billion.
Domestic insurance policyholders continued to avert risk and preferred principal-guaranteed insurance products and policies, the association said.
With the decline in investment-linked insurance policies, the nation’s total insurance premiums fell 11 percent year-on-year to NT$760 billion.
It remains to be seen if sales of investment-linked insurance products will pick up after the stock market’s recent rally, the association said.
POOR INTERNAL CONTROLS: Insurance Bureau Director-General Shih Chiung-hwa said the company is expected to get back on track while its chairman is suspended The Financial Supervisory Commission (FSC) yesterday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$939,415) for a reckless investment that endangered its solvency, and suspended its chairman Eugene Wu (吳東進) for poor supervision. The penalty is the second-highest in a single case after Nan Shan Life Insurance Co (南山人壽) was fined NT$30 million in September last year and its chairman Du Ying-tzyong (杜英宗) suspended for two years, the commission said. In three rounds of special and regular examinations conducted since last year, the commission found that Shin Kong Life had given too much power to an asset and liability management committee
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