With the economy picking up momentum and improving sales of its mortgage life insurance products, CARDIF Assurance Vie’s Taiwan branch posted an impressive performance last year with gross premium income reaching a record high of nearly NT$30 billion (US$95 million).
The amount of premiums received in the first quarter of this year was six times more than during the corresponding period last year, the French insurer said, adding that the company had weathered the global financial crunch with its sales returning to pre-crisis levels.
Facing a growing number of insurance companies in Taiwan cooperating with local banks in promoting their products, Ben Ng (黃旗興), general manager of the life insurer, said there was still plenty of scope for growth in insurance products sales through bank channels in the domestic market.
“Less than 10 percent of the public have mortgage life insurance, so we are striving to raise the penetration rate of such insurance in the local market this year, which is expected to serve as the main driving force behind this year’s sales growth,” Ng said.
Last year, CARDIF forged a strategic alliance with Hua Nan Commercial Bank (華南銀行) to sell mortgage life insurance, which has produced desirable results, Ng said, adding that the company will continue its efforts to expand sales through banks.
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