First-year premiums down over 50% - Taipei Times taipeitimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from taipeitimes.com Daily Mail and Mail on Sunday newspapers.
Nan Shan Life fined over poor internal controls
By Kao Shih-ching / Staff reporter
Nan Shan Life Insurance Co (南山人壽) has been fined NT$7.6 million (US$271,914) for breaches of the Insurance Act (農業保險法) due to lax internal controls, risk controls and anti-money-laundering practices, the Financial Supervisory Commission said on Thursday.
The life insurer’s salespeople illegally paid premiums with their own credit cards on behalf of clients to earn rewards points offered by banks after reaching agreements with clients, the commission said.
The clients would give money to the salespeople and share the rewards, it said.
From September 2018 to June last year, 122 salespeople paid NT$779 million in premiums in 588 transactions, Insurance Bureau Director Tsai Huo-yen (蔡火炎) told a news conference in New Taipei City.
FYPs at life insurers rise on investment products
By Kao Shih-ching / Staff reporter
The combined first-year premiums (FYP) generated by local life insurers last month grew 28 percent to NT$80.91 billion (US$2.87 billion) from NT$63.15 billion a year earlier, fueled by sales of investment-linked insurance products, data compiled by the Life Insurance Association showed last week.
The annual growth ended 13 months of declines, the data showed.
The main growth driver was investment-linked annuities, whose FYPs advanced 1.98 times from NT$9.9 billion a year earlier to NT$29.54 billion, as consumers’ appetite for the products increased on expectations of good returns, the data showed.
The nation’s major financial conglomerates with life insurance subsidiaries have reported higher net profits for the first quarter of this year on the back of investment returns, buoyed by the booming domestic stock market, companies’ data showed.
Fubon Financial Holding Co (富邦金控), the nation’s second-largest financial holding firm by assets, yesterday reported net profit of NT$11.49 billion (US$403.7 million) for last month, up 42 percent year-on-year, while its net profit totaled NT$50 billion in the first quarter, up 118 percent year-on-year, it said in a statement.
Earnings per share were NT$4.89 in the first quarter, ranking the company first among the nation’s
AIA, China Strategic among bidders for Bank of East Asia s life insurance unit: sources businesstimes.com.sg - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstimes.com.sg Daily Mail and Mail on Sunday newspapers.