Its outstanding corporate performance received high praise from the industry
HONG KONG, March 24, 2018 /PRNewswire/ -- FTLife Insurance Company Limited ("FTLife") announces today its unaudited 2017 financial results. The new business value (NBV) grew year-on-year by 89%, embedded value rose by 35%, sales in APE up by 20%, profits after tax increased by 64%, and solvency ratio stays strong at over 500%, exceeding the regulatory requirement.
Deeply rooted in Hong Kong, FTLife has formulated strategies for growth by embracing opportunities brought about by the development of the mainland markets and the global economy. Equipped with the well-established distribution channels, innovative products and strong teams, FTLife is committed to providing customers with comprehensive protection and financial planning services to help them realise their dreams, while achieving remarkable results for the company.
New business delivers strong results despite adverse market conditions
The Insurance Authority recently released statistics on the market performance of Hong Kong insurance industry for 2017. The APE based on the statistics saw a year-on-year decrease of 16% in 2017. Despite the slowing growth of the industry at large, FTLife managed to deliver robust results with a 20% year-on-year increase in APE and high volumes of new business.
New business value and embedded value continue to grow
All key business indicators of FTLife were positive in 2017. Supported by the APE growth and continued optimisation of product structure, the new business value increased substantially by 89%, and the proportion of the flagship product "Regent" Insurance Series rose by 34%. With effective cost control, the profit margin of new business increased, and the embedded value continued to rise.
Profit climbs steadily while solvency ratio stays strong
Apart from the record-high NBV, the profit after tax reported remarkable performances. Given the increase in investment income and cost efficiency, FTLife after-tax profit in 2017 increased significantly by 64%. The solvency ratio remained above 500% at the end of 2017, exceeding the regulatory requirement. Furthermore, the "A-" and "Baa1" ratings given to FTLife on its financial strength by Fitch and Moody's respectively are also important achievements of the company. Such ratings are testament to FTLife's good corporate governance, abundant working capital, low risk debt portfolio and solid business performance.
Outstanding performance got high praises
Both FTLife's flagship products "HealthCare 168" Critical Illness Protector & "Regent" Insurance Series were chosen as the market Top 3* by an independent organisation. The products have been warmly welcomed by the market and accounted for over 60% of the overall new business. Also, FTLife swept nine awards in the BENCHMARK Wealth Management Awards 2017, including the most coveted "Insurance Company of the Year" Award. At the beginning of 2018, two more prestigious honours were bestowed from the mainland organisations -- The Most Favourite Hong Kong Insurance Brand Award from CaiJing and Micro-movie (Brand) Golden Award from China Central Television (CCTV).
FTLife Chairman Fang Lin said: "Since FTLife was acquired by JD Group in 2016, we have formulated long-term strategies and goals for development. The FTLife culture emphasises integrity, prudence and focus on customers. Combining the Group's agility and entrepreneurial spirit, FTLife is able to further enhance talent development, product innovation, distribution management, finance and actuarial and investment portfolio. The financial performance for 2017 reflects the effectiveness of the company's strategies. Building on its solid development strategies, sound corporate governance, excellent management team, strong capital strength and leveraging the expertise of JD Group in technology and investment, FTLife will continue to create sustainable value for our customers, employees, shareholders, as well as the society as a whole."
CEO Gerard Yang said, "Looking ahead into 2018, FTLife will increase investment in sales channel management, and expand the teams through various innovative recruiting platforms. We will also continue to uplift the productivity and activity volume of the sales force. On the other hand, we will develop strategic partnership through multiple ways, including differentiated management to enhance the performance and product mix of existing brokerage companies, exploring new brokerage companies and customer groups, strengthening our system support, and creating a professional and sophisticated channel management system."
"FTLife will also increase investment in InsurTech to integrate mobile Internet technology and traditional life insurance business," he continued. "The advanced technology will be applied in such areas as sales, brand promotion, business operation and customer service, thereby creating a streamlined platform for enhanced marketing operations and customer experience. By creating such competitive advantages, FTLife seeks to become a leading technological life insurance company in the market."
* 〈10Life〉March 2018: "HealthCare 168" ranks No.1 in whole life critical illness overall score, while "Regent" ranks among the Top 3 in whole-life savings insurance with highest projected returns.
Media inquiries
FTLife Insurance Company Limited
Branding, Marketing & Communication
Tel: +852 2591 8888
Email: ftlhk.mkt@ftlife.com.hk
About FTLife Insurance Company Limited
FTLife Insurance Company Limited ("FTLife") is one of Hong Kong's largest life insurance companies and a wholly-owned subsidiary of Tongchuangjiuding Investment Management Group Co., Ltd. ("JD Group"). Capitalising on a heritage of professionalism and excellence in serving clients, FTLife seeks to become a leading insurance group in Asia. It serves individual and institutional clients from a diverse portfolio of financial protection and wealth management products. FTLife aims to excel by cultivating lasting relationships and dedicates itself to providing clients with best-of-breed financial services to help them lead fulfilling lives.
About JD Group
Headquartered in Beijing, JD Group has offices in China, North America and other parts of Asia. The Group runs companies in the financial services industry and is engaged principally in investment, Internet finance, and insurance. One such business is JD Capital, a China-based leader in private equity investment. The Group aspires to become an insurance-centric financial asset management platform operating on a global scale.
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