Taiwan insurers boost spillover sales in Q2

A total of 616,088 new contracts were sold.

In the second quarter of 2024 (Q2 2024), Taiwan’s life insurers demonstrated strong performance in selling spillover-effect insurance products and providing in-kind benefits. 

The Financial Supervisory Commission (FSC) approved or registered 227 spillover-effect insurance products from 14 life insurance companies. 

A total of 616,088 new contracts were sold, reflecting a 13% year-on-year (YoY) increase from 544,368 in the same period of 2023. 

First-year premium income rose by 12% YoY to $0.36b (NT$11.58b), up from $0.32b (NT$10.38b) a year earlier.

For in-kind payment insurance products, the FSC approved or registered 44 products from six life insurers. 

A total of 135,296 new contracts were sold, representing a 35% YoY surge from 100,460 in the second quarter of 2023. 

However, first-year premium income fell by 16% YoY to $0.03b (NT$1.12b), down from $0.04b (NT$1.34b) in the previous year.

($1.00 = NT$32.74)