Buying enthusiasm for investment policies exploded, and the life insurance industry’s premium income exceeded 2.4 trillion in the first nine months

The Life Insurance Association released premium income statistics for the life insurance industry in the first nine months of this year (including non-insurance contracts). The initial annual premium income was 1,172.358 billion yuan, an increase of 58.6% over the same period last year; the continued annual premium income was 1.271888 billion yuan, an increase of 7.3% over the same period last year. Overall premium income totaled NT$2.44424 trillion, an annual growth rate of 27.0%.

In the first nine months of this year, the overall initial annual premium income of traditional insurance products was 495.97 billion yuan, an annual increase of 11.8%. Among them, the initial annual premium income of traditional life insurance was 447.198 billion yuan, an increase of 13.5% compared with the same period last year; the initial annual premium income of traditional annuity insurance was 2.08 billion yuan, an annual decrease of 53.5%.

The Life Insurance Association explained that the overall momentum performance may be related to the insurance industry's adoption of IFRS17 and the new generation solvency system this year. Life insurance companies continue to adjust their product sales strategies to promote protection and regular insurance products with higher contractual service margins (CSM) and better capital efficiency. In addition, benefiting from life insurance companies' successive increases in the announced interest rates of NT$ and foreign currency interest rate policies, the attractiveness of interest rate insurance products has been enhanced. In response to the trends of super-aging and declining birthrates, life insurance companies continue to develop and promote participating insurance and variable insurance products that have multiple functions such as protection, asset accumulation, and inheritance.

In the first nine months of this year, the overall initial annual premium income of investment insurance products was 676.388 billion yuan, an increase of 128.7% over the same period last year. Among them, the initial annual premium income of investment life insurance was 261.622 billion yuan, a 128.0% increase over the same period last year; the initial annual premium income of investment annuity insurance was 414.766 billion yuan, an increase of 129.1% compared with the same period last year.

The Life Insurance Association stated that the overall sales growth of investment products may benefit from the solid performance of the world's major stock markets in the first half of the year, which has increased public demand for investment insurance products. Although the wait-and-see atmosphere in the market has become stronger recently due to factors such as the turmoil in the investment market and the U.S. Federal Reserve's announcement of a 1-point interest rate hike in September, life insurance companies continue to deepen cooperation with banks and investment credit channels to provide insurance products with both protection and investment functions to meet the people's diverse insurance needs and drive sales performance.