Shanghai-based Aegon THTF Life Insurance coverage Co Ltd introduced on Thursday that it recorded a internet revenue of 258 million yuan (US$36.6 million) in 2019, up round 95 p.c yr on yr, and has been worthwhile for 3 consecutive years.
The corporate’s whole belongings exceeded 14.6 billion yuan, a rise of 17.7 p.c in contrast with a yr in the past. Its internet revenue virtually doubled previously yr to hit 258 million yuan, marking a 3rd successive yr of constructing revenue.
In the course of the reporting interval, the underwriter realized an working earnings of 5.1 billion yuan, with the insurance coverage enterprise contributing round 5 billion yuan. In the meantime, the service’s return on internet belongings stood at 18.four p.c, far greater than the trade median and reflecting its sturdy profitability.
Aegon THTF Life stated its success may be attributed to Chinese language folks’s sturdy demand for insurance coverage and its efforts on restructuring the enterprise.
In 2019, the corporate remodeled its gross sales platforms in varied channels in a bid to journey on the wave of insurance coverage know-how and ship extra clever buyer expertise. It additionally unveiled extra long-term, protection-oriented insurance policies to higher cater to purchasers’ demand for high quality protections.
Over the previous yr, China’s life insurance coverage trade posted sturdy development momentum and internet revenue within the enterprise section exceeded 200 billion yuan mark for the primary time, setting the most effective file in historical past, trade information confirmed.
Fashioned in 2014, the life insurer is a 50:50 three way partnership between the Netherlands’ insurance coverage large Aegon N.V. and China’s high-tech firm THTF.