Taiwan's life insurance sector posted a 43.6% jump in premiums from investment-related plans to NT$179.5bn ($6.4bn) for the first six months of this year, according to statistics from the Life Insurance Association (LIA-ROC). The figure accounted for 13.2% of the total life insurance premium income in 1H2021.
Growth was fuelled by a 66% surge in new business for investment-related insurance policies. This is explained by the buoyant stock market which fuelled investment fever.
Traditional life insurance business fared less well, with first-year premiums plunging by 31% to NT$223.7bn in 1H2021, compared to the corresponding half in 2020. Renewal premium income fell by almost 12% to NT$957.4bn.
Overall, the total life insurance premium income in the first six months of this year fell by 11.4% year-on-year to NT$1.36tn.