YF Life records satisfactory performance in 1H2023

167% YoY Growth in New Business Annual Premium Equivalent

September 12, 2023

Since the launch of the new development plan at the beginning of the year, YF Life Insurance International Limited (YF Life) has made steady progress and the business growth momentum has accelerated. In the first half of 2023, YF Life was able to report key business performance figures demonstrating satisfactory growth.

In the first half of 2023, YF Life’s achievements included:

• New business annual premium equivalent (total business) of HK$1,639 million, an increase of  167%1 compared to the same period last year
• New business annual premium equivalent (Hong Kong Individual Business) of HK$1,174 million, surging over 233% compared to the same period last year
• Total premium and fee income of HK$6,469 million, increased by 14% compared to the same period last year
• Value of new business of HK$603 million, increased over 105% compared to the same period last year

In addition, in the first half of the year, driven by favorable factors such as the subsiding of the epidemic and reopening of the border, premium growth attributed to Mainland Chinese Visitors (MCV) increased markedly, while the number of policies also increased significantly. Benefiting from the public's increased health awareness due to the epidemic and the strong demand for wealth management solutions, YF Life's critical illness and insurance savings plans posted noteworthy growth.

To boost business growth, YF Life had already mapped out the plans for various business development areas before the reopening of border:  
Product Development
In order to meet the ever-changing needs of customers for risk- and wealth-management services, YF Life is committed to developing innovative and flexible insurance solutions. In the first half of the year, it launched "YF Lifetime Annuity" to provide customers with the gilt-edged benefits of wealth accumulation, retirement planning, and wealth inheritance, consolidating the unique competitive advantage of YF Life in terms of lifetime annuities. It also launched the "100% Reward For You Accident Protector" which offers a premium refund, a feature rarely available in the market.

Industry Recognition
Thanks to its range of innovative insurance solutions with unique advantages, YF Life has been awarded a number of industry accolades, among them the two product awards of “Annuity Plan” and “Critical Illness” in the "Bloomberg Businessweek Financial Institution Awards" for nine consecutive years, the “Outstanding Annuity Product Award” in the “Metro Finance GBA Insurance Awards” for four years in a row, as well as the two product awards of “VHIS” and “Savings Insurance” in the “10Life 5-Star Insurance Award”.

Brand Building
With the return to normalcy, YF Life sponsored a much-anticipated large-scale pop concert, and supported it with a mega advertising campaign to enhance brand awareness. 
Corporate Responsibility
YF Life has always been committed to promoting society’s welfare, focusing especially on the development of the next generation. With the easing of the epidemic, the “YF Life Jr. Space Camp Program,” fully sponsored by the company, blasted off again to help realize the space dreams of the next generations and to fulfill the Company’s corporate social responsibilities.

Financial Strength
YF Life has been awarded an ‘A-’ (Strong) Insurer Financial Strength Rating by Fitch Ratings for five years in a row, reflecting its strong capitalization and financial performance. In addition, the office building of the YF Life headquarters at 38 Gloucester Road, Wanchai obtained the naming right and was renamed “YF Life Centre”, demonstrating the company's strong financial strength and marking another new milestone for YF Life.

Mr. Victor Yip, Chief Executive Officer of YF Life, said, “Our robust growth in the first half of 2023 not only demonstrates the competitiveness of YF Life in the market, but also our market potential and development prospects. Looking forward to the second half of 2023, we remain optimistic about the industry outlook. In line with the company's business development strategy, we will invest resources in the design and delivery of a brand new one-stop health and medical value-added service platform. By leveraging advanced technology, we will deliver more customer-friendly insurance-application, underwriting, claims settlement, and policy-management services, thus enhancing the customer experience and sales effectiveness.  We will further build our brand and professional image by sponsoring talk-of-the-town events. And we are determined to innovate, to consolidate our competitive advantages and enhance development momentum, and to strive to propel our business to new heights.” 

Remarks:
          1.    Compared with the core business last year.