FIRST-YEAR LIFE PREMIUMS DROP IN TAIWAN

First-year life premium revenues in Taiwan for the first seven months of the year showed a 10% fall to NT$279.5bn, compared with NT$310.3bn for the same period last year, according to figures just released by the Life Insurance Association of the Republic of China. Annuity business showed the largest decline, down to NT$41.87bn from NT$75.72bn for the same period last year. Accident insurance, sold by life assurers as well as non-life insurers in Taiwan, dropped 14.79% to NT$6.41bn, compared with NT$7.53bn in January to July 2005. Competition from the non-life sector was a major contributor to the decline, the association said. General life business showed a 1.8% gain to NT$219.7bn, while Health business grew by 2.59% to NT$11.6bn.