Aegon THTF Life Insurance net profit up near 95% in 2019

Shanghai-based Aegon THTF Life Insurance Co Ltd announced on Thursday that it recorded a net profit of 258 million yuan (US$36.6 million) in 2019, up around 95 percent year on year, and has been profitable for three consecutive years.

The company's total assets exceeded 14.6 billion yuan, an increase of 17.7 percent compared with a year ago. Its net profit almost doubled in the past year to hit 258 million yuan, marking a third successive year of making profit.

During the reporting period, the underwriter realized an operating income of 5.1 billion yuan, with the insurance business contributing around 5 billion yuan. Meanwhile, the carrier’s return on net assets stood at 18.4 percent, far higher than the industry median and reflecting its strong profitability.

Aegon THTF Life said its success can be attributed to Chinese people's strong demand for insurance plans and its efforts on restructuring the business.

In 2019, the company transformed its sales platforms in various channels in a bid to ride on the wave of insurance technology and deliver more intelligent customer experience. It also unveiled more long-term, protection-oriented policies to better cater to clients’ demand for quality protections.

Over the past year, China’s life insurance industry posted strong growth momentum and net profit in the business segment exceeded 200 billion yuan mark for the first time, setting the best record in history, industry data showed.

Formed in 2014, the life insurer is a 50:50 joint venture between the Netherlands' insurance giant Aegon N.V. and China's high-tech company THTF.