YF Life Recorded Exceptional Performance in 2023

74% YoY Growth in New Business Annual Premium Equivalent

March 15, 2024

Since the launch of the new development plan last year, YF Life Insurance International Limited (YF Life) has made good progress with business momentum steadily accelerating. In 2023, YF Life was able to report key business performance figures demonstrating satisfactory growth:

• New business annual premium equivalent (total business) of HK$2,867 million, reaching a record high for the company, an increase of 74%¹ compared to the same period last year
• New business annual premium equivalent (Hong Kong Individual Business) of HK$2,097 million, an increase of 134% compared to the same period last year
• Value of new business of HK$1,009 million, increasing by 33% compared to the same period last year

Mr. Victor Yip, Chief Executive Officer of YF Life, said, “Last year, despite the continued global economic uncertainties, thanks to the concerted efforts of our staff and sales team, our business recorded satisfactory growth. By adopting a prudent, judicious, and pragmatic approach to our business and investment strategy, YF Life is growing by responding to challenges. Looking forward to 2024, we remain optimistic about the industry outlook and will continue to move our business ahead, committed to enhancing the customer experience and sales effectiveness, and to creating value for customers.”

Last year, YF Life made solid progress in various business development areas, further enhancing business growth and reaping fruitful results:  
Product Development
In order to meet the ever-changing needs of customers for risk- and wealth-management services, last year, YF Life launched one of its flagship products, “MY Flexi Lifetime Annuity”, providing customers with the gilt-edged benefits of wealth accumulation, retirement planning, and wealth inheritance. The plan offers up to 8 policy currencies, and guarantees a lifetime annuity along with 12 annuity options, making it a unique and comprehensive solution for customers' personalized retirement planning. In addition, YF Life also launched a good-value-for-money critical illness insurance plan “YF PrimeHealth Pro (Essential)”, offering customers comprehensive coverage at a more affordable premium. The plan covers up to 148 critical illnesses, and includes rare benefits such as the “mental incapacity advance instruction option”, and “experimental drugs benefits” specifically catered for cancer patients.

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

Financial Strength
Last year, YF Life was once again awarded an ‘A-’ (Strong) Insurer Financial Strength Rating by Fitch Ratings, reflecting its strong capitalization and financial performance, plus a stable outlook.

Brand Building
To further enhance its contemporary and lively brand image, YF Life launched a series of large-scale brand promotion campaigns last year, including title sponsoring the Mayday Concert; acting as a major sponsor of the iconic “Hong Kong Wine & Dine Festival”; title sponsoring the Macau “Speed Beer Carnival” and the “Young at Heart Festival” which encouraged a positive thinking toward aging. In addition, YF Life inaugurated a brand new LED rooftop sign, which shines out in harmony with another YF Life LED sign above the central business district of Tsim Sha Tsui, illuminating both sides of Victoria Harbour and showcasing the brand's vibrant image.

Corporate Responsibility
YF Life has always been committed to caring for society. In addition to organizing and fully supporting the annual “YF Life Jr. Space Camp Program”, which advocates the positive spirit of "It is Possible!", the company has also established the “YF Life Scholarship in Actuarial Science and Risk Management” at The University of Hong Kong, aiming to foster talents and support the sustainable development of the insurance industry. As a responsible corporate citizen, YF Life consistently integrates environmental protection into its operations and management, and for the 5th consecutive year has been honored with the “Green Management Award - Corporate (Large Corporation) – Merit” at the Green Council “Hong Kong Green Awards.” Furthermore, YF Life has announced its participation in the "Insurance Industry Climate Charter" developed by the Hong Kong Federation of Insurers, incorporating the ideas of sustainable development across various business areas, and committed to achieving carbon neutrality in greenhouse gas emissions.

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