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The general insurance business overall underwriting profit rose 44.7% to $638 million in the first quarter of this year, the Office of the Commissioner of Insurance says.
Property damage business remained the largest contributor to this outcome, with a profit of $151 million, closely followed by accident and health business with $136 million.
Gross and net premiums of the general insurance business recorded a year-on-year growth of 12.5% to $7.64 billion and 11.7% to $5.48 billion.
Accident, health business grows
On direct business, gross premium rose 12.5% to $6.24 billion and net premiums 14% to $4.59 billion, mainly attributable to accident and health business (comprising medical business) whose gross and net premiums were $2.1 billion and $1.84 billion, as well as pecuniary loss business, whose gross and net premiums were $385 million and $196 million.
The underwriting profit of direct business dipped slightly to $261 million from $274 million. This was a result of employees' compensation business plunging from a profit of $3 million to a loss of $83 million, and motor-vehicle business suffering a significant drop in profit from $24 million to $2 million.
Accident and health business, nonetheless, saw profits rise from $72 million to $124 million, of which $43 million was related to medical business.
On reinsurance inward business, gross premiums grew 12.3% to $1.39 billion, while net premiums edged up 1.1% to $890 million. Underwriting profit improved sharply from $167 million to $377 million, albeit largely resulting from the release of claims reserve.
Long term in-force business rises
Total revenue premiums of long term in-force business amounted to $47 billion, representing an increase of 23.2% over the same period last year.
Revenue premiums of individual life and annuity (non-linked) business rose 19.9% to $22.12 billion , and individual life and annuity (linked) business rose 33.6% to $17.71 billion.
Meanwhile, retirement-scheme business contributions grew 12.1% to $6.36 billion. Total insurance benefits paid to individuals also rose 20.6% to $14.72 billion. New office premiums, excluding retirement-scheme business, of long-term business grew 33.4% to $21.63 billion.
In respect of new policies issued to Mainland visitors, office premiums amounted to $1.09 billion, representing 5% of the total new office premiums for individual business.
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