Pacific Century Insurance (PCI) has reported a slight profit increase despite a drop in sales of individual life policies.
The listed SAR insurance firm yesterday reported a net profit of HK$155.9 million for the year to December 31, up 1.1 per cent from a year earlier.
PCI is the insurance arm of Singapore-based Pacific Century Regional Development, which is controlled by Richard Li Tzar-kai.
Income from sales of new life policies dropped by 5.6 per cent to HK$36.7 million. PCI chief executive Andrew Yang Fan-shing said the fall was due to a drop in sales agents.
'Since the Insurance Authority introduced the examination system for agents in 1999, it has been more difficult to recruit new agents,' he said.
'The global economic downturn last year has also cut down the demand for people to purchase new individual life policies.'
