Overcoming the difficult market environment, we have made continued growth in 2016, realizing our goal of further strengthening our balance sheet before the forthcoming introduction of Risk-Based Capital framework. Thanks to a continuous soft market and oversupply of underwriting capacity, premium rate in the market had not seen any improvement in year 2016. To manage the risk of inadequate premium, our gross written premium was reduced to HK$543 million by more than 21% in comparison with 2015. Despite the drop of our revenue, we achieved an unprecedented underwriting profit of HK$78.9 million, making us one of the most profitable insurers in the market. Income from investment and others reached HK$90 million, increasing by 8.4% in comparison with previous year. By the end of 2016, our total investable asset exceeded HK$2.6 billion, another record high since the establishment of the company. Thanks to the steady growth in both underwriting profit and investment income, our profit before tax reached HK$149 million, the highest since Wing Lung Bank was acquired by China Merchants Bank in 2008. As in prior years, our net asset had solidly increased. As a result, our ROE has slightly reduced to 11.4% in 2016. In June 2017, A.M. Best reaffirmed our “A-” financial strength rating (excellent) with stable outlook, citing the strong support of our holding company, Wing Lung Bank Limited.

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