Fubon Insurance records net loss for first quarter 2023

Insurance premiums increased during the period.

Taiwan’s Fubon Insurance recorded a net loss of NT$4.25b (US$140m), compared with the previous year’s NT$2.95b (US$96m) profits.

If the COVID-19-related policies were not accounted for, profits would have reached NT$970m (US$31,660).

ALSO READ: Pandemic claim losses won’t drag down Fubon Insurance’s strong profitability: Moody’s

On the other hand, insurance premiums saw a rise of 10.2% YoY, with a market share of 25.7% as a market leader.

Direct written premiums and retention of earned premiums went up 9.5% (NT$16.55b = US$540m) and 2.2% (NT$11.10b = US$360m), accordingly.

(NT$1.00 = US$0.033)