Taiwan life insurers see mixed Q3 2024 results

The FSC approved 240 spillover-effect insurance products from 15 life insurers.

As of the third quarter of 2024 (Q3 2024), life insurers in Taiwan reported mixed performance in the sale of spillover-effect insurance products and in-kind payment insurance, according to the Financial Supervisory Commission (FSC).

The FSC approved or registered 240 spillover-effect insurance products from 15 life insurers.

A total of 939,542 new contracts were sold, marking an 11% increase compared to 846,835 contracts in the same period in 2023.

First-year premium income from these products reached $572.1m (NT$19.07b), a 17% rise from $490.8m (NT$16.36b) in the third quarter of 2023.

In contrast, the FSC approved or registered 44 in-kind payment insurance products from six life insurers.

Sales of these products totalled 190,040 new contracts, a 4% decline from 198,847 contracts in the third quarter of 2023.

First-year premium income for in-kind payment insurance dropped significantly to $43.2m (NT$1.44b), down 46% from $80.1m (NT$2.67b) in the same period last year.

($1.00 = NT$32.52)