Taiwan insurers' earnings leap to $10.3b in December

The life insurance segment made up 92.4% of the total profits.

Taiwan insurers nearly quadrupled (248.1%) their December 2024 earnings to $10.3b (NT$341.5b), with life insurers contributing 92.4% of the total profits, data from the Insurance Bureau showed.

Additionally, the life segment witnessed a 291.4% year-on-year (YoY) surge from the previous year. Non-life insurance firms reported a pre-tax profit of $780m (NT$26b), up 48.6% YoY.  

Owners’ equity of insurance companies stood at $82.113b (NT$2,737.1b), with life insurers accounting for $77.6b (NT$2.6t), an increase of $10.2b (NT$340.4b) or 15.2% YoY. 

Non-life insurers saw their owners' equity rise to $4.5b (NT$151.1b), up $699m (NT$23.3b) or 18.2% YoY.  

As of the last month of 2024, the New Taiwan dollar had depreciated by 6.24% YoY against the US dollar. 

The foreign exchange valuation reserve of life insurers rose to $6.6b (NT$219.6b), increasing by $3.8b (NT$127.6b), including a one-time reserve of $1.1b (NT$35.4b) under the new mechanism. 

The combined impact of exchange gains/losses, hedging gains/losses, and foreign exchange reserve volatility resulted in a net loss of $9.1b (NT$302.9b). 

However, life insurers’ overseas investments generated net gains of $25.5b (NT$848.2b), excluding valuation reserve volatility effects.

($1.00 = NT$32.85)