Taiwan general insurance industry pre-tax profits plummet by 484.4% in June

The life insurance industry's pre-tax profit drop however slowed down to 17.3%.

Taiwan’s general insurance industry reported a pre-tax profit loss of a whopping 484.4% to $1.57 YoY in June, according to the monthly statistics of the Financial Supervisory Commission.

The country’s life insurance industry, meanwhile, slowdown its drop from 23.6% in May to 17.3% in June, a $7.14b in pre-tax profit.

READ MORE: Increase in profits still too slow for Taiwan’s insurance industry

Owners' equity of insurance enterprises at the end of June 2022 was $45b, with owners' equity of life insurance enterprises at $42b, going down 52.3% compared to last year. Meanwhile, owners' equity of non-life insurance enterprises was $3.43b, going down by 32.2%.

This has been the third month, starting in April, that Taiwan’s insurance industry suffered profit losses compared to a year ago.