Taiwan insurance sector profits hit $11b in November

Thanks to the life industry’s $10.12b profit contribution.

Taiwan’s insurance sector recorded a total pre-tax profit of $10.89b (NT$351.3b), with life insurance companies contributing $10.12b (NT$326.3b) in November, data from the Insurance Bureau showed.

This marked an increase of 188.8% year-on-year (YoY). Non-life insurance enterprises also saw a significant rise, with pre-tax profits reaching $0.78b (NT$25b), up by 55.3% YoY.

The NT Dollar depreciated by 5.31% against the US Dollar between the end of 2023 and November 2024, impacting foreign exchange reserves and valuation.

Life insurance enterprises’ cumulative foreign exchange valuation reserve rose to $5.74b (NT$185.2b), an increase of $2.89b (NT$93.2b) over the year.

However, the combined effect of exchange and hedging gains/losses, along with volatility in valuation reserves, resulted in a net loss of $8.31b (NT$267.9b) for life insurers.

Despite this, overseas investments by life insurers yielded net gains of $24.66b (NT$795.6b), excluding the net effect of foreign exchange valuation reserve volatility.

($1.00 = NT$32.76)