The buoyant stock market drove the growth.
Taiwan’s insurance industry recorded a 30.7% growth in pre-tax profit of $8.35b (TW$233.1b) in 2020, data from the Insurance Bureau showed.
The life segment accounted for $7.39b (TW$206.1b) whilst the property and casualty lines posted pre-tax profits of $609m (TW$17b).
The sector gained from the buoyant stock market, the bureau’s chief secretary Lin Yaodong said. Shareholders' equity gained 29% to $93.2b (TW$2.67t).
In the same year, the bureau revealed that the exchange gains/losses, hedging gains/losses and the net effect of volatility on the foreign exchange valuation reserves of life insurers was a net loss of $10.6b (TW$296.8b).
Life insurers’ overseas investments yielded net gains of $22.45b (TW$626.4b).
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