, Taiwan
/Pixabay

Taiwan's insurance businesses achieve $1.1b profit in January

Both life and non-life industries saw a rise in their January earnings.

At the end of January, the pre-tax profit of insurance businesses in Taiwan reached $1.1b (NT$34.7b), data from Insurance Bureau showed.

Specifically, the pre-tax profit of life insurance enterprises stood at $1.0b (NT$31.8b), marking a substantial increase of 245.2% year-on-year (YoY). On the other hand, the pre-tax profit of non-life insurance enterprises was $92n (NT$2.9b), up by 141.7% YoY.

Regarding owners' equity, insurance enterprises had a total owners' equity of $73m (NT$2.3t) by the end of January 2024. 

Owners' equity of life insurance enterprises amounted to $70m (NT$2.2t), representing a significant increase of 19.8% YoY. Owners' equity of non-life insurance enterprises reached $4.1b (NT$129.7b), rising by 83.5% YoY.

ALSO READ: Taiwan insurers reach $3.1b profits in December ‘23

The NT Dollar experienced a depreciation of 1.81% against the US Dollar since the end of 2023. The cumulative balance of foreign exchange valuation reserve of life insurance enterprises reached $3.6b (NT$114.6b) by the end of January 2024, increasing by $720m (NT$22.6b). 

However, the combined impact of exchange gains/losses, hedging gains/losses, and the net effect of volatility on the foreign exchange valuation reserve of life insurance enterprises was $-640m (NT$-20.2b) over the same period.

During this period, the overseas investments of life insurers yielded net gains (including exchange gains/losses and hedging gains/losses, excluding the net effect of volatility on the foreign exchange valuation reserve) of $3b (NT$94.2b).

(NT$1.00 = $0.032)

Follow the link s for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Income-Allianz failed merger shows popular opinion is king
The deal faced backlash from Singaporeans who thought it betrayed Income’s social mission.
Filipino gamers hold promise for FWD
The insurer plans to support other games and aspects of the gaming ecosystem beyond esports.