Taiwan insurers' earnings doubled to $10b in July

Both its life and non-life segments witnessed triple-digit growth.

Taiwan’s insurers saw their pre-tax profits jump over two-fold (146.0%) year-on-year (YoY) in July, accumulating $9.89b (NT$318.6b), data from the Insurance Bureau showed.

July’s surge was smaller than the previous month’s 313.1% but only accumulated $7.18b (NT$229.7b).

Its life insurance sector achieved a profit of $9.31b (NT$300.5b), marking an increase of $5.50b (NT$177.4b) or 144.1% year-on-year. 

Non-life insurance companies recorded a pre-tax profit of $0.56b (NT$18.1b), up by $0.37b (NT$11.7b) or 182.8%.

Owners' equity for the insurance sector reached $87.15b (NT$2,815.2b). Life insurance companies saw their equity rise to $82.59b (NT$2,670.1b), up $15.58b (NT$502.7b) or 23.2% from the previous year. 

Non-life insurers’ equity increased to $4.50b (NT$145.1b), a rise of $0.82b (NT$25.9b) or 21.7%.

The NT Dollar depreciated by 6.40% against the US Dollar since the end of 2023. Life insurers' foreign exchange valuation reserves amounted to $7.14b (NT$230.6b), an increase of $4.29b (NT$138.6b). The combined effect of exchange gains/losses, hedging results, and volatility on these reserves was $-3.38b (NT$-109.1b).

Overseas investments for life insurers generated net gains of $20.43b (NT$659b), including exchange and hedging effects but excluding the volatility impact on valuation reserves.

($1.00 = NT$31.98)