Taiwan insurance sector profits rise to $9.8b, up 3.5% YoY in September | Asian Business Review
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Taiwan insurance sector profits rise to $9.8b, up 3.5% YoY in September

Both life and non-life sectors recorded double-digit growth.

Insurance enterprises in Taiwan reported a pre-tax profit of $9.8b (NT$316b), 3.5% higher on a year-on-year (YoY) basis, data from the Insurance Bureau showed.

Life insurance companies contributed $9.11b (NT$293.9b) to this figure, marking a 68.2% increase ($3.7b (NT$119.2b) from the previous year.

Non-life insurance companies saw a pre-tax profit of $0.69b (NT$22.1b), up 78.2% ($0.3b (NT$9.7b) year-over-year.

The NT dollar depreciated by 2.89% against the US dollar from the end of 2023 through September 2024. During this period, life insurers' foreign exchange valuation reserve increased by $2.04b (NT$65.7b) to $4.89b (NT$157.7b).

However, the net combined effect of exchange rate fluctuations, hedging activities, and foreign exchange reserve volatility for life insurers was a loss of $6.96b (NT$224.4b).

Overseas investments by life insurers yielded net gains (excluding foreign exchange reserve volatility effects) of $19.77b (NT$637.8b), including exchange and hedging results.

($1.00 = NT$32.59)
 

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