Taiwan insurers' profits jump 70.2% in October

Life insurance enterprises accounted for $9.50b of the total.

Taiwan insurers’ pre-tax profit for October surged 70.2% year-on-year (YoY) to $10.22b (NT$329.8b), data from the Insurance Bureau showed.

Life insurance enterprises accounted for $9.50b (NT$306.3b), up by 70.7% YoY, whilst non-life insurance enterprises posted $0.73b (NT$23.5b), an increase of 63.2% YoY.

The NT Dollar depreciated by 4.05% against the US Dollar since the end of 2023, boosting the cumulative foreign exchange valuation reserve of life insurers to $4.81b (NT$155.2b), up by $1.96b (NT$63.2b).

However, the combined impact of exchange and hedging gains/losses and valuation reserve volatility resulted in a net loss of $8.04b (NT$259.3b) for life insurers.

Despite this, overseas investments by life insurers generated net gains of $21.26b (NT$685.8b), excluding the valuation reserve volatility effect.

($1.00 = NT$32.48)