Taiwan insurers reach $3.1b profits in December ‘23

The overseas investments of life insurers yielded net gains of $16.5b.

The pre-tax profit for Taiwanse insurance enterprises reached $3.14b (NT$98.1b), whilst life segment post contraction and non-life shows growth, data from Financial Supervisory Commission showed.

The earnings of life insurance industry was $2.58b (NT$80.6b), marking a decline of 53.1% compared to the previous year.

On the other hand, non-life insurance enterprises saw profits reach $560m (NT$17.5b), showing a significant increase of 109.2%.

ALSO READ: Taiwan’s insurers witness decrease in life, non-life jumps in November

The owners' equity for insurance enterprises at the end of December 2023 totaled $76b (NT$2.37t).

Life insurance enterprises contributed $72b (NT$2.25t) to this figure, witnessing a growth of 41.2% from the previous year. Meanwhile, non-life insurance enterprises recorded NT$127.8b in owners' equity, reflecting an increase of $2.13b (NT$66.4b) or 108.1%.

During the same period, the overseas investments of life insurers yielded net gains (inclusive of exchange gains/losses and hedging gains/losses but exclusive of the net effect of volatility on the foreign exchange valuation reserve) amounting to $16.5b (NT$515.9b).

(NT$1.00 = $0.032)

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