Taiwan insurers rebound to $4.76b in profits for April

It was a far cry from the $270m loss in 2023.

Taiwan insurers’ profits in April this year rebounded to NT$153.9b ($4.76b), a huge turnaround from the NT$-8.8b ($-0.27b) in the same month last year.

Life insurance companies contributed NT$143.2b ($4.43b) to this figure, an increase of NT$151.5b ($4.69b) or 1,825.3% on a year-on-year (YoY) basis. 

Non-life insurance companies recorded a pre-tax profit of NT$10.7b ($0.33b), up NT$11.2b ($0.35b) or 2,240% YoY.

Owners' equity for insurance enterprises reached NT$2,508.7b ($77.66b). Life insurance companies accounted for NT$2.4t ($74.28b), an increase of NT$461.8b ($14.29b) or 24.2% from the previous year. 

Non-life insurance companies had NT$138.2b ($4.28b) in owners' equity, rising by NT$62.1b ($1.92b) or 81.6%.

Overseas investments by life insurers yielded net gains of NT$421.6b ($13.05b), excluding the net effect of volatility on the foreign exchange valuation reserve.

($1.00 = NT$32.39)