Taiwanese insurers' pre-tax profit reach $1.77b

There was a significant contrast between life insurance and non-life insurance sectors.

As of June, the pre-tax profit of insurance enterprises amounted to US$1.77b (NT$55.6b), the Financial Supervisory Commission Republic of China (Taiwan) reported.

Life insurance enterprises reported a pre-tax profit of US$1.66b (NT$52b), which marked a substantial decrease of US$5.15b (NT$161.8b) (75.7%) compared to the previous year.

On the other hand, non-life insurance enterprises experienced a pre-tax loss of NT$3.6 billion, showing an increase of NT$50.5 billion (107.7%).

Regarding owners' equity, insurance enterprises had a total of NT$2,166.1b at the end of June 2023.

Life insurance enterprises had an owners' equity of NT$2,049.8b, indicating a notable increase of NT$794.3b (63.3%) compared to the previous year.

Non-life insurance enterprises, however, had an owners' equity of NT$116.3b, which saw a more modest increase of NT$13.6b (13.2%).

ALSO READ: 8 out of 10 Taiwanese workers do not have retirement plans

During the same period, the NT Dollar depreciated by 1.37% against the US Dollar since the end of 2022.

The cumulative balance of foreign exchange valuation reserve for life insurance enterprises amounted to NT$210.7b, showing a decrease of NT$18.2b.

Furthermore, the combined impact of exchange gains/losses, hedging gains/losses, and the net effect of volatility on the foreign exchange valuation reserve of life insurance enterprises fell NT$127.5b.

However, it's worth noting that the overseas investments of life insurers resulted in net gains (including exchange gains/losses and hedging gains/losses, excluding the net effect of volatility on the foreign exchange valuation reserve) of NT$301.9b during the same period.

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