Taiwan's insurance businesses achieve $1.1b profit in January

Both life and non-life industries saw a rise in their January earnings.

At the end of January, the pre-tax profit of insurance businesses in Taiwan reached $1.1b (NT$34.7b), data from Insurance Bureau showed.

Specifically, the pre-tax profit of life insurance enterprises stood at $1.0b (NT$31.8b), marking a substantial increase of 245.2% year-on-year (YoY). On the other hand, the pre-tax profit of non-life insurance enterprises was $92n (NT$2.9b), up by 141.7% YoY.

Regarding owners' equity, insurance enterprises had a total owners' equity of $73m (NT$2.3t) by the end of January 2024. 

Owners' equity of life insurance enterprises amounted to $70m (NT$2.2t), representing a significant increase of 19.8% YoY. Owners' equity of non-life insurance enterprises reached $4.1b (NT$129.7b), rising by 83.5% YoY.

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The NT Dollar experienced a depreciation of 1.81% against the US Dollar since the end of 2023. The cumulative balance of foreign exchange valuation reserve of life insurance enterprises reached $3.6b (NT$114.6b) by the end of January 2024, increasing by $720m (NT$22.6b). 

However, 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 was $-640m (NT$-20.2b) over the same period.

During this period, the overseas investments of life insurers yielded net gains (including exchange gains/losses and hedging gains/losses, excluding the net effect of volatility on the foreign exchange valuation reserve) of $3b (NT$94.2b).

(NT$1.00 = $0.032)