Taiwan’s pre-tax earnings register NT130b, YTD

Both its life and non-life markets saw incremental year-on-year increases.

In the seven months to July, Taiwan insurers’ pre-tax profit stood at NT$129.5b, according to the Financial Supervisory Commission.

Notably, the pre-tax profit of life insurance enterprises reached NT$123.1b, equivalent to a 49.0% drop compared to the previous year. 

On the other hand, non-life insurance enterprises reported a pre-tax loss of NT$6.4b, signifying an increase 111.6% year-on-year (YoY).

In terms of owners' equity, by July, insurance enterprises held NT$2,286.6b. Specifically, owners' equity for life insurance enterprises was NT$2,167.4b, reflecting an increase of 41.9% YoY. 

Meanwhile, owners' equity for non-life insurance enterprises reached NT$119.2b, indicating a growth of 22.1% YoY.

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In the currency realm, the NT dollar had depreciated by 2.30% against the US dollar from the end of 2022 to the end of July 2023. 

Concurrently, the cumulative balance of the foreign exchange valuation reserve for life insurance enterprises saw a decrease of NT$13.8b, resting at NT$215.1b. 

In parallel, the collective impact of exchange gains/losses, hedging gains/losses, and the net effect of volatility on the foreign exchange valuation reserve for life insurance enterprises stood at NT$-98b. 

During the same period, the net gains from overseas investments of life insurers, encompassing exchange gains/losses and hedging gains/losses (excluding the net effect of volatility on the foreign exchange valuation reserve), totalled NT$415.6b.