Taiwan insurers' earnings quadruple to NT$229.7b in June

Both life and non-life industries saw triple-digit growth.

The earnings of Taiwan’s insurers grew four times (313.12%) the amount of last year in end-June to NT$229.7b, thanks to similarly triple-digit growth seen in both life and non-life industries.

Life insurance enterprises contributed NT$214.5b to this total, marking an increase of NT$162.5b (or 312.5%) compared to the previous year, data from the Insurance Bureau showed.

Non-life insurance enterprises saw a pre-tax profit of NT$15.2b, up NT$11.6b (or 322.2%) as of June.

Owners' equity for insurance enterprises reached NT$2,781.6b. Of this, life insurance enterprises accounted for NT$2,637.8b, up 28.7% year-over-year (YoY). Non-life insurance enterprises reported owners' equity of NT$143.8b, climbing 23.6% YoY.

As of June, the NT Dollar had depreciated by 5.29% against the US Dollar since the end of 2023. Life insurance enterprises had a cumulative foreign exchange valuation reserve of NT$189.9b, an increase of NT$97.9b. 

However, the combined impact of exchange gains/losses, hedging gains/losses, and volatility on this reserve was NT$-112.3b. 

Despite this, overseas investments by life insurers yielded net gains of NT$520.2b, excluding the net effect of volatility on the foreign exchange valuation reserve.