Taiwan non-life pre-tax profit surges to 85.7% YoY in January
The life insurance industry only saw a 6.2% increase.
Taiwan’s non-life segment had rallied in January 2022, increasing by 85.&% to $140m in pre-tax profits compared to the same month last year, according to statistics released by the Insurance Bureau of Taiwan’s Financial Supervisory Commision.
The life insurance segment surged to $2.32b in pre-tax profit in January, a 6.2% increase compared to last year.
Owners' equity of insurance enterprises at the end of January 2022 was at $89b. Owners' equity of life insurance enterprises went down 0.7% to $86b, going down compared to last year, whilst owners' equity of non-life insurance enterprises rose by 8.9% to $5.6b.
According to the IB, 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 negative $110b. Over the same period, the overseas investments of life insurers resulted in net gains (including exchange gains/losses and hedging gains/losses, but not including the net effect of volatility on the foreign exchange valuation reserve) of $3.63b
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