Taiwan's insurance sector profits reach $1.8b

Life insurance accounts for 94.4% of the total.

As of the end of February 2024, the pre-tax profit of insurance enterprises in Taiwan reached $1.8b (NT$58.7b), data from the Insurance Bureau showed.

Life insurance enterprises accounted for $1.7b (NT$52.9b) of this total, marking a four-fold increase compared to the previous year. 

Meanwhile, non-life insurance enterprises reported a pre-tax profit of $180m (NT$5.8b), skyrocketing 5,900% year-on-year (YoY).

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The owners' equity of insurance enterprises stood at $76b (NT$2.4t), with life insurance enterprises contributing $72b (NT$2.3t), representing a notable increase of 28.4% YoY.

Non-life insurance enterprises' owners' equity reached $4.5b (NT$133.4b), rising by 90.6% YoY.

Despite these challenges, the overseas investments of life insurers yielded net gains of $5.1b (NT$164.9b), including exchange gains/losses and hedging gains/losses, but excluding the net effect of volatility on the foreign exchange valuation reserve.

($1.00 = NT$32.1)