Taiwan's financial regulator yesterday rejected a takeover bid by financial conglomerate CTBC Financial Holding for rival Shin Kong Financial Holdings, saying that the latter's plans on how to implement the merger were incomplete.
Taiwan's second biggest non-life insurer Cathay Century Insurance Company has returned to the black, with a full-year net profit of NT$1.2bn ($37.5m) in 2023 from a net loss of NT$19.6bn in 2022 which was predominantly attributed to COVID-19 pandemic insurance claims, says AM Best.
Shin Kong Financial Holding (SKFH), Taiwan's fifth-largest financial conglomerate, has reported a net profit of NT$20.5bn ($640m) in the first half of the year.
Nan Shan Life Insurance has the same capacity to meet its obligations denominated in both local currency and foreign currency, says S&P Global Ratings (S&P).
Taiwan's biggest life insurer, Cathay Life, reported a net profit of NT$47bn ($1.47bn) in 1H2024, a significant increase from NT$14bn in 1H2023. This 235.7% growth was mainly driven by higher investment income, said CreditSights, a unit of Fitch Group, in a commentary.
Central Reinsurance Corporation, Taiwan's sole domestic reinsurer, has reported a 59% jump in net profits after tax to NT$1.87bn ($58.83m) for the first six months of this year, compared to the corresponding half in 2023, according to interim financial statements released by the reinsurer.
CTBC Financial Holding has announced a revised plan to take over Shin Kong Financial Holding as it seeks to outdo a merger proposal between the latter and Taishin Financial Holding.
Shin Kong Financial Holding has agreed to merge with a smaller rival in a deal that sets up a takeover battle for Shin Kong with another suitor, CTBC Financial Holding Co, reports Bloomberg.
Taiwanese financial conglomerate CTBC Financial Holding said yesterday that it would invest in peer Shin Kong Financial Holding, following a media report that it was seeking to take over Shin Kong, reported Reuters.
Taiwan's basic residential earthquake insurance scheme had a coverage of 38.6% as of 31 July 2024, based on 9.32m households islandwide, indicating that more than 60% of homeowners are still uninsured.