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.
Taiwan's financial services sector has reduced its exposure to mainland China in the wake of uncertainties arising from the political and economic situation across the Taiwan Strait and the on-going Sino-US trade war.
The Life Insurance Association (LIA) of Taiwan has been working to expand its digital services since the launch in 2020 of a one-stop InsurTech sharing platform for applying for insurance services.
Shin Kong Life Insurance (SKL) posted a net profit of NT$14.8bn ($456m) in 1H2024, on stronger returns from equity investments and lower hedging costs driven by its strategy to sell profitable foreign-currency policies, notes Fitch Ratings
Central Reinsurance Corporation (Central Re) Re posted a reported net profit of NT$2.1bn ($65m) in 2023, with a five-year return on equity of 7.0% (2019 - 2023), based on adjusted capital and surplus, notes AM Best.
Genetic testing technology has advanced rapidly in recent years, leading to several questions for the Taiwanese insurance market.
The pre-tax profit of insurance companies in Taiwan for the first six months of this year stood at NT$229.7bn ($6.99bn), 313.1% higher than in 1H2023, according to data released by the Financial Supervisory Commission (FSC).
Nan Shan Life Insurance, the third biggest life insurer in Taiwan, suffered from a negative spread between investment yields and cost of liability over the past few years, driven by the high burden from saving-type policies it had sold in the past with high guarantee rates, says Fitch Ratings.