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.
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.