By Kao Shih-ching / Employees reporter
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By Kao Shih-ching / Employees reporter
Nan Shan Life Insurance coverage Co (南山人壽), Shin Kong Life Insurance coverage Co (新光人壽) and Taiwan Life Insurance coverage Co (台灣人壽) reported losses final month because of overseas change losses, the businesses’ knowledge confirmed.
Nan Shan Life on Thursday reported a internet lack of NT$2.36 billion (US$82.98 million) for final month, as the corporate put aside extra reserves of NT$three billion to put in writing off a part of its overseas change losses amid the New Taiwan greenback’s appreciation towards the US greenback.
The corporate’s first-year premiums (FYP) fell 2 % yearly to NT$7.38 billion final month, and its cumulative FYP totaled NT$97.eight billion for the primary 11 months, down 38 % year-on-year.
Nan Shan Life, the nation’s third-largest insurer with a market share of 13.39 %, reported cumulative earnings of NT$37.24 billion for the primary 11 months, it mentioned in a press release.
Shin Kong Life, which is the fourth-largest insurer with a market share of 9.18 %, posted a internet lack of NT$1.63 billion final month, with cumulative earnings within the first 11 months trimmed to NT$10.93 billion.
Taiwan Life reported a internet lack of NT$178 million, with cumulative earnings lowered to NT$16.38 billion, firm knowledge confirmed.
It could be difficult for all times insurers to scale back overseas change losses subsequent 12 months because of their big abroad funding, Taiwan Insurance coverage Institute chairman Kuei Hsien-nung (桂先農) mentioned on Friday.
For each 1 % appreciation in NT greenback towards the dollar, life insurers would expertise overseas change losses of NT$35 billion, he mentioned.
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