Nan Shan Life Insurance Co (南山人壽), Shin Kong Life Insurance Co (新光人壽) and Taiwan Life Insurance Co (台灣人壽) reported losses last month due to foreign exchange losses, the companies’ data showed.
Nan Shan Life on Thursday reported a net loss of NT$2.36 billion (US$82.98 million) for last month, as the company set aside additional reserves of NT$3 billion to write off part of its foreign exchange losses amid the New Taiwan dollar’s appreciation against the US dollar.
The company’s first-year premiums (FYP) fell 2 percent annually to NT$7.38 billion last month, and its cumulative FYP totaled NT$97.8 billion for the first 11 months, down 38 percent year-on-year.
Nan Shan Life, the nation’s third-largest insurer with a market share of 13.39 percent, reported cumulative profits of NT$37.24 billion for the first 11 months, it said in a statement.
Shin Kong Life, which is the fourth-largest insurer with a market share of 9.18 percent, posted a net loss of NT$1.63 billion last month, with cumulative profits in the first 11 months trimmed to NT$10.93 billion.
Taiwan Life reported a net loss of NT$178 million, with cumulative profits reduced to NT$16.38 billion, company data showed.
It would be challenging for life insurers to reduce foreign exchange losses next year due to their huge overseas investment, Taiwan Insurance Institute chairman Kuei Hsien-nung (桂先農) said on Friday.
For every 1 percent appreciation in NT dollar against the greenback, life insurers would experience foreign exchange losses of NT$35 billion, he said.
MediaTek Inc (聯發科), the world’s biggest smartphone chip supplier, yesterday said it plans to double investment in data center-related technologies, including advanced packaging and high-speed interconnect technologies, to broaden the new business’ customer and service portfolios. The chip designer is redirecting its resources to data centers, mainly designing application-specific integrated circuits (ASIC) with artificial intelligence (AI) capabilities for cloud service providers. The data center business is forecast to lead growth in the next three years and become the company’s second-biggest revenue source, replacing chips used in smart devices, MediaTek president Joe Chen (陳冠州) told a media event in Taipei. “Three or four years
Until US President Donald Trump’s return a year ago, when the EU talked about cutting economic dependency on foreign powers — it was understood to mean China, but now Brussels has US tech in its sights. As Trump ramps up his threats — from strong-arming Europe on trade to pushing to seize Greenland — concern has grown that the unpredictable leader could, should he so wish, plunge the bloc into digital darkness. Since Trump’s Greenland climbdown, top officials have stepped up warnings that the EU is dangerously exposed to geopolitical shocks and must work toward strategic independence — in defense, energy and
Motorists ride past a mural along a street in Varanasi, India, yesterday.
For the second year in a row, a Brazilian movie has wowed international audiences and critics, securing multiple Oscar nominations and drawing fresh interest in the Latin American giant’s film industry. Experts say the success of The Secret Agent, which has won four Oscar nominations, a year after I Am Still Here won Brazil its first Oscar, is no fluke, with a bit of a push from the country’s political climate. “This is neither a coincidence nor a miracle. It is the result of a lot of work, consistent policies, and, of course, talent,” Ilda Santiago, director of the Rio International Film
RSS