The local finance sector reported combined pretax profit of NT$675.7 billion (US$23.77 billion) last year, up 6.5 percent from a year earlier, the Financial Supervisory Commission said yesterday, attributing the record-high to life insurers’ investment gains and securities firms’ fee incomes.
Life insurers reported combined pretax profit of NT$206.1 billion, up 33.2 percent year-on-year, on the back of investment gains of NT$83 billion in global stocks markets, commission data showed.
Meanwhile, life insurers recorded NT$296.8 billion in foreign-exchange losses and hedging expenses last year, up 1.92 percent from a year earlier, due to the New Taiwan dollar’s appreciation against the US dollar, the commission said.
The NT dollar rose 5.6 percent against the greenback last year.
About two-thirds of life insurers’ investment portfolios, totaling more than NT$18 trillion, are overseas investments or denominated in US dollars, it said.
The life insurance industry posted combined losses of NT$581 billion in the valuation of their US dollar-denominated assets as of the end of last month, which was partly offset by gains of NT$436 billion in the valuation of their hedging tools denominated in NT dollar or other Asian currencies, the commission said.
Hedging expenses totaled NT$160 billion last year, it said.
Property insurers’ combined pretax profit grew 6.3 percent annually to NT$17 billion, the data showed.
Last year, securities companies reported combined pretax profit grew 51 percent year-on-year to NT$65.8 billion, futures companies’ pretax profit expanded 17 percent to NT$5 billion and securities investment trust firms’ pretax profit increased 20 percent to NT$10.9 billion, all hitting the highest in nine years, the commission said.
However, banks’ profits fell last year, as their combined pretax profit decreased 13 percent to NT$312.7 billion due to declining interest income, foreign exchange losses and lower investment gains, it said.
NEW MARKET: The partnership opens up India to the Dutch company, which already has a strong hold in the semiconductor market of South Korea, Taiwan and China ASML Holding NV entered into a partnership agreement with Tata Electronics Pvt Ltd aimed at ramping up India’s goal to develop domestic chip-manufacturing capabilities. The Dutch company’s technology would help power Tata Electronics’ planned 300 millimeter (mm) semiconductor foundry in Gujarat, according to a joint statement from the two companies on Saturday. The signing of a memorandum of understanding coincides with a visit by Indian Prime Minister Narendra Modi to the Netherlands, which is looking to deepen bilateral relations with New Delhi. ASML, whose top customers include Taiwan Semiconductor Manufacturing Co (台積電) and Samsung Electronics Co, makes lithography machines that can print
ROUGH RECORDS: Bonds in Japan, as well is in New Zealand, Australia and the US, are seeing the effects of a nervy market as stock exchanges across Asia edge down A deepening slump in Japanese government bonds added fuel to the selloff in global debt markets as rising oil prices stoked inflation fears and pushed yields to multi-decade highs. Japan’s 30-year yield yesterday surged as much as 20 basis points to the highest level since the tenor’s debut in 1999, before paring some of the move. Shorter-maturity Japanese debt was also under pressure, underscored by weak demand at a sale of five-year notes that offered a record-high coupon of 2 percent. Concerns over inflation and government spending rippling through markets including the US, Australia and New Zealand are being amplified in Japan,
The US has cleared about 10 Chinese firms to buy Nvidia Corp’s second-most powerful artificial intelligence (AI) chip, the H200, but not a single delivery has been made so far, three people familiar with the matter said, leaving a major technology deal in limbo as chief executive officer Jensen Huang (黃仁勳) seeks a breakthrough in China this week. Huang, who was not initially listed in a White House delegation to Beijing, joined the trip after an invitation from US President Donald Trump, a source said. Trump picked him up in Alaska en route to a summit with Chinese President Xi Jinping
Wall Street is licking its chops over an unprecedented slate of massive initial public offerings (IPOs) set to arrive in the coming months, beginning with Elon Musk’s Space Exploration Technologies Corp (SpaceX) next month. That is expected to be followed by artificial intelligence (AI) rivals OpenAI and Anthropic PBC. The trio of mega listings, each eyeing valuations around US$1 trillion or more, constitutes a heady period of elevated risk and reward. SpaceX is targeting an IPO that would raise up to US$80 billion — about double the funds generated from all IPOs last year. OpenAI and Anthropic are eyeing IPOs raising US$60 billion. “We’re
RSS