Cathay Financial Holding Co (國泰金控) on Sunday reported a net profit of NT$12.95 billion (US$462.25 million) for last month, compared with a net loss of NT$1.1 billion a year earlier due to recognition of a NT$8.8 billion investment loss in Indonesia’s Bank Mayapada International Tbk PT.
The company’s life insurance unit, Cathay Life Insurance Co (國泰人壽), generated net profit of NT$11.48 billion last month, doubling from NT$5 billion a month earlier.
Profit was pushed up by the New Taiwan dollar weakening against the US dollar last month, which helped reduce the insurer’s foreign-exchange hedging costs, as well as by the booming global financial markets, it said.
Photo courtesy of Cathay Financial Holding Co
In addition to the life insurer’s book value surpassing NT$730 billion, its risk-based capital exceeded 360 percent to reach a record high, which indicated that it would be able to weather any coming volatility, it said.
For the first six months, Cathay Financial’s cumulative net profit was NT$91.46 billion, up 183 percent from NT$32.25 billion a year earlier, reaching a record high, the company said, adding that earnings per share were NT$6.65.
Cathay Life’s cumulative net profit in the first six months advanced 292 percent year-on-year to NT$77.52 billion, it said.
Fubon Financial Holding Co (富邦金控) reported that net profit surged 324 percent annually to NT$12.87 billion last month, as its life insurance arm, Fubon Life Insurance Co (富邦人壽), took advantage of booming markets to seize capital gains, making a net profit of NT$9.37 billion, up 245 percent year on year, the company said in a statement.
As Fubon Financial had obtained a 55.76 percent stake in Jih Sun Financial Holding Co (日盛金控), it last month recognized NT$240 million as an investment gain, which was more than half of Jih Sun’s net profits of NT$428 million last month, it said.
For the first six months, Fubon Financial saw its net profit rise 135 percent year-on-year to NT$87.61 billion, second only to Cathay Financial, but Fubon’s earning per share of NT$8.29 ranked first among all financial conglomerates, it said.
Taishin Financial Holding Co (台新金控) reported net profit of NT$5.94 billion for last month, which was not only about seven times higher than the NT$770 million it recorded a month earlier, but also ranked the company third in terms of profits among all financial conglomerates last month, corporate data showed.
Taishin Financial attributed the rising profit to recognition of an investment gain of NT$9.18 billion, as at the end of last month it closed a deal to fully acquire Prudential Life Insurance Co of Taiwan (保德信人壽), which was renamed Taishin Life Insurance Co Ltd (台新人壽), it said.
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