Local life insurers reported a combined pretax profit of NT$375.3 billion (US$13.48 billion) for the first 10 months of the year, up 80 percent from last year, on the back of higher investment gains and lower foreign-exchange hedging costs, data released on Thursday by the Financial Supervisory Commission showed.
During the 10-month period, their net investment income totaled NT$1.1 trillion, up NT$192 billion from last year, as many insurers booked capital gains from equity market investments, the data showed.
They had combined foreign-exchange hedging losses of NT$182.8 billion, an improvement of 22.6 percent on last year’s NT$236.4 billion, while their foreign-exchange losses fell 42 percent to NT$252.6 billion, the commission data showed.
The New Taiwan dollar appreciated 2.4 percent against the US dollar in the first 10 months, less than the 3.9 percent rise in the same period last year.
With the improvement in profitability, life insurance companies reported a combined book value of NT$2.61 trillion as of the end of last month, up 22.4 percent from a year earlier, the data showed.
Separately, property insurers registered a combined pretax profit of NT$21.4 billion for the first 10 months, up 47 percent from a year earlier, backed by higher investment gains, the commission said.
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