SinoPac Financial Holdings Co (永豐金控) is weighing whether to add a life insurance business to its portfolio, but would tread cautiously after completing three acquisitions in quick succession, president Stanley Chu (朱士廷) said yesterday.
“We are carefully considering whether life insurance should play a role in SinoPac’s business map,” Chu told reporters ahead of an earnings conference. “Our priority is to ensure the success of the deals we have already made, even though we are tracking some possible targets.”
Local media have reported that Mercuries Life Insurance Co (三商美邦人壽), which is seeking buyers amid financial strains, has invited three financial peers and one insurer — including SinoPac — to submit bids.
Photo: CNA
Chu declined to comment on specific opportunities, saying that integration of recent acquisitions King’s Town Bank (京城銀行), CL Securities Taiwan Co (台灣匯立證券) and Cambodian microfinance lender Amret PLC is the company’s main focus.
The cautious stance comes as Taiwan’s insurance industry prepares to adopt the new Insurance Capital Standard and new International Financial Reporting Standard next year.
SinoPac reported a record profit of NT$12.6 billion (US$412.37 million) in the first half of this year, up 3.4 percent from a year earlier, with earnings per share of NT$0.99.
It said its consolidated revenue increased 7.8 percent to NT$35.54 billion, led by its banking unit. Net interest income surged 46 percent to NT$17.31 billion, aided by lower US dollar funding costs and earnings from Amret. SinoPac acquired an 80 percent stake in Amret in January.
Excluding Amret, interest income still grew 29 percent year-on-year, the company said.
US tariffs could erode GDP growth across major economies next year, softening growth by 0.4 percentage points in the eurozone, 0.5 in Japan, 0.6 in the US and Taiwan, and 1.2 in China, SinoPac chief economist Jack Huang (黃蔭基) said.
Washington’s ongoing semiconductor probe, coupled with the “reciprocal” tariffs, could further shave Taiwan’s GDP growth by 1 percent, even though the artificial intelligence boom remains a key driver of its economy, he said.
Huang said that, against this backdrop, he expects the central bank to keep rates steady next month, adding that a rate cut in December is possible.
If the impact of the US’ semiconductor probe remains limited, the local bourse could rally, potentially reaching this year’s highs, he added.
The TAIEX closed up 27.72 points, or 0.11 percent, at 24,305.10 yesterday.
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