The Taiwan Financial Services Commission published insurance industry profit and loss, net value and exchange gains and losses data for December 2024, showing pre-tax profit of NT$341.5 billion for the sector and higher owners’ equity year on year. Life insurers recorded pre-tax profit of NT$315.5 billion, up NT$234.9 billion or 291.4% from the prior year, while non-life insurers reported NT$26 billion, up NT$8.5 billion or 48.6%. Owners’ equity for the industry totalled NT$2,737.1 billion, comprising NT$2,586 billion for life insurance (up NT$340.4 billion or 15.2%) and NT$151.1 billion for non-life insurance (up NT$23.3 billion or 18.2%). The release also noted that the New Taiwan dollar depreciated 6.24% against the US dollar from end-2023 to end-December 2024, with life insurers’ cumulative foreign exchange valuation reserve at NT$219.6 billion, up NT$127.6 billion, including a one-time NT$35.4 billion reserve under a new mechanism. Over the same period, the combined impact of exchange gains and losses, hedging gains and losses, and the net effect of volatility on the foreign exchange valuation reserve was NT$-302.9 billion, while overseas investments generated net gains of NT$848.2 billion (including exchange and hedging gains and losses, but excluding the net effect of volatility on the reserve).
Taiwan Financial Services Commission 2025-02-06
Taiwan Financial Services Commission reports December 2024 insurance sector profits, equity and foreign exchange valuation reserve position
The Taiwan Financial Services Commission reported December 2024 insurance industry data, revealing a pre-tax profit of NT$341.5 billion and increased owners' equity year on year. Life insurers achieved a pre-tax profit of NT$315.5 billion, a 291.4% rise, while non-life insurers saw a 48.6% increase to NT$26 billion. The New Taiwan dollar depreciated 6.24% against the US dollar, impacting foreign exchange valuation reserves and resulting in a net effect of NT$-302.9 billion from exchange and hedging.