Taiwan Life Insurance has become the island's first insurance company to venture into the health-resort and healthcare sector.
Hotai Insurance returned to profit by closing 2023 with a full-year net profit of NT$3.7bn ($115.8m), partially contributed by the release of reserve related to COVID-19 pandemic insurance claims, notes AM Best. The insurer reported a significant net loss of NT$36.9bn in 2022, predominantly attributed to pandemic-related claims.
The key to Taiwan developing itself as an Asian asset management centre is whether the island can lure NT$36tn ($1.13tn) of life insurance funds to stay at home, according to Ms Wang Li-Hui, the director-general of the Insurance Bureau of the Financial Supervisory Commission (FSC).
AM Best has revised its outlook on Taiwan's non-life insurance segment to 'Stable' from 'Negative', citing a recovery of capital strength among carriers in 2023 following sizeable COVID-19 pandemic-related losses in the previous year.
Taiwan's financial regulator yesterday rejected a takeover bid by financial conglomerate CTBC Financial Holding for rival Shin Kong Financial Holdings, saying that the latter's plans on how to implement the merger were incomplete.
Taiwan's second biggest non-life insurer Cathay Century Insurance Company has returned to the black, with a full-year net profit of NT$1.2bn ($37.5m) in 2023 from a net loss of NT$19.6bn in 2022 which was predominantly attributed to COVID-19 pandemic insurance claims, says AM Best.
Shin Kong Financial Holding (SKFH), Taiwan's fifth-largest financial conglomerate, has reported a net profit of NT$20.5bn ($640m) in the first half of the year.
Nan Shan Life Insurance has the same capacity to meet its obligations denominated in both local currency and foreign currency, says S&P Global Ratings (S&P).
Taiwan's biggest life insurer, Cathay Life, reported a net profit of NT$47bn ($1.47bn) in 1H2024, a significant increase from NT$14bn in 1H2023. This 235.7% growth was mainly driven by higher investment income, said CreditSights, a unit of Fitch Group, in a commentary.
Central Reinsurance Corporation, Taiwan's sole domestic reinsurer, has reported a 59% jump in net profits after tax to NT$1.87bn ($58.83m) for the first six months of this year, compared to the corresponding half in 2023, according to interim financial statements released by the reinsurer.