Taiwan life firms post decline in earnings

November 29 2016 by InsuranceAsia News Staff

It has been a tough year so far for financial firms in Taiwan owing to a slowdown of the national economy’s growth and a drop in private investment.

Among financial companies, life insurers posted the largest decline in their combined earnings from January to October, according to the Financial Supervisory Commission (FSC).

The aggregate earnings of life insurers dropped by NT$46.2 billion (US$1.45 billion) to NT$95.9 billion in the first 10 months.

The FSC attributed the contraction to lower investment returns that could not offset the impacts of lower policy product sales during the period.

However, it has been a different story for general insurers who posted a NT$200 million annual gain in aggregate profits to NT$2.48 billion in the first 10 months, statistics showed.

The statistics also showed that the aggregate earnings of securities brokerages fell by NT$389 million from the same period last year to NT$21.29 billion during the January-to-October period, while futures brokerages’ profits retreated by NT$13 million to NT$2.48 billion during the period, hurt by a persistent dip in transactions on local exchanges.

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