Cathay Life of Taiwan Profit Hits US$94.67 Million in July

Taipei, Aug. 8, 2012 (CENS)--With over NT$6 billion (US$200 million) in dividends, Cathay Life insurance Co. of Taiwan saw profits hit NT$2.84 billion (US$94.67 million) in July.

Cathay Financial Holdings Co., parent of Cathay Life, posted NT$4.4 billion (US$146 million) in profit in July to account for 45% of the said figure in the first seven months, with NT$0.9 (US$0.03) in earnings per share (EPS).

A representative of Cathay Life pointed out that the company’s foreign exchange reserves surged to NT$570 million (US$19 million) in July, pushing the said figure to NT$1.13 billion (US$37.67 million) this year. If the foreign exchange reserves are booked as profit, EPS of Cathay Holding will reach an estimated NT$0.99 (US$0.033); while Cathay Life will collect NT$2~3 billion (US$66.67~100 million) in dividends in August and September this year.

The insurer saw sales grow steadily in July, chalking up NT$17.59 billion (US$586.3 million) in FYP revenues from salespeople and NT$10.83 billion (US$361 million) from sales of installment policies. Total FYP revenues in July soared to NT$51.83 billion (US$1.727 billion), up 40% year on year (YoY).