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Taiwan Industry Updates / Furniture, Parts & Accessories / Industry In-Focus

Seven Life Insurers' Net Worth Rise US$3.33 B. in Q3

2012/11/02 | By Andrew Wang

Taipei, Nov.2, 2012 (CENS)--Benefiting from the 5.74% quarter on quarter (QoQ) growth of the Taiwanese stock market in the third quarter, life insurers in Taiwan including Cathay Life, Shin Kong Life, Fubon Life, Nan Shan Life, China Life, Taiwan Life, and Mercuries Life Insurance saw their net worth increase NT$100 billion (US$3.33 billion), coupled with NT$33.9 billion (US$1.13 billion) in profits in the first three quarters.

Cathay registered NT$2.356 billion (US$78.53 million) in profits in the first three quarters, resulting in NT$135.8 billion (US$4.53 billion) in net worth in the third quarter, with unrealized profits increasing NT$17.6 billion (US$586.67 million), mainly due to rebounding stock market.

Fubon scored NT$9.175 billion (US$305.83 million) in net profits in the first three quarters, raising net worth to NT$159.3 billion (US$5.31 billion) in the end of September, the highest in the industry and mainly due to reclassified assets, with unrealized profits growing to NT$74.2 billion (US$2.47 billion), also the highest among peers.

Nan Shan had the second highest net worth among peers in the end of September at NT$155.7 billion (US$5.19 billion), but only NT$9.29 billion (US$309.67 million) higher from a quarter earlier, with NT$8.395 billion (US$279.83 million) in net profits in the first three quarters and NT$69.1 billion (US$2.3 billion) in unrealized profits, both the second highest among peers.

Shin Kong saw net worth in the third quarter rebound NT$8.6 billion (US$286.67 million) to NT$52 billion (US$1.73 billion), reducing unrealized loss to NT$36.9 billion (US$1.23 billion). China Life, Taiwan Life, and Mercuries Life saw net worth grow to NT$3.8 billion (US$126.67 million), NT$2.4 billion (US$80 million), and NT$3.9 billion (US$130 million) in the third quarter, respectively.

Taiwan Life has decided to reclassify assets in the fourth quarter, which will add NT$3.2 billion (US$106.67 million) to net worth and likely offset unrealized loss from assets.

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