The insurance sector in Taiwan has demonstrated a remarkable turnaround in its financial performance for the first quarter of this year, as revealed by data from the Financial Supervisory Commission (FSC). The pre-tax profit of insurance companies during this period reached NT$105.3 billion (approximately $3.25 billion).
Breaking down the figures, life insurers notably saw a substantial increase in pre-tax profit, amounting to NT$96 billion. This marks a significant turnaround from the corresponding quarter in 2023, where net losses were reported. The increase stands at an impressive 465%.
Similarly, non-life insurers also exhibited a strong recovery, reporting a pre-tax profit of NT$9.3 billion. This figure represents a substantial growth of 390.6% compared to the net loss recorded in the same quarter last year, which was NT$12.5 billion.
The positive performance of both life and non-life insurance segments reflects a robust recovery in Taiwan’s insurance industry, underscoring improved market conditions and prudent financial management strategies adopted by insurers amidst evolving economic landscapes. This turnaround signals a promising start to the year for Taiwan’s insurance sector, paving the way for sustained growth and resilience moving forward.
