The life insurance industry has witnessed a remarkable rebound in the first half of 2024. Thanks to robust sales via stock market recommendations and bank channels, demand for participating policies and traditional life insurance has soared. The issuance of new policies reached an impressive 24.93 million, with a total sum assured of $578.53 billion (NT$18.63 trillion), easily outstripping the figures from the same period in 2023.
By mid-year, the number of in-force policies stood at 245.85 million, with a staggering total sum assured of $3.696 trillion (NT$119.21 trillion), highlighting steady and significant growth. Benefit payouts by life insurers amounted to $41.16 billion (NT$1,327.9 billion), with life insurance and annuities dominating at 90.27% of the total. Investment activities have also been a major boon, with net investment profit surging 36.63% year-on-year to $21.75 billion (NT$701.7 billion), spurred by dividends, capital gains, and foreign exchange earnings, leading to an overall net profit of $6.17 billion (NT$198.9 billion) for the sector in H1 2024.
However, as insurers gear up for the implementation of the IFRS 17 accounting standard in 2026, there is a strategic shift towards protection-oriented products. Despite the positive growth in the first half, challenges loom large. Global economic uncertainties are casting a shadow on investment confidence. The Taiwan Insurance Institute (TII) has emphasized that maintaining the premium income momentum in the latter half of 2024 will be crucial for the industry’s continued success and stability.
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