Cathay Financial reports NT $ 12.95 billion profit, offsetting last year’s loss

  • By Kao Shih-ching / Journalist

Cathay Financial Holding Co (國泰 金控) on Sunday reported net profit of NT $ 12.95 billion (US $ 462.25 million) for the last month, compared with a net loss of NT $ 1.1 billion a year earlier due to the recognition of an investment loss of NT $ 8.8 billion. in Indonesian bank Mayapada International Tbk PT.

The company’s life insurance unit, Cathay Life Insurance Co (國泰 人壽), generated net profit of NT $ 11.48 billion last month, doubling from NT $ 5 billion a month more early.

Profits were pushed up by the weakening of the New Taiwan dollar against the US dollar last month, which helped lower the insurer’s currency hedging costs, as well as booming markets. global financial institutions, he said.

Photo courtesy of Cathay Financial Holding Co

In addition to the life insurer’s book value exceeding NT $ 730 billion, its risk-based capital surpassed 360 percent to a record high, indicating that it would be able to withstand any volatility. to come, he said.

In the first six months, Cathay Financial’s cumulative net profit amounted to NT $ 91.46 billion, up 183% from NT $ 32.25 billion a year earlier, reaching a level record, the company said, adding that earnings per share were NT $ 6.65.

Cathay Life’s cumulative net profit in the first six months grew 292% year-on-year to NT $ 77.52 billion, he said.

Fubon Financial Holding Co (富邦 金控) reported that net profit jumped 324% annually to NT $ 12.87 billion last month, as its life insurance arm, Fubon Life Insurance Co (富邦 人壽), took advantage of booming markets to capture capital gains. , reporting net profit of NT $ 9.37 billion, up 245% year-on-year, the company said in a statement.

As Fubon Financial had secured a 55.76% stake in Jih Sun Financial Holding Co (日盛 金控), it recognized NT $ 240 million last month as an investment gain, which was more than half Jih Sun’s net profit of NT $ 428 million last month. , It said.

In the first six months, Fubon Financial saw its net profit increase 135% year-on-year to NT $ 87.61 billion, just behind Cathay Financial, but Fubon’s earnings per share of NT $ 8.29 ranked number one among all financial conglomerates, he said.

Taishin Financial Holding Co (台 新 金控) reported net profit of NT $ 5.94 billion for last month, which was not only about seven times higher than the NT $ 770 million recorded a month earlier, but also also ranked the company third in terms of profits among all financial conglomerates last month, according to company data.

Taishin Financial attributed the rise in profits to recognition of an investment gain of NT $ 9.18 billion, as at the end of last month it reached a deal to fully acquire Prudential Life Insurance Co of Taiwan (保德信 人壽), which was renamed Taishin Life Insurance Co Ltd. (台 新 人壽), he says.

Comments will be moderated. Keep comments relevant to the article. Comments containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. The final decision will be at the discretion of the Taipei Times.


Source link

Marianne R. Winn

Leave a Reply

Your email address will not be published. Required fields are marked *