Losses Grew from Nt $ 118.3 Billion during January to April, According to a Statement from the Financial Supervisory Commission in Taaipei on Taersday. The Industry’s Foreign Exchange Loss of Nt $ 145.5 billion in may was the Worst Since the FSC Started Releasing The Data in 2018, According to Calculations by bloomberg news.
The Taiwan Dollar’s Roughly 12% Gain Against The Greenback This year has pummeled Local Life Insurers by Reduction The Nominal Value of their Approximately $ 786 Billion Foreign Foreign Currently. The $ 1.2 Trillion Industry’s Foreign Exchange Loss in May Doubled From The Roughly Nt $ 68 Billion Shortfall Seen in April.
The Foreign Exchange Loss also Swung The Industry’s Pretax Profit into a loss of nt $ 61.7 billion for first five months of the year. The sector was reported a profit of nt $ 44.9 billion in the first four months.
Regulators have taken steps to give life insurers more flexibility in using their reserves. The FSC Earlier this month said insurers could also use Six-month Average exchange rates in their semi-nnual reports, a move that grind help them reduce the impact of Suden Swings in the course.
The taiwan dollar on thursday against strengthened and rose 0.8% to 29.165 at close, marking the highhest level since 2022. The Central Bank is Closely Monoring Foreign Investors’ Inverses InVese and Leveraged ETF Products, which are used as tools to profit from gains in the taiwan dollar.
With assistance from betty hou and argin chang.
This article was generated from an automated news agency feed without modifications to text.