Financial conglomerates profit on stock investmentsCAPITAL GAINS: Fubon Financial said it was upbeat about the local stock market, citing solid fundamentals for electronics firms and a recovering traditional sectorBy Kao Shih-ching / Staff reporterThe nation’s major financial conglomerates with life insurance subsidiaries have reported higher net profits for the first quarter of this year on the back of investment returns, buoyed by the booming domestic stock market, companies’ data showed. Fubon Financial Holding Co (富邦金控), the nation’s second-largest financial holding firm by assets, yesterday reported net profit of NT$11.49 billion (US$403.7 million) for last month, up 42 percent year-on-year, while its net profit totaled NT$50 billion in the first quarter, up 118 percent year-on-year, it said in a statement. The Fubon Financial Holding Co headquarters is pictured in Taipei on Dec. 20, 2011. It was followed by Fubon Life Insurance with a market share of 17.27 percent, Nan Shan Life Insurance Co (南山人壽) with 12.3 percent, China Life Insurance Co (中國人壽) with 8.14 percent and Taiwan Life Insurance Co (台灣人壽) with 6.6 percent, the data showed. China Development Financial said its first-quarter net profit rose to NT$14.81 billion from NT$1.76 billion a year earlier, aided by the contribution from China Life.

Source: Taipei Times April 12, 2021 15:56 UTC