Fubon, Cathay hurt by insurance unitsBy Kao Shih-ching / Staff reporterFubon Financial Holding Co (富邦金控) and Cathay Financial Holding Co (國泰金控) last month saw their net profit decline from the previous month due to less contribution from their insurance units, which reported rising hedging costs as the New Taiwan dollar appreciated 1.5 percent versus the greenback. Fubon Financial’s net profit decreased 36 percent to NT$5.2 billion (US$174 million) and Fubon Life Insurance Co’s (富邦人壽) net profit plunged 79 percent to NT$1.55 billion. Cathay Financial’s net profit declined 8 percent month-on-month to NT$4.1 billion, as Cathay Life Insurance Co’s (國泰人壽) net profit dove 27 percent to NT$1.51 billion. Despite falling profits, Fubon Financial and Cathay Financial remained the top two most profitable companies respectively among the nation’s 15 financial holdings, their data showed. They are Hua Nan Financial Holding Co (華南金控), Mega Financial Holding Co (兆豐金控), China Development Financial Holding Corp (中華開發金控) and Taishin Financial Holding Co (台新金控).

Source: Taipei Times May 12, 2020 15:56 UTC