Insurance holdings’ earnings up mildlyMIXED PERFORMANCE: While insurance-focused companies resisted a downturn, their banking-oriented peers showed losses, due to lower interest rate spreadsBy Kao Shih-ching / Staff reporterInsurance-focused financial holding companies last month saw milder earnings growth compared with a year earlier, while their banking-focused peers reported steep declines in earnings, several companies’ earnings results released last week showed. A sign displaying the logo of Fubon Life Insurance Co is pictured outside the company’s headquarters in Taipei on Nov. 22 last year. Cathay Financial Holding Co (國泰金控) reported net profit of NT$4.68 billion for last month, the highest among its peers. Last month, the insurance unit set aside an additional NT$2 billion in foreign-exchange volatility reserve that slightly pared its profit. In the first nine months, CTBC Financial’s cumulative net profit was NT$36.13 billion, with earnings per share of NT$1.8, ranking third among its local peers.

Source: Taipei Times October 18, 2020 15:56 UTC