Sanshang Meibang Life lost 2.92 billion after tax in the first quarter.

(file photo)

[Reporter Wu Xintian/Taipei Report] Sanshang Meibang Life announced its Q1 financial report today, with an after-tax loss of 2.92 billion yuan, and a loss per share of 0.7 yuan; the single-quarter net value increased by about 9.6 billion to 38.4 billion, and the net value ratio increased to 2.89%, which is still low than the legal standard of 3%.

Sanshang Smith Barney said that in Q1 of 2023, it will benefit from the positive impact of the stock market rise, but it will also be impacted by the appreciation of the Taiwan dollar against the US dollar. The main reason for the loss is the exchange loss, which is estimated to affect about 4.14 billion yuan in after-tax profit and loss.

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At the end of Q1 in 2023, the total assets of Sanshang Meibang will be nearly 1.48 trillion, an increase of about 1.3% compared with the end of 2022.

The premium income in the first year was 7.93 billion, and the total premium income was 30.19 billion, showing that the business channel still maintains considerable sales momentum.

Sanshang Smith Barney pointed out that among the initial premiums, investment product premiums are still the main contribution type. At the same time, the new contract premium income of health insurance and injury insurance emphasized in line with IFRS 17 has also increased by more than 13% compared with the same period last year.

In addition, with the rise of the Taiwan stock index in Q1, the profit of Sanshang Smith Barney’s equity category has increased by 4.55 billion compared with the same period last year. With the trend of domestic and foreign bond yields rising sharply, the recurring income of Q1 has also increased compared with the same period last year. The overall recurring Earnings benefited from the impact of interest rate hikes, showing a gradually improving situation.

Sanshang Smith Barney explained that because the interest rate gap between Taiwan and the United States is still large, the cost of foreign exchange hedging remains high. In Q1, the Taiwan dollar appreciated by more than 2.5 cents against the U.S. dollar, causing the overall life insurance industry to suffer considerable exchange losses. In the future, we will continue to work hard to flexibly adjust the exchange hedging strategy in response to exchange rate fluctuations.

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