The 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.
Earnings per share were NT$4.89 in the first quarter, ranking the company first among the nation’s
Financial titans’ profits near NT$70bn
BULL MARKETS: Cathay Financial Holding attributed its strong results to subsidiary Cathay Life Insurance Co, saying that the life insurer’s net income rose 181 percent
By Kao Shih-ching / Staff reporter
The nation’s 15 financial conglomerates last week reported a combined net profit of NT$69.54 billion (US$2.45 billion) for last month, up 73 percent year-on-year, as companies with life insurance arms benefited from bull stock markets, corporate data showed.
Cathay Financial Holding Co (國泰金控), the nation’s largest financial holding firm by assets, posted a record net profit of NT$21.7 billion, beating Fubon Financial Holding Co (富邦金控) to become the most profitable financial holding company, the companies’ data showed.
Taiwan Life funds mall construction
By Kao Shih-ching / Staff reporter
Taiwan Life Insurance Co (台灣人壽) would inject NT$1.58 billion (US$55.66 million) into Wu Zi Asset Development Co (午資開發) to fund construction of a shopping mall near the Taichung Intercontinental Baseball Stadium, the insurance company said on Monday.
It would be Taiwan Life’s second capital injection to Wu Zi after it provided the asset development firm with NT$495 million last year, the insurer said in a filing with the Taiwan Stock Exchange.
Taiwan Life on Jan. 31 last year said that it planned to invest NT$6.21 billion in Wu Zi to fund construction of a shopping and entertainment complex near the stadium over the next few years.
Ørsted brings in renowned investors, CDPQ and Cathay PE, for Greater Changhua 1 Offshore Wind Farm
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Global institutional investor CDPQ and experienced local investor Cathay PE will co-invest 50% of the 605MW Greater Changhua 1 Offshore Wind Farm.
Ørsted will retain a 50% share ownership in the Greater Changhua 1 Offshore Wind Farm, as well as deliver the full construction and long-term O&M services for the project, which is expected to be completed by 2022.
The partnership is based on a financing model for offshore wind projects that is unique in the Asia-Pacific Region.
This is CDPQ s first direct investment in Taiwan through its Infrastructure team, which has a long track-record in the renewable energy sector.