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.
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Connecting the dots
National Property Administration Director-General Tseng Kuo-chi, fifth left, Taipei Mayor Ko Wen-je, sixth left, Shin Kong Life Insurance Co chairman Victor Hsu, center, Shin Kong vice chairwoman Catherine Lee, fifth right, Shin Kong president Huang Min-yi, fourth right, and other guests yesterday pose for a photograph at a signing ceremony for Taipei’s Nangang Bus Station build-operate-transfer project in Taipei. The project, designed to connect railway, high-speed rail and mass rapid transit systems, is expected to be completed in 2025.
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Life insurers report losses from forex losses
By Kao Shih-ching / Staff reporter
Nan Shan Life Insurance Co (南山人壽), Shin Kong Life Insurance Co (新光人壽) and Taiwan Life Insurance Co (台灣人壽) reported losses last month due to foreign exchange losses, the companies’ data showed.
Nan Shan Life on Thursday reported a net loss of NT$2.36 billion (US$82.98 million) for last month, as the company set aside additional reserves of NT$3 billion to write off part of its foreign exchange losses amid the New Taiwan dollar’s appreciation against the US dollar.
The company’s first-year premiums (FYP) fell 2 percent annually to NT$7.38 billion last month, and its cumulative FYP totaled NT$97.8 billion for the first 11 months, down 38 percent year-on-year.