Taiwan Life Insurer Losses Swell to $1.2 Billion in May on FX

Losses at Taiwan’s biggest insurers almost doubled in May from a month earlier as historic gains in the local currency dented the value of their foreign investments.

Losses for four of the largest reached a combined NT$35.4 billion ($1.2 billion), according to company statements on Tuesday. Among them, Shin Kong Life Insurance Co. posted the largest loss at NT$15.4 billion. Cathay Life Insurance Co. posted a small profit, citing appropriate hedging operations, as did Nan Shan Life Insurance Co.

The Taiwan dollar spiked about 7% in May — mostly over two days at the start of the month. That heaped ...