Taishin Financial Holding Co (台新金控) yesterday reported that net profit in the first quarter plunged 52 percent to NT$2.1 billion (US$71.13 million) from a year earlier, as the company failed to realize an investment gain from its shares in Chang Hwa Commercial Bank (CHB, 彰化銀行) and it set aside a greater reserve for an additional payment to Prudential Financial Inc.
The company last year agreed to buy Prudential Life Insurance Co of Taiwan (保德信人壽) for NT$5.5 billion in a deal that required it to pay more to the US-based insurer if interest rates rose before the end of next month, Taishin