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Fubon Financial Holding Co (富邦金控) yesterday said that its insurance unit would weather rising COVID-19 insurance claims and no fundraising is needed. Fubon Insurance Co (富邦產險) said it has sold about 2.31 million COVID-19 insurance policies and as of the middle of this month had paid NT$1.1 billion (US$37.09 million) of claims from 29,000 policyholders. It pays a total of NT$50 million per day in claims, it said. It is difficult to calculate how much more compensation it would have to pay, as local COVID-19 infections are still on the rise, with a peak not expected until next month, Fubon Insurance said. Fubon Insurance ....
CHINA LIFE: Despite its terms not stipulating that policyholders with COVID-19 who are not hospitalized must be compensated, China Life said that it would be flexibleBy Kao Shih-ching / Staff reporter ....
Listed companies posted a combined profit of NT$1.27 trillion (US$43.62 billion) from their overseas investment last year, led by the shipping, semiconductor and electronic components sectors, the Financial Supervisory Commission (FSC) said on Tuesday. Last year’s figure represents an increase of NT$638 billion from 2020 and is the highest over the past decade. Shipping companies reported combined gains of NT$427.3 billion from overseas investments, compared with NT$50.5 billion a year earlier, thanks to higher freight rates, the commission said. Electronic component makers followed with investment gains of NT$163.2 billion, up 30.14 percent from NT$37.8 billion a year earlier, due to higher smartphone ....
Fubon Financial Holding Co (富邦金控) yesterday said that it would not accept rubles for interest payments for the Russian bonds it holds, as the terms of the bonds explicitly stipulate that the interest should be paid in US dollars. It would seek to minimize its losses by negotiating with custodian banks and “take action together,” the financial services provider told an investors’ conference. The comments came after Russia on March 5 said that it would pay sovereign and corporate debtors in rubles if they are from countries that have acted in an “unfriendly manner” to Russia after Moscow on Feb. 24 launched ....
Four local life insurers have reported combined credit losses of NT$8.4 billion (US$295.4 million) from their exposure to Russian bonds amid Russia’s invasion of Ukraine, the Financial Supervisory Commission (FSC) said yesterday. The estimated losses accounted for 6 percent of the total booking value of the NT$138.2 billion in Russian bonds they held as of the end of last month, the commission said. However, the losses did not factor in the fast depreciation of the ruble, which remains under selling pressure following a spate of punitive measures that the US and its allies imposed against Russia. Yesterday, the Russian currency was down 11 ....