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