Taiwan Life Head Loses Sleep on FX, Plans on New Reserves Rule
The Taiwan dollar's recent surge against the greenback is causing sleepless nights for at least one major insurer in Taipei.
'A 10 cent gain in the Taiwan dollar means a foreign-exchange loss of about NT$300 million. How can I sleep well?' Taiwan Life Insurance Co. Chairman Hsu Shu-po said in an interview on Friday. He added that the company is planning to join peers in applying to use a new reserve rule to soften the blow to its income statement.
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