TAIPEI (Taiwan News) — Taiwan’s 13 publicly listed financial holding companies reported combined profits of NT$74.757 billion (US$2.4 billion) in January, up 29.4% from the same month last year.

Firms focused on life insurance and securities outperformed those centered on banking. Among the top five earners — Cathay Financial Holdings, Fubon Financial Holding, TS Holdings, CTBC Financial Holding, and Yuanta Financial Holding — three include life insurance operations, according to UDN Money.

Cathay led with profits of NT$14.61 billion, up 0.8% year-on-year. Its life insurance division contributed NT$8.7 billion, or about 60%.

Cathay United Bank, Cathay Securities, and Cathay Investment Trust all recorded their highest monthly earnings, supported by growth in lending, a strong stock market, and steady investment trust assets rising to NT$2.5 trillion.

Fubon Financial Holding earned NT$10.1 billion, driven by NT$2.8 billion from its life insurance unit. Taipei Fubon Bank and Fubon Securities reached historical highs for the month, posting NT$4.9 billion and NT$1.7 billion, respectively, while Fubon Insurance recorded its second-highest January profit at NT$1.3 billion.

TS Holdings posted a record monthly profit of NT$8.82 billion. The company was formed in July through the merger of Taishin and Shin Kong financial groups,

Taishin International Bank contributed NT$2.3 billion, up 44% from last January, and Shin Kong Commercial Bank earned NT$840 million, a 49% year-on-year increase, both reaching record monthly results. Strong net interest income and solid sales of insurance and investment products drove the gains.

CTBC reported NT$7.4 billion in January profits, up 7.9% year-on-year. CTBC Bank posted its highest January profit of NT$5.9 billion, up 46% from the previous year, fueled by growth in lending, wealth management, and syndicated loan fees.