Cathay Life Net Worth Falls by NT$245b Due to Accounting Change

Cathay Life’s equity declined by NT$244.5b, as IFRS 17 transition results in a one-off impact on equity, according to a statement from the company.

• Cathay Financial’s equity declined by NT$252b; Cathay Life is the most affected subsidiary
• Cathay Life says the drop in net worth was due to high-guarantee TWD policies
• Cathay Life says 41% of bond holdings are reclassified under amortized cost, compared with 63% previously

To contact the reporter on this story:
Betty Hou in Taipei at thou31@bloomberg.net

To contact the editors responsible for this story:
Miaojung Lin at mlin179@bloomberg.net

Cindy Wang

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