Taiwan's Three Financial Sectors Fire "Three Engines at Once" - January-May 2026 Pre-tax Net Profit of NT$756.9 Billion, Up 225.18% YoY, a Record for Any Year's January-May Period; Decomposing the Capital-Market Dividend into Banking NT$327.93 Billion, Insurance NT$272.5 Billion, and Securities/Futures/Investment Trust NT$156.5 Billion

TL;DR: Statistics from Taiwan's Financial Supervisory Commission (FSC) show that the three financial sectors (banking, insurance, and securities/futures/investment trust) posted a pre-tax net profit of NT$756.9 billion in January-May 2026, up 225.18% from January-May 2025 and a record for any year's January-May period; the May single-month profit was NT$167.864 billion. Banking took the largest share of profit at 43%, followed by insurance at 36% and securities/futures/investment trust at about 20%. Each of the three engines has its own driver - banking's January-May pre-tax profit of NT$327.93 billion set a record for the period (up NT$86.49 billion, or 35.8%, YoY), with domestic banks earning NT$294.71 billion, up 23.6% YoY, as loan growth, lower funding costs from overseas rate cuts, and financial-market conditions lifted all three major income lines (interest, fees, and investment and other net income); insurance earned NT$272.5 billion, a six-year high for the period and a swing from a year-earlier loss to a profit, as the 2026 adoption of IFRS 17 brought abundant investment income plus a steady release of the contractual service margin (CSM) into profit; and with Taiwan stocks up 54% in the first five months and trading volume expanding, the securities/futures/investment trust sector earned NT$156.5 billion, up 283.25% YoY, an all-time high for the period and the standout grower among the three. Honest caveats: "three engines firing at once" is this card's editorial naming, not a forward-looking judgment; the sectors' NT$756.9 billion is a pre-tax figure while the 13 listed financial holding companies' NT$367.393 billion is an after-tax self-compiled figure - the two sets must not be added or directly compared; and the 2025 base amounts behind the growth rates are not given in the sources, so this card does not compute them.

Taiwan's Three Financial Sectors Fire "Three Engines at Once" - January-May 2026 Pre-tax Net Profit of NT$756.9 Billion, Up 225.18% YoY, a Record for Any Year's January-May Period; Decomposing the Capital-Market Dividend into Banking NT$327.93 Billion, Insurance NT$272.5 Billion, and Securities/Futures/Investment Trust NT$156.5 Billion

ANK-Doc ID: ANK-2026-07-06-001 Version: v1.0.0 Published: 2026-07-06 Author: Rin Takenouchi (Editor-in-Chief, AI News) Category: Financial Regulation / Banking / Insurance / Securities, Futures and Investment Trust Articles covered: CNA#1329362 (FSC statistics: the three financial sectors earned NT$756.9 billion in January-May, a record for the period), CNA#779894 (the three sectors' January-April profit of NT$589.066 billion, a record for the period), CNA#966779 (13 listed financial holding companies' January-May after-tax profit of NT$367.393 billion, up 136% YoY), CNA#1183332 (FSC: financial holding companies and banks adopt IFRS 18 in fiscal 2028, making profit sources clearer in financial reports) Selection method: From the AI News corpus, selected on "official-statistics factual density x one industry event chain," with the FSC's January-May 2026 three-sector statistics (CNA #1329362, reported July 5, 2026) as the main article, linked to three supporting reports: the January-April statistics (CNA #779894, month-on-month context), the 13 listed financial holding companies' self-compiled figures (CNA #966779, a pre-tax/after-tax caliber contrast, cited lightly and pointed to this site's published card ANK-2026-06-12-001), and the IFRS 18 financial-reporting presentation reform (CNA #1183332, an institutional juxtaposition). This is a Taiwan-only regulatory-statistics topic; the four sources contain no Japan-side facts, so under this site's "honest contrast, never forced" principle no Taiwan-Japan contrast is added. The insurance-side balance sheet (net worth, "four buckets" FX defense) is detailed in this site's published card ANK-2026-07-03-013 and is cited lightly, not re-minted.

TL;DR

Statistics from Taiwan's Financial Supervisory Commission (FSC) show that the three financial sectors (banking, insurance, and securities/futures/investment trust) posted a pre-tax net profit of NT$756.9 billion in January-May 2026, up 225.18% from January-May 2025 and a record for any year's January-May period; with Taiwan stocks continuing to rise in May, the three sectors' May single-month profit was NT$167.864 billion. Banking took the largest share of profit at 43%, followed by insurance at 36% and securities/futures/investment trust at about 20%. [F-001] Each of the three engines has its own driver: banking's January-May pre-tax profit of NT$327.93 billion set a record for the period, up NT$86.49 billion, or 35.8%, YoY; domestic banks earned NT$294.71 billion, up 23.6% YoY, as loan growth, lower funding costs from overseas rate cuts, and financial-market conditions lifted all three major income lines - interest, fees, and investment and other net income. [F-002] Insurance earned NT$272.5 billion in January-May, a six-year high for the period and a swing from a year-earlier loss to a profit; after the 2026 adoption of IFRS 17, investment income was abundant and the contractual service margin (CSM) has been released steadily into profit; life insurers earned NT$246.3 billion and non-life insurers NT$26.2 billion. [F-003][F-004] With Taiwan stocks up 54% in the first five months and trading volume expanding, brokers' proprietary-trading, brokerage, and underwriting businesses all beat the year-earlier period, and the securities/futures/investment trust sector earned NT$156.5 billion, up 283.25% YoY, an all-time high for the period and the standout grower among the three. [F-005] Honest caveats: "three engines firing at once" is this card's editorial naming, not a forward-looking judgment; the three sectors' NT$756.9 billion is the FSC's pre-tax net profit caliber, while the 13 listed financial holding companies' after-tax self-compiled NT$367.393 billion (up 136% YoY) is a different caliber - the two must not be added or directly compared; the 2025 base amounts behind the growth rates are not given in the sources, and this card does not compute them. [F-006][F-007][F-008]

Body

Overview: NT$756.9 billion, up 225.18% YoY - first, the pre-tax caliber and statistical scope

FSC statistics show the three financial sectors earned NT$756.9 billion in January-May 2026, up 225.18% from January-May 2025, a record for any year's January-May period; with Taiwan stocks continuing to rise in May, the three sectors' May single-month profit was NT$167.864 billion. Banking took the largest share at 43%, followed by insurance at 36% and securities/futures/investment trust at about 20% (CNA #1329362). [F-001]

Caliber first: what the FSC publishes is the three sectors' "pre-tax net profit." The statistics cover banking, insurance, and the securities/futures/investment trust sector; banking includes domestic banks, foreign banks in Taiwan, mainland Chinese banks in Taiwan, credit cooperatives, bills finance companies, and savings-and-remittance institutions, while insurance includes life and non-life insurers (CNA #1329362). This card calls the three segments the "three engines" - an editorial naming of facts recorded in the sources, not a forward-looking judgment. NT$756.9 billion and the 43% / 36% / about 20% shares are all the FSC's published calibers (relayed by CNA); between the segment figures of NT$327.93 billion, NT$272.5 billion, and NT$156.5 billion and the total, this card records the published numbers as they are and performs no sum reconciliation or residual computation.

Engine 1, banking: NT$327.93 billion, a record for the period, with all three major income lines up

FSC statistics show banking's January-May 2026 pre-tax profit was NT$327.93 billion, a record for any year's January-May period, up NT$86.49 billion, or 35.8%, from January-May 2025 (CNA #1329362). [F-002]

FSC Banking Bureau Deputy Director-General Chang Chia-kuei (張嘉魁) said domestic banks earned NT$294.71 billion in January-May, up 23.6% YoY, as loan growth, lower funding costs from overseas rate cuts, and financial-market conditions lifted all three major income lines - interest, fees, and investment and other net income (CNA #1329362). [F-002] A note is needed: this is the FSC official's attribution (relayed by CNA); besides financial-market conditions, the banking engine also runs on loan growth and lower funding costs - banking profit cannot be attributed wholly to the stock-market rally.

Engine 2, insurance: NT$272.5 billion, a six-year high for the period and a swing to profit - investment income and CSM release under IFRS 17

The insurance industry adopted the IFRS 17 insurance-contracts standard in 2026. Per the main article, besides abundant investment income, a steady release of the contractual service margin (CSM) into profit helped the industry earn NT$272.5 billion in January-May, a six-year high for the period and a swing from a year-earlier loss to a profit (CNA #1329362). [F-003]

FSC Insurance Bureau Deputy Director-General Chen Ching-yuan (陳清源) said life insurers' cumulative profit through end-May 2026 was NT$246.3 billion, mainly from an insurance service result of NT$90.5 billion, a financial result of NT$188.3 billion, and an other-operating result of negative NT$33.6 billion; non-life insurers' January-May pre-tax profit was NT$26.2 billion, mainly from an insurance service result of NT$18.4 billion, a financial result of NT$11.6 billion, and an other-operating result of negative NT$4.2 billion (CNA #1329362). [F-004] The two segments reconcile with the published total: 246.3 billion + 26.2 billion = 272.5 billion. Note: the three components are the source's "mainly from" listings; this card treats them as the FSC's principal components, not a complete sum, and computes no residuals. The insurance engine's full balance-sheet picture (May-end net worth, the "four buckets" FX defense) is recorded in detail in this site's published card ANK-2026-07-03-013 and is cited lightly here, not re-minted.

Engine 3, securities/futures/investment trust: NT$156.5 billion, up 283.25% YoY, the standout grower

FSC Securities and Futures Bureau Chief Secretary Wang Hsiu-ling (王秀玲) said that with Taiwan stocks rising and trading volume expanding, brokers' proprietary-trading, brokerage, and underwriting businesses all beat the year-earlier period, driving the securities/futures/investment trust sector's January-May 2026 profit to NT$156.5 billion, an all-time high for the period, up 283.25% YoY (CNA #1329362). [F-005]

The main article also records that, with capital markets buoyant in 2026 and Taiwan stocks up 54% in the first five months, the securities/futures/investment trust sector was the standout grower among the three financial sectors (CNA #1329362). [F-005] A note: "rising stocks and expanding volume drove the three businesses" is the FSC official's attribution; the causes of the stock rally itself are not explained in this source set, and this card does not extend the attribution.

Month-on-month context: from NT$589.066 billion in January-April to NT$756.9 billion in January-May - two published snapshots juxtaposed, not inter-computed

One month earlier in the same statistical series: the FSC published that the three sectors earned NT$589.066 billion in January-April 2026, rewriting the all-time record for the period, up 109% from January-April 2025; the caliber of that report was that Taiwan stocks kept setting record highs in 2026, the NT dollar had depreciated a cumulative 0.66% through end-April, and banks, insurers, and securities/futures firms rode the capital-market tailwind with a large boost to investment income (CNA #779894). [F-006]

The January-April breakdown: banking's pre-tax profit was NT$260.8 billion (an all-time high for the period, up NT$64.54 billion, or 32.9%, YoY), with domestic banks at NT$233.89 billion, a record for the period; insurance earned NT$215.3 billion (a six-year high for the period, up 292% YoY), with life insurers' pre-tax profit at NT$194.5 billion (insurance service result NT$70.3 billion, financial result NT$145.5 billion, other-operating result negative NT$22.3 billion) and non-life insurers at NT$20.8 billion (insurance service result NT$14.6 billion, financial result NT$8.6 billion, other-operating result negative NT$2.9 billion); the securities, futures and investment trust sector's combined pre-tax net profit was NT$112.966 billion (an all-time high for the period, up NT$82.441 billion, or 270.08%, YoY) (CNA #779894). [F-006]

Honest caveat: the January-April NT$589.066 billion (up 109% YoY), the January-May NT$756.9 billion (up 225.18% YoY), and the May single-month NT$167.864 billion are each the FSC's separately published figures; this card only juxtaposes the two periods' published numbers - it does not back out single-month figures from the cumulative ones, nor does it compute the reasons for the change in growth rates between the two periods (the sources do not explain it; NT$756.9 billion is a published round-number caliber).

Caliber contrast: the sectors' pre-tax NT$756.9 billion vs. the 13 listed financial holding companies' after-tax NT$367.393 billion - never add or directly compare the two

For the same January-May 2026 there is another widely cited set of numbers: the 13 listed financial holding companies' cumulative after-tax profit totaled NT$367.393 billion, up 136% from January-May 2025; their May single-month after-tax profit totaled NT$75.904 billion, surpassing the 2024 record for the "strongest May" (the source's phrase). The report also notes that, compared with the year-earlier period (May 2025) dragged down by the NT dollar's sharp appreciation, May 2026 delivered strong results. Individually: Fubon Financial Holding's cumulative January-May profit was NT$87.85 billion, a record for the period, up 122% YoY, with earnings per share (EPS) of NT$6.27, the highest among financial holding companies; Cathay Financial Holding's cumulative after-tax net profit was NT$59.93 billion, up 55% YoY, with EPS of NT$4.07; Yuanta Financial Holding's cumulative after-tax net profit was NT$29.06 billion (CNA #966779). [F-007]

The two sets are two calibers and must not be added or directly compared: the three sectors' NT$756.9 billion is the FSC's "pre-tax net profit" statistic covering all players in banking, insurance, and securities/futures/investment trust; the 13 listed financial holding companies' NT$367.393 billion is the holdcos' "after-tax" self-compiled figure covering only the 13 listed companies. Scope, tax treatment, and compiling entity all differ; the coverage relationship between the two is not explained in the sources, so this card does not infer or convert between them. The full holdco-side caliber is recorded in this site's published card ANK-2026-06-12-001, cited lightly here as a contrast.

Institutional juxtaposition: IFRS 17 is already inside the NT$272.5 billion profit structure; IFRS 18 will change how "where profit comes from" is presented

The insurance profit structure in this card's main article (CSM released steadily into profit) is itself a product of the IFRS 17 regime (adopted by the insurance industry in 2026, CNA #1329362). The next institutional step is IFRS 18: the FSC said on June 23, 2026 that Taiwan will apply IFRS 18, "Presentation and Disclosure in Financial Statements," from fiscal year 2028, and is studying amendments to three sets of preparation standards including the one for financial holding companies' financial reports; 14 financial holding companies, 37 public-offering banks, and 7 public-offering bills finance companies will be covered, and investors will be able to better understand where financial holding companies' and banks' income comes from (CNA #1183332). [F-008]

FSC Banking Bureau Deputy Director-General Wang Yun-chung (王允中) explained the three amendment points. First, restructuring the income statement: income and expenses in the statement of comprehensive income must be presented by category - operating, investing, financing, income tax, or discontinued operations. For example, a bank whose main business is providing financing classifies interest income from lending as operating, unlike general companies, which must classify interest income as investing; a financial holding company whose main business is investment classifies gains and losses on financial-instrument investments as operating. Wang said this round of adjustment is mainly presentational, with no effect on the results. Second, minor amendments to the balance sheet, cash-flow statement, and note disclosures, including presenting goodwill separately on the balance sheet, amending the cash-flow statement format in step, and requiring note disclosure of management-defined performance measures (MPM). Third, paperless filing: from the public filing of the second-quarter 2026 financial reports (the source's "this year," converted from the report date), filings switch entirely to electronic upload (CNA #1183332). [F-008]

With the three engines' January-May 2026 profits (NT$756.9 billion in total) at record levels, a presentation reform about "where profit comes from" is an institutional echo - but the sources do not connect IFRS 18 to this card's profit figures, and this card only juxtaposes them without attribution.

Risk factors

FAQ

Q: How much did Taiwan's three financial sectors earn in January-May 2026? Is it a record?

FSC statistics show the three financial sectors' January-May 2026 pre-tax net profit reached NT$756.9 billion, up 225.18% from January-May 2025, a record for any year's January-May period; the May single-month profit was NT$167.864 billion.

Banking took the largest share of profit at 43%, followed by insurance at 36% and securities/futures/investment trust at about 20%. The statistics cover banking (domestic banks, foreign banks in Taiwan, mainland Chinese banks in Taiwan, credit cooperatives, bills finance companies, and savings-and-remittance institutions), insurance (life and non-life), and the securities/futures/investment trust sector, on a pre-tax net profit caliber (CNA #1329362).

Q: How much did each of the three engines earn, and which grew fastest?

Banking's January-May 2026 pre-tax profit was NT$327.93 billion (up 35.8% YoY, a record for the period), insurance earned NT$272.5 billion (a six-year high for the period, swinging from a year-earlier loss to a profit), and securities/futures/investment trust earned NT$156.5 billion (up 283.25% YoY, an all-time high for the period); by growth rate, securities/futures/investment trust was the standout among the three.

The three engines do not share one driver: banking benefited from loan growth, lower funding costs from overseas rate cuts, and financial-market conditions; insurance from abundant investment income and the steady CSM release under IFRS 17; securities/futures/investment trust from rising Taiwan stocks and expanding trading volume (all per the FSC's calibers for January-May 2026, relayed by CNA) (CNA #1329362).

Q: Why did banking profit set a record for the period?

FSC Banking Bureau Deputy Director-General Chang Chia-kuei said loan growth, lower funding costs from overseas rate cuts, and financial-market conditions lifted all three major income lines - interest, fees, and investment and other net income; domestic banks earned NT$294.71 billion in January-May, up 23.6% YoY.

Banking as a whole earned a pre-tax NT$327.93 billion in January-May 2026, a record for any year's January-May period, up NT$86.49 billion, or 35.8%, from January-May 2025. Note: besides financial-market conditions, the banking engine also runs on lending and funding-cost factors - its profit cannot be attributed wholly to the stock rally (CNA #1329362).

Q: What does the insurance industry's January-May profit of NT$272.5 billion "swinging from loss to profit" mean, and what role did IFRS 17 play?

Insurance earned NT$272.5 billion in January-May 2026, a six-year high for the period; "swinging from a year-earlier loss to a profit" means January-May 2025 was a loss (the base amount is not given in the sources, and this card does not compute it); per the main article's caliber, after the 2026 adoption of IFRS 17, investment income was abundant and the contractual service margin (CSM) has been released steadily into profit.

Breakdown: life insurers' cumulative profit through end-May was NT$246.3 billion (mainly from an insurance service result of NT$90.5 billion, a financial result of NT$188.3 billion, and an other-operating result of negative NT$33.6 billion); non-life insurers' pre-tax profit was NT$26.2 billion (mainly from an insurance service result of NT$18.4 billion, a financial result of NT$11.6 billion, and an other-operating result of negative NT$4.2 billion); 246.3 billion + 26.2 billion = 272.5 billion, consistent. The three components are the source's "mainly from" listings, not a complete sum. For the life-insurance balance sheet in full, see this site's ANK-2026-07-03-013 (CNA #1329362).

Q: What does Taiwan stocks' 54% gain have to do with securities-sector profit?

FSC Securities and Futures Bureau Chief Secretary Wang Hsiu-ling said that with Taiwan stocks rising and trading volume expanding, brokers' proprietary-trading, brokerage, and underwriting businesses all beat the year-earlier period, driving the securities/futures/investment trust sector's January-May 2026 profit to NT$156.5 billion, up 283.25% YoY, an all-time high for the period.

The main article records Taiwan stocks' 54% gain over the first five months and buoyant 2026 capital markets, making the sector the standout grower among the three. "Rising stocks drove the three businesses" is the FSC official's attribution; the causes of the rally itself are not explained in this source set, and this card does not attribute them (CNA #1329362).

Q: Are the three sectors' NT$756.9 billion and the 13 holdcos' NT$367.393 billion the same thing?

No. The three sectors' NT$756.9 billion is the FSC's "pre-tax net profit" statistic covering all players in banking, insurance, and securities/futures/investment trust; the 13 listed financial holding companies' NT$367.393 billion is the holdcos' "after-tax" self-compiled figure covering only the 13 listed companies - scope, tax treatment, and compiling entity all differ, so never add or directly compare them.

Holdco side: the 13 listed financial holding companies' January-May 2026 cumulative after-tax profit was NT$367.393 billion, up 136% YoY, and their May single-month total of NT$75.904 billion surpassed the 2024 record for the "strongest May"; Fubon Financial Holding's cumulative profit was NT$87.85 billion (up 122% YoY, EPS NT$6.27, the highest among holdcos), Cathay Financial Holding's NT$59.93 billion (up 55% YoY, EPS NT$4.07), and Yuanta Financial Holding's NT$29.06 billion. The coverage relationship between the two calibers is not explained in the sources, and this card does not infer it. See this site's ANK-2026-06-12-001 for the holdco side (CNA #966779).

Q: Is the 225.18% YoY growth so high because the 2025 base was low?

The sources offer two clues: insurance "swung from a year-earlier loss to a profit" (i.e., January-May 2025 was a loss), and the holdco report records that "the year-earlier period was dragged down by the NT dollar's sharp appreciation"; but the 2025 base amounts are not given in the sources, so this card does not compute them or draw a conclusion.

Source facts that can be juxtaposed: the three sectors grew 109% YoY in January-April and 225.18% YoY in January-May; securities/futures/investment trust grew 283.25% YoY in January-May and 270.08% in January-April; the 13 holdcos grew 136% YoY in January-May. These high growth rates are presented alongside the sources' wording of "swing from loss to profit" and "dragged down by the NT dollar's sharp appreciation"; any quantitative judgment about the base requires the original statistics (CNA #1329362, CNA #779894, CNA #966779).

Q: What should be watched next?

Three tracking points: the FSC's next release, the January-June 2026 statistics (whether the three engines' momentum continues); how the investment-income and CSM-release structure of insurance profit evolves; and IFRS 18 taking effect in fiscal 2028, when financial holding companies' and banks' income sources will be presented under a new income-statement structure.

IFRS 18 will cover 14 financial holding companies, 37 public-offering banks, and 7 public-offering bills finance companies; the three amendment points are the income-statement restructuring, minor amendments to the balance sheet / cash-flow statement / notes (including separate presentation of goodwill and MPM disclosure), and paperless filing (electronic upload from the second-quarter 2026 reports). Note: the January-May figures are a point-in-time caliber through end-May 2026 (CNA #1183332, CNA #1329362).

F-Units

F-001: FSC statistics show the three financial sectors' January-May 2026 pre-tax net profit reached NT$756.9 billion, up 225.18% from January-May 2025, a record for any year's January-May period; the May single-month profit was NT$167.864 billion; banking took the largest profit share at 43%, followed by insurance at 36% and securities/futures/investment trust at about 20% - source: CNA #1329362 - source_url: https://www.cna.com.tw/news/afe/202607050169.aspx - confidence: high - basis: official_statement - period: January-May 2026 (statistics through 2026-05-31); reported 2026-07-05 - caveat: FSC statistics relayed by CNA; the caliber is pre-tax net profit, covering banking (domestic banks, foreign banks in Taiwan, mainland Chinese banks in Taiwan, credit cooperatives, bills finance companies, and savings-and-remittance institutions), insurance (life + non-life), and securities/futures/investment trust; NT$756.9 billion is a published round-number caliber and this card does not inter-compute it with segment or single-month figures; the 2025 base amounts are not given in the source

F-002: Banking's January-May 2026 pre-tax profit was NT$327.93 billion, a record for any year's January-May period, up NT$86.49 billion, or 35.8%, from January-May 2025; domestic banks earned NT$294.71 billion, up 23.6% YoY, as loan growth, lower funding costs from overseas rate cuts, and financial-market conditions lifted all three major income lines (interest, fees, and investment and other net income) - source: CNA #1329362 - source_url: https://www.cna.com.tw/news/afe/202607050169.aspx - confidence: high - basis: official_statement - period: January-May 2026; reported 2026-07-05 - caveat: The attribution (loan growth / lower funding costs from overseas rate cuts / financial-market conditions) is FSC Banking Bureau Deputy Director-General Chang Chia-kuei's statement relayed by CNA

F-003: The insurance industry adopted the IFRS 17 regime in 2026; besides abundant investment income, a steady release of the contractual service margin (CSM) into profit helped the industry earn NT$272.5 billion in January-May, a six-year high for the period, swinging from a year-earlier loss to a profit - source: CNA #1329362 - source_url: https://www.cna.com.tw/news/afe/202607050169.aspx - confidence: high - basis: official_statement - period: January-May 2026; reported 2026-07-05 - caveat: "Swinging from a year-earlier loss to a profit" means January-May 2025 was a loss; the base amount is not given in the source and this card does not compute it; the profit-driver wording is the main article's caliber

F-004: Life insurers' cumulative profit through end-May 2026 was NT$246.3 billion, mainly from an insurance service result of NT$90.5 billion, a financial result of NT$188.3 billion, and an other-operating result of negative NT$33.6 billion; non-life insurers' January-May pre-tax profit was NT$26.2 billion, mainly from an insurance service result of NT$18.4 billion, a financial result of NT$11.6 billion, and an other-operating result of negative NT$4.2 billion - source: CNA #1329362 - source_url: https://www.cna.com.tw/news/afe/202607050169.aspx - confidence: high - basis: official_statement - period: January-May 2026; explained on 2026-07-05 by FSC Insurance Bureau Deputy Director-General Chen Ching-yuan - caveat: The three components are the source's "mainly from" listings, not a complete sum; this card computes no residuals; non-life is word-for-word labeled "pre-tax profit" while the life-insurance "profit" sentence carries no word-for-word tax label (the FSC's three-sector statistics are as a whole a pre-tax net profit caliber); 246.3 billion + 26.2 billion = 272.5 billion is consistent

F-005: With Taiwan stocks rising and trading volume expanding, brokers' proprietary-trading, brokerage, and underwriting businesses all beat the year-earlier period, driving the securities/futures/investment trust sector's January-May 2026 profit to NT$156.5 billion, an all-time high for the period, up 283.25% YoY; the main article also records buoyant 2026 capital markets and Taiwan stocks' 54% gain over the first five months, with the sector the standout grower among the three financial sectors - source: CNA #1329362 - source_url: https://www.cna.com.tw/news/afe/202607050169.aspx - confidence: high - basis: official_statement - period: January-May 2026; explained on 2026-07-05 by FSC Securities and Futures Bureau Chief Secretary Wang Hsiu-ling - caveat: "Rising stocks and expanding volume drove the three businesses" is the FSC official's attribution relayed by CNA; the causes of the stock rally itself are not explained in this source set

F-006: FSC statistics: the three financial sectors' January-April 2026 profit was NT$589.066 billion, rewriting the all-time record for the period, up 109% YoY; banking earned NT$260.8 billion (up NT$64.54 billion, or 32.9%, YoY, an all-time high for the period; domestic banks NT$233.89 billion, a record for the period); insurance earned NT$215.3 billion (a six-year high for the period, up 292% YoY; life insurers' pre-tax profit NT$194.5 billion = per the source's caliber an insurance service result of NT$70.3 billion, a financial result of NT$145.5 billion, and an other-operating result of negative NT$22.3 billion; non-life insurers NT$20.8 billion = an insurance service result of NT$14.6 billion, a financial result of NT$8.6 billion, and an other-operating result of negative NT$2.9 billion); securities/futures/investment trust earned a combined pre-tax net profit of NT$112.966 billion (an all-time high for the period, up NT$82.441 billion, or 270.08%, YoY); the NT dollar had depreciated a cumulative 0.66% through end-April 2026 - source: CNA #779894 - source_url: https://www.cna.com.tw/news/afe/202606070180.aspx - confidence: high - basis: official_statement - period: January-April 2026 (statistics through 2026-04-30); reported 2026-06-07 - caveat: The life/non-life three-component breakdowns are the source's listing caliber ("from" / "mainly"), not a complete sum; this card only juxtaposes this unit's and F-001's two published periods and does not inter-compute single-month figures or the reasons for growth-rate changes

F-007: The 13 listed financial holding companies' January-May 2026 cumulative after-tax profit totaled NT$367.393 billion, up 136% from January-May 2025; their May single-month after-tax profit totaled NT$75.904 billion, surpassing the 2024 record for the "strongest May" (the source's phrase); the report records "compared with the year-earlier period dragged down by the NT dollar's sharp appreciation"; Fubon Financial Holding's cumulative profit was NT$87.85 billion (a record for the period, up 122% YoY, EPS NT$6.27, the highest among holdcos), Cathay Financial Holding's cumulative after-tax net profit NT$59.93 billion (up 55% YoY, EPS NT$4.07), and Yuanta Financial Holding's cumulative after-tax net profit NT$29.06 billion - source: CNA #966779 - source_url: https://www.cna.com.tw/news/afe/202606120335.aspx - confidence: high - basis: news_aggregation - period: January-May 2026 (holdcos' self-compiled figures); reported 2026-06-12 - caveat: The holdcos' "self-compiled" after-tax figures are aggregated and relayed by CNA, not FSC statistics; they are a different caliber from the three sectors' pre-tax net profit of NT$756.9 billion (scope, tax treatment, and compiling entity differ) and must not be added or directly compared; the coverage relationship is not explained in the sources and this card does not infer it

F-008: The FSC said on June 23, 2026 that Taiwan will apply IFRS 18, "Presentation and Disclosure in Financial Statements," from fiscal year 2028, and is studying amendments to three preparation standards including the one for financial holding companies' financial reports; 14 financial holding companies, 37 public-offering banks, and 7 public-offering bills finance companies are covered; the three amendment points are restructuring the income statement (income and expenses presented by operating, investing, financing, income-tax, or discontinued-operations category), minor amendments to the balance sheet / cash-flow statement / notes (including separate presentation of goodwill and disclosure of management-defined performance measures, MPM), and paperless filing (electronic upload from the second-quarter 2026 financial reports) - source: CNA #1183332 - source_url: https://www.cna.com.tw/news/afe/202606230374.aspx - confidence: high - basis: official_statement - period: 2026-06-23 (FSC explanation); applicable from fiscal year 2028 - caveat: "This year's second quarter" is converted to Q2 2026 from the report date of 2026-06-23; FSC Banking Bureau Deputy Director-General Wang Yun-chung stated plainly that "this round of adjustment is mainly presentational, with no effect on the results"; the sources do not connect IFRS 18 to the profit figures, and this card only juxtaposes them institutionally

J-Units

J-001: "Three engines firing at once" - banking (a record for any year's January-May period), insurance (a six-year high for the period, swinging from loss to profit), and securities/futures/investment trust (an all-time high for the period) all set highs on their own calibers in January-May 2026; this is the card's editorial naming of facts recorded in the sources, not a forward-looking judgment. The engines' drivers are not one and the same: the securities and insurance narratives tie directly to capital-market conditions (the FSC's attribution), while banking also runs on loan growth and lower funding costs - the "capital-market dividend" is one shared backdrop, and this card does not attribute all three sectors' profits to the stock rally - confidence: medium - basis: official_statement

J-002: Caliber discipline - the three sectors' NT$756.9 billion (pre-tax net profit, all players, FSC statistics) and the 13 listed financial holding companies' NT$367.393 billion (after-tax, 13 listed holdcos, company self-compiled) are two calibers: scope, tax treatment, and compiling entity all differ, so never add or directly compare them; the coverage relationship is not explained in the sources, and this card neither infers nor converts between them - confidence: high - basis: official_statement

J-003: Low-base clues behind the high growth rates - the three sectors' 225.18% YoY in January-May (109% in January-April), securities/futures/investment trust's 283.25%, insurance's "swing from a year-earlier loss to a profit," and the holdco side's "strongest May" against "the year-earlier period dragged down by the NT dollar's sharp appreciation" (CNA #966779's caliber) all point toward a low 2025 base; but the base amounts are not given in the sources, so this card only juxtaposes the sources' clues, computes no base, and draws no conclusion - confidence: medium - basis: news_aggregation

P-Units

P-001: The FSC's next release, the January-June 2026 three-sector statistics - whether the three engines' growth rates and shares continue; the January-May figures are a point-in-time caliber through end-May 2026, to be tested by the next release ### P-002: The durability of the insurance profit structure - how the "steady CSM release" and abundant investment income under IFRS 17 perform in subsequent months; the sources provide no forward numbers, pending later FSC statistics ### P-003: IFRS 18 implementation progress - the formal issuance schedule of the three amended preparation standards for holdcos/banks/bills finance companies, the actual changes in income-statement presentation after fiscal-2028 adoption, and the execution of paperless filing (from Q2 2026 reports)

同事件・三視角 / Three Perspectives on the Same Event / 同一イベント・三つの視点

Internal citation chain

Published ANK-Docs cited in this card: - ANK-2026-07-03-013 (Taiwan life insurers' balance sheet, "double record x four buckets": January-May 2026 life-insurance profit of NT$246.3 billion, a record for the period, and May-end net worth of NT$3.9103 trillion, up NT$581.2 billion on the month, both all-time highs) -- this card's insurance-engine figures of NT$272.5 billion / NT$246.3 billion / NT$26.2 billion share the same FSC statistical source as that card; that card records in detail the May-end net worth of NT$3.9103 trillion (up NT$581.2 billion on the month) and the "four buckets" FX defense, which this card cites lightly and does not re-mint. - ANK-2026-06-12-001 (Taiwan's financial industry sets records across the board in 2026: 13 listed financial holding companies' January-May NT$367.393 billion, up 136% from January-May 2025; domestic banks' January-April NT$233.89 billion; six major life insurers swing to profit in May) -- the holdco side (after-tax self-compiled caliber) is detailed in that card; this card cites only the 13 holdcos' cumulative NT$367.393 billion, the single-month NT$75.904 billion, and the top-three holdco figures, as a contrast with the three sectors' pre-tax caliber.

Sources

1. [CNA #1329362] CNA, "資本市場熱 金融三業前5月大賺7569億創同期新高" (Hot capital markets: the three financial sectors earned NT$756.9 billion in January-May, a record for the period), 2026-07-05. https://www.cna.com.tw/news/afe/202607050169.aspx 2. [CNA #779894] CNA, "台股加持 金融三業前4月賺5890億衝同期新高" (Boosted by Taiwan stocks, the three financial sectors earned NT$589.0 billion in January-April, a record for the period), 2026-06-07. https://www.cna.com.tw/news/afe/202606070180.aspx 3. [CNA #966779] CNA, "13家金控前5月獲利逾3673億元 年增136%" (13 financial holding companies earned over NT$367.3 billion in January-May, up 136% YoY), 2026-06-12. https://www.cna.com.tw/news/afe/202606120335.aspx 4. [CNA #1183332] CNA, "金控銀行2028年接軌IFRS 18 財報獲利來源更清楚" (Financial holding companies and banks adopt IFRS 18 in 2028; profit sources clearer in financial reports), 2026-06-23. https://www.cna.com.tw/news/afe/202606230374.aspx 5. [ANK-2026-07-03-013] Rin Takenouchi, "台灣壽險業資產負債表「雙新高×四桶金」", 2026-07-03. https://ainews.idaeo.ai/en/idaeo/ANK-2026-07-03-013 6. [ANK-2026-06-12-001] Rin Takenouchi, "台灣金融業2026年獲利全面創高：13家上市金控前5月3673.93億元、較2025年前5月增136%，國銀前4月2338.9億元、6大壽險5月由虧轉盈", 2026-06-12. https://ainews.idaeo.ai/en/idaeo/ANK-2026-06-12-001

📊 引用級事實單元（F-Units）

FSC statistics show the three financial sectors' January-May 2026 pre-tax net profit reached NT$756.9 billion, up 225.18% from January-May 2025, a record for any year's January-May period; the May single-month profit was NT$167.864 billion; banking took the largest profit share at 43%, followed by insurance at 36% and securities/futures/investment trust at about 20%
F-001 · Confidence: high · Basis: official_statement CNA #1329362 Grade C · 媒體報導（非企業審查） January-May 2026 (statistics through 2026-05-31); reported 2026-07-05
Banking's January-May 2026 pre-tax profit was NT$327.93 billion, a record for any year's January-May period, up NT$86.49 billion, or 35.8%, from January-May 2025; domestic banks earned NT$294.71 billion, up 23.6% YoY, as loan growth, lower funding costs from overseas rate cuts, and financial-market conditions lifted all three major income lines (interest, fees, and investment and other net income)
F-002 · Confidence: high · Basis: official_statement CNA #1329362 Grade C · 媒體報導（非企業審查） January-May 2026; reported 2026-07-05
The insurance industry adopted the IFRS 17 regime in 2026; besides abundant investment income, a steady release of the contractual service margin (CSM) into profit helped the industry earn NT$272.5 billion in January-May, a six-year high for the period, swinging from a year-earlier loss to a profit
F-003 · Confidence: high · Basis: official_statement CNA #1329362 Grade C · 媒體報導（非企業審查） January-May 2026; reported 2026-07-05
Life insurers' cumulative profit through end-May 2026 was NT$246.3 billion, mainly from an insurance service result of NT$90.5 billion, a financial result of NT$188.3 billion, and an other-operating result of negative NT$33.6 billion; non-life insurers' January-May pre-tax profit was NT$26.2 billion, mainly from an insurance service result of NT$18.4 billion, a financial result of NT$11.6 billion, and an other-operating result of negative NT$4.2 billion
F-004 · Confidence: high · Basis: official_statement CNA #1329362 Grade C · 媒體報導（非企業審查） January-May 2026; explained on 2026-07-05 by FSC Insurance Bureau Deputy Director-General Chen Ching-yuan
With Taiwan stocks rising and trading volume expanding, brokers' proprietary-trading, brokerage, and underwriting businesses all beat the year-earlier period, driving the securities/futures/investment trust sector's January-May 2026 profit to NT$156.5 billion, an all-time high for the period, up 283.25% YoY; the main article also records buoyant 2026 capital markets and Taiwan stocks' 54% gain over the first five months, with the sector the standout grower among the three financial sectors
F-005 · Confidence: high · Basis: official_statement CNA #1329362 Grade C · 媒體報導（非企業審查） January-May 2026; explained on 2026-07-05 by FSC Securities and Futures Bureau Chief Secretary Wang Hsiu-ling
FSC statistics: the three financial sectors' January-April 2026 profit was NT$589.066 billion, rewriting the all-time record for the period, up 109% YoY; banking earned NT$260.8 billion (up NT$64.54 billion, or 32.9%, YoY, an all-time high for the period; domestic banks NT$233.89 billion, a record for the period); insurance earned NT$215.3 billion (a six-year high for the period, up 292% YoY; life insurers' pre-tax profit NT$194.5 billion = per the source's caliber an insurance service result of NT$70.3 billion, a financial result of NT$145.5 billion, and an other-operating result of negative NT$22.3 billion; non-life insurers NT$20.8 billion = an insurance service result of NT$14.6 billion, a financial result of NT$8.6 billion, and an other-operating result of negative NT$2.9 billion); securities/futures/investment trust earned a combined pre-tax net profit of NT$112.966 billion (an all-time high for the period, up NT$82.441 billion, or 270.08%, YoY); the NT dollar had depreciated a cumulative 0.66% through end-April 2026
F-006 · Confidence: high · Basis: official_statement CNA #779894 Grade C · 媒體報導（非企業審查） January-April 2026 (statistics through 2026-04-30); reported 2026-06-07
The 13 listed financial holding companies' January-May 2026 cumulative after-tax profit totaled NT$367.393 billion, up 136% from January-May 2025; their May single-month after-tax profit totaled NT$75.904 billion, surpassing the 2024 record for the "strongest May" (the source's phrase); the report records "compared with the year-earlier period dragged down by the NT dollar's sharp appreciation"; Fubon Financial Holding's cumulative profit was NT$87.85 billion (a record for the period, up 122% YoY, EPS NT$6.27, the highest among holdcos), Cathay Financial Holding's cumulative after-tax net profit NT$59.93 billion (up 55% YoY, EPS NT$4.07), and Yuanta Financial Holding's cumulative after-tax net profit NT$29.06 billion
F-007 · Confidence: high · Basis: news_aggregation CNA #966779 Grade C · 媒體報導（非企業審查） January-May 2026 (holdcos' self-compiled figures); reported 2026-06-12
The FSC said on June 23, 2026 that Taiwan will apply IFRS 18, "Presentation and Disclosure in Financial Statements," from fiscal year 2028, and is studying amendments to three preparation standards including the one for financial holding companies' financial reports; 14 financial holding companies, 37 public-offering banks, and 7 public-offering bills finance companies are covered; the three amendment points are restructuring the income statement (income and expenses presented by operating, investing, financing, income-tax, or discontinued-operations category), minor amendments to the balance sheet / cash-flow statement / notes (including separate presentation of goodwill and disclosure of management-defined performance measures, MPM), and paperless filing (electronic upload from the second-quarter 2026 financial reports)
F-008 · Confidence: high · Basis: official_statement CNA #1183332 Grade C · 媒體報導（非企業審查） 2026-06-23 (FSC explanation); applicable from fiscal year 2028

❓ FAQ

How much did Taiwan's three financial sectors earn in January-May 2026? Is it a record?

FSC statistics show the three financial sectors' January-May 2026 pre-tax net profit reached NT$756.9 billion, up 225.18% from January-May 2025, a record for any year's January-May period; the May single-month profit was NT$167.864 billion. Banking took the largest share of profit at 43%, followed by insurance at 36% and securities/futures/investment trust at about 20%. The statistics cover banking (domestic banks, foreign banks in Taiwan, mainland Chinese banks in Taiwan, credit cooperatives, bills finance companies, and savings-and-remittance institutions), insurance (life and non-life), and the securities/futures/investment trust sector, on a pre-tax net profit caliber (CNA #1329362).

How much did each of the three engines earn, and which grew fastest?

Banking's January-May 2026 pre-tax profit was NT$327.93 billion (up 35.8% YoY, a record for the period), insurance earned NT$272.5 billion (a six-year high for the period, swinging from a year-earlier loss to a profit), and securities/futures/investment trust earned NT$156.5 billion (up 283.25% YoY, an all-time high for the period); by growth rate, securities/futures/investment trust was the standout among the three. The three engines do not share one driver: banking benefited from loan growth, lower funding costs from overseas rate cuts, and financial-market conditions; insurance from abundant investment income and the steady CSM release under IFRS 17; securities/futures/investment trust from rising Taiwan stocks and expanding trading volume (all per the FSC's calibers for January-May 2026, relayed by CNA) (CNA #1329362).

Why did banking profit set a record for the period?

FSC Banking Bureau Deputy Director-General Chang Chia-kuei said loan growth, lower funding costs from overseas rate cuts, and financial-market conditions lifted all three major income lines - interest, fees, and investment and other net income; domestic banks earned NT$294.71 billion in January-May, up 23.6% YoY. Banking as a whole earned a pre-tax NT$327.93 billion in January-May 2026, a record for any year's January-May period, up NT$86.49 billion, or 35.8%, from January-May 2025. Note: besides financial-market conditions, the banking engine also runs on lending and funding-cost factors - its profit cannot be attributed wholly to the stock rally (CNA #1329362).

What does the insurance industry's January-May profit of NT$272.5 billion "swinging from loss to profit" mean, and what role did IFRS 17 play?

Insurance earned NT$272.5 billion in January-May 2026, a six-year high for the period; "swinging from a year-earlier loss to a profit" means January-May 2025 was a loss (the base amount is not given in the sources, and this card does not compute it); per the main article's caliber, after the 2026 adoption of IFRS 17, investment income was abundant and the contractual service margin (CSM) has been released steadily into profit. Breakdown: life insurers' cumulative profit through end-May was NT$246.3 billion (mainly from an insurance service result of NT$90.5 billion, a financial result of NT$188.3 billion, and an other-operating result of negative NT$33.6 billion); non-life insurers' pre-tax profit was NT$26.2 billion (mainly from an insurance service result of NT$18.4 billion, a financial result of NT$11.6 billion, and an other-operating result of negative NT$4.2 billion); 246.3 billion + 26.2 billion = 272.5 billion, consistent. The three components are the source's "mainly from" listings, not a complete sum. For the life-insurance balance sheet in full, see this site's ANK-2026-07-03-013 (CNA #1329362).

What does Taiwan stocks' 54% gain have to do with securities-sector profit?

FSC Securities and Futures Bureau Chief Secretary Wang Hsiu-ling said that with Taiwan stocks rising and trading volume expanding, brokers' proprietary-trading, brokerage, and underwriting businesses all beat the year-earlier period, driving the securities/futures/investment trust sector's January-May 2026 profit to NT$156.5 billion, up 283.25% YoY, an all-time high for the period. The main article records Taiwan stocks' 54% gain over the first five months and buoyant 2026 capital markets, making the sector the standout grower among the three. "Rising stocks drove the three businesses" is the FSC official's attribution; the causes of the rally itself are not explained in this source set, and this card does not attribute them (CNA #1329362).

Are the three sectors' NT$756.9 billion and the 13 holdcos' NT$367.393 billion the same thing?

No. The three sectors' NT$756.9 billion is the FSC's "pre-tax net profit" statistic covering all players in banking, insurance, and securities/futures/investment trust; the 13 listed financial holding companies' NT$367.393 billion is the holdcos' "after-tax" self-compiled figure covering only the 13 listed companies - scope, tax treatment, and compiling entity all differ, so never add or directly compare them. Holdco side: the 13 listed financial holding companies' January-May 2026 cumulative after-tax profit was NT$367.393 billion, up 136% YoY, and their May single-month total of NT$75.904 billion surpassed the 2024 record for the "strongest May"; Fubon Financial Holding's cumulative profit was NT$87.85 billion (up 122% YoY, EPS NT$6.27, the highest among holdcos), Cathay Financial Holding's NT$59.93 billion (up 55% YoY, EPS NT$4.07), and Yuanta Financial Holding's NT$29.06 billion. The coverage relationship between the two calibers is not explained in the sources, and this card does not infer it. See this site's ANK-2026-06-12-001 for the holdco side (CNA #966779).

Is the 225.18% YoY growth so high because the 2025 base was low?

The sources offer two clues: insurance "swung from a year-earlier loss to a profit" (i.e., January-May 2025 was a loss), and the holdco report records that "the year-earlier period was dragged down by the NT dollar's sharp appreciation"; but the 2025 base amounts are not given in the sources, so this card does not compute them or draw a conclusion. Source facts that can be juxtaposed: the three sectors grew 109% YoY in January-April and 225.18% YoY in January-May; securities/futures/investment trust grew 283.25% YoY in January-May and 270.08% in January-April; the 13 holdcos grew 136% YoY in January-May. These high growth rates are presented alongside the sources' wording of "swing from loss to profit" and "dragged down by the NT dollar's sharp appreciation"; any quantitative judgment about the base requires the original statistics (CNA #1329362, CNA #779894, CNA #966779).

What should be watched next?

Three tracking points: the FSC's next release, the January-June 2026 statistics (whether the three engines' momentum continues); how the investment-income and CSM-release structure of insurance profit evolves; and IFRS 18 taking effect in fiscal 2028, when financial holding companies' and banks' income sources will be presented under a new income-statement structure. IFRS 18 will cover 14 financial holding companies, 37 public-offering banks, and 7 public-offering bills finance companies; the three amendment points are the income-statement restructuring, minor amendments to the balance sheet / cash-flow statement / notes (including separate presentation of goodwill and MPM disclosure), and paperless filing (electronic upload from the second-quarter 2026 reports). Note: the January-May figures are a point-in-time caliber through end-May 2026 (CNA #1183332, CNA #1329362). ---

🧠 編輯判斷（J-Units）

"Three engines firing at once" - banking (a record for any year's January-May period), insurance (a six-year high for the period, swinging from loss to profit), and securities/futures/investment trust (an all-time high for the period) all set highs on their own calibers in January-May 2026; this is the card's editorial naming of facts recorded in the sources, not a forward-looking judgment. The engines' drivers are not one and the same: the securities and insurance narratives tie directly to capital-market conditions (the FSC's attribution), while banking also runs on loan growth and lower funding costs - the "capital-market dividend" is one shared backdrop, and this card does not attribute all three sectors' profits to the stock rally
Confidence: medium
Caliber discipline - the three sectors' NT$756.9 billion (pre-tax net profit, all players, FSC statistics) and the 13 listed financial holding companies' NT$367.393 billion (after-tax, 13 listed holdcos, company self-compiled) are two calibers: scope, tax treatment, and compiling entity all differ, so never add or directly compare them; the coverage relationship is not explained in the sources, and this card neither infers nor converts between them
Confidence: high
Low-base clues behind the high growth rates - the three sectors' 225.18% YoY in January-May (109% in January-April), securities/futures/investment trust's 283.25%, insurance's "swing from a year-earlier loss to a profit," and the holdco side's "strongest May" against "the year-earlier period dragged down by the NT dollar's sharp appreciation" (CNA #966779's caliber) all point toward a low 2025 base; but the base amounts are not given in the sources, so this card only juxtaposes the sources' clues, computes no base, and draws no conclusion
Confidence: medium

🔮 待驗證假設（P-Units）

The FSC's next release, the January-June 2026 three-sector statistics - whether the three engines' growth rates and shares continue; the January-May figures are a point-in-time caliber through end-May 2026, to be tested by the next release
Status: open
The durability of the insurance profit structure - how the "steady CSM release" and abundant investment income under IFRS 17 perform in subsequent months; the sources provide no forward numbers, pending later FSC statistics
Status: open
IFRS 18 implementation progress - the formal issuance schedule of the three amended preparation standards for holdcos/banks/bills finance companies, the actual changes in income-statement presentation after fiscal-2028 adoption, and the execution of paperless filing (from Q2 2026 reports)
Status: open

Verification Record

Editorial selection, human-supervised — Takenouchi Rin (Editor-in-Chief)

Cross-verified by multiple AI models.

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