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The two largest life insurers in Taiwan are set to maintain stock holdings that increased in the first half, while looking to raise their exposure to US bonds in order to find more yield.
The second-largest life insurer in Taiwan cuts its allocation to China bonds and raises its exposure to North America.
Unlike bigger peer Cathay Life, Fubon Life said it might look at investment opportunities in the domestic market as hedging costs rise along with US interest rates.
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Cathay Life and Shin Kong Life have been upping their exposure to emerging market bonds. They and Fubon Life have also generated strong returns from high-dividend stocks.
The Bureau of Labor Funds, Cathay Life and Fubon Life are upbeat about the move to allow domestic asset managers to launch private equity funds.
The Taiwanese insurer is also keen on Formosa bonds and high-dividend stocks, but has zero US Treasuries and is waiting for yields to rise before it buys more foreign fixed income.
Taiwan's Fubon Life, with $95 billion in AUM, is putting its faith in North American large-cap credit this year and adding private equity exposure, but will be more selective on EM debt.
The Taiwanese insurance company is planning to boost its exposure mainly to fixed income, with a focus on North American debt. It has also been increasing its property allocation.