Taiwan’s giant insurance industry has found a way to satisfy its hunger for higher returns and circumvent a crackdown on risky overseas bets, with implications far beyond the country’s shores.
The trade is buying locally listed exchange traded funds that purchase overseas, dollar-denominated corporate and sovereign bonds. The funds are denominated in the Taiwan dollar, providing a way around recently imposed regulatory restrictions on foreign assets.
For the country’s life insurers, which manage some $750bn in assets, it is an elegant solution to a problem created when authorities last year stamped down on “Formosa bonds” — dollar-denominated securities issued locally by the likes of Verizon, AT&T, Apple and Toyota.
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