The pre-tax profit of insurance enterprises at the end of December 2019 was NT$170.6 billion; the pre-tax profit of life insurance enterprises was NT$154.6 billion, an increase of NT$72.4 billion, or 88.1%, compared with the same period in 2018; the pre-tax profit of non-life insurance enterprises was NT$16 billion, up by NT$1.2 billion or 8.1% compared with the same period in 2018. Owners’ equity of insurance enterprises at the end of December 2019 was NT$2,650 billion; owners'' equity of life insurance enterprises was NT$1,929.7 billion, an increase of NT$840.8 billion, or 77.2%, compared with the same period in 2018; owners'' equity of non-life insurance enterprises was NT$135.3 billion, up by NT$17.6 billion or 15% compared with the same period in 2018. During the month of December 2019, the NT Dollar appreciated by 1.3% versus the US Dollar from the previous month, and the balance of foreign exchange valuation reserves of life insurance enterprises at the end of December in 2019 was NT$54.6 billion, down by NT$3.9 billion from the previous month. The pretax profit of life insurance enterprises at the end of December 2019—which includes exchange gains/losses, hedging gains/ losses, and the net effect of volatility on the foreign exchange valuation reserve—was NT$154.6 billion.