As of the end of March 2020, the NT Dollar had depreciated by 0.5% versus the US Dollar from the end of 2019, and the cumulative balance of foreign exchange valuation reserve of life insurance enterprises was NT$53 billion. The net effect of exchange gains/losses of life insurance enterprises at the end of March 2020—which includes exchange gains/losses, hedging gains/losses, and the net effect of volatility on the foreign exchange valuation reserve—was minus NT$52.8 billion.