The pre-tax profit of insurance enterprises at the end of May 2020 was NT$93.9 billion; the pre-tax profit of life insurance enterprises was NT$87.5 billion, an increase of NT$10.2 billion, or 13.2%, compared with the same period in 2019; the pre-tax profit of non-life insurance enterprises was NT$6.4 billion, down by NT$0.6 billion or 8.6% compared with the same period in 2019. Owners’ equity of insurance enterprises at the end of May 2020 was NT$2,010.4 billion; owners’ equity of life insurance enterprises was NT$1,879.5 billion, an increase of NT$310.8 billion, or 19.8%, compared with the same period in 2019; the pre-tax profit of non-life insurance enterprises was NT$130.9 billion, up by NT$4.7 billion or 3.7% compared with the same period in 2019. 8 5 As of the end of May 2020, the NT Dollar had appreciated by 0.2% versus the US Dollar from the end of 2019. Meanwhile, the pretax profit of life insurance enterprises at the end of May 2020—into which is factored the combined negative NT$122.3 billion impact of exchange gains/losses, hedging gains/losses, and the net effect of volatility on the foreign exchange valuation reserve—was NT$87.5 billion.