Taiwan's Shin Kong posts Feb loss of $70 mln

TAIPEI, March 11 (Reuters) - Shin Kong Financial (2888.TW: Quote, Profile, Research, Stock Buzz), parent of Taiwan's No. 2 life insurer, posted a net loss of T$2.13 billion ($70 million) in February, the company said in a statement issued late on Monday.

Shin Kong and other Taiwan life insurers, with about T$2.6 trillion invested overseas, racked up major losses in February, as a sharp rise in the local currency caught them off guard in their foreign exchange hedging. [ID:nTP235354]

Larger rival Cathay Financial (2882.TW: Quote, Profile, Research, Stock Buzz) said on Monday it posted a net loss of T$1.18 billion in February, following a T$1.985 billion loss in January.

Shares of Shin Kong fell 1.4 percent at the open on Tuesday, against a 1.12 percent drop in the broader market . ($1=$30.66) (Reporting by Faith Hung; Editing by Anne Marie Roantree)