Cathay Financial Holdings Co. (2882.TW), Taiwan's largest financial conglomerate by listed assets, Monday posted a 22% on-year drop in its first-half unaudited net profit, dragged by a net loss at its life-insurance unit.

Cathay Financial reported an unaudited net profit of 5.17 billion New Taiwan dollars (US$172.8 million) for the six months ended June 30. It reported a first-half net profit of NT$6.64 billion last year.

In the first half of this year, Cathay's life-insurance unit recorded a net loss of NT$1.56 billion, while its banking unit Cathay United Bank posted a net profit of NT$6.65 billion. The company didn't elaborate on its result.

Write to Jenny W. Hsu at jenny.hsu@dowjones.com