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CATHAY FHC — Annual Report 2016
Mar 11, 2016
52213_rns_2016-03-11_372bdae1-f4f9-42b2-a0e2-02e0c467fddc.pdf
Annual Report
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Chairman: Mr. Hong-Tu Tsai Cathay FHC President: Mr. Chang-Ken Lee
100% 100% 100% 100% 100% Cathay Cathay Asset Cathay Cathay Cathay Life United Bank Century Management Securities Venture Cathay Century Cathay Life Cathay Securities Indovina Bank Cathay Futures (China) (China) Investment Trust (50%) (100%) (49%)* (50%) (100%) Cathay Century Cathay Life CUBC Bank Conning (Vietnam) (Vietnam) (100%) (100%) (100%) (100%) Cathay Conning Asset Management (100%)
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One of the largest � 2[nd] biggest non� No. 1 life insurer � Largest AUM � Investment banking, private banks in life insurer in terms of total among asset brokerage, and terms of total � Market share in assets and total managers in prop trading assets total premium premium Taiwan businesses
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� No. 2 credit card income: � Market share in � Qualified QFII to � Strong underwriting issuer 12.7% (9M15). total premium: invest in China and capital raising
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� 22.2% (9M15).
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Qualified QFII to � Strong underwriting invest in China and capital raising
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� Pursue business platform
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The largest brokerage settlement bank
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Pursue business opportunity from � Diversified products QDII of China and services
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The capital injection from Ant Financial is subject to the regulatory approval
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Cathay’s earnings accelerates as life turnarounds
EPS & ROE
Profit contribution
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(NT$) (NT$ BN)
CUB Cathay Life
EPS ROE
14.0%
31.9
3.9
12.1%
12.0% 15.4
0.2 2.5
10.9% 10.0% 11.4 13.3 14.6 17.8
FY11 FY12 FY13 FY14
2.4 8.0%
6.8% FHC 11.3 16.2 29.0 49.8
6.0%
Life 0.2 2.5 15.4 31.9
5.1% 1.3
1.0 4.0% CUB 11.4 13.3 14.6 17.8
2.0% CUB Cathay Life
2%
0.0% 16%
FY11 FY12 FY13 FY14 53%
64%
101%
82%
Note: (1) FY13 figures do not reflect the impact from applying fair value method 50%
on investment property. 36%
(2) Since Cathay FHC has more subsidiaries other than Cathay Life and
CUB, besides, due to affiliate transactions, the Cathay FHC net FY11 FY12 FY13 FY14
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Note: (1) FY13 figures do not reflect the impact from applying fair value method on investment property.
- (2) Since Cathay FHC has more subsidiaries other than Cathay Life and CUB, besides, due to affiliate transactions, the Cathay FHC net income might not equal to the sum of Cathay Life and CUB’s.
(3) EPS has been adjusted for stock dividend (stock split).
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� Largest listed financials group by market capitalization and assets.
Ranking of total asset (US$bn)
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Privately owned Government-run
239
187
157
128
105 102 93 79 75
49
Cathay Fubon Taiwan CTBC Mega Cooperative Shin Kong First Hua Nan Taishin
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Note: Total assets as of Sep.30, 2015
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Ranking of market cap (US$bn) R
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Privately owned Government-run
16.5
14.3
9.1 8.8
5.3
4.6 4.6 4.6 3.9 3.7
Cathay Fubon CTBC Mega First E.SUN Cooperative Hua Nan Yuanta CDF
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Note: Market capitalization as of Dec.31, 2015
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23% 54.9
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4.33
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31% 49.8 3.94
(1) (1)
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135%
16.2 29.0 1.34 2.38
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9M14 9M15 9M14 9M15
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12.0%
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Century SITE Securities FHC Life Century SITE
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FY13 FY14 FY13 FY14
16.4%
31.9 13.4%
27.6 12.1% 12.3%12.7%
10.8% 10.9% 10.5% 10.7%
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2.15% 2.13% 2.10% 2.08% 2.06% 2.04% 2.03%
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| (NT$MN) | 9M14 | 9M15 | FY12 | FY13 | FY14 |
|---|---|---|---|---|---|
| ��������� | 4,742 | 6,914 | 3,894 | 5,163 | 6,673 |
| ���� | 28.7% | 45.8% | 17.7% | 32.6% | 29.2% |
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3,862
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Profit Margin 9M14 9M15
VNB/FYP 23% 27%
VNB/FYPE 79% 61%
-4%
45.5 43.9
9M14 9M15
Profit Margin FY12 FY13 FY14
VNB/FYP 19% 26% 23%
VNB/FYPE 54% 70% 75%
3% 4%
53.5
50.0 51.4
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5.40%
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FY12 FY13 1H14 9M14 FY14 1Q15 1H15 9M15 FY08 FY09 FY10 FY11 FY12 FY13 FY14
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| (NT$BN) | 4Q12 | 4Q13 | 4Q14 | 9M15 | ||
|---|---|---|---|---|---|---|
| �������� | 3,283.7 | 3,785.1 | 4,169.1 | 4,575.4 | ||
| Weight | Weight | Weight | Amount | Weight | Amount | |
| ������� | 8.2% | 3.7% | 3.2% | 131.6 | 1.9% |
86.3 |
| ���� | 8.1% | 8.9% | 8.4% | 350.9 | 7.7% |
352.4 |
| ���� | 4.3% | 4.9% | 5.0% | 209.4 | 5.6% |
256.3 |
| ���� | 16.6% | 14.4% | 11.0% | 459.2 | 8.6% |
394.0 |
| ������� | 39.6% | 38.9% | 43.6% | 1,816.7 | **49.0% ** | 2,240.3 |
| ���� | 10.3% | 12.2% | 12.7% | 529.6 | 10.7% | 488.5 |
| ���� | 5.5% | 4.7% | 4.0% | 166.4 | 3.7% | 168.4 |
| ������ | 5.6% | 10.6% | 10.5% | 439.4 | 10.7% | 489.1 |
| �� | 1.8% | 1.7% | 1.6% | 65.9 | 2.2% |
100.0 |
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93.1%
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Recognized the highest ranking of Ranked Top 7 of Taiwan Corporate IDTR in 2014-2015 Citizenship Award Top 7 among Taiwan companies ����� Top 2 in Financial sector in Taiwan 7 2015
CDP disclosure score exceeded the worldwide industry average Note:
The leader to be recognized by DJSI and Equator Principles
Top 1 among Taiwan life insurance companies Top 2 in Taiwan financial sector
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Top 1 in Taiwan Top 6 in Asia
- Information Disclosure and Transparency Ranking (IDTR) is an important evaluation initiated by TWSE. 2. Taiwan Corporate Citizenship Award is ranked by Taiwan Common Wealth Magazine. 3. CDP has the largest database of corporate climate change related information.
40
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– Transaction Overview RCBC
| �Investment in 280 million shares of Rizal Commercial Banking | ||||
| Corporation (“RCBC”), which consist of both new and existing shares | ||||
| Transaction Structure |
�Post transaction, Cathay Life Insurance (“Cathay”) owns20% of RCBC with 3 board seats of the company �Depending on market conditions, Cathay may increase its investment |
|||
| in RCBC, via placement or open market purchase, to no more than | ||||
| 30% in the future | ||||
| Purchase Price |
�PHP64.00 per share. Total consideration of acquiring 280 million shares was PHP17.92 billion (c. US$400 million or NT$12.9 billion). Post-money P/B is c.1.57x |
|||
| Regulatory Approval |
�The transaction has been completed. | |||
| �Strong potential of the Philippine market | ||||
| Strategic | �Expand regional banking platform | |||
| Rationale | �Stable investment return | |||
| �Potential strategic cooperation | ||||
44
– Transaction Overview Bank Mayapada
45
| Transaction Structure |
�Cathay Life will acquire a 40% stake in PT Bank Mayapada International, Tbk(”BankMayapada”) from selling shareholders: • Stage 1�acquire 24.9% stake (USD 164 million) • Stage 2�acquire 15.1% stake |
||
|---|---|---|---|
| Purchase Price �Total consideration is ~IDR3.52tn (USD 295 million), representing a P/B multiple of ~ 3.15x Timetable �Stage 1 has been completed in the first half of 2015 �Closing of Stage 2 is subject to Fit and Proper Test as stipulated by the Indonesia Financial Services Authority ("OJK") Strategic Rationale �Participation in Indonesia’s growth opportunity �Stable investment return �Expansion of regional banking platform �Potential strategic cooperation |
– Transaction Overview Conning
| Transaction Structure |
�Conning Holdings Corporation (“Conning”) is a leading asset manager for insurance and pension clients with $90 billion in AuM �Cathay Life Insurance Company (“Cathay Life”) acquires 100% of Conning |
||
|---|---|---|---|
| Purchase Price |
�Acquisition price of US$240 million in cash • P/AuM of 0.26% based on AuM as of September 30, 2014 �Cathay Financial Holdings will sell its approximately 10% stake in Conning to Cathay Life • Pre tax disposal gain amounts to US$ 5 million |
||
| Regulatory Approval �The transaction has been completed. Strategic Rationale �Transaction will significantly expand Cathay’s global presence in asset management �Significant step forward in realizing “ Banking + Insurance + Asset Management” strategy |
46
– Transaction Overview Conning Acquires Octagon
| Transac | ti | **on Overview– Conning AcquiresOctagon ** | ||
|---|---|---|---|---|
| �Octagon Credit Investors is a specialist credit-focused manager with | ||||
| expertise in bank loans, collateralized loan obligations (“CLOs”) and high | ||||
| Transaction | yield bonds �$12.8 billion in assets under management |
|||
| �Conning to acquire a majority ownership stake in Octagon | ||||
| �Octagon to operate as a subsidiary of Conning | ||||
| �Adds scale and accelerates Conning’s product development objectives | ||||
| �Facilitates participation in growing market for specialty mandates | ||||
| Rationale | �Expands distribution opportunities for both firms | |||
| �Important asset classes for insurers, other sophisticated institutions, and | ||||
| retail investors | ||||
| �Total capital commitment up to $175.6 million | ||||
| Investment | �Conning to acquire 82% controlling interest | |||
| Details | �Includes significant capital investment to support risk retention | |||
| requirements | ||||
| Regulatory | �Expected to close early in 2016, subject to customary regulatory | |||
| & Closing | approvals and closing conditions | |||
| Conditions | ||||
Alliance with Ant Financial
| �Cathay Insurance Company Ltd. (China) (“Cathay Insurance (China)”) | ||
|---|---|---|
| is planning a new capital issuance of RMB 833 million. Zhejiang Ant | ||
| Small & Micro Financial Services Group (“Ant Financial”) will be the | ||
| Transaction | sole subscriber. Total capital after issuance will increase from RMB | |
| Structure | 0.8 billion to RMB 1.63 billion | |
| �After the transaction, Ant Financial, Cathay Insurance, and Cathay | ||
| Life will separately hold stakes of 51%, 24.5% and 24.5%, | ||
| respectively of Cathay Insurance (China) | ||
| �The alliance will enable Cathay Financial Holdings to increase its | ||
| exposure to the rapidly growing internet finance market | ||
| �The strategic investor, Ant Financial, operates the largest internet | ||
| Transaction | financial services platform in China and possesses a large customer | |
| Rationale | base and enormous volume of transaction data, which are critical | |
| assets for the development of internet finance | ||
| �The alliance represents a combination of traditional finance and | ||
| internet business to create new ecosystem for internet finance | ||
| Regulatory | �The transaction is subject to customary regulatory approvals and is | |
| Approval | expected to be completed in the first half of 2016 | |
48
– Transaction Overview Global Life and Singfor Life
49
-
The takeover of the assets, liabilities and operations of Global Life
-
Transaction and Singfor Life. (the “Companies”) Structure � Transaction Price�Subsidization of NTD$ 30.3 bn by Taiwan Insurance Guarantee Funds
-
Support � Increase asset allocation flexibility
-
Measures � Relax certain related regulations � Cathay Life has completed the takeover on July 1, 2015. The company has kept the business operations smooth and unhindered
-
� Cathay Life expects that the cost of liability will increase 1 bp because
-
Progress of this acquisition. Overall, the company remains its target of
-
update improving 5-10 bps on the cost of liability annually
-
� The acquisition has positive impact on Cathay Life’s EV and net worth. Also it has increased Cathay Life’s asset allocation flexibility
-
Exercise corporate social responsibility and provide the strength and stability to the policyholders of the Companies and the general public.
��
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50
51
����(EV)�������(AV)
| ��������� ��� 2013/12/31 2014/12/31 ��������� ����3.94%~2033�5.07% ����4.47%~2033�6.11% ����2.71%~2033�3.10% (��������4.39%� rolling over to 2014�4.54%) ����4.01%~2034�5.05% ����4.40%~2034�6.07% ����2.75%~2034�3.02% (��������4.46%) ������������ ����2.76%~2033�5.07% ����4.02%~2033�6.11% ����2.42%~2033�2.67% ����2.54%~2034�5.03% ����4.47%~2034�6.07% ����2.19%~2034�2.62% ��� 10% 10% ����� 352 403 ������(������) 396 434 ���� -113 -128 ������(�����) 283 306 ����(EV) 635 709 EV /per share 119.7(55.0)(2) 133.6(56.4) ����(AV) 1,093 1,191 ��������� (�����) 52.5 55.5 AV /per share 206.0(94.7)(2) 224.4(94.8) |
��������� ��� 2013/12/31 2014/12/31 ��������� ����3.94%~2033�5.07% ����4.47%~2033�6.11% ����2.71%~2033�3.10% (��������4.39%� rolling over to 2014�4.54%) ����4.01%~2034�5.05% ����4.40%~2034�6.07% ����2.75%~2034�3.02% (��������4.46%) ������������ ����2.76%~2033�5.07% ����4.02%~2033�6.11% ����2.42%~2033�2.67% ����2.54%~2034�5.03% ����4.47%~2034�6.07% ����2.19%~2034�2.62% ��� 10% 10% ����� 352 403 ������(������) 396 434 ���� -113 -128 ������(�����) 283 306 ����(EV) 635 709 EV /per share 119.7(55.0)(2) 133.6(56.4) ����(AV) 1,093 1,191 ��������� (�����) 52.5 55.5 AV /per share 206.0(94.7)(2) 224.4(94.8) |
��������� ��� 2013/12/31 2014/12/31 ��������� ����3.94%~2033�5.07% ����4.47%~2033�6.11% ����2.71%~2033�3.10% (��������4.39%� rolling over to 2014�4.54%) ����4.01%~2034�5.05% ����4.40%~2034�6.07% ����2.75%~2034�3.02% (��������4.46%) ������������ ����2.76%~2033�5.07% ����4.02%~2033�6.11% ����2.42%~2033�2.67% ����2.54%~2034�5.03% ����4.47%~2034�6.07% ����2.19%~2034�2.62% ��� 10% 10% ����� 352 403 ������(������) 396 434 ���� -113 -128 ������(�����) 283 306 ����(EV) 635 709 EV /per share 119.7(55.0)(2) 133.6(56.4) ����(AV) 1,093 1,191 ��������� (�����) 52.5 55.5 AV /per share 206.0(94.7)(2) 224.4(94.8) |
|
|---|---|---|---|
| ��� | 2013/12/31 | 2014/12/31 | |
| ��������� | ����3.94%~2033�5.07% ����4.47%~2033�6.11% ����2.71%~2033�3.10% (��������4.39%� rolling over to 2014�4.54%) |
����4.01%~2034�5.05% ����4.40%~2034�6.07% ����2.75%~2034�3.02% (��������4.46%) |
|
| ������������ | ����2.76%~2033�5.07% ����4.02%~2033�6.11% ����2.42%~2033�2.67% |
����2.54%~2034�5.03% ����4.47%~2034�6.07% ����2.19%~2034�2.62% |
|
| ��� | 10% | 10% | |
| ����� | 352 | 403 | |
| **������(������) ** | 396 | 434 | |
| ���� | -113 | -128 | |
| **������(�����) ** | 283 | 306 | |
| ����(EV) | 635 | 709 | |
| EV /per share | 119.7(55.0)(2) | 133.6(56.4) | |
| ����(AV) | 1,093 | 1,191 | |
| ��������� (�����) |
52.5 | 55.5 | |
| AV /per share | 206.0(94.7)(2) | 224.4(94.8) |
-
��(1) �����������������(EV/AV)�����2015.3.23��������������(EV/AV) ��� (2) ( )�����������������������2013��������11.5bn��2014��������12.6bn� 2013���12.6bn�����EV Per FHC Share�50.5�AV Per Share�87.0�
-
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2013�2014�����������
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|---|---|---|---|---|---|
| �� | 2013 | 2014 | ��� | 1Q15 | |
| ���� | ���� | 271 | 325 | 20% | -- |
| ����� | 352 | 403 | 14% | -- | |
| ������(������) | 396 | 434 | 10% | -- | |
| ���� | -113 | -128 | 14% | -- | |
| ������(�����) | 283 | 306 | 8% | -- | |
| ���� | 635 | 709 | 12% | -- | |
| ����� | �����(FYP) | 200.4 | 233.4 | 16% | 52.3 |
| �������(FYPE) | 73.5 | 71.1 | -3% | 16.2 | |
| �����(V1NB) | 51.4 | 53.5 | 4% | 12.0 | |
| ������(V1NB/FYP) | 26% | 23% | -- | 23% | |
| ������(V1NB/FYPE) | 70% | 75% | -- | 74% | |
| ������VUL������(V1NB/FYP) | 44% | 53% | -- | 60% | |
| ���� | ����� | 8.7 | 8.7 | -- | -- |
| ���� | 1,093 | 1,191 | 9% | -- | |
| ���� | �������� | 55.0(1) | 56.4(2) | 3% | -- |
| �������� | 94.7(1) | 94.8(2) | 0% | -- | |
| ������� | �������� | 50.5(2) | 56.4(2) | 12% | -- |
| �������� | 87.0(2) | 94.8(2) | 9% | -- |
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54
Fair Value of Insurance Contracts: Risk-free Rate (NTD)
==> picture [321 x 24] intentionally omitted <==
Calculate 3- yr daily MA yield curve based on the zero coupon yield curve announced by OTC (Svensson) and use the extrapolation method provided by EU Solvency II QIS 5 to contruct the complete yield curve.
==> picture [505 x 204] intentionally omitted <==
----- Start of picture text -----
5.00%
Construct Yield Curve
Spot Rate
4.50% Based on Spot Rates
(incl. liquidity premium
of Year 1-10
4.00%
3.50% Spot Rate
3.00%
Single Equivalent
2.50% Discount Rate
30-yr Spot Rate
2.76%
2.00% 2.72%
Calculated Based on
1.50% 100-yr Spot Rate
10-yr Spot Rate 3.73% Net Cash Flows as
1.00% 1.44% of Dec. 31, 2013
0.50%
0.00%
1 11 21 31 41 51 61 71 81 91 101
----- End of picture text -----
Note:The “Spot Rate” mentioned above refers to 3-yr daily MA yield curve.
Fair Value of Insurance Contracts: Liquidity Premium
If insurers apply fair value model for investment property, their insurance liabilities should also be assessed under fair value basis. Taiwan adopts a relatively strict standard of liquidity premium compared to the international level of 0.5%~1%.
==> picture [473 x 206] intentionally omitted <==
----- Start of picture text -----
� 4% : 1.50% � 4% : 0.80%
NTD NTD
� 4% : 0.25% � 4% : 0.25% 0.5% ~ 1.0%
Mandatory
Non-NTD � 0.25% Non-NTD � 0.25%
Based on Cathay Life ‘s product
structure and the regulations on
Equivalent Level
liquidity premium, the
0.57%
equivalent level is 0.57%.
----- End of picture text -----
According to the regulations on liquidity premium mentioned above, Cathay Life’s reserve is enough and allowed to recognize after tax full amount of investment property appraisal gain under fair value method into shareholder’s equity.
55
56
Special reserve of unrealized gains on property
==> picture [51 x 13] intentionally omitted <==
----- Start of picture text -----
(NT$BN)
----- End of picture text -----
==> picture [497 x 235] intentionally omitted <==
----- Start of picture text -----
67.9 -12.5 (NT$BN)
55.4
11.1 Retained as special
(20%) reserve in liability
Recovered over 5 years
(capped at NT$10bn per
44.3
year). Such accounting
(80%)
profit is restricted from
dividend payout. [(2)]
Net unrealized gains on Negative impact of Special reserve of unrealized
investment property [(1)] first adoption gains on property
----- End of picture text -----
Note: (1) Net unrealized gains on investment property is calculated by discounting rental income at industry average WACC(3.29%), net of related taxes. The amount is therefore well below the property market value.
- The recovery of such special reserve is subject to regulatory approval each year. Hence, the actual recovery depends on the fair valuation results each year.
Illustration of 2013 pro forma BV of Cathay FHC
Cathay Financial Holdings Cathay Life Cathay United Bank
==> picture [507 x 222] intentionally omitted <==
----- Start of picture text -----
Additional
Appraisal gain based Appraisal gain property Impact to Inter- Consolidated
on fair value method from property appraisal gain CUB from fair company impact to
on 2013/1/1 reclassification in 2013 value method adjustments Cathay FHC
1.9
12.1 31.7
16.3
124.0
94.3
94.3
95.6
342.5
379.5
248.3
285.3 285.3
----- End of picture text -----
(Original) (New) Cathay FHC Pro forma book value FHC book value
57
Note: Totals may not sum due to rounding.
58
������
CUB Capital Adequacy (%)
Cathay FHC CAR (%)
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144.2
135.9
118.8
112.7
FY12 FY13 FY14 1H15
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BIS 11.8 12.4 13.5 16.2 15.9
4.7 4.3
3.4
Tier2 2.6 3.4
11.5 11.6
9.2 9.0 10.1
Tier1
FY11 FY12 FY13 FY14 1H15
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Cathay Life RBC(%)
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287.4 294.7
213.8 223.7
FY12 FY13 FY14 1H15
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59
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Cathay Financial Holdings
| Cathay Financial Holdings | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FY14/ | 9M15/ | 3Q15/ | |||||||
| (NT$MN) | FY13 | 9M14 | 3Q14 | ||||||
| Income Statement Data(Consolidated) | FY13 | FY14 | % Chg | 9M14 | 9M15 | % Chg | 3Q14 | 3Q15 | % Chg |
| Operating Income | |||||||||
| Net interest income | 114,558 | 125,083 | 9% | 92,570 | 102,701 | 11% | 31,062 | 36,391 | 17% |
| Net commission and fee | 791 | 369 | -53% | 1,700 | (2,909) | -271% | (310) | (1,610) | 419% |
| Net earned premium | 441,427 | 488,327 | 11% | 338,919 | 389,089 | 15% | 140,802 | 141,975 | 1% |
| Change in liability reserve | (293,570) | (290,800) | -1% | (192,620) | (239,059) | 24% | (85,562) | (79,806) | -7% |
| Net claims payment | (228,125) | (285,869) | 25% | (213,395) | (213,175) | 0% | (77,115) | (79,695) | 3% |
| Investment income | 56,350 | 75,849 | 35% | 61,690 | 62,081 | 1% | 22,945 | 18,548 | -19% |
| Contribution from associates-equity method | 157 | 168 | 7% | 119 | 637 | 435% | 52 | 353 | 580% |
| Other net non-interest income | 6,972 | 3,449 | -51% | 3,822 | 10,154 | 166% | 878 | (4,291) | -589% |
| Bad debt expense | (1,484) | (2,982) | 101% | (1,190) | (554) | -53% | (747) | (387) | -48% |
| Operating expense | (54,277) | (57,350) | 6% | (41,372) | (45,682) | 10% | (15,042) | (17,270) | 15% |
| Income before taxes | 42,799 | 56,243 | 31% | 50,245 | 63,284 | 26% | 16,963 | 14,206 | -16% |
| Income taxes | (4,779) | (6,458) | 35% | (5,579) | (8,399) | 51% | (2,846) | (555) | -80% |
| Net income | 38,020 | 49,785 | 31% | 44,666 | 54,885 | 23% | 14,117 | 13,651 | -3% |
| EPS (NT$) | 3.12 | 3.94 | 3.53 | 4.33 | 1.11 | 1.07 | |||
| Dividend Payout | |||||||||
| Cash dividend per share | 1.50 | 2.00 | |||||||
| Stock dividend per share | 0.50 | 0.00 | |||||||
| Weighted average outstanding shares | 12,124 | 12,563 | 12,563 | 12,563 | |||||
| (Millions of shares) | |||||||||
| Balance Sheet Data | |||||||||
| Total assets | 6,177,273 | 6,944,837 | 6,661,721 | 7,520,230 | |||||
| Total shareholders' equity | 379,510 | 439,120 | 402,653 | 443,451 | |||||
| Operating Metrics | |||||||||
| ROAE (Consolidated) | 10.82% | 12.10% | 15.19% | 16.58% | |||||
| ROAA (Consolidated) | 0.65% | 0.76% | 0.93% | 1.01% | |||||
| Double leverage ratio(inc. preferred stock) | 111% | 113% | 114% | 114% | |||||
| Capital Adequacy Metrics | |||||||||
| Capital Adequacy Ratio | 119% | 144% |
Notes:
(1) All data and information on this page is provided for informational purposes only, and may subject to adjustment. For more details, please refer to our official financial reports.
(2) Starting from 2015/1/1, Cathay FHC adopted IFRS 2013 version and has adjusted 9M14 financial data to pro-forma basis. 2014 total assets, liabilities, and shareholders' equity have also been adjusted accordingly.
(3) Total may not sum due to rounding.
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Cathay Life
| Cathay Life | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FY14/ | 9M15/ | 3Q15/ | |||||||
| (NT$MN) | FY13 | 9M14 | 3Q14 | ||||||
| Income Statement Data(Consolidated) | FY13 | FY14 | % Chg | 9M14 | 9M15 | % Chg | 3Q14 | 3Q15 | % Chg |
| Net written premium | 426,804 | 472,630 | 11% | 327,432 | 376,994 | 15% | 136,899 | 137,585 | 1% |
| Net earned premium | 418,262 | 471,849 | 13% | 327,065 | 376,690 | 15% | 136,633 | 137,284 | 0% |
| Reinsurance commission earned | 11,610 | 4,740 | -59% | 4,721 | 222 | -95% | 1,165 | (60) | -105% |
| Fee income | 3,090 | 5,943 | 92% | 4,589 | 4,409 | -4% | 1,599 | 1,301 | -19% |
| Recurring investment income | 113,932 | 124,152 | 9% | 94,837 | 107,038 | 13% | 37,624 | 44,365 | 18% |
| Gain on disposal of investment | |||||||||
| Realized gain (loss)-Equity | 16,586 | 23,357 | 41% | 19,384 | 26,696 | 38% | 5,929 | (7,994) | -235% |
| Realized gain (loss)-Debt | 14,604 | 12,828 | -12% | 9,102 | 12,810 | 41% | 4,291 | 2,280 | -47% |
| Investment property appraisal gains | 13,045 | 16,579 | 27% | 16,249 | 11,310 | -30% | (127) | (1) | -99% |
| FX and others, net | (4,197) | (7,166) | 71% | (7,802) | (8,635) | 11% | (1,458) | 3,049 | -309% |
| Investment income, net | 153,970 | 169,750 | 10% | 131,770 | 149,219 | 13% | 46,259 | 41,700 | -10% |
| Other operating income | 1,275 | 9 | -99% | 6 | 115 | 1776% | 3 | 109 | 4011% |
| Separate account revenues | 90,719 | 115,040 | 27% | 100,214 | 5,163 | -95% | 3,807 | (994) | -126% |
| Net claims payment | (210,029) | (275,195) | 31% | (206,346) | (205,988) | 0% | (74,457) | (76,981) | 3% |
| Changes in liability reserves | (292,978) | (290,109) | -1% | (191,589) | (238,245) | 24% | (85,272) | (79,430) | -7% |
| Acquisition and commission expense | (34,188) | (32,405) | -5% | (24,348) | (24,396) | 0% | (9,164) | (8,280) | -10% |
| Other operating costs | (5,570) | (4,544) | -18% | (3,335) | (3,899) | 17% | (1,337) | (1,440) | 8% |
| Financial cost | 303 | (106) | -135% | (67) | (314) | 367% | 81 | 123 | 53% |
| Separate account expense | (90,719) | (115,040) | 27% | (100,214) | (5,163) | -95% | (3,807) | 994 | -126% |
| Operating expense | (15,677) | (16,724) | 7% | (11,590) | (15,620) | 35% | (4,351) | (6,857) | 58% |
| Net non-operating income | 1,156 | 1,482 | 28% | 1,126 | 853 | -24% | 230 | 180 | -22% |
| Income taxes | (3,657) | (2,834) | -22% | (2,730) | (5,642) | 107% | (1,632) | 373 | -123% |
| Net income | 27,569 | 31,854 | 16% | 29,273 | 37,402 | 28% | 9,758 | 8,022 | -18% |
| Balance Sheet Data | |||||||||
| Total assets | 4,195,229 | 4,704,976 | 4,499,313 | 5,133,994 | |||||
| General account | 3,818,977 | 4,242,710 | 4,056,598 | 4,666,001 | |||||
| Separate account | 376,253 | 462,267 | 442,715 | 467,993 | |||||
| Reserves for life insurance liabilities | 3,448,659 | 3,770,679 | 3,646,664 | 4,162,355 | |||||
| Total liabilities | 3,923,923 | 4,376,595 | 4,202,922 | 4,801,418 | |||||
| Total shareholders' equity | 271,306 | 328,382 | 296,391 | 332,576 | |||||
| Operating Metrics | |||||||||
| First Year Premium(FYP) | 200,419 | 233,379 | 194,508 | 165,808 | |||||
| First Year Premium Equivalent(FYPE) | 73,461 | 71,138 | 57,882 | 71,908 | |||||
| Expense ratio | 11.5% | 9.9% | 10.3% | 10.3% | |||||
| 13-M persistency ratio | 98.2% | 97.9% | 97.9% | 97.4% | |||||
| 25-M persistency ratio | 94.7% | 94.9% | 94.9% | 94.9% | |||||
| ROAE | 10.92% | 10.54% | 13.69% | 15.09% | |||||
| ROAA | 0.69% | 0.71% | 0.90% | 1.01% | |||||
| Capital Adequacy Metrics | |||||||||
| RBC ratio (Standalone) | 224% | 287% |
Notes:
(1) All data and information on this page is provided for informational purposes only, and may subject to adjustment. For more details, please refer to our official financial reports.
(2) Starting from 2015/1/1, Cathay Life adopted IFRS 2013 version and has adjusted 9M14 financial data to pro-forma basis. 2014 total assets, liabilities, and shareholders' equity have also been adjusted accordingly.
(3) Total may not sum due to rounding.
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Cathay United Bank
| Cathay United Bank | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FY14/ | 9M15/ | 3Q15/ | |||||||
| (NT$MN) | FY13 | 9M14 | 3Q14 | ||||||
| Income Statement Data(Consolidated) | FY13 | FY14 | % Chg | 9M14 | 9M15 | % Chg | 3Q14 | 3Q15 | % Chg |
| Operating Income | |||||||||
| Net interest income | 21,915 | 25,779 | 18% | 19,046 | 20,295 | 7% | 6,467 | 6,921 | 7% |
| Fee income | 9,204 | 11,806 | 28% | 8,664 | 11,222 | 30% | 3,467 | 3,789 | 9% |
| Investment income | 5,650 | 7,384 | 31% | 6,315 | 4,565 | -28% | 1,894 | 1,690 | -11% |
| other income | 956 | 1,064 | 11% | 883 | 1,086 | 23% | 274 | 310 | 13% |
| Net operating income | 37,725 | 46,033 | 22% | 34,908 | 37,168 | 6% | 12,103 | 12,710 | 5% |
| Operating expenses | (20,216) | (22,822) | 13% | (16,523) | (18,174) | 10% | (6,085) | (6,549) | 8% |
| Pre-provision profit | 17,509 | 23,211 | 33% | 18,384 | 18,994 | 3% | 6,018 | 6,161 | 2% |
| Net provisions for possible losses | (542) | (2,471) | 356% | (745) | (173) | -77% | (617) | (108) | -83% |
| Income before taxes | 16,967 | 20,741 | 22% | 17,639 | 18,821 | 7% | 5,400 | 6,053 | 12% |
| Income tax | (2,188) | (2,892) | 32% | (2,396) | (2,222) | -7% | (793) | (738) | -7% |
| Net income | 14,780 | 17,848 | 21% | 15,243 | 16,599 | 9% | 4,608 | 5,315 | 15% |
| Balance Sheet Data | |||||||||
| Total assets | 1,988,774 | 2,243,958 | 2,158,980 | 2,388,868 | |||||
| Loans, net | 1,031,105 | 1,119,281 | 1,115,695 | 1,137,114 | |||||
| Financial assets | 638,727 | 649,497 | 622,069 | 766,254 | |||||
| Total liability | 1,855,610 | 2,096,340 | 2,015,865 | 2,234,137 | |||||
| Deposits | 1,615,860 | 1,739,023 | 1,694,715 | 1,844,163 | |||||
| Financial Debenture Payable | 52,417 | 67,614 | 67,289 | 65,551 | |||||
| Total shareholders' equity | 133,164 | 147,617 | 143,115 | 154,730 | |||||
| Operating Metrics | |||||||||
| Cost income ratio | 53.59% | 49.58% | 47.33% | 48.90% | |||||
| ROAE | 12.33% | 12.71% | 14.74% | 14.64% | |||||
| ROAA | 0.78% | 0.84% | 0.98% | 0.96% | |||||
| Assets Quality | |||||||||
| NPL | 3,013 | 3,277 | 3,036 | 1,809 | |||||
| NPL ratio | 0.29% | 0.29% | 0.27% | 0.16% | |||||
| NPL provisions | 14,494 | 15,782 | 15,782 | 16,806 | |||||
| Coverage ratio | 478% | 539% | 520% | 929% | |||||
| Capital Adequacy Metrics | |||||||||
| BIS ratio (Standalone) | 13.5% | 16.2% | |||||||
| Tier I Ratio (Standalone) | 10.1% | 11.5% |
Notes:
(1) All data and information on this page is provided for informational purposes only, and may subject to adjustment. For more details, please refer to our official financial reports.
(2) Starting from 2015/1/1, Cathay United Bank adopted IFRS 2013 version and has adjusted 9M14 financial data to pro-forma basis. 2014 total assets, liabilities, and shareholders' equity have also been adjusted accordingly.
(3) Total may not sum due to rounding.
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Cathay Century
| Cathay Century | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FY14/ | 9M15/ | 3Q15/ | |||||||
| (NT$MM) | FY13 | 9M14 | 3Q14 | ||||||
| Income Statement Data(Consolidated) | FY13 | FY14 | % Chg | 9M14 | 9M15 | % Chg | 3Q14 | 3Q15 | % Chg |
| Premium income | 19,727 | 21,279 | 8% | 15,520 | 16,115 | 4% | 5,175 | 5,702 | 10% |
| Net written premium | 15,280 | 16,080 | 5% | 11,776 | 12,401 | 5% | 4,025 | 4,464 | 11% |
| Net earned premium | 14,156 | 15,626 | 10% | 11,685 | 12,634 | 8% | 4,048 | 4,607 | 14% |
| Reinsurance commission earned | 470 | 683 | 45% | 510 | 381 | -25% | 162 | 120 | -26% |
| Fee income | 36 | 45 | 27% | 32 | 34 | 6% | 11 | 11 | 1% |
| Investment | 715 | 918 | 28% | 729 | 768 | 5% | 351 | 251 | -29% |
| Interest income | 444 | 569 | 28% | 428 | 413 | -3% | 152 | 145 | -5% |
| Other investment income, net | 271 | 348 | 29% | 300 | 355 | 18% | 199 | 106 | -47% |
| Other operating income | 0 | 0 | - | 3 | 14 | 388% | (1) | 9 | -1029% |
| Net claims payment | (7,835) | (8,747) | 12% | (6,117) | (6,503) | 6% | (2,206) | (2,314) | 5% |
| Changes in liability reserves | (592) | (691) | 17% | (1,031) | (814) | -21% | (291) | (376) | 29% |
| Commissions and other operating costs | (1,083) | (1,210) | 12% | (904) | (1,016) | 12% | (336) | (374) | 11% |
| Operating expenses | (5,328) | (5,824) | 9% | (4,297) | (4,529) | 5% | (1,447) | (1,581) | 9% |
| Operating income | 538 | 800 | 49% | 609 | 970 | 59% | 293 | 354 | 21% |
| Net non-operating income | 9 | 29 | 238% | 31 | (14) | -145% | (1) | (6) | 390% |
| Income taxes | (218) | (174) | -20% | (98) | (229) | 135% | (53) | (97) | 84% |
| Net income | 329 | 656 | 99% | 542 | 727 | 34% | 239 | 251 | 5% |
| Balance Sheet Data | |||||||||
| Total assets | 31,709 | 35,863 | 35,030 | 36,326 | |||||
| Total shareholders' equity | 5,511 | 6,829 | 6,617 | 7,180 | |||||
| Operating Metrics | |||||||||
| Gross Combined ratio | 80.0% | 90.7% | 93.1% | 83.5% | |||||
| Net Combined ratio | 92.6% | 99.3% | 101.2% | 93.3% | |||||
| ROAE | 6.37% | 10.71% | 11.98% | 13.84% | |||||
| ROAA | 1.08% | 1.94% | 2.16% | 2.69% | |||||
| Capital Adequacy Metrics | |||||||||
| RBC ratio (Standalone) | 312% | 324% |
Notes:
(1) All data and information on this page is provided for informational purposes only, and may subject to adjustment. For more details, please refer to our official financial reports.
(2) All data and information are based on IFRS.
(3) Starting from 2015/1/1, Cathay Century adopted IFRS 2013 version and has adjusted 9M14 financial data to pro-forma basis. 2014 total assets, liabilities, and shareholders' equity have also been adjusted accordingly.
(4) Total may not sum due to rounding.