Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

CATHAY FHC Annual Report 2016

Mar 11, 2016

52213_rns_2016-03-11_372bdae1-f4f9-42b2-a0e2-02e0c467fddc.pdf

Annual Report

Open in viewer

Opens in your device viewer

2015���������

2016�2�

==> picture [275 x 8] intentionally omitted <==

----- Start of picture text -----

������������������������������������ �
----- End of picture text -----

���

  • ������������������������������ ������������������������������ ������������������������������� ������������������������������ ������������������������������ ������������������������������ ������������������������������ ����

  • ������������������������������ ������������������������������ ������������������������������ ������������������������

  • �������������������������������

  • ������������������������������� ������������������������

2

3

���

������

������

  • 2015��������

����

������

����

����

  • �������������

  • ����

  • ��������(EV)�������(AV)

  • �����

������������������������

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%)

  • 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

  • � 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

  • � 22.2% (9M15).

  • Qualified QFII to � Strong underwriting invest in China and capital raising

  • � Pursue business platform

  • The largest brokerage settlement bank

  • Pursue business opportunity from � Diversified products QDII of China and services

  • The capital injection from Ant Financial is subject to the regulatory approval

4

5

Cathay’s earnings accelerates as life turnarounds

EPS & ROE

Profit contribution

==> picture [490 x 297] intentionally omitted <==

----- Start of picture text -----

(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
----- End of picture text -----

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).

���������������������

Largest listed financials group by market capitalization and assets.

Ranking of total asset (US$bn)

==> picture [461 x 86] intentionally omitted <==

----- Start of picture text -----

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
----- End of picture text -----

Note: Total assets as of Sep.30, 2015

==> picture [310 x 19] intentionally omitted <==

Ranking of market cap (US$bn) R

==> picture [461 x 93] intentionally omitted <==

----- Start of picture text -----

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
----- End of picture text -----

Note: Market capitalization as of Dec.31, 2015

6

7

���

������

  • 2015��������

  • ������

����

������

����

����

�������������

����

��������(EV)�������(AV)

�����

2015��������

==> picture [25 x 5] intentionally omitted <==

==> picture [25 x 15] intentionally omitted <==

==> picture [110 x 34] intentionally omitted <==

----- Start of picture text -----

������
----- End of picture text -----

  • ���������������

  • ��������������25%��������������46%

  • ��������������������������������

==> picture [25 x 10] intentionally omitted <==

==> picture [25 x 10] intentionally omitted <==

==> picture [25 x 16] intentionally omitted <==

==> picture [80 x 34] intentionally omitted <==

----- Start of picture text -----

����
----- End of picture text -----

  • ���������������������97%�FYPE�����

  • ���������56%��������0.53%�������4.6%

==> picture [25 x 10] intentionally omitted <==

==> picture [25 x 10] intentionally omitted <==

==> picture [25 x 15] intentionally omitted <==

==> picture [80 x 35] intentionally omitted <==

----- Start of picture text -----

����
----- End of picture text -----

==> picture [25 x 9] intentionally omitted <==

  • �����12.7%��������

  • ���������������������������������

  • ���������������������������������� ���

==> picture [25 x 10] intentionally omitted <==

==> picture [25 x 15] intentionally omitted <==

==> picture [80 x 34] intentionally omitted <==

----- Start of picture text -----

����
----- End of picture text -----

==> picture [25 x 10] intentionally omitted <==

  • AUM�4,251�����������

  • 2015����������������������������� 2014���������������������������� ���������������

==> picture [25 x 10] intentionally omitted <==

==> picture [25 x 16] intentionally omitted <==

==> picture [81 x 34] intentionally omitted <==

----- Start of picture text -----

����
----- End of picture text -----

==> picture [25 x 10] intentionally omitted <==

  • �����������������EPS��������

  • ��������������IPO&SPO�����������

  • ��������������(��)������������(��)

==> picture [25 x 10] intentionally omitted <==

8

9

– ���� ���������

���� (NT$BN)

������� (NT$)

==> picture [139 x 103] intentionally omitted <==

----- Start of picture text -----

23% 54.9
44.7
9M14 9M15
----- End of picture text -----

==> picture [157 x 94] intentionally omitted <==

----- Start of picture text -----

4.33
3.53
9M14 9M15
----- End of picture text -----

��������������������

��������������������

==> picture [457 x 98] intentionally omitted <==

----- Start of picture text -----

31% 49.8 3.94
(1) (1)
38.0 3.12
135%
16.2 29.0 1.34 2.38
FY12 FY13 FY14 FY12 FY13 FY14
----- End of picture text -----

  • ��(1) 2014/1/1����������������FY13�������������������FY13������������ ��NT$9.0BN�NT$0.74�

  • (2) ����������������

– ���� ���������

��������� (NT$BN)

ROE

==> picture [500 x 129] intentionally omitted <==

----- Start of picture text -----

9M14 9M15 9M14 9M15
37.4
19.1%
29.3 15.2%16.6%14.7%14.6%13.7%15.1% 13.8% 16.3%
12.0%
16.6
15.2
0.5 0.7 0.3 0.3 0.3 0.4
����CUB Cathay Life���� ����Cathay ����Cathay ����Cathay ����Cathay ����CUB ����Cathay ����Cathay ����Cathay
Century SITE Securities FHC Life Century SITE
----- End of picture text -----

==> picture [498 x 129] intentionally omitted <==

----- Start of picture text -----

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%
17.8
14.8 6.4%
0.3 0.7 0.3 0.3 0.2 0.4
����CUB ����Cathay ����Cathay ����Cathay ����Cathay ����Cathay ����CUB ����Cathay ����Cathay Cathay����
Life Century SITE Securities FHC Life Century SITE
----- End of picture text -----

  • ��FY13����������������������������������������FY13 ROE����� -0.1%, -0.1%�0.1%�

10

11

– ���� ���������

����

==> picture [45 x 11] intentionally omitted <==

----- Start of picture text -----

(NT$BN)
----- End of picture text -----

������������������

����

(NT$)

��������������������

==> picture [447 x 192] intentionally omitted <==

----- Start of picture text -----

439.1 443.5
379.5
34.5 34.8
94.3 31.4
248.1
7.9
22.5
285.3
23.5
FY12 FY13 FY14 9M15 FY12 FY13 FY14 9M15
----- End of picture text -----

��2014/1/1����������������FY13����������

��

  • ������

  • 2015��������

  • ������

  • ����

  • ������

����

  • ����

  • �������������

  • ����

  • ��������(EV)�������(AV)

  • �����

12

��������������

��
��
���
��
�������
�� ��� �� �� ��
�� 5
37
16
1
1
1
1 1 1 1 1
�� 30
10
�� 24
2
���� 1 1

*�������������

������

  • �����������������������

  • ������������������

  • ��������������2015�10����

  • �����������RCBC��21.6%

==> picture [491 x 142] intentionally omitted <==

----- Start of picture text -----

• �������Mayapada��24.9%
��
�� � ����

��� �����������������������
�� ��
���������
���
� ������
����
����� • ����������������
���
�������
����� ��
----- End of picture text -----

��RCBC�Mayapada�����������

13

�����������

������

  • �������������������� ����

==> picture [113 x 86] intentionally omitted <==

  • �������

==> picture [229 x 175] intentionally omitted <==

----- Start of picture text -----


��
•����373%�������135MN RMB
�� ����373%�������135MN RMB
��

��
�� •20152015���������������17%
��
�� •2015�92015�9�99����������������
��
��
�� � ����
�� •
��
----- End of picture text -----

�������

  • •����373%�������135MN RMB

������

  • •20152015���������������17%

  • •2015�92015�9�99���������������� �����������

  • ��������(��)���

  • ������ ������ ������

��������

  • ����������������

��������(Conning)

  • ���� ����������

  • •���100%�������������� ��

  • ��������

14

15

���

������

2015��������

������

����

������

����

����

�������������

����

��������(EV)�������(AV)

�����

– ������ �������

==> picture [435 x 297] intentionally omitted <==

----- Start of picture text -----

���� ����
����� (NT$BN) ���� (NT$BN)
����
����
����
����
1,833.7
1%
1,125.3 1,141.9 1,698.8
15.3 1.4% 14.3 1.3%
66.0 5.9% 84.0 7.4%
60.1%
60.2% 1,102.0
446.3 39.7% 472.9 41.4% 1,022.9
597.8 53.1% 570.6 50.0% 675.9 39.8% 731.7 39.9%
9M14 9M15 9M14 9M15
----- End of picture text -----

�������������������������

16

17

– ������� �����

Avg. rate of interest-earning assets Interest spread Net interest margin

==> picture [468 x 179] intentionally omitted <==

----- Start of picture text -----

2.15% 2.13% 2.10% 2.08% 2.06% 2.04% 2.03%
1.95% 1.96%
1.81%
1.61% 1.79% 1.79% 1.79% 1.81% 1.84% 1.84% 1.83% 1.84%
1.67% 1.70%
1.51%
1.42% 1.39% 1.36% 1.33%
1.26% 1.26% 1.24% 1.23% 1.23%
1.17%
1.07%
----- End of picture text -----

FY10 FY11 FY12 FY13 1Q14 1H14 9M14 FY14 1Q15 1H15 9M15

�����������

– ������ ����

==> picture [486 x 335] intentionally omitted <==

----- Start of picture text -----

����������� �������
����� ��� (NT$BN)
������� ����
2.4
929% 9.29%
1.8
5. 5 2 0%0% 1.2 1.1
0.27% 0.16%
9M14 9M15 9M14 9M15
Mortgage NPL 0.05% 0.05%
4.4
5.39%539%
4.78%478%
2.4
2.1
1.8
0.29% 0.29%
FY13 FY14
FY13 FY14
Mortgage NPL 0.02% 0.04%
----- End of picture text -----

18

19

– ������ SME�����

SME��

(NT$BN)

==> picture [252 x 223] intentionally omitted <==

----- Start of picture text -----

125.9
116.5
107.3 107.6
FY12 FY13 FY14 9M15
�����
11.5% 10.5% 10.5% 11.2%
----- End of picture text -----

����

==> picture [45 x 12] intentionally omitted <==

----- Start of picture text -----

(NT$BN)
----- End of picture text -----

==> picture [222 x 222] intentionally omitted <==

----- Start of picture text -----

185.0
165.4
155.2
141.5
FY12 FY13 FY14 9M15
15.1% 16.1% 16.6% 13.8%
----- End of picture text -----

���������������������

– ������� ������

==> picture [459 x 314] intentionally omitted <==

----- Start of picture text -----

����� ������������
(NT$BN)
-12% 41.9%
7.3
34.6%
6.4
9M14 9M15 9M14 9M15
36%
9.4 46.1%
42.4%
30%
36.7%
6.9
84% 5.3
22.8%
2.9
FY11 FY12 FY13 FY14 FY11 FY12 FY13 FY14
----- End of picture text -----

20

21

– ������ �����

==> picture [11 x 11] intentionally omitted <==

==> picture [11 x 9] intentionally omitted <==

�������

�������(���)

==> picture [431 x 269] intentionally omitted <==

----- Start of picture text -----

�� (NT$BN) �� (NT$BN)
�� ��
���� ����
���� ����
��� 12.8 ���
13.9
25% 26%
1.0 7.7%
1.3
10.2 1.1 8.2%
2.6% 25% 11.0 1.1
0.3
1.0 10.1% 1.1 0.4
1.0 9.4% 8.8
0.9
0.3 2.9% 0.9 0.3
6.9 54.0% 0.5 6.7
0.2
4.7 46.4%
5.2
3.9
3.2 31.4% 3.5 27.5% 3.2 3.5 4.4
9M14 9M15 FY12 FY13 FY14
----- End of picture text -----

�������������������������

– ������ ���������

���������

(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%

9M14 9M15

==> picture [11 x 11] intentionally omitted <==

FY12

FY13 FY14

==> picture [468 x 178] intentionally omitted <==

----- Start of picture text -----

3,862
4,777
2,386 2,532
2,038 2,106
2,615
1,786 1,858 1,226
394
33 66 274 201 226 175 46 329 332
���� Mutual ���� Structured Trust & ��� ���� Insurance Mutual Funds ���� Structured ���� ��� Trust & ���� Insurance
Funds products & ���� ���� Custody products & ���� ���� Custody
Securities Securities
----- End of picture text -----

�������������������������

22

23

���

  • ������

2015��������

������

����

������ ����

����

�������������

����

��������(EV)�������(AV)

�����

– ���� �����

==> picture [462 x 306] intentionally omitted <==

----- Start of picture text -----

����� ����� (���)
����� (NT$BN)
����� (�VUL)
����� (VUL)
����������
478.4 ����� 636.2
463.5 3%
16%
0.1 0.0% 0.9 0.1%
0.2% 0.9 93.4 19.5% 561.4 561.3 13.8 548.0 143.4 22.5%
25.7% 119.1 10.8
13.2 2.8% 70.5
25.2% 141.5 90.8 19.7 3.1%
3.2% 15.0 68.5 14.3% 26.0 23.3 89.7 14.1%
4.3% 24.0 84.9
14.3% 66.1 5.4% 30.3 87.5
13.1% 73.5
56.6% 262.5 303.3 63.4% 366.1 335.6 382.5 60.1%
52.0% 292.1
9M14 9M15 FY10 FY12 FY13 FY14
----- End of picture text -----

�������������������������

24

25

– ���� ������� & ���������

�������(FYP)

==> picture [199 x 300] intentionally omitted <==

----- Start of picture text -----

����� (NT$BN)
����� (�VUL)
����� (VUL)
����������
��������
���������
194.5 -15%
0.9 0.4%
165.8
0.0 0.0%
118.3 60.8%
92.5 55.8%
0.1%
0.4 0.2% 0.2 3.8%
7.1 3.7% 6.3
1.4%
2.4 1.2% 2.3
65.4 33.6% 64.5 38.9%
9M14 9M15
----- End of picture text -----

���������(FYPE)

����� (NT$BN) ����� (�VUL) ����� (VUL) ���������� �����

==> picture [8 x 10] intentionally omitted <==

==> picture [9 x 10] intentionally omitted <==

==> picture [197 x 212] intentionally omitted <==

----- Start of picture text -----

71.9
24% 0.0 0.1%
9.6
13.4%
57.9
0.4 0.6%
0.1 0.1% 6.3 8.8%
12.8
22.0%
0.3
0.5%
7.1 12.3%
55.5 77.2%
37.6 65.0%
9M14 9M15
----- End of picture text -----

�������������������������

– ���� ���������

���������

==> picture [190 x 261] intentionally omitted <==

----- Start of picture text -----

��
2����
3������
6.1% 3.6% 3.4%
4.3%
13.4%
42.8%
60.6%
92.3%
83.0%
5.0%
51.1%
34.4%
FY12 FY13 FY14 9M15
----- End of picture text -----

����� (NT$BN)

==> picture [161 x 285] intentionally omitted <==

----- Start of picture text -----

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
FY12 FY13 FY14
----- End of picture text -----

��2014��9M15 VNB����2014�����������

�������������������������

26

– ���� ������

27

==> picture [480 x 259] intentionally omitted <==

----- Start of picture text -----

���� ���� (���)
5.40%
4.63%
5.07%
4.54%
4.83%
4.51%
4.78%
4.47%
4.63%
4.43%
4.41% 4.54%
4.38% 4.43%
4.34%
----- End of picture text -----

==> picture [465 x 9] intentionally omitted <==

----- Start of picture text -----

FY12 FY13 1H14 9M14 FY14 1Q15 1H15 9M15 FY08 FY09 FY10 FY11 FY12 FY13 FY14
----- End of picture text -----

���������������� (reserve–based)

– ���� ����

(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
  • ��(1) ��������������������������������

  • (2) 2013/1/1����IFRS���������������NT$71.3BN�2014/1/1��������������������� NT$133.1BN�2014������������������NT$16.6BN�

28

29

– ���� ������

��������

�������� (���)

==> picture [168 x 164] intentionally omitted <==

----- Start of picture text -----

4.6%
4.5%
9M14 9M15
----- End of picture text -----

==> picture [204 x 142] intentionally omitted <==

----- Start of picture text -----

4.4% * 4.3%
3.9%
4.1%
3.3%
FY11 FY12 FY13 FY14
----- End of picture text -----

  • ��FY13 ���������(4.4%)���������������������

– ���� ������

==> picture [223 x 26] intentionally omitted <==

----- Start of picture text -----

����������� [(1)]
----- End of picture text -----

�����������

==> picture [167 x 164] intentionally omitted <==

----- Start of picture text -----

3.4%
3.3%
9M14 9M15
----- End of picture text -----

  • ��(1) ������������������������� ������������������������

  • (2) FY13 ���������������(3.3%)���� �����������������

==> picture [204 x 81] intentionally omitted <==

----- Start of picture text -----

3.6% 3.6% 3.4% 3.2%
3.3% [(2) ]
FY11 FY12 FY13 FY14
----- End of picture text -----

��������

==> picture [208 x 133] intentionally omitted <==

----- Start of picture text -----

���� Proxy
30% & Open
21%
Currency
Swap &
����� AFS
NDF
��70% 19%
60%
����
NT$2.57�� 9M15 ����0.53%
----- End of picture text -----

30

31

– ���� ���������������

����

������������

==> picture [467 x 255] intentionally omitted <==

----- Start of picture text -----

(NT$BN) ��
����
��
���
15% 13% 11% 10%
18.8
16% 18% 24% 25%
15.2
13.7
12.1 25% 24% 20% 18%
44% 45% 44% 46%
FY12 FY13 FY14 9M15
FY12 FY13 FY14 9M15
----- End of picture text -----

– ���� ����������������

���� (NT$BN) ������������������

��������������� (NT$BN) (NT$BN)

==> picture [435 x 196] intentionally omitted <==

----- Start of picture text -----

328.4 332.6
271.3
40.3
124.0
138.2 147.3 23.9
18.2
3.4
FY12 FY13 FY14 9M15 FY12 FY13 FY14 9M15 10M15
�����
-20.9
----- End of picture text -----

��2014/1/1����������������FY13����������

32

33

– ���� ����

�������(FYP)

==> picture [210 x 24] intentionally omitted <==

----- Start of picture text -----

���������(FYPE)
----- End of picture text -----

==> picture [74 x 42] intentionally omitted <==

----- Start of picture text -----

��
������
�������
----- End of picture text -----

==> picture [169 x 175] intentionally omitted <==

----- Start of picture text -----

1.6% 2.0%
12.8%
22.5%
85.6%
75.5%
9M14 9M15
----- End of picture text -----

==> picture [163 x 174] intentionally omitted <==

----- Start of picture text -----

2.5% 2.4%
15.1% 19.2%
82.4%
78.4%
9M14 9M15
----- End of picture text -----

�������������������������

– ���� ������

==> picture [469 x 267] intentionally omitted <==

----- Start of picture text -----

��� ���
9M14 9M15
97.9%
97.4%
94.9% 94.9%
10.3% 10.3%
13 months 25 months 9M14 9M15
----- End of picture text -----

34

���

������

2015��������

������

����

������

����

����

�������������

����

��������(EV)�������(AV)

�����

– ���� ���������

������

����

==> picture [480 x 275] intentionally omitted <==

----- Start of picture text -----

(NT$BN) ������
�������
����
1%
13.4 13.6 0.3% 0.3%
2.1 15.3% 2.3 16.7%
37.4% 38.1%
0.4 3.0% 0.4 2.9.%
0.5 3.7% 0.5 3.9%
�� 2.2 16.3% 2.0 14.7%
���
��
�� 8.3 61.7% 8.4 61.9% 62.3% 61.6%
��
9M14 9M15 9M14 9M15
��� 13.2% 12.7%
��� 77.4% 75.0%
----- End of picture text -----

35

�������������������������

36

37

– ���� �����

�����

�����

����� �����

����� �����

==> picture [408 x 174] intentionally omitted <==

----- Start of picture text -----

93.1%
83.5% 101.2%
93.3%
31.4%
36.1%
32.7%
37.3%
61.7%
65.1%
50.8% 56.0%
9M14 9M15 9M14 9M15
----- End of picture text -----

  • ��2014����������2014/1/1�������������������������������������� ���2014�������

– ���� ����� (���)

==> picture [459 x 258] intentionally omitted <==

----- Start of picture text -----

����� �����
����� �����
����� �����
90.7%
85.3% 99.3%
80.0% 92.6% 94.0%
31.1%
31.1% 35.8%
30.2% 35.0% 35.8%
59.6%
49.8% 54.2% 57.6% 58.2% 63.5%
FY13 FY14 FY14 FY13 FY14 FY14
���� ����
----- End of picture text -----

  • ��2014/1/1�����������������������FY14���������������������� �����������������������������������������������

38

39

���

������

2015��������

������

����

������

����

����

�������������

  • ����

  • ��������(EV)�������(AV)

�����

������������

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

==> picture [92 x 32] intentionally omitted <==

==> picture [95 x 34] intentionally omitted <==

Top 1 in Taiwan Top 6 in Asia

  1. 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

41

������������(DJSI)���

  • �����2015�9����������(DJSI)�������

  • �������ESG(����������)������2015�� �TWSE������A++������������������� 5%���

DJSI in the World

  • DJSI�1999���������������������������� ������ESG�������������10%ESG�������� ����

������������������

������

����������������������������������� ������������������Project finance����������� ���������������

������

  • 1.��2015�9����81����������������30����

  • 2.������������������������UFJ��������

  • �������������������������������6��

  • 3.�����������������������

==> picture [124 x 44] intentionally omitted <==

==> picture [127 x 17] intentionally omitted <==

42

43

���

������

2015��������

������

����

������ ���� ����

  • �������������

����

  • ��������(EV)�������(AV)

  • �����

– 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.

��

������

  • 2015��������

������

����

������

���� ����

�������������

����

��������(EV)�������(AV)

�����

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�

  • (3) �������������������

2013�2014�����������

��������� ��������� ��������� ��������� ���������
�� 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% --
  • ��(1) �2013����������11.5bn����

  • (2) �2014����������12.6bn����

  • (3) �������������������

52

53

��������������

  • 2013��2014����������������

==> picture [339 x 148] intentionally omitted <==

  • 2013��2014����������������

==> picture [337 x 148] intentionally omitted <==

���������������

  • 2013��2014�������������������

==> picture [342 x 148] intentionally omitted <==

  • 2013��2014�������������������

==> picture [342 x 149] intentionally omitted <==

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 (%)

==> picture [182 x 151] intentionally omitted <==

----- Start of picture text -----

144.2
135.9
118.8
112.7
FY12 FY13 FY14 1H15
----- End of picture text -----

==> picture [204 x 117] intentionally omitted <==

----- Start of picture text -----

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
----- End of picture text -----

Cathay Life RBC(%)

==> picture [162 x 112] intentionally omitted <==

----- Start of picture text -----

287.4 294.7
213.8 223.7
FY12 FY13 FY14 1H15
----- End of picture text -----

==> picture [535 x 401] intentionally omitted <==

59

==> picture [99 x 25] intentionally omitted <==

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.

==> picture [103 x 26] intentionally omitted <==

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.

==> picture [99 x 25] intentionally omitted <==

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.

==> picture [107 x 27] intentionally omitted <==

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.