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Mercuries Life Annual Report 2013

Mar 28, 2013

52210_rns_2013-03-28_396a76d9-6ad9-4061-ace6-378381944675.pdf

Annual Report

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Stock Ticker :
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2012 Financial Overview

2013.03.28

Disclaimer

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  • This document is provided by Mercuries Life Insurance Co., Ltd. (the “Company”). Except for the numbers and information included in the Company‘s financial statements, the information contained in this document has not been audited or reviewed by any accountant or independent expert. The Company makes no express or implied

  • representations or warranties as to the fairness, accuracy, completeness, or correctness of such information or opinions.

  • This document may contain forward-looking statements, including but not limited to all statements that address activities, events or developments that the Company expects or anticipates to take place in the future based on the projections of the Company toward the future, and various factors and uncertainness beyond the Company‘s control. Therefore, the actual results may differ materially from those contained in the forward-looking statements.

  • Financial numbers in this report may include preliminary unaudited numbers or management accounts.

  • This document is not and cannot be construed as an offer to purchase or sell securities or other financial products or solicitation of an offer.

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2

Performance highlights

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(NT$ Million) 2011 2012 YoY Growth
First Year Premium(FYP) 32,806 44,874 36.8%
Total Premium(TP) 95,035 110,890 16.7%
Net income 832 1,538 84.9%
EPS(after tax) 0.78 1.40 79.5%
Total assets 503,902 595,666 18.2%
Total shareholders’ equity 11,917 24,136 102.5%
BVPS 11.07 20.83 88.2%
ROA 0.2% 0.3%
ROE 5.8% 8.5%

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Market share and ranking

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Year
2009
2010
2011
2012		 Year
2009
2010
2011
2012		 Year
2009
2010
2011
2012		 Year
2009
2010
2011
2012		 Year
2009
2010
2011
2012		 Year
2009
2010
2011
2012		 Year
2009
2010
2011
2012		 Year
2009
2010
2011
2012		 Year
2009
2010
2011
2012
% Market share Ranking Market share Ranking Market share Ranking Market share Ranking
FYP 3.22 8 1.86 12 3.30 9 3.77 6
RYP 5.22 6 5.79 6 5.17 6 5.13 6
TP 4.30 7 3.81 8 4.32 7 4.47 7

FYP/RYP/TP Market share

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FYP RYP TP
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5.79%
5.22%
4.30%
3.81%
3.22%
1.86%
2009 2010
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5.17%
4.32%
3.30%
2011
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5.13%
4.47%
3.77%
2012
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4

FYP trend

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44,874
NT$ Million
32,806
29,750
27,659
21,527
2008 2009 2010 2011 2012
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5

Product mix(FYP)

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Health,
Traditional life Annuity accidents 2012FYP
Investment-linked Health, accidents and others and others
8%
Investment
(NT$ Million) -linked
1%
3,765 Traditional
314 life
Annuity 44%
47%
2,562
20,846
3,495
Health,
accidents 2011FYP
11,816 and others
8%
Investment
-linked
11%
19,948 Traditional
14,934 life
Annuity 45%
36%
2011 2012
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RYP trend

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NT$ Million
66,639 66,017
62,229
56,503
51,385
2008 2009 2010 2011 2012
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Product mix(RYP)

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2012RYP

Traditional life Annuity Investment-linked Health, accidents and others

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(NT$ Million) Health,
accidents
and others
33%
Traditional
life
21,628
54%
20,161
Investment-
linked Annuity
13% 0%
8,452
9,242 0 2011RYP
0
Health,
accidents
35,936 and others
32,826
32%
Traditional
life
53%
Investment-
linked Annuity
2011 2012
15% 0%
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8

TP trend

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NT$ Million 110,890
95,035
88,166
86,252
79,044
2008 2009 2010 2011 2012
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Product mix(TP)

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Traditional life Annuity
2012TP
Investment-linked Health, accidents and others
Health,
accidents
(NT$ Million)
and others
23%
Investment-
25,394
linked Traditional
8% life
22,723 Annuity 50%
8,766
19%
12,737 20,846
2011TP
Health,
11,816
accidents
and others
24%
55,884
47,760
Traditional
Investment- life
linked 50%
13%
Annuity
2011 2012
13%
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Distribution channels

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FYP
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RYP

TP

Agency Bancasurance Others Agency Bancasurance Others Agency Bancasurance Others

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0% 0% 0% 0%
7%
11%
0% 0%
40%
52% 21% 25%
93%
89%
79%
75%
60%
48%
2011 2012 2011 2012 2011 2012
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Agency force

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Registered agents

2012 Agency force distribution

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(Persons)
16,362
14,884
13,833
12,734 12,829
2008 2009 2010 2011 2012
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Northern
Taiwan
21%
Southern
Taiwan
38%
Central
Taiwan
41%
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12

Persistency ratio

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Persistency ratio - 13M

Persistency ratio - 25M

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92.4%
92.1%
97.8%
91.4%
89.5%
94.5%
93.0%
86.8%
91.5% 91.6%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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13

Investment portfolio

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(NT$ Million)
379,074 441,887 528,943
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14

Hedge portfolio and philosophy

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2008
2009
2010
2011
2012		 2008
2009
2010
2011
2012		 2008
2009
2010
2011
2012		 2008
2009
2010
2011
2012		 2008
2009
2010
2011
2012		 2008
2009
2010
2011
2012
Traditional
(Include CCS)		 80%~90% 80%~90% 80%~90% 80%~90% 90%~100%
Naked 10%~20% 10%~20% 10%~20% 10%~20% 0%~10%
Proxy Hedge 0 0 0 0 0

  • Foreign exchange hedging strategy includes CCS, NDF, proxy hedge and other tools to comply with regulations or the competent authority.

  • Proxy hedging operation with non-USD currency linked to the high correlation with the Taiwan Dollar exchange rates.

  • Proxy hedge shall not exceed one-third of the total foreign exchange exposure.

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15

Overseas investment

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Overseas bond distribution 2012Q4 European exposure – Top 5

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Total investment：NT$164,750Million
Supra- 7.74%
Germany
national,
Oceania, 7.73%
7.39%
Asia, 11.46% Netherlands 6.39%
UK 6.37%
France 1.98%
North
Europe,
America,
31.12%
38.21%
Switzerland 1.76%
South Total 24.24%
America,
4.09%
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16

Asset reclassification

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Changes in AFS assets Changes in unrealized gains under AFS assets

(NT$ Million) (NT$ Million)

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Investment property revaluation

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(NT$ Million)

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Cost of liability and ROI

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Cost of liability ROI

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4.79%
4.42%
4.25% 4.21%
4.09%
3.87%
3.46% 3.51%
3.32%
3.04%
2008 2009 2010 2011 2012
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19

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Thank You

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Mercuries Life – Financial summary

(NT$ Million) Full Year
2008
2009
2010
2011
2012
56,910
73,031
73,947
78,376
97,746
8,038
10,954
10,496
13,393
15,434
7,811
8,742
10,119
11,623
12,980

94
1,813
219
1,539
1,294
132
399
158
231
1,160
1,567
643
655
644
554
(15,217)
(12,435)
(17,935)
(25,304)
(26,448)
(40,055)
(63,717)
(60,071)
(57,345)
(75,778)
(5,926)
(2,863)
(3,364)
(5,693)
(7,143)
(186)
(130)
(134)
(140)
(137)
(3,252)
(3,214)
(3,087)
(3,404)
(3,997)
32
92
76
42
1,300
1,911
2,362
583
569
1,532
2,073
1,826
310
832
1,538
254,934
322,284
379,074
441,887
528,942
34,201
50,540
54,963
53,607
56,388
260,982
332,091
393,793
450,295
539,278
253,951
316,971
376,856
438,378
515,142
7,031
15,120
16,937
11,917
24,136		 2011 & 2012
Comparison
Change
Income statement
Total earned premium
Investment income
Interest income
Gains on investments in securities
Gains on real estate investments
Other income
Claim and benefit expense
Net provision in policy reserve
Net commission expense
Other operating costs and expenses
General and administrative expense
Net non-operating income (expenses)
Income before tax
Net income
Balance sheet
Investment assets
U-linked assets
Total assets
Total liabilities
Shareholders’ equity		 25%
15%
12%
-16%
401%
-14%
5%
32%
25%
-3%
17%
2985%
169%
85%
20%
5%
20%
18%
103%

Note: All total earned premium, total assets and total liabilities exclude separate accounts.

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