TFMI — Interim / Quarterly Report 2021

Nov 29, 2021

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Disclaimer

• This presentation is provided by Taiwan Fire & Marine Insurance Co., Ltd. (TFMI). TFMI makes no guarantees or warranties as to the accuracy, completeness or correctness of all the material contained in this presentation. After this presentation is released to the public, TFMI undertakes no obligations to update any relevant data to reflect any changes hereafter.

• This presentation may contain forward-looking statements. Statements that are not historical facts, including statements relating to the implementation of strategic initiatives, future business development and economic performance are forward-looking statements, and are subject to uncertainties, risks, assumptions and other factors that could cause such statements to differ materially from actual future events or results.

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Business Overview

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TFMI 2021Q3 Operating Result
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 After recognizing selling cost, claim, and reserves related to Communicable
Disease Compensation Insurance; TFMI reported operating loss of NT$109 million
for 2021Q3; EPS -0.3; ROA -0.53%; and ROE -1.14%.
 Premium written reached NT$6.944 billion, increased by 43.4% YoY; net premium
written reached NT$5.050 billion, increased by 44.7% YoY.
 Put CD compensation Insurance aside, profit before tax is NT$786million,
compared to 2020Q3, NT$616 million, increase by 27.5% YoY. Underwriting profit
increased as well, as both the net loss paid and expense ratio have reduced.
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Net investment profits in 2021Q3 Increased by 8.3% YoY
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 Stock market rised, equity evaluation benefits increased obviously.
 Interest rates kept low, interest income from deposits and bonds droped.
 The COVID-19 caused rental income to decline.
 NTD rosed but exchange losses decreased.
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Maintain strong capital structure and great solvency
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Hight cash position ratio and great asset liquidity. 3 The highest equity capital ratio in the industry.

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Balance Sheet

Unit: NT thousand	2021/9/30 %	2020/12/31 %	2020/9/30	%
Cash and Cash Equivalents	4,455,389 21.6%	3,684,530 18.8%	2,829,717	14.9%
Receivables	716,187 3.5%	665,460 3.4%	668,433	3.5%
Investments	12,045,112 58.3%	12,096,213 61.8%	12,273,033	64.6%
Reinsurance Contract Asset	2,074,959 10.0%	1,919,371 9.8%	1,995,434	10.5%
Property and Equipment, Net	458,173 2.2%	356,406 1.8%	354,712	1.9%
Other Assets	756,549 3.7%	766,248 3.9%	808,119	4.3%
Total Assets	20,647,043 **100.0% **	19,580,636 **100.0% **	19,011,873	100.0%
Payables	1,067,343 5.2%	994,378 5.1%	877,922	4.6%
Insurance Liabilities	9,597,841 46.5%	8,468,433 43.2%	8,356,645	44.0%
Deferred Income Tax Liabilities	264,150 1.3%	266,669 1.4%	266,669	1.4%
Other Liabilities	75,042 0.4%	77,924 0.4%	74,233	0.4%
Other Liabilities	11,143,478 **54.0% **	10,000,103 51.1%	9,744,742	51.3%
Common Stock	3,622,004 17.5%	3,622,004 18.5%	3,622,004	19.1%
Capital Surplus	98,962 0.5%	98,962 0.5%	98,962	0.5%
Retained Earnings	5,412,949 26.2%	5,750,823 29.4%	5,617,145	29.5%
Total Equity	9,503,565 46.0%	9,580,533 48.9%	9,267,131	48.7%
Net worth per share	26.24	26.45	25.59

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Income Statement

Unit: NT thousand	2021/1/1 ~ 2021/9/30	YoY	2020/1/1 ~ 2020/9/30
Direct Insurance Premium Revenues	6,944,733	43.4%	4,844,289
Retained Earned Premium	5,050,445	44.7%	3,490,853
Net Gains on Investments	350,260	0.6%	348,020
Retained claims	3,335,432	90.0%	1,755,578
Commission expenses	1,108,459	74.6%	634,995
Movement of insurance liability	309,154	411.0%	60,500
Operating Expenses	985,674	4.4%	943,787
Current net income	(158,461)	(125.7%)	616,341
Net Income	(108,746)	(119.6%)	555,070
Comprehensive Income	430,199		(13,612)
Basic Earnings Per Share	(0.30)	(119.6%)	1.53
Net Gains on Investments
Interest Income	80,569	(11.2%)	90,726
Gain (loss) on FVTPL financial assets	48,669	20.2%	40,484
OCI-realized gains or loss on FVTOCI financial assets	142,934	1.2%	141,258
Share of Loss on Associates	34,080	261.8%	9,419
Exchange Loss	(15,138)		(23,642)
Gain on Investment Properties	59,052	(34.2%)	89,704
Impairment Loss on Investment Assets	94	32.4%	71

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Premium Revenues

			0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 2016 2017 2018 2019 2020 2021Q3 簽單保費收入 自留滿期保費收入	0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 2016 2017 2018 2019 2020 2021Q3 簽單保費收入 自留滿期保費收入	0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 2016 2017 2018 2019 2020 2021Q3 簽單保費收入 自留滿期保費收入	0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 2016 2017 2018 2019 2020 2021Q3 簽單保費收入 自留滿期保費收入	0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 2016 2017 2018 2019 2020 2021Q3 簽單保費收入 自留滿期保費收入	0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 2016 2017 2018 2019 2020 2021Q3 簽單保費收入 自留滿期保費收入	0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 2016 2017 2018 2019 2020 2021Q3 簽單保費收入 自留滿期保費收入	0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 2016 2017 2018 2019 2020 2021Q3 簽單保費收入 自留滿期保費收入
	Direct Insuranc		簽 單 保 費 e Premium Revenues	5,563,869	5,894,232	6,003,141	6,226,661	6,512,206	6,944,733
		Retai	自留滿期保費 ned Earned Premium	4,016,403	4,130,752	4,287,054	4,477,228	4,697,513	5,050,445
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Business Distribution

2020

2021 年 Q3

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Retained Combined

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ASSET ALLOCATION 2020/12/31 2021/09/30

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Special projects and
Special projects and
Real Estate Securitization products, Real Estate Securitization products,
Investment, 3.64% Deposit and Short-term Investment, 4.72% Deposit and Short-term
14.26% Transactions Instruments, 14.73% Transactions Instruments,
39.01% 37.67%
Foreign
Investment, Foreign
6.54% Investment,
6.24%
Fund Fund
Investment, Investment,
0.95% 0.72%
Stock,21.45%
Government
Stock,21.32% Government Bonds,3.47%
Bonds,3.77% Corporate Bonds, Financial Bonds,
Corporate Bonds, Financial Bonds, 3.56% 7.43%
6.70%
3.80%
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Regulatory Capital Ratio

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