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TFMI — Interim / Quarterly Report 2024
Mar 10, 2025
52200_rns_2025-03-10_0c8e524c-12e6-4bd9-b961-cb604ec9c685.pdf
Interim / Quarterly Report
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Disclaimer
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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.
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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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Operating Results
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2024 Operating results
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Direct premium written was NT$8.9 billion, a yoy growth rate of 6.7%,
reaching a historical high. Earned retained premium reached NT$6.1
billion, a yoy growth rate of 4.3%. Mainly due to the market growth in
the commercial line of businesses; the personal lines also exhibit a
steady growth.
Profit before Tax is NT$1.4 billion, yoy growth rate of 17.1%; Profit after
Tax: NT$1.2 billion, yoy growth rate of 18.8%, both are also historical
high; EPS: NT$3.21; ROA: 4.9%; ROE 9.9%.
Underwriting profit is NT$608 million, yoy growth rate of -11.8%,
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Investment profit is NT$771 million, yoy growth rate of 57.7%; the fixed
investment income increased by 25%, from the increased bond
investments and interest rate; the stock investment income increased,
due to the bullish Taiwan stock market; the rental income increased by
29.7%, due to the gain on asset sale; also the foreign exchange gains
increased, due to depreciation on the Taiwanese dollar.
Equity Ratio increased to 49.3%. RBC ratio is now 720%, which decrease
is due to government policy to increase risk capital for natural
catastrophe.
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Balance Sheet
| Thousand / NTD | 2024/12/31 % |
2023/12/31 % |
2022/12/31 % |
|---|---|---|---|
| Cash and cash equivalents | 3,778,433 15.2% |
3,141,324 13.8% |
3,074,610 14.7% |
| Receivables | 740,961 3.0% |
730,398 3.2% |
756,442 3.6% |
| Investments | 16,323,176 65.5% |
15,402,407 67.5% |
13,635,173 65.3% |
| Reinsurance assets | 2,908,234 11.7% |
2,336,514 10.2% |
2,262,536 10.8% |
| Property and equipment | 354,882 1.4% |
364,359 1.6% |
375,278 1.8% |
| Other assets | 734,933 3.0% |
746,643 3.3% |
712,465 3.4% |
| Total assets | 24,909,836 100.0% |
22,810,219 100.0% |
20,891,190 100.0% |
| Accounts payable | 1,263,281 5.1% |
1,142,550 5.0% |
1,054,362 5.0% |
| Insurance liabilities | 10,825,005 43.5% |
9,793,088 42.9% |
9,281,884 44.4% |
| Deferred tax liabilities | 289,256 1.2% |
275,110 1.2% |
276,685 1.3% |
| Other liabilities | 89,332 0.4% |
97,754 0.4% |
81,271 0.4% |
| Total liabilities | 12,637,789 50.7% |
11,620,463 50.9% |
10,945,472 52.4% |
| Share capital | 3,622,004 14.5% |
3,622,004 15.9% |
3,622,004 17.3% |
| Capital surplus | 98,964 0.4% |
98,962 0.4% |
98,962 0.5% |
| Retained earnings | 8,027,461 32.2% |
7,188,481 31.5% |
6,476,622 31.0% |
| Other equityinterest | 523,618 2.1% |
280,309 1.2% |
(251,870) (1.2%) |
| Total equity | 12,272,047 49.3% |
11,189,756 49.1% |
9,945,718 47.6% |
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Income Statement
| 2024/01/01 | 2023/01/01 | |||
|---|---|---|---|---|
| Thousand / NTD | ~ | YoY | ~ | |
| 202412/31 | 2023/12/31 | |||
| Written premium | 8,873,819 | 6.7% | 8,313,307 | |
| Retained earned premium | 6,149,373 | 4.3% | 5,897,760 | |
| Net income(loss) from investments | 771,396 | 57.7% | 489,302 | |
| Retained claim payment | 2,970,862 | 9.1% | 2,722,489 | |
| Net change in insurance liability | 377,405 | 18.7% | 318,030 | |
| Commission expense | 1,061,523 | 2.8% | 1,033,026 | |
| Operating expenses | 1,507,226 | 2.4% | 1,471,841 | |
| Profit (loss) from before income tax | 1,379,230 | 17.1% | 1,178,254 | |
| Profit(loss) | 1,162,329 | 18.8% | 978,269 | |
| Earningsper share | 3.21 | 18.8% | 2.70 | |
| Other comprehensive income | 397,966 | (36.6%) | 627,970 | |
| Net income(loss)from investments | ||||
| Interest income | 266,188 | 25.8% | 211,643 | |
| Gains on financial assets or liabilities at fair value through profit or loss | 7,915 | (84.5%) | 51,141 | |
| Realized gains on FVTOCI financial assets | 211,076 | 74.6% | 120,859 | |
| Share of loss of associates and joint ventures accounted for using equity method | 65,241 | 319.5% | 15,553 | |
| Foreign exchange gains (losses), investments | 99,340 | (4,272) | ||
| Gains (losses) on investment property | 121,628 | 29.7% | 93,803 | |
| (Reversal of)impairment loss on investments | 8 | (98.6%) | 575 |
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Premium Revenues
| Premium Revenues | Premium Revenues | Premium Revenues | Premium Revenues | Premium Revenues | Premium Revenues | Premium Revenues |
|---|---|---|---|---|---|---|
| Direct Written Premium Revenues 6,226,661 6,512,206 8,699,901 7,366,218 8,313,307 8,873,819 Retained Earned Premium Revenues 4,477,228 4,697,513 6,796,793 5,375,693 5,897,760 6,149,373 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 9,000,000 10,000,000 2019 2020 2021 2022 2023 2024 Direct Written Premium Revenues Retained Earned Premium Revenues |
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| Direct Written Premium Revenues | 6,226,661 | 6,512,206 | 8,699,901 | 7,366,218 | 8,313,307 | 8,873,819 |
| Retained Earned Premium Revenues | 4,477,228 | 4,697,513 | 6,796,793 | 5,375,693 | 5,897,760 | 6,149,373 |
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Unit ： Thousands / NTD
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Profit
| Profit | Profit | Profit | Profit | Profit | Profit | Profit | |
|---|---|---|---|---|---|---|---|
| 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 1,800,000 2019 2020 2021 2022 2023 2024 Pre - tax income Net income Comprehensive income |
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| Pre - tax income | 833,652 | 772,939 | 403,441 | 850,423 | 1,178,254 | 1,379,230 | |
| Net income | 703,129 | 687,595 | 373,208 | 671,961 | 978,269 | 1,162,329 | |
| Comprehensive income | 1,000,851 | 854,860 | 1,001,155 | 36,078 | 1,606,239 | 1,560,295 |
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Business Distribution
2022
2024
2023
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Retained Combined Ratio
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Investment Asset Allocation
2022/12/31
2024/12/31
2023/12/31
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Regulatory Capital Ratio
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RBC
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