UNION INS. — Investor Presentation 2021

Sep 27, 2021

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2816 WWI 2021 Performance Presentation

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2021/9/27

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Disclaimer

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This presentation is provided by Union Insurance Co., Ltd. (WWI). WWI makes no or warranties as to the or guarantees accuracy, completeness correctness of all the material contained in this presentation. After this presentation is released to the public, WWI 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. This presentation shall not be construed as an offer to buy or sell securities of the Company or as a guide to an offer.

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Agenda

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Company Profile Business Overview Business Performance Financial Profile Corporate Social Responsibility

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Company Profile

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Company Profile

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WWI was established in 1963.

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• WWI (stock symbol: 2816) is the first listed non-life insurance company in 1992.

• WWI China Mariners’ Assurance the first successful M&A case in acquired Corp.,

• the non-life insurance industry in 2002.

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• In June 2007, WWI was acquired by Want Want Group, combined with the Group's unique business philosophy and culture and advantages, leading all colleagues to gather, Unity prosperous, open innovation, create great achievements.

• WWI’s head office is located in Taipei with 17 branch offices, 10 service centers and 16 liaison offices set up throughout Taiwan, forming an island-wide network to develop business and provides customers with high-quality services.

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• WWI is committed to strengthening the corporate governance mechanism, actively

• fulfilling corporate social responsibilities, implementing the principle of fair hospitality, enhancing the company’s core capital and risk capacity, and creating shareholder value as the foundation for consolidating sustainable operations, making the company "most trusted insurance company" and will always work hard towards this vision.

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Business Overview

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Insurance Products

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Personal Lines

Motor Insurance	Project Insurance	Residential Insurance	Travel Accident Insurance + Inconvenience Insurance	Accident and Health Insurance
Motorcycle insurance Automobile insurance	Vaccine insurance Epidemic Prevention Insurance Cell Phone Insurance	Residential Fire & Earthquake Insurance Residential Comprehensive Insurance Household Comprehensive Insurance Residential Personal Property Insurance	Comprehensive Travel Insurance Specific Sporting Activity Comprehensive Travel Bubble Insurance	Personal Accident Insurance Group Accident Insurance Microinsurance Personal Health Insurance

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Commercial Lines

Commercial Fire Insurance	Accident Insurance	Engineering Insurance	Marine Insurance
Commercial Fire Insurance Commercial Comprehensive Fire Insurance	Public Liability Insurance Employer's Liability Insurance Product Liability insurance Travel Agent Liability Insurance Other Insurance	Contractor's All Risks Insurance Erection All Risks Insurance Contractors Equipment Insurance Boiler Insurance Machinery Insurance Electronic Equipment Insurance	Marine Cargo Insurance Carrier's Liability Insurance Hull Insurance Fishing Vessel Insurance Aviation Insurance

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Written Premiums Mix

Unit: NT$100m

			Unit: NT$
Casualty Engineering	Earthquake	Marine Cargo	Aviation & Hull
4.02 4.51	2.53	1.75	1.67
3.93% 4.41%	2.48%	1.71%	1.63%
Accident＆
Health			Voluntary
8.32			Automobile
8.13%			59.65
Fire			58.35%
10.03
9.82%
Compulsory
Automobile
Liability
9.75 9.54%	2020 ~102.23

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Written Premiums Mix

Unit: NT$100m

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Casualty Engineering Earthquake Marine Cargo Aviation & Hull
2.23 2.04 1.25 0.70
0.66
3.95% 3.61% 2.22% 1.25%
1.18%
Accident＆
Health
Voluntary
5.64
Automobile
10.00%
32.20
57.14%
Fire
6.85
12.15%
Compulsory
Automobile
Liability
4.79
8.50% 2021Q2 ~56.36
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Written Premiums

Unit: NT$100m

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120.0
102.2
98.5 98.6
100.0 91.1
85.1
80.0
56.4
60.0
40.0
20.0
0.0
2016 2017 2018 2019 2020 2021Q2
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Retained Premiums

Unit: NT$100m

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80.0
73.8
70.3 70.1
70.0 66.8
57.8
60.0
50.0
41.2
40.0
30.0
20.0
10.0
0.0
2016 2017 2018 2019 2020 2021Q2
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Premiums Growth Ratio

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18.0%
15.4%
13.0%
8.7%
10.7%
8.1%
7.1%
8.0%
5.3%
6.1%
5.2%
3.0% 0.1% 3.7%
3.8%
-0.2%
-2.0% 2016 2017 2018 2019 2020 2021Q2
Written Premiums Retained Premiums
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Market Share

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6.10%
5.97%
6.00%
5.86%
5.84%
5.90%
5.80%
5.70%
5.59%
5.60%
5.46%
5.50%
5.40%
5.30%
5.20%
5.10%
2016 2017 2018 2019 2020
Market Share
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Business Performance

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Revenues

Unit: NT$100m

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Revenues Revenues Growth Ratio
14.8%
100.0 16.0%
82.4 13.9%
80.8 14.0%
77.1
80.0 72.4
12.0%
63.1
60.0 7.5% 10.0%
44.2
8.0%
40.0 4.9%
6.0%
6.5% 1.9% 4.0%
20.0
2.0%
0.0 0.0%
2016 2017 2018 2019 2020 2021Q2
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Net Income After Tax

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8.00
7.00
6.00
5.00
4.00
3.00
2.00
1.00
0.00
2016 2017 2018 2019 2020 2021Q2
Net Income After Tax
2.16 6.63 6.03 7.03 7.02 3.06
(NT$100m)
Earnings Per Share
1.03 3.12 2.84 3.30 3.14 1.37
(NT Dollar)
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Financial Profile

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Balance Sheet

(In NT$100m unless otherwise noted)

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250.00 30
28
200.00
26
24
150.00
22
20
100.00
18
16
50.00
14
0.00 12
2016 2017 2018 2019 2020 2021Q2
Total Assets 154.19 162.88 173.94 175.84 177.45 192.13
Total Liabilities 117.88 119.49 125.33 121.43 118.98 130.22
Total Equity 36.31 43.39 48.61 54.41 58.47 61.90
Net Value Per Share
17.05 20.37 22.83 25.55 26.15 27.68
(NT Dollar)
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Balance Sheet 2021Q2

Unit: NT$100m

ASSETS	2021Q2	%	LIABILITIES AND EQUITY	2021Q2	%
Cash and cash equivalents	31.38	16.33%	Accountspayables	13.81	7.19%
Receivables	10.39	5.41%	Current tax liabilities	0.49	0.26%
Current tax assets	0.00	0.00%	Insurance liabilities	112.46	58.53%
Financial assets at fair value through profit or loss	17.87	9.30%	Provisions	1.97	1.03%
			Lease liabilities	0.21	0.11%
Financial assets at fair value through other comprehensive income	21.95	11.42%	Deferred tax liabilities	0.64	0.33%
			Other liabilities	0.64	0.33%
Financial assets at amortized cost	13.96	7.27%	Total LIABILITIES	130.22	67.78%
Other financial assets,net	23.23	12.09%	Ordinaryshare	22.36	11.64%
Right of use assets	0.21	0.11%	Legal reserve	7.18	3.74%
Investmentproperty	7.97	4.15%	Special reserve	22.35	11.64%
Reinsurance assets	44.16	22.99%	Unappropriated retained earnings	9.05	4.71%
Propertyand equipment	11.53	6.00%	Revaluation gains (losses) on investments in equity instruments measured at fair value through other comprehensive income	0.96	0.50%
Intangible assets	1.32	0.68%
Other assets	8.15	4.24%	TOTAL EQUITY	61.90	32.22%
TOTAL ASSETS	**192.13 **	100.00%	TOTAL LIABILITIES AND EQUITY	192.13	100.00%

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Risk Based Capital Ratio(RBC%)

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600.00%
546.58% 546.33%
536.29%
550.00% 518.89%
500.00% 464.40%
442.42%
450.00%
400.00%
350.00%
300.00%
250.00%
200.00%
2016 2017 2018 2019 2020 2021Q2
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Corporate Social Responsibility, CSR

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Corporate Social Responsibility(CSR)

• Diversified Board

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Corporate
Governance
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• Digital financial enhancement services

• Develop sustainable products

• Protect Customer Rights

• ● Offer Customer Complaint Mechanism CSR

• ● Personal Information Customer Protection Committee

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Employee
Care
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Environmental
Sustainability
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• Offer Employment Opportunities

• Value Industrial Relations

• Hence Salary Structure

• Enforce Labor Safety

• Enhance high quality training

• Comply with various laws and regulations

• Anti-Money laundering/ Countering the financing of terrorism

• Principle of Fair Hospitality

  • Promote Micro-insurance

  • ● Giving back to Township

  • Caring for the society

  • ● Form volunteers to participate

• Friendly work Environment

• ● Energy Saving ● Promote Digital Policies

• Evaluate Supplier Environment

• Gender equality

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Corporate Governance – Financial Strength Rating

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Standard & Poor‘s：

• A-；Outlook：Stable

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Taiwan Ratings： twAA ；Outlook：Stable ： A.M. Best Company A- (Excellent) ；Outlook：Stable RBC％：546.33%；Net Present Value：32.22 %

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Climate Risk Management and Emergency Response Measure

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According to the World Economic Forum, “Climate Change”has been the most concerned topic for many years, as a large impact on the global warming has driven to extreme weather crises, such as storm surge or water shortage.

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To perform a sustainable business operation, WWI has set up a “Climate Change Risk Management Team” to study this ongoing issue and incorporate this risk management into strategic planning and overall operation. The climate change risk assessment is conducted every year by the Risk Management Team, to screen the climate change-related exposure, to take a standard risk-based approach and to provide guidance on whether a more detailed assessment is required, all these are to provide supports for priorities strategies and actions. The Risk Management Team reports risk management status and improvement recommendations to the Risk Management Committee and the Board of Directors on a regular basis.

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Green Energy, Insuring a Renewables Future

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Energy saving, low-carbon lifestyle and in conjunction with the city government policy, users of public bicycle systems in Hsin Chu (including HSIP) and Miaoli areas are to enjoy public bicycle insurance. Starting from 2019, WWI has participating a scheme of “ThirdParty Liability Insurance for Public Bicycles” and offering protection to bicycle riders when get into an accident or cause injury to other people while riding the public bikes. Electric cars are quiet, economic and produce zero tailpipe emissions. WWI fire policy is designed to cover accidental damage and fire loss to charging equipment of your electric car, and third party losses.

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• The global offshore wind market grew year on year, WWI has been participating Offshore Renewable Energy Insurance” since 2018, a premium is around NT$120million. The government has initiated an agriculture insurance program to secure farmers’ income. WWI has launched a “Jujube Crop Damage Insurance”, to losses due to wind damage, drop or rise of temperatures, heavy rainfall, etc. Going paperless helps to reduce CO2, from paper to electronic communications, WWI has promoting E-Policy and the number has grown from 4234 in 2019 to 61924 in 2020, an improving ratio of 1362.5%.

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Technology and Innovation in the Insurance Sector

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Technology has begun to impact Travel Insurance. Travel policyholders of WWI, and if there is a delay that meets their insurance terms and conditions, an alert message of a claim and steps of how to claim a loss are guiding to the policyholders via SMS.

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Allowing you to pay your insurance premium using your device instead of a card, by download “Taiwan Pay” APP and point your phone camera at a QR Code, an e-payment is a way to making your life easier and more convenient.

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connected with our clients and WWI has created a Staying go public, Facebook page and a Line account, where highlight our products and services, receiving and answering questions, a social networking site that makes it easier for WWI to connect with everyone.

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Information Security Management, Privacy and Data Protection

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• Strengthen information security and data protection, set up an information quality management system on a “Plan-Do-Check-Act”basis.

• Compliant Information Security Management System (ISMS), implement and maintain an ISO27001

• Build up Personal Information Management System (PIMS), achieving regulatory compliance with BS 10012

• A security audit of the corporate email

• USB lockdown control into the corporate network

• Guarding measure of setting an Intrusion Prevention System (IPS)

• Block hacking attempts and defense against a range of threats by installing Web Application

• Firewall and responding to DDoS events.

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Tighten up data security management capabilities

• Regularly deploy a DDoS protection appliance that sit in front of network firewall and configure the company’s network hardware against DDoS attacks, by offering phishing and spam training to employees .

• Practice company’s response plan and advise employees all of the dos and don’ts in a DDoS attack, keep software up-to-date, install antivirus protection, and keep high-level safeguard to every sensitive data.

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Corporate Social Responsibility ParticipationMicro Insurance

The most solid backing for the disadvantaged In 2020, 19 groups and 3,026 people, including the Syin-Lu Social Welfare Foundation benefited from the Micro Insurance Promotion.

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WWI participated in the Financial Supervisory Commission Micro Insurance Promotion Competition, and won the "Excellent Performance Award for Micro Insurance" in 2017 and 2018.

In 2019, WWI was awarded the "Micro Insurance Promotion Excellence Award" by the Taiwan Insurance Excellence Award, and in 2020 was awarded the Micro Insurance Competition-Sustainable Care Award.

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Corporate Social Responsibility Participation - Vulnerable Care

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WWI has participated in the marine experience activity "The Sea for Children with Cerebral Palsy and the Handicapped" organized by the Marine Lifesaving Association for three consecutive years, so that this group of children who have difficulty in having the opportunity to experience the fun of marine activities can enjoy and be safe. The enjoyment of wandering in the blue sea.

Hosted by the Chiayi City Government, "Anti-drug Youth Hiking, Anti-violence Mutual Aid Exploration", WWI also responded. Through the "Hiking, Exploration" activity, let each other hand in hand, anti-drug and anti-violence, so that love more beautiful.

WWI, together with Taipei 101, BNP Paribas Cardif Life Insurance, and Entai Bank, organized the "Children Have a Future" charity sale and autumn concerts for the "Kid's Bookhouse" in Taitung City.

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Corporate Social Responsibility Participation - Vulnerable Care

Heping Elementary School is a mini elementary school in Shiding District. The number of students is less than 100. Most of the students in this school are unattended during summer vacation. The summer charity teaching course "Lego Filming" sponsored by WWI, the learning content includes information education and English. Learning, video design and other all-round cross-field learning, through doing and learning to bring students more diverse and interesting learning.

The 6th Yuxiang Cup National Wheelchair Badminton Championships" Changhua County Physical Disability Association is to encourage disabled friends to get involved in badminton sports, and encourage each other with the ball clubs to encourage disabled partners from the competition to develop well regularly exercise habits and atmosphere.

Under the influence of this year's epidemic, "Love Transfer to Taiwan Fund for Children and Family Passing Happiness", still upholds the care and warmth of disadvantaged families and children, and organizes warm winter charity meetings to help families feel the power of social warmth.

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Corporate Social Responsibility ParticipationCharity

WWI supports and sponsors the "Want Want Mid-Time Charity Concert: A Tribute to Volunteers across the Country". The concert has been held for 7 consecutive years since 2013. In addition to the consolation of volunteers who have served the society for a long time, they also hope to convey The social welfare concept of "Today I care about people, tomorrow people look after me" to help people in need in society. Hoping that after a year of hard work, every volunteer can relax and enjoy the singing, so that body and soul are refreshed, and join the ranks of volunteers together. Love and care are sent across Taiwan.

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Corporate Social Responsibility Participation - Health for All People

Responding to government policies and promoting sports for all, WWI sponsored the "Want Taiwan with Feet" hiking activity, covering the whole Taiwan. Through the activities, not only let the whole family spend happy family time together, but also let the whole do not exercise and fitness It can people charity together, only also do public welfare, making each event more meaningful.

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Corporate Social Responsibility Participation - Healthcare Lectures

In the past, people passively waited for health information from experts and scholars, unable to truly meet the needs of people's health. In order to enable the public to take the initiative to care about their own health, and echo the world health city concept, the Company in cooperation with the China Times Group to promote health medicine lecture activities, through the implementation of primary health care to promote public health care, in order to achieve the goal of universal health.

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Corporate Social Responsibility Participation - Arts and Sports

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WWI co-organized the 2020 Taipei Guandu
Palace College Student Western Painting
Young Talent Award, encouraging students to
engage in artistic creation, explore the young
Picasso, and co-organized ink painting
exhibition to promote the artistic atmosphere
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Sponsored the 2020 BE HEROES Football Elite
Academy (Training Camp) High School Football
North-South Elite Competition, hoping to
nurture Taiwan's young football players and let
Taiwan's young players with football dreams take
off
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Corporate Social Responsibility ParticipationDisaster Relief and Assistance

The 2020 covid-19 Pandemic outbreak is a thorny issue for all people in the country. WWI upholds the people-oriented service, and distributes the "Water God Antibacterial Liquid" at the entrance of the Taipei headquarters and branches across the province for free. Make a effort on the epidemic prevention of the people。

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