Operation Reports
-
About us
- Operation Reports
[
Thriving Prospect · Fruitful Results
]
In 2024, global inflationary pressures gradually eased, and market demand steadily recovered. Close attention is still needed, however, since uncertainties such as the US-China rivalry and geopolitical risks remain. While the recovery of traditional industries in Taiwan had been moderately slow due to some natural disasters, the sustained global demand, especially for ICT products, helped our overall economy maintain growth momentum. According to the statistical data released by Ministry of Finance, the total values of both import and export trades of 2024 reached the second highest on record.Nevertheless,challenges such as the implementation of the new US economic and trade policy, the war between Ukraine and Russia, the turbulent situation in the Middle East,and China's economic outlook require careful attention to their impact on the Taiwanese economy.
As for non-life insurance in domestic market during 2024, total written premium reached NTD 270,300 million, a growth of 10.90% compared to NTD 243,740 million in 2023. In general, the performances of auto, fire, marine, casualty, and personal accident & health insurances had all improved compared with 2023, and especially casualty insurance registered the best growth rate of 22.86%. The overall industry development in the future is expected to maintain the tendency of growth.
Operation Report of 2024
During 2024, the Company posted a total written premium of NTD 14,025 million, representing a growth of 5.88% compared to last year. Among them, auto premium increased by 5.79%, a total of NTD 8,318 million; fire premium grew by 14.60%, posting a total of NTD 2,329 million; marine premium declined by 2.45%, a total of NTD 719 million; casualty premium grew by 19.96%, standing at NTD 1,518 million; personal accident & health declined by 15.46%, reaching total of NTD 1,139 million; and inward reinsurance declined by 30.49%, a total of NTD 588 million. Our company ranks 7th in the overall written premium market.
In addition, gross claims during the period totaled NTD 6,377 million, accounting for 45.47% of total premium written. Among them, auto claims amount comes to a total of NTD 4,373 million, equivalent to 52.57% of total auto premium income; fire claims totaled NTD 593 million, or 25.50% of fire premium; marine claims totaled NTD 264 million, or 36.76% of marine premium; casualty claims totaled NTD 408 million, or 26.88% of its premium; and personal accident & health claims totaled NTD 738 million, accounting for 64.80% of its premium income.
During the year under review, the Company’s operation development actively adjusted its product portfolio, enhanced risk management, and improved service quality. With the acceleration of digital transformation, we upgraded operational process efficiency to provide customers with a more convenient and transparent service experience, thereby improving customer satisfaction and strengthening our market competitiveness. As awareness of climate risk had risen, the Company continued to provide green insurance products in line with diverse demands, monitor climate-related risk indicators and targets, and use feedbacks to adjust business strategy so that a virtuous cycle of climate risk governance could be established.
During 2024, the Company’s operating revenue totaled NTD 11,197 million, producing a profit of NTD 1,292 million, or NTD 6.46 per share, after tax. Returns on assets and shareholders’ equity are 4.65% and 16.20% respectively.
Unit：NTD$1,000
| Financial Highlights | 2022 | 2023 | 2024 |
|---|---|---|---|
| Premium Written | 12,916,863 | 14,093,228 | 14,613,467 |
| Reserves | 16,634,678 | 16,173,244 | 17,317,241 |
| Investments Income | 438,564 | 651,315 | 710,146 |
| Total Assets | 24,378,325 | 27,016,630 | 28,615,057 |
| Profit (Loss) before Tax | 539,577 | 1,013,834 | 1,416,281 |
| Earnings per Share (NTD) | 2.29 | 4.58 | 6.46 |
Guided by a robust capital structure and diversified competitive strategies, the Company strived for stable business growth; with prudent underwriting control measures and a rigorous expense management system, the Company had maintained strong underwriting performance over the long term. We also, in accordance with overall social changes, committed ourselves to the research and development of new products and innovative combination of promoting projects. During 2024, the Company had developed total 123 new products and already marketed 85 packaged products to meet the needs for business development and provide complete professional services to the customers.
As the non-life insurance market continues to evolve, digital transformation driven by technological advancements has become a prevailing trend; and accordingly, we should actively utilize financial technologies such as big data to enhance risk assessment and operational efficiency, providing more comprehensive service quality. Furthermore, extreme weather conditions brought on by climate change have increased the demand for natural disaster protection, further fueling concerns in related insurance products. Besides, regulatory agencies continuously intensify their oversight of systems and regulations. This has enabled the non-life insurance industry to increasingly strengthen its risk management mechanisms while facing various challenges so that they can comply with regulatory requirements and achieve stable operations.
The non-life insurance market is expected to continue growing in the near term. With the increasing frequency of natural disasters caused by climate change, the rising cost of international reinsurance will also impact the market. In addition, to meet increasingly diverse consumer needs, digital transformation and emerging insurance products have become crucial development directions. Non-life insurance companies should enhance their risk management capabilities to cope with new challenges, and promote the development of green insurance and digital services to enhance their market competitiveness. In the future, we will continue to explore diverse fields, develop effective business strategies, and intensify the interaction with customers to provide more market-responsive products and services, thereby achieving stable profitability.
TOP
