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2026.05.25
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Table of contents
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Fubon Financial Holdings
operational highlights
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Business highlights in 1Q26
Fubon FHC
Fubon Life
Taipei Fubon Bank
Fubon Securities
Fubon Insurance
Note：(1) Adjusted net income = net income + equity instrument disposal gains and losses under FVOCI (after tax), where "equity instrument disposal gains and losses under FVOCI (after tax)" is referred to as "FVOCI equity disposal G/L" in the following slides.
(2) Adjusted net worth = net worth + CSM (after tax)
Profitability
Net income of NT$33.55bn and EPS of NT$2.40
Adjusted net income of NT$66.35bn and adjusted EPS of NT$4.74, both hitting historical high
Adjusted net income includes FVOCI equity disposal G/L. These are available for earnings distribution, which is a
better indicator to present financial performance and sources of dividend
Net income and adjusted net income EPS and adjusted EPS
NT$bn
Net income
Adjusted net income
NT$
EPS
Adjusted EPS
FVOCI equity disposal G/L
41.1
33.6
32.8
66.3
FVOCI equity disposal G/L
4.74
3.00
2.40
2.34
1Q25 IFRS 4 &
IFRS 9 overlay approach
1Q26 IFRS 17 & 9
1Q25
IFRS 4 &
IFRS 9 overlay approach
1Q26
IFRS 17 & 9
Note: FVOCI equity disposal G/L in 1Q25 is NT$-86.2mn, equivalent to NT$-0.01 per share
Net income from major subsidiaries in 1Q26
All subsidiaries delivered growth YoY. Net income of Taipei Fubon Bank, Fubon Securities, Fubon Bank (HK), and Fubon Bank (China) all reached record-high level, while net income of Fubon Insurance was the second-highest on record for the same period. Fubon Life hit historical highs for the same period on an adjusted net income basis
Net income from subsidiaries
NT$bn
1Q25 1Q26 FVOCI equity disposal G/LAdjusted net income
61.6%
73.1%
32.8
41.1
33.6
66.3
17.9%
16.4%
20.2%
80.9%
154.2%
47.3
32.2
27.3
15.1
10.1
12.2
1.7
4.2
1.6
2.9
0.4
2.6
1.5
1.8
0.8
0.9
Fubon FHC
Fubon Life
Taipei Fubon Bank
Fubon Securities
Fubon Insurance
Fubon Bank (HK)
Fubon Bank (China)
Note：(1) 1Q25 data is under IFRS 4 and IFRS 9 overlay approach. 1Q26 data is under IFRS 17 and IFRS 9. Adjusted net income is presented only for entities, which are Fubon FHC, Fubon Life, and Fubon Insurance, affected by the adoption of IFRS 17 and the removal of the overlay approach. The change led to the redesignation of financial assets
Following the adoption of IFRS 17 and the removal of the IFRS 9 overlay approach in 2026, the restated 1Q25 net income is NT$-29.33bn for Fubon FHC, NT$-40.16bn for Fubon
Life, and NT$0.26bn for Fubon Insurance.
Fubon FHC's and Fubon Life's FVOCI equity disposal G/L in 1Q25 are NT$-86.2mn and NT$-18.8mn, respectively. The growth rate of net income plus these amounts in Fubon FHC and Fubon Life would be 61.9% and 73.2%, respectively
Net income from major subsidiaries year-to-April
Net income reached NT$72.08bn year-to-April. Adjusted net income of NT$121.46bn exceeding the level in 2025. All subsidiaries delivered growth with historical high records(1)
Fubon Life: FYP reached NT$57.34bn, up 29% YoY, in 4M26. The rise of Taiwan/U.S. stock markets contributed to valuation increase and capital gains
Taipei Fubon Bank: Total revenue up 24% YoY with net interest income up 26% YoY and fee income up 31% YoY in 4M26
Fubon Securities: Brokerage and wealth management fee revenue up 99.1% YoY, benefiting from record high average daily turnover in Taiwan stock market
Fubon Insurance: Written premium reached NT$27.62bn, up 9% YoY, maintaining its market leadership
Net income from subsidiaries
NT$bn
4M25 4M26 FVOCI equity disposal G/LAdjusted net income
168.2%
278.8%
45.3
121.5
94.5
22.5%
14.0%
109.0%
224.2%
4.3
25.7%
46.1
48.4
72.1
49.4
24.9
13.0
16.4
2.0
6.4
2.1
0.6
2.0
2.3
1.0
1.2
Fubon FHC
Fubon Life
Taipei Fubon Bank
Fubon Securities
3.7
Fubon
Insurance
Fubon Bank (HK)
Fubon Bank (China)
Note: (1) Net income of Taipei Fubon Bank, Fubon Insurance, Fubon Securities, Fubon Bank (HK), and Fubon Bank (China) all reached record-high level. Fubon Life hit historical highs for the same period on adjusted net income basis
4M25 data is under IFRS 4 and IFRS 9 overlay approach. 4M26 data is under IFRS 17 and IFRS 9. Adjusted net income is presented only for entities, which are Fubon FHC, Fubon Life, and Fubon Insurance, affected by the adoption of IFRS 17 and the removal of the overlay approach. The change led to the redesignation of financial assets
Fubon FHC's, Fubon Life's, and Fubon Insurance's FVOCI equity disposal G/L in 4M25 are NT$-345.0mn, NT$-18.8mn and NT$-9.1mn, respectively. The growth rate of net income plus these amounts in Fubon FHC, Fubon Life, and Fubon Insurance would be 170.3%, 279.1%, and 110.0%, respectively
Assets and net worth
Total assets reached NT$13.1tn, up 8.2% YoY
Net worth exceeded NT$1tn, up 11.5%, and BVPS at NT$65.9. Adjusted net worth exceeded NT$1.3tn and adjusted BVPS at NT$90.6
Total assets
NT$bn
12,125.1 13,120.1
Mar-25 IFRS 4 &
9 overlay approach
Mar-26 IFRS 17 & 9
Net worth and adjusted net worth BVPS and adjusted BVPS
NT$bn
Net worthAdjusted net worth
NT$
BVPS (common share basis)
Adjusted BVPS
CSM (after-tax)
1,365.6
346.4
CSM (after-tax) per share
90.6
24.7
914.2
1,019.1
59.9
65.9
Mar-25 IFRS 4 &
9 overlay approach
Mar-26 IFRS 17 & 9
Mar-25 IFRS 4 &
9 overlay approach
Mar-26 IFRS 17 & 9
ROAA and ROAE
ROAA and ROAE at 1.04% and 14.1%. Adjusted ROAA and ROAE at 2.05% and 27.70%, including FVOCI equity disposal G/L
ROAA ROAE
ROAA
FVOCI equity disposal G/L
Adjusted ROAA
ROAEFVOCI equity disposal G/L
Adjusted ROAE
2.05% 27.70%
1.36%
1.04%
1.01%
17.61%
14.01%
13.69%
1Q25 IFRS 4 &
IFRS 9 overlay approach
1Q26 IFRS 17 & 9
1Q25 IFRS 4 &
IFRS 9 overlay approach
1Q26 IFRS 17 & 9
Note：Annualized basis
The highest award from CDP
Top 5% globally in insurance from
S&P Sustainability Yearbook
Top 25% in FSC's "Sustainable
Finance Evaluation"
Stewardship disclosure tops among
FHCs
Award of the highest leadership level "A" (A-List) in the CDP Climate Change rankings for 2 consecutive years, and maintained leadership level for 6 consecutive years
Selected for S&P Sustainability Yearbook for 10 consecutive years.
Top 5% globally in the
insurance industry in 2026
Fubon Life, Fubon Securities, Fubon Insurance, and Fubon Asset Management all ranked among the Top 25% in the FSC's 3rd Sustainable Finance Evaluation in insurance and securities industries. Outperformance in areas such as sustainability governance, climate risk management, green finance, and information transparency
Fubon Life, Taipei Fubon Bank, Fubon Securities, Fubon Insurance, and Fubon Asset Management are under the list of institutional investors with better stewardship disclosure in 2025, awarded by Taiwan Stock Exchange. Fubon FHC has the highest number of subsidiaries in the list among FHC peers, showing our strength in stewardship disclosure and ESG investment practices
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Fubon Life
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NT$bn
Business
FYP* NB CSM*
Performance
44.6(+27.4%)
Insurance service
18.3(+29.4%)
FVOCI equity
Net income to parent
Financial
result Financial result
disposal G/L
company (and adjusted
net income)
Results
8.4 12.3 32.2 15.1 (47.3)Net worth
Net worth attributable to parent company
CSM balance*
Adjusted net worth(2)*
Equity / Assets ratio (and adjusted E/A ratio*)
630.2 414.7 961.9 11.5% (17.5%)Note: (1) Data are consolidated basis and data mark with * are stand-alone basis
(2) Adjusted net worth: Net worth + CSM (after-tax)
1Q26 profit composition
CSM release and recurring positive spread supported insurance service and financial results
Net income reached NT$15.12bn. Adjusted net income including FVOCI equity disposal G/L reached a record high of NT$47.29bn
Net income and adjusted net income | |||
Insurance service result NT$8.4bn | Financial result NT$12.3bn | ||
NT$bn
5.6
0.1
-5.6
-34.8
41.5
8.3
15.1
32.2
47.3
CSM
amortization and RA release
Others
Recurring investment income
Other investment income
Insurance finance income or expenses, others
Other operating result, non operating income, income tax
Net income
ROA 1.09%
ROE 10.42%
FVOCI equity disposal G/L (after tax)
Adjusted net income
Adjusted ROA 3.14%
Adjusted ROE 32.59%
(Annualized) (Annualized)
Note: Data are consolidated basis. ROE is calculated based on equity attributable to parent company. Adjusted ROA and ROE reflected investment gains mainly from strong capital market performance in 1Q26 in Taiwan
Total premiumsFYP grew 27.4% YoY along with the growth of participating and investment-linked products
RP and TP increased 10.3% and 16.3% YoY
Second largest in FYP, RP and TP ranking among peers
Total premium composition
+0.9%
NT$bn
323.7
364.3
367.4
+16.3%
115.9
99.6
44.6
35.0
64.6
71.2
+27.4%
+10.3%
229.2
+10.9%
253.9
-0.1%
94.5
+16.5%
113.5
110.1
+3.1%
+12.5%
254.2
1Q25 1Q26 2023 2024 2025
Note: This page and the following are presented on a standalone basis
Robust capital markets supported sales of participating and investment-linked single-premium products
Non-NTD policies grew from 53.0% to 62.3% of FYP, mainly from sales of USD participating policies, , improving currency matching between assets and liabilities
FYP composition
NT$bn
35.0
7.1%
55.9%
11.6%
24.8%
0.6%
+27.4%
44.6
5.9%
48.5%
18.6%
26.6%
0.4%
94.5
9.2%
42.0%
21.2%
27.2%
0.4%
+16.5%
110.1
10.6%
47.2%
14.9%
27.1%
0.2%
+3.1%
113.5
9.1%
52.3%
12.9%
25.0%
0.7%
47.0% | 37.7% |
53.0% | 62.3% |
63.4% | 54.7% |
NTD Non-NTD
Regular-Paid
1Q25 1Q26
2023 2024 2025
67.5% | 58.8% | 48.1% |
32.5% | 41.2% | 51.9% |
51.9% | 58.2% | 60.8% |
Higher mix of short-term payment products led to a 5.3% decline in FYPE, while the FYPE/FYP ratio remained at 36.7%, still above the industry average of 27.0%
New business CSM grew 29.4% YoY; CSM margin slightly declined, reflecting a higher share of short-term payment product
FYPE NB CSM
77.5%
2.3%
-5.3%
NT$bn
17.3
+29.4%
18.3
14.1
16.4
NT$bn
5.1%
70.6%
0.1%
14.4%
5.6%
8.1%
0.1%
16.0%
49.4% | 36.7% |
FYPE/FYP
1Q25 1Q26
NB CSM margin
AFYP (NT$bn)
1Q25 1Q26
71.6% | 67.2% |
19.7 | 27.2 |
Note: NB CSM margin is defined as NB CSM divided by AFYP (Annualized First Year Premium).
AFYP refers to the total annualized first year premium under IFRS 17 contracts, calculated by multiplying annual / semi-annual / quarterly / monthly premiums by 1 / 2 / 4 / 12
84.8% of FYP from internal channels under the FHC, including Taipei Fubon Bank, tied agents and across subsidiaries. Growth of 40.3% YoY in FYP from tied agents and 52.9% from Taipei Fubon Bank
FYP by channel FYPE by channel
NT$bn
NT$bn
25.4 57.0%
44.6 17.3 16.4
1.8
3.7
10.6%
21.7%
2.1
2.2
12.8%
13.2%
3.3
19.3%
3.6
21.8%
8.4
48.4%
8.6
52.2%
4.3 | 9.6% |
5.0 | 11.2% |
9.9 | 22.2% |
35.0 | |
3.0 | 8.5% |
7.4 | 21.2% |
6.5 | 18.5% |
18.1 | 51.8% |
1Q25 |
1Q26
1Q25 1Q26
CSM balance reached NT$414.7bn as of March, up NT$11.5bn (2.8% QoQ )
CSM growth was mainly driven by new business contribution. CSM release contributed underwriting profit, with an amortization rate of around 1.7% in 1Q26
Movement of contractual service margin
NT$bn
1.7
Quarterly release rate： 1.7%
403.2
-1.2
-7.2
18.3
421.9 414.7
2026/1/1 | New business CSM | Expected return on In-Force | Variance and others | CSM before release | CSM release | 2026/3/31 |
%change | +4.5% | +4.6% | +2.8% |
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Maintain sufficient cash levels and dynamically adjust allocation according to market conditions
Outperformance in domestic equity investment return compared to market indices
NNT$bn | 2026/1/1 | 2026/3/31 | Financial assets classification | |||||
Amount | % | Amount | % | Return |
Deposit and cash equivalent | 327.4 | 6.3% | 345.3 | 6.6% | 1.10% | ||
Domestic fixed income(1) | 818.7 | 15.9% | 834.8 | 15.9% | 3.15% | ||
Overseas fixed income(2) | 2,693.5 | 52.1% | 2,727.5 | 51.9% | 4.01% | ||
Domestic equity | 439.9 | 8.5% | 516.0 | 9.8% | 40.18% | ||
Overseas equity | 360.6 | 7.0% | 282.2 | 5.4% | 10.06% | ||
Loans(3) | 147.0 | 2.8% | 165.8 | 3.2% | 2.59% | ||
Real estate | 377.9 | 7.3% | 380.4 | 7.2% | 1.35% | ||
Total investment | 5,165.0 | 100.0% | 5,251.9 | 100.0% | 6.46% | ||
Domestic | 1,912.6 | 37.0% | 2,023.6 | 38.5% | 11.84% | ||
Overseas | 3,252.4 | 63.0% | 3,228.3 | 61.5% | 3.21% |
NT$4.4tn
NT$4.3tn
60%
51%
9%
39%
31%
10%
FVTPLNote: (1) Inclusive of NTD-denominated bond ETFs
Inclusive of OTC-listed international bonds
2025/12/31 2026/3/31
Before
re-designation
Under IFRS 17, policy loans that meet the definition are deducted from insurance contract liabilities; therefore, loans only include policy loans related to investment contracts and mortgage loans
The return rate of each asset is before hedge basis, the total investment return rate and the domestic and foreign investment return rate are after hedge basis
Returns include FVOCI equity disposal G/L; all return metrics are annualized
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