Fubon Financial Holding Co., Ltd.TWSE: 2881

Announcement of Fubon FHC 2025 Q4 Investor Conference (English)

· Issued by Fubon Financial Holding Co., Ltd.
2025 Annual Results Presentation

2026.03.16

1



Table of contents
  • Performance highlights of Fubon Financial Holdings
  • Performance review by subsidiary
    • Fubon Life
    • Fubon Bank
    • Fubon Securities
    • Fubon Insurance
    • Overseas Banking Operations

3



Fubon Financial Holdings

operational highlights

4





Fubon FHC

Fubon Life

Taipei Fubon Bank

Fubon

Securities

Business highlights in 2025

  • Top EPS ranking in Taiwan financial industry for 17 consecutive years. Net income of NT$120.94bn also top ranking in industry

  • NT$12.9tn of consolidated total assets, second largest in the financial holding industry, up by 6.7% YoY. NT$982.6bn of net

    worth, up by 3.3% YoY. Record highs in both assets and net worth

  • Record-high net income in Taipei Fubon Bank, Fubon Securities, Fubon Insurance, Fubon Bank(HK) and Fubon Bank(China)

  • "Stable" outlook for all subsidiaries from international credit rating agencies. Fubon Bank(HK)'s S&P rating upgraded to A-

  • NT$62.65bn of net income with top ranking in the industry

  • Second largest in FYP, total premiums, and APE in Taiwana

  • Recurring yield post-hedging improvement YoY and total investment return reached 4.90%. NT$142.1bn of FX reserve balance in Dec 2025, the highest in the industry

  • Net worth ratio at around11.3% and RBC at 434%

  • NT$36.34bn of net income, hitting a record high and up by 19.5% YoY

  • Net interest income up by 14.1% on back of steady growth in deposits & loans with higher NIM

  • Net fee income up by 13.4% YoY, supported by wealth management and credit card business growth

  • Stable asset quality with benign NPL and coverage ratio

  • NT$10.59bn of net income, up by 5.7% YoY and hitting a record high

  • Top 3 market share of major businesses. Aim to lift market share, promote wealth management business transformation and optimize digital services

  • NT$6.97bn of net income, up by 130.9% YoY, driven by business mix optimization and quality control

  • Direct written premiums up by 4.9% YoY with 23.7% market share, maintaining leading position in the industry

  • Steady growth of underwriting profit with loss ratio improvement YoY

  • Investment return at 5.6% reflecting stable performance

Fubon

Insurance

5





Profitability

  • NT$120.94bn of net income and NT$8.37 of EPS, both top ranking in the industry

  • 19.8% decline in net income YoY. Excluding the one-time FX reserve provision impact of Fubon Life(1), profitability approached prior-year level

    Net income

    NT$bn

    150.8

    -19.8%

    120.9

    66.0

    2023 2024 2025

    EPS(2)

    10.77

    -22.3%

    8.37

    4.80

    NT$

    Notes:

    2023 2024 2025

    1. Fubon Life applied for the "Adjustment of Liability Reserve Calculation Basis for Life Insurance Companies" regulation in June 2025. Per regulatory requirements, it made a one-time provision of NT$28.2bn (30% of pre-tax profit for FY25) to the FX fluctuation reserve, with an after-tax impact of approximately NT$22.6bn

    2. Due to stock dividends distributed in FY24 and FY25, EPS for FY23 and FY24 would be NT$4.46 and NT$10.51, respectively, if adjusted for stock dividends



    Net income from major subsidiaries

  • Record-high profit in all banking subsidiaries, Fubon Securities, and Fubon Insurance

  • Profit decline in Fubon Life on back of one-off provision of 30% pre-tax earnings in 2025 to FX reserve

    Net income from subsidiaries

    NT$bn

    2024 2025

    5.7%

    -39.0%

    19.5%

    130.9%

    45.1%

    27.2%

    150.8

    120.9

    102.7

    62.7

    30.4 36.3

    10.0 10.6

    3.0

    7.0

    3.9

    5.7

    1.8 2.3

    Fubon FHC

    Fubon Life

    Taipei Fubon Bank

    Fubon Securities

    Fubon Insurance

    Fubon Bank (HK)

    Fubon Bank (China)



    Assets and net worth

  • Record highs in both assets and net worth. Total assets at around NT$12.9tn, up by 6.7% YoY. Net worth increased by 3.3% YoY. BVPS at NT$63.30 on common share basis

    Total assets Equity attributable to parent company

    11,106

    8.7%

    12,067

    12,875

    NT$bn

    6.7%

    2023 2024 2025

    50.44 61.06 63.30

    802

    951

    983

    2023 2024 2025

    Net worth

    BVPS (common share basis)

    Capital adequacy ratio of FHC and subsidiaries

    2025

    Regulatory requirements

    Fubon Financial

    CAR

    147.2%

    100%

    Fubon Life

    RBC

    434.0%

    200%

    Fubon Insurance

    RBC

    13.4%

    10.50%

    Taipei Fubon Bank

    Tier-one

    15.3%

    12.50%

    Total CAR

    299.3%

    150%

    Taipei Fubon Bank (HK)

    Tier-one

    352.3%

    200%

    Total CAR

    17.9%

    9.00%

    Fubon Bank (China)

    Tier-one

    18.6%

    11.00%

    Total CAR

    11.1%

    8.50%

    CAR

    14.2%

    10.50%

    Note: (1) The statutory CAR of Taipei Fubon Bank includes the additional buffer capital requirements for systemically important banks.

    ROA and ROE

  • Decline in ROA and ROE YoY, reflecting fluctuations in net income and expansion of asset scale. The levels remained decent

    ROA

    1.30%

    0.97%

    0.60%

    2023 2024 2025

    ROE

    17.20%

    12.51%

    9.65%

    2023 2024 2025

    Market position in subsidiaries

    Market ranking

    (Overall / private banks)

    Market

    share

    Deposit balance

    6 / 3

    5.7%

    Loan balance

    8 / 4

    5.4%

    Mortgage

    5 / 2

    5.9%

    Active cards

    2

    14.4%

  • Leading market position across major business lines

    Fubon Life

    Taipei Fubon Bank

    Market

    ranking

    Market

    share

    Total premium

    2

    14.0%

    First year premium

    2

    11.3%

    First year premium equivalent

    2 15.5%

    Fubon Securities(1)

    Fubon Insurance

    Market

    ranking

    Market

    share

    Direct written premium

    1

    23.7%

    Commercial line

    1

    23.8%

    Personal line

    1

    23.6%

    Premium through online

    channel

    1 35.4%

    Market

    ranking

    Market

    share

    Brokerage

    3

    7.01%

    Margin loans

    2

    9.83%

    Securities lending

    2

    19.83%

    NTD bond underwriting

    1

    16.68%

    Note: (1) Market ranking of securities sector does not include foreign ones

    Business outlook and highlights





    Fubon Life Taipei Fubon Bank

    • Optimize product structure, focusing on participating, protection-type and USD products. Strengthen regular-paid sales

    • Strengthen the advantages of proprietary channels and deepen cooperation with external ones. Capture wealth management opportunities for high-net-worth individuals to solidify market position

    • Maintain a positive spread target between investment returns and cost of liabilities

    • Expand business scale and improve net interest margin to

      strengthen core profitability

    • Deepen customer segment management and expand domestic and overseas wealth management businesses

    • Accelerate overseas presence while continuously optimizing domestic branch networks

    • Increase digital penetration and develop AI technology

and applications



Fubon Insurance Fubon Securities

  • Advantages in leading market share and strengthen SME business scale

  • Optimize business structure and risk control to enhance

    underwriting profit and quality

  • Accelerate cross-industry cooperation, focus on digitalization for better customer experience and service efficiency

    • Expand brokerage market share by growing program trading and high-frequency trading clients

    • Build wealth management teams to accelerate

      transformation

    • Upgrade customer service through Fubon AI PRO

Opportunities and challenges

Major risk factors in financial market

  • Monitor geopolitical risks and inflation

  • Global financial market turbulence under the uncertainties of US economic and trade

    Growth strategies

  • Leverage resources and deepen customer management to capitalize on business scale expansion, wealth management, and

    cross-selling opportunities

    policies alongside shifting investment

    sentiment

  • Divergence in economic outlook and monetary policy across countries

Challenges and uncertainties

Market outlook and opportunities

  • Drive operational upgrades through digitalization and AI, enhancing customer experience and optimizing service efficiency

  • Utilize financial expertise to develop

    sustainable business model

  • Overseas expansion with prudent risk control

    12





    Achievements in ESG 2025

    • NT$2.7 trillion of Green finance in 2025 and targeting NT$2.9 trillion by 2030

    • Acceleration in decarbonization timeline from 2025, with target to fully exit from thermal coal mining by end-2030 and also non-conventional oil and gas industries by end-2040

    • Recognition of ESG performance from leading Taiwan and global institutions. Inclusion in major indices and award winners in ESG

      Green Finance

NT$bn

2,502.6

+11.2%

2,783.2

2,910.8

0

2024 2025 2030 (E)

Inclusion in ESG-related indices

Awards from Taiwan and global institutions



Dow Jones Sustainability World Index for 8 consecutive years. Dow Jones Sustainability Emerging Markets Index for 9 consecutive years



MSCI ESG Indices for nine consecutive years, with an MSCI ESG Rating of AA in the insurance sector



FTSE Taiwan Sustainability Index for 11 consecutive years

World's 500 most sustainable companies by TIME magazine for two consecutive years, ranking 32nd globally in 2025, 4th among global financial institutions, and 1st among Taiwan private FHCs





Leadership level for both CDP Climate Change and Supply Chain Engagement assessments for 6 consecutive years with score A in

2025

Prime rating in ISS ESG



Top 25% ranking in life, bank, securities, and AM sectors in the 3rd FSC sustainable finance assessment



22 awards from 2025 Taiwan Corporate Sustainability Awards

and ranked 1st among peers

Note: (1) Green Finance incl. low-carbon investment, green bond investment, green energy technology investment, green finance loans

(2) If the investment or underwriting target meets the exemption criteria, including the submission of a carbon transition plan aligned with the goals of the Paris Agreement and a commitment

to science-based carbon reduction targets (such as SBT), the above restrictions will not apply

13



Performance Review by Subsidiary

Fubon Life

14



Total premiums

  • FYP grew 3.1% YoY along with the growth of participating products

  • Renewal premiums comparable to last year, with total premium income up 0.9%

  • Second largest in FYP, RP and TP ranking among peers

+0.9%

Total premium composition

+12.5%

NT$bn

253.9

94.5

-0.1%

254.2

229.2

+3.1%

110.1

113.5

+16.5%

323.7

364.3

367.4

+10.9%



2023 2024 2025

First year premiums (FYP) composition

  • Product mix toward high CSM products including regular-paid and protection products. Sales weight in regular-paid products grew from 58.2% to 60.8%

  • Non-NTD policies grew from 41.2% to 51.9% of FYP, mainly from sales of USD participating policies to improve currency

    match level between asset and liability

    FYP composition

    NT$bn

    +16.5%



    110.1

    113.5

    +3.1%

    12.9%

52.3%

94.5

10.6% 9.1%

21.2%

42.0%

9.2%

14.9%

47.2%

27.2%

0.4%

27.1%

0.2%

25.0%

0.7%

NTD Non-NTD

Regular-Paid

2023 2024 2025

67.5%

58.8%

48.1%

32.5%

41.2%

51.9%

51.9%

58.2%

60.8%

FYPE & VNB

  • FYP from regular-paid traditional life products increase to 70.5%. FYPE/FYP over 45%, higher than the industry average

  • Product mix improvement as sales in regular-paid and non-NTD product increase, while VNB slightly decrease due to the stop-selling effect of protection product in 2024

    FYPE VNB

    NT$bn

    66.8%

    70.5%

    6.6%

    0.0%

    23.3%

    3.3%

    3.0%

    0.2%

    20.0%

    6.3%



    50.3

    51.7

    NT$bn

    -1.6%

    +2.8%

    25.7 25.3

    2024 2025

    2024 2025

    45.7%

    45.5%

    23.4%

    22.3%

    FYPE/FYP

    VNB/FYP

    17





    Channel composition

  • 72.6% of FYP from internal channels, including Taipei Fubon Bank, tied agents and across subsidiaries. Growth of 17% YoY in FYP from tied agents. Regular-paid product as the focus of bancassurance channels

FYP by channel FYPE by channel

NT$bn NT$bn

110.1 113.5 50.3 51.7

11.4 10.4%

25.6

23.2%

23.8

21.6%

49.3

44.8%

2024

2025

14.1%

57.8

50.9%



9.6

10.7

7.1

11.2

9.9%

19.8

17.4%

24.7

21.7%

21.2%

19.1%

22.9 45.6%

23.8

2024 2025

14.1%



11.2

9.3

7.3

18.0%

21.7%

46.2%



Investment portfolio

  • Outperformance in domestic and overseas equity investment return compared to market indices on back of timely realization of capital gains

  • Maintain sufficient cash levels and dynamically adjust allocation according to market conditions

  • Return of real estate normalized in 2025, while valuation losses of overseas investment properties in 1Q24

    NNT$bn

    2024/12/31

    2025/12/31

    Amount

    %

    Return

    Amount

    %

    Return

    Deposit and cash equivalent

    245.2

    4.7%

    1.63%

    327.4

    6.2%

    1.56%

    Domestic fixed income(1)

    665.3

    12.9%

    3.05%

    818.7

    15.4%

    3.05%

    Overseas fixed income(2)

    2,880.5

    55.7%

    4.12%

    2,763.0

    52.0%

    3.98%

    Domestic equity

    462.8

    8.9%

    24.76%

    439.9

    8.3%

    28.82%

    Overseas equity

    397.5

    7.7%

    23.17%

    360.6

    6.8%

    18.58%

    Mortgage loans

    95.4

    1.8%

    2.34%

    141.8

    2.7%

    2.53%

    Policy loans

    83.2

    1.6%

    4.56%

    87.7

    1.7%

    4.55%

    Real estate

    346.1

    6.7%

    0.52%

    377.9

    7.1%

    2.50%

    Total investment

    5,176.0

    100.0%

    5.48%

    5,316.9

    100.0%

    4.90%

    Domestic

    1,730.4

    33.4%

    7.84%

    1,995.1

    37.5%

    8.67%

    Overseas

    3,445.6

    66.6%

    4.25%

    3,321.9

    62.5%

    2.65%

    Note: (1) Inclusive of NTD-denominated bond ETFs

    1. Inclusive of OTC-listed international bonds, which accounted for 13.7% of total investment assets as of end of 2025

    2. 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

    Overseas fixed income portfolio

    • Continue to focus on investment grade corporate credit and financial bonds

Overseas fixed income by asset type Overseas fixed income by region

19.2%

19.3%

19.0%

53.8%

53.4%

54.2%

27.0%

27.3%

26.8%

1.5%

52.6%

51.9%

52.1%

34.7%

35.8%

35.9%

11.2%

11.2%

11.1%

1.1% 0.9%



Dec-24 Sep-25 Dec-25 Dec-24 Sep-25 Dec-25

20



Attention: This is an excerpt of the original content. To continue reading it, access the original document here.

Company analysis

Earlier from Fubon Financial

All Fubon Financial news releases