2013 Q1_v3

Transcription

1 富邦金控 2013 年第一季線上法人說明會暨富邦人壽 2012 年隱含價值

2 公司聲明 本文件可能包含 前瞻性陳述, 包括但不限於所有本公司對未來可能發生的業務活動 事件或發展的陳述 該等陳述係基於本公司對未來營運之假設, 及種種本公司無法控制之 政治 經濟 市場等因素所做成, 故實際經營結果可能與該等陳述有重大差異 本文件中所揭露之財務資訊未完全經會計師核閱 本文件不得視為買賣有價證券或其他金融商品的要約或要約之引誘 2

3 簡報大綱 富邦金控營運摘要 銀行業務營運摘要 保險業務營運摘要 華一銀行營運摘要 富邦人壽 2012 年隱含價值 附件 3

4 富邦金控 稅後淨利 2013 年第一季稅後淨利 =NT$10,146 百萬 各子公司獲利表現 NT$m NT$m P&C 844 8% Sec 242 2% FBHK 426 4% Others % TPFB, 3,766 37% 10,146 7,078 1Q12 1Q13 5,427 3,908 3,766 Life 5,427 53% Fubon FHC 1, TPFB Life P&C Securities FBHK 附註 : 2013 年第一季運彩科技賠付提存 NT$7.81 億 ;2012 年第一季運彩科技賠付提存 NT$7.48 億 2012 年第一季出售媒體科技獲利 NT$8.1 億 4

5 富邦金控 資產組成 NT$bn 總資產 =NT$4,238 十億 ( 截至 2013 年 3 月 31 日 ) 10.4% 主要子公司資產年成長率 16.9% P&C 71 2% Sec 51 1% FBHK 257 6% Fubon FHC 3.0% 4.4% TPFB Life P&C Securities FBHK -4.1% TPFB % -17.3% 資產對股東權益比 (x) 1Q12 1Q13 Life 2,215 52% Fubon FHC TPFB Life P&C Securities FBHK 5

6 富邦金控 資產報酬率與股東權益報酬率 資產報酬率 股東權益報酬率 0.98% 13.54% 13.29% 0.79% 0.61% 0.86% 0.75% 11.32% 9.35% 10.76% Q Q13 附註 : 2013 年第一季資產報酬率及股東權益報酬率為年畫數字 6

7 富邦金控 每股帳面價值與每股盈餘 每股帳面價值 ( 新台幣元 ) 每股盈餘 ( 新台幣元 ) Mar Q13 7

8 富邦金控 淨值項下備供出售未實現損益變化 富邦金控備供出售未實現損益之變化 Fubon FHC 主要子公司備供出售部位未實現損益之變化 NT$m NT$m NT$ m Dec-12 Mar ,272 69,166 Taipei Fubon Bank 3,580 4,260 Fubon Securities 1, Reclassification from HTM to AFS in Fubon Life 26,063-11,110 58,056 Fubon Insurance 3,322 3,659 Other subsidiaries 636 1,371 Fubon Life 77,182 64,370 Fubon FHC 69,166 58,056 18,894 * Note: The AFS outstanding in Fubon FHC includes deduction of NT$16.6bn, which is the AFS value carried from ING transaction. Balance Dec-2011 Changes in 2012 Balance Dec-2012 Changes in 1Q13 Balance Mar

9 9 富邦金控富邦金控富邦金控富邦金控 各事業群獲利各事業群獲利各事業群獲利各事業群獲利各事業群稅前盈餘佔比各事業群稅前盈餘佔比各事業群稅前盈餘佔比各事業群稅前盈餘佔比各事業群稅前盈餘各事業群稅前盈餘各事業群稅前盈餘各事業群稅前盈餘 NT$m NT$m 附註 : 未含運動彩券業務 Investment Management 580 4% Consumer Finance 1,288 9% Insurance 7,619 57% Institutional Banking 3,314 24% Wealth Management 795 6% 1,089 2,733 1,173 5, , ,314 1, Investment Management Insurance Wealth Management Consumer Finance Institutional Banking 1Q13 1Q12

10 富邦金控 境外業務獲利情形 NT$m 富邦金控境外業務稅後淨利 1,830 Fubon P&C (Vietnam) ,478 Xiamen Bank Fubon Bank HK TPFB - HK branch 台北富邦銀行企金放款分佈 2% 1% 3% 3% 5% 6% Vietnam LA 18% 20% HK OBU DBU 354 TPFB - OBU & other overseas branches 811 1,082 Fubon Life (Vietnam) Fubon P&C (China) 72% 70% Q Q13 Founder Fubon Fund Management 1Q12 1Q13 10

11 簡報大綱 富邦金控營運摘要 銀行業務營運摘要 保險業務營運摘要 華一銀行營運摘要 富邦人壽 2012 年隱含價值 附件 11

12 台北富邦銀行 放款組合 總放款 (1) ( 單位 : 新台幣十億 ) 1, , , , ,071.0 YoY +5.0% Credit card revolving YoY +0.8% Consumer - unsecured YoY +21.2% Consumer - secured YoY +6.3% Mortgage YoY +6.5% Corporate YoY +7.3% Government YoY -3.3% Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 附註 : (1) 未含逾期放款 12

13 台北富邦銀行 存款與存放比 台幣存款組合 *( 單位 : 新台幣十億 ) 存放比 % 54.6% 53.8% 53.6% 53.0% 47.9% 45.4% 46.2% 46.4% 47.0% Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 美金存款組合 *( 單位 : 新台幣十億 ) % 82.7% 83.2% 83.7% 85.2% 53.3% 53.5% 53.0% 52.2% 52.8% 46.7% 46.5% 47.0% 47.8% 47.2% Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Demand deposits Time deposits * 附註 : 季平均資料 13

14 台北富邦銀行 存放利差與淨利差 Loan rate (incl. credit cards) Loan deposit spread Deposit rate 1.83% 1.87% 1.93% 2.03% 2.09% 2.05% 2.05% 2.05% 2.07% 2.04% 1.31% 1.32% 1.32% 1.35% 1.37% 1.32% 1.32% 1.32% 1.35% 1.34% 0.52% 0.55% 0.61% 0.68% 0.72% 0.73% 0.73% 0.73% 0.72% 0.70% 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 Avg rate of IEA NIM Avg rate of IBL 1.50% 1.53% 1.61% 1.70% 1.78% 1.80% 1.74% 1.78% 1.77% 1.76% 0.93% 0.96% 0.98% 0.99% 1.01% 1.02% 0.98% 1.02% 1.00% 1.03% 0.59% 0.62% 0.68% 0.76% 0.82% 0.81% 0.80% 0.79% 0.78% 0.76% 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 Note: Taiwan starts to adopt T-IFRS in historical data are restated under the same basis data are under ROC GAAP. 14

15 台北富邦銀行 利息收入與非利息收入 NT$m Treasury & others Net fee income Net interest income 23,203 25,619 3,530 28,549 5,428 7,403 1,864 7,754 2,015 3,683 7,310 8,144 7,995 Non-interest income 1,914 2,047 3,625 3,692 12,210 13,944 15,126 1Q12 1Q Total revenue 7,403 7,754 23,203 25,619 28,549 Non-interest income / Total revenue 51% 52% 47% 46% 47% 15

16 台北富邦銀行 手續費組成 NT$m Others FX Syndication, facoring, gurantee Credit card Wealth management ,473 1,610 5,395 6,143 6,257 1Q12 1Q % 78.7% 70.7% 75.0% 78.0% WM fee as % of total banking fee 附註 : 各項定義請參閱附件 3 16

17 台北富邦銀行 手續費組成 財富管理業務 產品銷售組合 NT$m Insurance Discretionary trust account Structured products Domestic mutual funds Foreign mutual funds 11,521 16, ,924 3,364 27,963-11,195 7,772 6,357-1,926 17,517 20,258 5,234 5,081 1,421 18,958 3,999 20,939 2,506 14,355 28,234 24,508 32,937 Total Wealth Management Fees (NT$m) 1Q12 2Q12 3Q12 4Q12 1Q13 1,473 1,846 1,405 1,533 1,610 17

18 台北富邦銀行 資產品質 逾放比 提存與收回 NT$m Q12 1Q % 0.21% 0.21% Provision 1,020 1,060 (542) (457) (206) 0.12% 0.12% Write-Off (2,305) (712) (800) (115) (89) Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 備抵呆帳覆蓋率 Recovery 1,646 2,183 1, Others (43) (27) 28 Reserve 7,123 9,697 9,983 9,571 10, % % Provision as of average loan* % % % Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Annualize d credit cost 0.12% 0.11% * 附註 : 含信用卡循環及保證準備金 -0.05% -0.18% -0.08% 18

19 台北富邦銀行 企業放款品質 新增之逾期放款 逾放比與備抵呆帳覆蓋率 550 ProMOS in NPL status NPL ratio Coverage ratio 0.6% 700% 577.4% 600% % 0.4% 500% 400% (250) 0.2% 212.1% 0.16% 300% 200% 100% (650) 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 0.0% Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 0% 19

20 台北富邦銀行 房貸逾期放款與逾放比 逾放金額 (+30 天 ) 逾放金額 (+30 天 ) 900 NT$m 900 NT$m 逾放比 (+30 天 ) 逾放比 (+90 天 ) 0.60% 0.40% 0.20% 0.11% 0.05% 0.00% Mar-11 Jul-11 Nov-11 Mar-12 Jul-12 Nov-12 Mar-13 Mar-11 Jul-11 Nov-11 Mar-12 Jul-12 Nov-12 Mar-13 Mar-11 Jul-11 Nov-11 Mar-12 Jul-12 Nov-12 Mar-13 Mar-11 Jul-11 Nov-11 Mar-12 Jul-12 Nov-12 Mar % 0.40% 0.20% 0.09% 0.02% 0.00% 20

21 簡報大綱 富邦金控營運摘要 銀行業務營運摘要 保險業務營運摘要 華一銀行營運摘要 富邦人壽 2012 年隱含價值 附件 21

22 富邦產險 營運摘要 直接簽單保費收入 淨綜合率 Net claim ratio Net expense ratio Auto Fire Marine Engineering Health/Injury Others NT$m 88.7% 88.3% 6,744 6, % 35.6% 1,005 1,041 3,151 3, % 52.7% 1Q12 1Q13 1Q12 1Q13 22

23 富邦人壽 初年度保費變化 NT$m 158, % 17.2% Health, accidents and others Traditional life: regular Traditional life: single Investment-linked Interest-sensitive annuity 310, % 8.9% 222, , % 40.2% 2.3% 19.3% 75.6% 90, % 23.1% 1.4% 20.9% 58.2% 35, % 24.8% 48.0% 63.2% 69.3% 48.6% 0.2% 4.3% 5.2% 11.0% 4.3% 18.8% 1.3% 12.2% 1.7% 7.3% 1H12 2H12 1Q

24 富邦人壽 保單銷售通路 初年度保費收入依通路別 初年度等價保費依通路別 Other Bancassurance: through Taipei Fubon bank Bancassurance: through external banks Tied agents 10% 15% 16% 14% 17% 19% 24% 22% 19% 19% 19% 15% 52% 36% 37% 34% 20% 20% 14% 27% 28% 33% 43% 46% 1H12 2H12 1Q13 1H12 2H12 1Q13 24

25 富邦人壽 - 總保費收入組成 NT $m 2012 年第一季總保費 = NT$115,633 百萬 2013 年第一季總保費 = NT$87,450 百萬 Interestsensitive annuity 7.0% Investmentlinked 4.0% Health, accidents and others 8.5% Interestsensitive annuity 9.9% Investmentlinked 6.4% Health, accidents and others 11.9% Traditional life 80.5% Traditional life 71.8% 25

26 富邦人壽 - 投資組合 2012/3/ /12/ /3/31 (NT$bn) Amount % Amount % Amount % Deposit and cash equivalents % % % Domestic fixed income % % % Overseas fixed income % % % Domestic equity % % % Overseas equity % % % Mortgage loans % % % Policy loans % % % Real estate % % % Total Investments 1, % 1, % 2, % Domestic 1, % 1, % 1, % Overseas % % % 26

27 富邦人壽 - 海外固定收益投資部位 海外固定收益投資依資產類別 海外固定收益投資依國家類別 Government bond Financial bond Corporate credit Others Eurozone Non-eurozone Europe US Asia Other 11.9% 17.9% 8.0% 7.0% 34.1% 37.9% 4.5% 6.7% 6.9% 16.7% 17.6% 16.8% 37.4% 45.8% 47.5% 49.7% 45.1% 44.1% 13.5% 11.0% 10.8% 20.5% 12.8% 11.0% 27.9% 18.9% 17.9% Mar Mar-13 27

28 富邦人壽 - 外匯避險成本與避險組合 Q12 2Q12 3Q12 4Q12 1Q13 避險組合 ( 至 2013/3/31) (NT$bn) Hedging cost FX gain/ loss (1) FX gain/ loss (2) (In bps) Other currencies 3.4% AFS position* 14.6% Hedging cost -41bps -61bps -45bps -37bps -27bps -24bps Hedging cost including FX -89bps -160bps -79bps -66bps -64bps -37bps gain/loss (1) Fully hedge 82.0% Hedging cost including FX -75bps -116bps -77bps -60bps -57bps -50bps gain/loss (2) 附註 : (1) 未使用外匯變動準備金機制 ; (2) 使用外匯變動準備金機制 * 附註 : 海外股票加共同基金 28

29 富邦人壽 - 保單資金成本與投資報酬率 4.13% 4.10% 4.08% 4.16% 4.07% 4.01% 4.06% 4.25% 3.52% 3.63% Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 29

30 富邦人壽 - 經常性投資收益率高於損益兩平點 *Breakeven rate=(income before tax-total investment income)/average investment assets 3.94% 3.80% 4.01% 4.25% 3.03% 2.97% 3.09% 2.75% Q13(Annualized) Note: Investment returns are all after-hedge basis 30

31 簡報大綱 富邦金控營運摘要 銀行業務營運摘要 保險業務營運摘要 華一銀行營運摘要 富邦人壽 2012 年隱含價值 附件 31

32 華一銀行 營運摘要 (1/2) 放款業務 ( 單位 : 人民幣百萬 ) 26,948 27,665 23,323 19,675 存款業務 ( 單位 : 人民幣百萬 ) 40,932 35,048 36,209 25, Mar-13 總資產 ( 單位 : 人民幣百萬 ) Mar-13 淨值 ( 單位 : 人民幣百萬 ) 28,737 40,577 44,702 41,427 2,178 2,460 2,838 2, Mar Mar-13 32

33 華一銀行 營運摘要 (2/2) Q13** ROAA 1.22% 0.90% 0.89% 1.36% ROAE 15.10% 13.50% 14.00% 19.72% NIM 2.21% 2.24% 2.00% 2.30% NPL ratio 0.20% 0.15% 0.28% 0.27% Coverage ratio 376.8% 926.9% 563.4% 618.5% LDR 78.4% 66.5% 65.8% 71.7% Tier 1 ratio* 15.0% 14.3% 12.5% 11.5% CAR* 15.0% 14.3% 12.5% 12.7% * Tier 1 ratio and CAR as of 1Q13 are under new rules to reflect the Basel III regulatory capital requirements. Under the same basis, the ratio as of 2012 would be 10.87% and 12.02% respectively. ** Preliminary numbers 33

34 華一銀行 交易金額倍數 Post money P/B multiple based on book value as of June 2012 = (total considerations) / ((book value June capital injection) * 80%) 2.18x = RMB$6,451m (RMB$2,702m + RMB$1,000m) * 80% Post money P/B multiple based on book value as of March 2013 = (total considerations) / ((book value Mar capital injection) * 80%) 2.02x = RMB$6,451m (RMB$2,988m + RMB$1,000m) * 80% 34

35 主管機關審批進度 2013 年 3 月 獲台灣行政院金融監督管理委員會同意 2013 年 4 月 獲台灣經濟部投資審議委員會同意 2013 年 5 月 已送件至大陸之中國銀行業監督管理委員會 35

36 華一銀行 損益表 (RMB$m) Q13* Net Interest Income Net Fee Income Investment Gains FX Gains Other Income Total Operating Income , Operating Expenses Pre-provisioning Operating Income Loan Loss Provisioning Operating Profit Non-operating Gains / (losses) Profit Before Tax Tax Expenses Net Profit *Preliminary numbers 36

37 簡報大綱 富邦金控營運摘要 銀行業務營運摘要 保險業務營運摘要 華一銀行營運摘要 富邦人壽 2012 年隱含價值 附件 37

38 概況 : 2012 Value creation Year 2012 Unit: NT$BN (58.4) (64.6) Net Worth NW Adj. Adj. NW VIF Cost of Capital VIF Embedded Future VNB Appraisal (Book Value) (bf. CoC) (af. CoC) x V1NB Value YoY change % % % % -24.6% % % % % 註 : 新契約價值乘數 8.84 是考量未來 20 年新契約計算而得 38

39 經濟假設 投資報酬率假設貼現率等價投資報酬率評價日之殖利率 (10 年期 ) 2011 年有效契約價值 台幣保單 : 2012 年至 2040 年為 3.76%~5.41% (2041+) 美元保單 : 2012 年至 2021 年為 5.10%~5.20%(2022+) 一年新契約價值 台幣保單 : 2012 年至 2043 年為 3.27%~5.41%(2044+) 美元保單 : 2012 年至 2022 年為 4.83%~5.14%(2023+) 利變年金 平均利差益約為 100bps 11% 有效契約價值 : 4.39% (rolling over to 2012: 4.45%) 一年新契約價值 : 4.35% (rolling over to 2012: 4.39%) 台幣 : 1.27% 美元 : 2.03% 2012 年有效契約價值 台幣保單 : 2013 年至 2051 年為 3.88%~5.32%(2052+) 美元保單 : 2013 年至 2017 年為 5.16%~5.18%(2018+) 一年新契約價值 台幣保單 : 2013 年至 2051 年為 3.39%~5.32%(2052+) 美元保單 : 2013 年至 2020 年為 4.83%~5.18%(2021+) 利變年金 平均利差益約為 100bps 有效契約價值 : 11%; 一年新契約價值 : 10.5% 有效契約價值 : 4.45% 一年新契約價值 : 4.41% 台幣 : 1.29% 美元 : 1.84% 2011 年至 2012 年主要假設改變 : 1. 台幣的十年期無風險利率假設之終值從 4.0% 調降至 3.5%; 美元的十年期無風險利率從 5.35% 調降至 5.25% 2. 有效契約價值評估使用之風險貼現率為 11%; 一年新契約價值評估使用之風險貼現率為 10.5% 3. 外匯價格準備金於 2012 年 3 月實施後, 其相關成本反映於投資報酬率假設 39

40 經濟假設 : 有效契約投資報酬率 NTD Tradtional Policies 5.50% 5.41% 4.50% 3.50% 3.88% 3.76% 2012IF 2011IF 5.32% 2.50% Year USD Policies 5.50% 5.00% 5.16% 5.10% 5.20% 5.18% 4.50% 4.00% 2012IF 2011IF Year 40

41 經濟假設 : 一年新契約投資報酬率 NTD Tradtional Policies 5.50% 4.50% 3.50% 2.50% 3.39% 3.27% 2012NB 2011NB 5.41% 5.32% Year 5.50% 5.00% 4.50% 4.00% 4.83% 4.83% USD Policies 2012NB 2011NB 5.18% 5.14% Year 41

42 經濟假設 : 貼現率 富邦人壽 無風險利率股票及國家風險溢酬 BETA 值風險貼現率估計價值評估使用之風險貼現率 2011/12/ % ~ 4.0% 7.00% % ~ 12.4% 11.0% 2012/12/ % ~ 3.5% 7.00% % ~ 11.9% 有效契約價值 :11.0% 一年新契約價值 :10.5% 風險貼現率 : 依資本資產定價模型 (CAPM, Capital Asset Pricing Model) 訂定 ; 風險貼現率 = 無風險利率 + BETA 值 * 股票及國家風險溢酬 有效契約價值評估使用之風險貼現率為 11.0%; 一年新契約價值評估使用之風險貼現率為 10.5% 42

43 資本成本和非經濟假設 資本成本估算 資本成本主要係依據 2012 年 RBC 之計算基礎估算而來, 並反映未來 K 值及加計 C3 風險 1) K 值 : 2012 年底為 0.48, 2013 年起上升至 0.5, 之後維持不變 ; 2) 加計前一年度傳統型商品 C3 調整後之風險資本額總計的 10% ( 除了投資型商品以外之所有商品 ) ; 3) 反映公司目前經營狀況以及未來營運策略 非經濟假設 1) 死亡率 : 反映公司實際經驗 2) 罹病率 : 反映公司實際經驗 3) 脫退率 : 反映公司實際經驗 4) 費用率 : 反映公司實際經驗 43

44 價值變動分析 : 從淨值 ( 帳面價值 ) 至調整後價值 Unit:NT$BN (67.0) (0.2) Statutory Net Worth@Dec. 31, 2012 Special Reserve Adjust Market Value of (AFS) Fixed Income Asset to Book Value Goodwill Adjusted Net Worth@Dec. 31, 2012 % of change + 1.6% -40.5% -0.1% -39.0% 44

45 價值變動分析 : 有效契約價值 ( 不含資本成本 ) Unit:NT$BN (1.1) (15.1) (5.2) VIF Model Ex pected Ex pected Data Eco. Asmpt. Non-eco. Asmpt VNB 2012 VIF (before CoC) Change earning Return Change Change Change (before CoC) (before CoC) to net w orth % of change -0.8% -11.2% % + 0.0% -3.8% + 6.1% % % 註 : 2011 年有效契約價值的等價投資報酬率為 4.39%, 反映 rolling over 效果, 增加為 4.45% 2012 年有效契約價值的等價投資報酬率為 4.45% 45

46 價值變動分析 : 新契約價值 Unit:NT$BN (1.4) VNB Sales Volume Product Mix RDR Change Econ. Change Non-Econ. Change 2012 VNB % of change + 7.4% + 4.4% + 6.6% -5.1% + 0.1% % VNB/APE 41.9% 0.0% + 1.7% + 2.6% -2.0% + 0.0% 44.2% 註 : 2011 年新契約價值的等價投資報酬率為 4.35%, 反映 rolling over 效果及產品組合調整, 增加至 4.39% 2012 年新契約價值的等價投資報酬率為 4.41% 46

47 敏感度分析 : 經濟因素 All else equal except: All else equal except: Unit: NT$bn Val. Date: 31 Dec Solvency Basis: 200% RBC Investment Return % Investment Return % Base Case Scenario Risk Discount Rate-1% Risk Discount Rate+1% 調整後淨值 有效契約價值 ( 不含資本成本 ) 有效契約資本成本 (60.3) (56.4) (58.4) (54.8) (61.3) 有效契約價值 ( 含資本成本 ) 隱含價值 新契約價值 ( 不含資本成本 ) 新契約資本成本 (6.0) (5.6) (5.8) (5.3) (6.2) 新契約價值 ( 含資本成本 )

48 2012 年彙整 Unit: NT$BN Inforce Value Creation New Sales Value Creation Appraisal Value (20 years NB) Value per FHC share 項目 2011 年 2012 年 年增率 差異 淨值 ( 帳面價值 ) % 63.8 調整後淨值 % 13.8 有效契約價值 ( 不含資本成本 ) % 39.6 資本成本 (46.8) (58.4) -24.6% 有效契約價值 ( 含資本成本 ) % 28.1 隱含價值 (Embedded Value) % 41.9 初年度保費 (FYP) % 26.9 初年度等價保費 (FYPE) % 6.3 新契約年化等價保費 (APE) % 4.9 新契約價值 (VNB, V1NB) % 3.8 新契約價值利潤率 (VNB/FYP) 12.6% 12.7% 1.2% 0.1% 新契約價值利潤率 (VNB/FYPE) 44.9% 46.2% 2.9% 1.3% 新契約價值利潤率 (VNB/APE) 41.9% 44.2% 5.6% 2.4% 新契約乘數 % 0.0 精算評估價值 (Appraisal Value) % 75.0 在外流通股數 ( 金控 ) % 0.5 每股隱含價值 % 3.3 每股精算評估價值 % 5.3 影響 48

49 2012 彙整 : 富邦人壽歷年隱含價值相關數值 新契約獲利率 (VNB / FYP) 新契約價值 12.6% 12.7% NT$BN CAGR: 28% % 8.7% 8.0% EV2008 EV2009 EV2010 EV2011 EV2012 EV2008 EV2009 EV2010 EV2011 EV2012 有效契約價值 隱含價值 NT$BN CAGR: 32% NT$BN CAGR: 29% EV2008 EV2009 EV2010 EV2011 EV2012 EV2008 EV2009 EV2010 EV2011 EV

50 允當的投資報酬率假設 4.06% 假設 實績 4.01% 3.97% 3.87% 3.88% 3.78% 3.80% 3.66% 3.68% EV2008 EV2009 EV2010 EV2011 EV

51 德勤精算顧問審閱意見 The Engagement Deloitte Actuarial Deloitte Actuarial and Insurance Solutions (Hong Kong) Limited ( Deloitte Actuarial ) were retained by Fubon Life to perform an independent review of the Embedded Value (EV) as at 31 December 2012 and the Value of One Year s New Business (V1NB) written over the period of 1 January 2012 to 31 December Scope of Deloitte Actuarial s Involvement Review and opinion on the reasonableness of the EV and V1NB as calculated by the Company; Review of the reasonableness of the assumptions used in the calculations, taking into consideration both the Company s recent experience and the experience of the Taiwanese life insurance market; Review, at a high-level, model changes to the actuarial projection model since the previous valuation date; Review of the Company s projection approach of the Cost of Capital; Review of the data put through the model compared to the policy data on the Company s policy administration systems to judge the extent to which the business has been valued in the financial model and to identify the portion (if any) omitted and how that was valued; Review of the approach used to determine the Adjusted Net Worth ( ANW ), in particular, the adjustments made in deriving the ANW, and any other adjustments made outside of the actuarial projection model; Review of the Company's analysis of change in the Value of In-Force Business ( VIF ) between 31 December 2011 and 31 December

52 Risk Adjusted Discount Rates Deloitte Actuarial Fubon Life calculated the EV and V1NB at Risk Adjusted Discount Rates ( RDR ) of 11.0% and 10.5% respectively. RFR based on current government bond yield RFR based on Company s longterm view Equivalent RFR for New Business Equivalent RFR for In-Force Business Risk Free Rate ( RFR ) 1.29% 3.50% 2.37% 2.52% Equity and Country Risk Premium 7.00% 7.00% 7.00% 7.00% Beta Calculated Risk Discount Rate 9.69% 11.90% 10.77% 10.92% Risk Discount Rate used in the Valuation for VIF Risk Discount Rate used in the Valuation for V1NB 11.00% 10.50% 52

53 Comments on the Risk Adjusted Discount Rates Deloitte Actuarial Deloitte Actuarial independently derived a range of RDRs using the CAPM approach: The low end of the RDR is developed based on the current yield on 10-year Taiwan government bonds. The high end of the RDR is developed based on the Company s view of the 10-year Taiwan government bond in the future. The equivalent RFR is the RFR equivalent to using a set of graded-up RFR from 1.29% to 3.5% that derives the same VIF and V1NB. The Equity and Country Risk Premium was developed based on Deloitte s internal research. The Beta of 1.2 was set using a risk profiling approach which considers risks related to the product range, distribution diversification/vulnerability, regulatory intervention and investments. Note that this beta value is consistent with that used in previous valuations. The RDR assumption applied by Fubon Life in the valuation lies within the range of RDR that we derived. In particular, we feel comfortable with different RDRs being used for the valuation of the in-force and new business, given the specific market conditions in Taiwan: it is well-known that the legacy business has a much riskier profile than the current new business, and hence it is reasonable for shareholders to be expecting a higher rate of return for the higher risk level. We feel that Fubon Life has taken a good approach in splitting up the RDR assumption for the two distinctively different blocks of business. 53

54 Comments on Investment Return (1) A set of rising investment return assumption has been used in this valuation which is considered reasonable for the present market conditions. Deloitte Actuarial Fubon Life s derivation of the investment return assumption is featured by the following: Derivation methodology is consistent with that applied in previous valuations; The methodology involves: For VIF, the investment return assumption was derived from a combination of the investment return generated by the run-off of the existing asset portfolio and of that from future purchases of new assets; For V1NB, the new business is not supported by returns on existing assets and the investment return was derived from future purchases of new assets; New assets are purchased at the prevailing new money rates, which are set to equal to the expected future risk free rates plus a risk margin for each asset type; Future risk free rates are set starting off with the actual yield curves as at the valuation date and are assumed to rise to a long-term level over a 10-year period. For New Taiwan Dollar and US Dollar respectively, the initial risk free rates are 1.29% and 1.84% and a long-term risk free rate of 3.50% and 5.25% is assumed. Different assumptions were derived for different types of business, which were assumed to have a different long-term asset allocation. For some business lines, the investment return assumption derived in the abovementioned manner was capped at a certain level for conservative reasons. 54

55 Comments on Investment Return (2) It is in Deloitte Actuarial s view that: Deloitte Actuarial Methodology Fubon Life s derivation methodology for the investment return assumption is reasonable and consistent with the way that the ANW is calculated; Economic Assumptions Given that the Taiwan yield has remained at a low level for a number of consecutive years, Fubon Life revised downward the expected long-term risk-free rate from 4.0% to 3.5% this year. For the US Dollar yield, in line with the drop in the initial actual yield (from 2.03% to 1.84% between 31 December 2011 and 2012), Fubon Life lowered the expected long-term risk-free rate from 5.35% to 5.25%. We note that taking a view on the future capital market is not uncommon under the traditional Embedded Value methodology. On a macro-economic level the arguments put forward for rising interest rates are plausible, and we note that the expected future rise in yields is spread out over a reasonably long period of 10 years. Readers should be aware that capital market conditions are subject to the impact of many forces. Yields and prices of financial instruments can move dramatically in a short period of time. As a result, it is difficult to predict the interest rate level in the future with great certainty. Readers should refer to the sensitivity tests to develop a broader understanding of the impact of the investment return assumption on the assessment of the economic value of Fubon Life. Overall, the economic assumptions appear to be reasonable. 55

56 Comments on EV and V1NB Results Deloitte Actuarial Deloitte Actuarial have reviewed the Embedded Value and Value of One Year s New Business results at a high-level under the generally accepted method for calculating traditional embedded values in Taiwan: Review of the changes in the VIF relative to the assumption changes and model changes from 2011 to 2012; Review of the changes in the new business profit margin relative to that in 2011 based on information on changes in sales mix, sales volume and valuation assumptions; Review of the sensitivities relative to the base case results. The Embedded Value and Value of One Year s New Business results appear to be reasonable within the above context. Deloitte Actuarial s detailed opinion can be found in their opinion letter. 56

57 Thank you 57

58 簡報大綱 富邦金控營運摘要 銀行業務營運摘要 保險業務營運摘要 華一銀行營運摘要 富邦人壽 2012 年隱含價值 附件 58

59 20 May 2013 Fubon Life Insurance Company Limited 14F, No. 108, Section 1 Tun Hwa South Road Taipei Taiwan, R.O.C For the attention of: Mr. Pen-Yuan Cheng, Chairman Ms. Tsai-Ling Chao, EVP Dear Sirs, Review of Embedded Value as at 31 December 2012 and Value of One Year's New Business of Fubon Life Insurance Company Limited Deloitte Actuarial and Insurance Solutions (Hong Kong) Limited ( Deloitte Actuarial, or "we") have been retained by Fubon Life Insurance Company Limited ( Fubon Life or "the Company") to prepare an independent opinion in respect of the Embedded Value ( EV ) as at 31 December 2012 and the Value of One Year of New Business ( V1NB ) sold during the calendar year 2012 as calculated and published by the Company. The purpose of the publication of the EV and V1NB figures was to provide supplementary information to investors, analysts and other stakeholders. This opinion letter ("the Opinion Letter") sets out the work carried out and findings from that work and has been prepared in accordance with the Work Order dated 8 February 2013 between Fubon Life and Deloitte Actuarial. This engagement is solely with Fubon Life and this Opinion Letter is solely for the use of Fubon Life and its Directors as a body for the stated purpose only. To the fullest extent permitted by law we do not accept or assume responsibility or liability (including without limitation, those arising from negligence) to anyone other than Fubon Life's Directors as a body for our work in respect of this Opinion Letter or for the conclusions that we have reached. Summary of Embedded Value and Value of One Year of New Business Results The Embedded Value as at 31 December 2012 and the Value of the One Year of New Business written over the period of 1 January 2012 to 31 December 2012 as calculated by the Company is summarised as follows: Values (NT$ bn) Adjusted Net Worth Value of In Force Business after Cost of Capital Embedded Value Value of One Year of New Business after Cost of Capital 31.7

60 Definitions A number of specific terms are used in this Opinion Letter. They are defined as follows: Embedded Value ("EV"): this is the sum of the Adjusted Net Worth and Value of In Force Business as at the valuation date. It includes no allowance for the value of future business yet to be written; Adjusted Net Worth ("ANW"): this represents the shareholder equity in the enterprise as at the valuation date. This is equal to the shareholder equity as reported in its Taiwan statutory balance sheet plus several adjustment items. The purpose of the adjustments is to make the Adjusted Net Worth consistent with the projection of future profits and Cost of Capital; Value of In Force Business ("VIF"): this is equal to the present value as at valuation date of the future statutory profits from the business in force as at the valuation date using a risk adjusted discount rate, less the Cost of Capital associated with such business; Appraisal Value ("AV"): this is the sum of the Embedded Value and Value of Future New Business as at the valuation date. It represents an assessment of the economic value of the company on a going concern basis using best estimate assumptions and a discounted cash flow approach; Value of One Year of New Business ("V1NB"): this is equal to the present value as at the policy issue dates of the future statutory profits from the policies sold in 2012 less the Cost of Capital associated with such business; Value of Future New Business ("VNB"): this is equal to the present value as at the issue date of the future statutory profits from policies assumed to be sold in the future less the Cost of Capital associated with such business. One of the common calculation approaches is to multiply the Value of One Year of New Business by a new business multiplier. The new business multiplier reflects an assessment of the company's future new business volume, the profitability of such new business and the uncertainty in achieving such volume and profitability. Cost of Capital: this is defined as the amount of capital required to be held at the valuation date less the present value of future releases of such capital and after-tax earnings on the assets backing it..the level of capital required depends on the Company's internal target of capital level but is subject to the minimum of statutory requirement. This Opinion Letter does not give any opinion on the fair market value of any part or the whole of the Company. Actual market values are determined by investors based on a variety of information available to them and their own investment criteria. The techniques for calculating a company s Embedded Value and the Value of One Year of New Business have been evolving over the last 15 years. The Company has used traditional techniques. This is a common approach in Taiwan which is consistent with the methodology used by all local domestically-owned companies which publish their Embedded Values. This method does not include an explicit allowance for the cost of options and guarantees within the business. Instead, this approach makes an implicit allowance for the time value cost of options and guarantees and other risks associated with the realisation of the projected future profits through the use of a risk adjusted discount rate. Scope of Review The scope of our review is outlined as follows: Review and opinion on the reasonableness of the EV and V1NB as calculated by the Company; Review of the reasonableness of the assumptions used in the calculations, taking into consideration both Company s recent experience and the experience of the Taiwanese life insurance market; Review of the Company s projection approach of the Cost of Capital; Review, at a high-level, of the changes made to the actuarial projection model by the Company since the previous valuation date of 31 December 2011; 2

61 Review of the data put through the model compared to the policy data on the Company s policy administration systems to judge the extent to which the business has been valued in the financial model and to identify the portion (if any) omitted and how that was valued; Review of the approach used to determine the Adjusted Net Worth ( ANW ), in particular, the adjustments made in deriving the ANW, and any other adjustments made outside of the actuarial projection model; Review of the Company's analysis of change in the VIF between 31 December 2011 and 31 December The scope of our review did not include the following aspects: Review of the policy data on the Company s administration systems; Our review did not cover an audit of the accuracy or completeness of the policy data items and we offer no comment on the quality of the policy data used by the Company in the valuation, and readers should not assume our review verifies the data is free from error. Review or audit of the valuation of the assets or any items unless specifically stated on the Company s balance sheet; We referred to the Company s audited financial statements and placed reliance on them. Review of the calculation of the RBC (risk based capital) of the Company as at 31 December 2012; and Whilst we reviewed the projection of the RBC into future periods, we relied on the accuracy and completeness of the starting RBC figures as at 31 December 2012 as submitted by the Company to the Taiwanese regulator. Any other actuarial or other valuation figures, such as an Appraisal Value, Value of Future New Business, New Business Multiplier, or any Fair Value or potential transaction price. Only the EV and V1NB fell in the scope of our review, and we offer no opinion on any other values. Our review was conducted in accordance with current generally accepted actuarial practices and processes for reviews of traditional Embedded Value calculations. In particular, we made reference to the methods, approach and other considerations as set out in: The relevant parts of Practice Guideline of the Institute of Actuaries of Australia entitled Economic Valuations ; and Professional Conduct Standards as defined by the Professional Affairs Board of the Institute and Faculty of Actuaries in the UK. Findings from our Review Our findings are summarised as follows: With respect to the calculation methodology adopted by the Company in the calculations: The chosen traditional EV methodology used by the Company has been applied in line with generally accepted actuarial practice and relevant guidance; and The methodology was in line with the purpose stated by the Company, and is consistent with a going concern approach. With respect to the policy data used in the calculations: The Company has used policy data that is, in aggregate, consistent with the policy data held on the Company's administration systems as at the appropriate dates. 3

62 With respect to the actuarial projection and valuation systems and the results produced by the Company: Over 99% of the policy data has been included in the valuation and a zero value has been assigned to that part which was not included in the valuation; At the aggregate level, the model outputs for each major block of business that we reviewed appear to be consistent with the assumptions applied in the calculations, the features of the products included in each block of business, the prevailing applicable and relevant regulations in Taiwan. With respect to the assumptions used in the calculations: The assumptions, taken as a whole, are reasonable for the Company and the environment in which it conducts business; The economic assumptions, including rate of investment return, risk adjusted discount rate and inflation rate, were set consistently with one another and with the way in which the adjusted net worth was calculated; The economic assumptions represent plausible future outcomes for expected future total returns (including the release of risk margins) and lie within a reasonable range of such plausible future outcomes; and The non-economic assumptions have been set with regard to relevant actual historical experience of both the Company and the industry, and the Company has provided plausible, reasoned arguments in relation to their expectations of future trends and developments for these assumptions. With respect to the calculation of the Adjusted Net Worth: The Company has made adjustments to the Net Worth as reported on the statutory balance sheet which are appropriate for the purpose of this valuation. In conclusion, we find the results of the Embedded Value and Value of One Year of New Business calculated by the Company to be reasonable within the purpose and chosen methodology of their calculation, and that the methodology is consistent with the approach taken by all local domestically-owned life insurers which publish similar figures in Taiwan and with one generally accepted method for their calculation. In stating the above opinion, we draw attention to the uncertainty related to such calculations. The calculations of EV and V1NB results necessarily make numerous assumptions with respect to economic conditions, operating conditions, taxes and other matters, many of which are not fully within the control of the Company. Although the assumptions used represent estimates which fall within a reasonable range of expectations, actual experience in the future is almost certain to vary from that assumed in the calculation of the results and any such variations may be material. Deviations from assumed experience are normal and are to be expected. We note, and draw the attention of readers to the sensitivity of the results to assumptions, and in particular, to the assumed rate of future investment return and the risk discount rate; this is illustrated quantitatively in the Company's disclosures. A deviation from the assumed future investment return, even still within a reasonably plausible range of such assumptions, may lead to a materially different result. We note that future investment returns are subject to market factors beyond the control of the Company and hence it is not possible for the Company to fully immunise future profitability against movements in future investment returns. Yours faithfully, Deloitte Actuarial and Insurance Solutions (Hong Kong) Limited 4

63 富邦金控 - 財務摘要 ( 新台幣 - 百萬元 ) Full Year Change Q 1Q YoY 損益表營業收入 : 保險業務淨收益 297, , , , ,156 85, % 手續費及佣金淨收入 10,862 12,718 12,502 11,371 2,941 2, % 利息及股利收入 56,257 67,024 80,262 93,044 19,305 21, % 投資收益 11,410 5,810 6,700 10,784 3,563 7, % 其他 * 3,230 4,741 9,835 2,618 1,523 1, % 總營業收入 378, , , , , , % 利息費用 9,729 8,165 10,290 12,363 3,061 2, % 扣除利息支出之總營業收入 369, , , , , , % 保險賠款與給付和放款提存 300, , , , ,798 88, % 營業費用 47,112 55,613 61,344 62,543 14,980 15, % 淨營業外收入 (273) (1,316) (213) % 稅前淨利 21,593 21,772 34,507 32,975 7,708 12, % 稅後淨利 19,938 19,905 30,687 28,983 7,078 10, % 資產負債表 總資產 3,060,253 3,450,747 3,618,135 4,083,566 3,840,415 4,238, % 股東權益 208, , , , , , % 主要財務比率雙重槓桿比率 108% 109% 112% 109% 110% 111% 股東權益 / 總資產 6.8% 6.3% 6.5% 7.5% 6.5% 7.2% 平均資產報酬率 0.79% 0.61% 0.87% 0.75% 0.76% 0.98% 平均股東報酬率 11.32% 9.35% 13.61% 10.76% 11.76% 13.29% 每股現金股利 NT$2.00 NT$1.00 NT$1.00 Note: (1) 1Q12 and 1Q13 are stated in accordance with T-IFRS, whereas FY are stated in accordance with ROC GAAP. The same basis is applied to all appendix pages (2) "Others" reflects income recognized for subsidiaries & elimination for consolidation purpose (3) ROA & ROE are on annualized basis 1 / 7

64 台北富邦銀行 - 財務摘要 ( 新台幣 - 百萬元 ) Full Year Change Q 1Q YoY 損益表利息收入 20,335 19,333 23,526 26,888 6,495 6, % 利息費用 8,695 7,122 9,581 11,762 2,870 2, % 淨利息收入 11,640 12,210 13,944 15,126 3,625 3, % 淨手續費收入 4,733 7,310 8,144 7,995 1,914 2, % 其他營業收入 5,603 3,683 3,530 5,428 1,864 2, % 淨營業收入 21,975 23,203 25,619 28,549 7,403 7, % 營業費用 12,419 13,628 13,891 14,372 3,345 3, % 提存前損益 9,557 9,576 11,728 14,177 4,057 4, % 呆帳費用 3,937 1,020 1,060 (542) (457) (206) N.M 淨營業外收入 27 (647) (163) 343 稅前淨利 5,647 7,909 10,505 15,063 4,514 4, % 稅後淨利 5,222 7,280 9,054 12,994 3,908 3, % 資產負債表放款總額 835, , ,096 1,035,460 1,017,906 1,069, % 信用卡循環餘額 11,183 9,664 8,364 7,762 7,931 7, % 逾期放款 ( 不含信用卡循環餘額 ) 4,457 2,734 2,496 1,282 2,449 1, % 備抵呆帳 4,975 5,424 8,377 8,924 8,325 9, % 總資產 1,356,995 1,482,753 1,504,860 1,603,427 1,608,453 1,656, % 存款總額 1,092,305 1,180,659 1,182,749 1,246,902 1,285,084 1,263, % 股東權益 81,397 85,074 92, ,738 96, , % 主要財務比率存放利差 ( 含信用卡 ) 1.23% 1.29% 1.34% 1.33% 1.32% 1.34% 存放利差 1.04% 1.15% 1.23% 1.23% 1.23% 1.25% 淨利差 0.96% 0.94% 0.99% 1.01% 1.02% 1.03% 淨手續費收入 / 總收益 21.5% 31.5% 31.8% 28.0% 25.9% 26.4% 成本收入比率 56.5% 58.7% 54.2% 50.3% 45.2% 47.1% 平均資產報酬率 0.4% 0.5% 0.6% 0.8% 1.0% 0.9% 平均股東報酬率 6.5% 8.7% 10.2% 13.1% 16.6% 13.5% 逾期放款 / 總放款 0.53% 0.32% 0.26% 0.12% 0.24% 0.12% 備抵呆帳 / 總放款 0.6% 0.6% 0.9% 0.9% 0.8% 0.8% 備抵呆帳 / 逾期放款 111.6% 198.4% 335.5% 696.0% 340.0% 692.1% 股東權益 / 總資產 6.0% 5.7% 6.1% 6.7% 6.0% 7.1% 存放比 ( 包含信用卡 ) 77.5% 73.8% 82.0% 83.7% 79.8% 85.2% 存放比 76.5% 73.0% 81.3% 83.0% 79.2% 84.6% 2 / 7

65 台北富邦銀行 - 財務摘要 淨手續費收入組合 ( 新台幣 - 百萬元 ) 外匯 % % % % % 代理費收入 % 0 0.0% % 0 0.0% 7 0.3% 保證業務 % % % % % 聯貸 % % % % % 應收帳款承購 % % % % % 財富管理保費佣金 (1) % 1, % % % % 保管 % % % % % 信託 % % % % % 共同基金 % % % % % 保代佣金 5 0.2% 9 0.4% 3 0.2% 5 0.3% 3 0.2% 信用卡 % % % % % 其他 % 8 0.3% 9 0.5% % % 整體淨手續費收入 1, % 2, % 1, % 1, % 2, % 財富管理手續費收入佔比 1, % 1, % 1, % 1, % 1, % 註 : (1) 保費佣金收入包含來自北富銀保代以及其他保險公司之佣金收入 (2) 企金手續費收入包括外匯 代理 保管 保證 應收帳款承購以及聯貸之手續費收入 (3) 財富管理手續費收入包括共同基金 保險和信託手續費收入 1Q Q Q Q Q 2013 信用卡業務統計 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 流通卡數 2,028,666 2,045,974 2,075,087 2,128,030 2,162,668 有效卡數 1,405,940 1,391,572 1,402,347 1,437,501 1,463,516 信用卡循環餘額 (NT$m) 7,925 7,867 7,749 7,761 7,371 全年簽帳金額 (NT$m) 30,633 60,615 91, ,793 32,880 平均每卡每月刷卡金額 (NT$) 5,016 4,956 4,967 5,084 5, 天逾放 0.11% 0.10% 0.10% 0.10% 0.25% 30 天逾放 0.39% 0.38% 0.40% 0.44% 0.59% 3 / 7

66 富邦產險 - 財務摘要 ( 新台幣 - 百萬元 ) Full Year Change Q 1Q YoY 損益表毛簽單保費 22,412 23,096 25,108 27,647 7,228 7, % 淨簽單保費 15,444 16,802 18,224 20,047 5,126 5, % 自留滿期保費 15,351 16,288 17,689 19,069 4,799 5, % 淨保險賠款與給付 7,623 8,522 10,108 10,904 2,490 2, % 核保費用與營業費用 5,406 6,185 6,742 7,532 1,878 2, % 核保利潤 1,674 1, , % 總投資收入 1,458 2,500 2,077 1, % 淨營業外收入 (771) (765) (38) (102) N.M 稅前淨利 2,360 3,101 3,588 3, % 稅後淨利 1,371 2,676 3,078 2, % 資產負債表固定收益資產 23,669 22,800 28,007 20,946 38,883 34, % 投資資產 47,564 49,418 52,382 48,087 51,508 51, % 總資產 63,368 65,615 69,487 68,870 74,484 71, % 營業及負債準備 35,673 36,616 38,828 38,227 38,644 38, % 總負債 41,043 42,968 46,296 47,212 47,336 48, % 股東權益 22,325 22,647 23,191 21,658 27,148 23, % 主要財務比率淨損失率 49.7% 52.3% 57.1% 57.2% 51.9% 52.7% 淨費用率 35.0% 36.8% 36.9% 37.6% 36.6% 37.2% 淨綜合率 84.7% 89.1% 94.0% 94.8% 88.5% 90.0% 總投資報酬率 3.2% 5.2% 4.1% 3.8% 4.2% 5.3% Solvency margin ( 淨簽單保費 / 股東權益 ) 69.2% 74.2% 78.6% 92.6% 75.5% 96.6% 自留比率 68.9% 72.7% 72.6% 72.5% 70.9% 75.8% 平均資產報酬率 2.2% 4.1% 4.6% 4.3% 4.7% 4.8% 平均股東報酬率 6.9% 11.9% 13.4% 13.4% 13.4% 15.1% 4 / 7

67 富邦人壽 - 財務摘要 ( 新台幣 - 百萬元 ) Full Year Change Q 1Q YoY 損益表初年度保費收入 ( 未含分離帳戶保險商品 ) 190, , , ,507 72, , % 自留滿期保費 ( 未含分離帳戶保險商品 ) 290, , , , ,229 79, % 總投資收益 39,878 44,418 54,726 67,385 13,917 19, % 持續性投資收益 34,542 43,199 52,003 61,765 12,560 14, % 其他投資收益 5,337 1,219 2,723 5,620 1,357 5, % 固定收益類已實現損益 3,736 3,339 2,601 7,885 1,412 2, % 股票類已實現損益 5,591 5,402 5,118 4,125 2,000 3, % 其他 (4,000) (7,523) (4,996) (6,390) (2,055) (536) 73.9% 其他營業收入 2,779 1,662 2,071 2, % 總營業收入 333, , , , , , % 保險賠款與給付 83, , , ,831 30,846 22, % 淨佣金支出 12,066 16,635 20,367 20,398 5,948 5, % 淨提存準備 213, , , ,676 82,080 63, % 營業費用 10,868 11,412 12,760 13,984 3,327 2, % 1,229 1,404 2,572 2, % 總營業成本與費用 321, , , , ,934 93, % 淨營業外收入 (69) % 稅前淨利 11,871 6,583 11,569 14, , % 稅後淨利 10,870 6,626 10,104 12,973 1,008 5, % 資產負債表固定收益投資資產 1,030,338 1,225,806 1,419,109 1,687,031 1,492,762 1,740, % 總投資資產 1,133,189 1,379,589 1,573,223 1,933,896 1,674,938 2,003, % 分離帳戶保險商品資產 157, , , , , , % 總資產 (1) 1,184,187 1,454,366 1,647,794 2,000,783 1,895,124 2,214, % (1) 壽險責任準備 1,038,127 1,307,472 1,492,630 1,774,831 1,572,369 1,841, % (1) 營業及負債準備 1,052,463 1,323,746 1,511,771 1,793,634 1,596,570 1,869, % (1) 總負債 1,088,650 1,352,941 1,545,935 1,835,134 1,637,499 1,903, % 股東權益 95, , , , , , % 註 (1) 不含分離帳戶保險商品 主要財務比率理賠率 28.8% 37.4% 53.1% 30.2% 28.2% 27.7% 費用率 3.7% 2.8% 3.9% 3.6% 3.0% 3.5% 13 個月繼續率 87.4% 92.9% 95.4% 95.8% 96.2% 93.3% 平均資產報酬率 1.0% 0.5% 0.7% 0.7% 0.2% 1.0% 平均股東報酬率 13.4% 6.7% 9.9% 9.7% 3.8% 13.3% 投資報酬率 4.06% 3.78% 3.80% 4.01% Note: (1) Exclude seperated accounts (2) Policy reserve and premium are under new definition of accounting principle No. 40 starting from / 7

68 富邦證劵 - 財務摘要 ( 新台幣 - 百萬元 ) Full Year Change Q 1Q YoY 損益表經紀手續費收入 4,382 4,385 3,764 2, % 淨利息收入 1,021 1,391 1, % 手續費收入 % 投資收益 ( 除金融商品收益 ) 1, , % 淨金融商品收益 (75) % 其他收入 % 營業收入 7,138 7,103 6,774 5,038 1,627 1, % 營業費用 4,664 5,070 5,073 4,423 1,277 1, % 淨營業外收入 , % 稅前淨利 2,751 2,278 2,808 1, % 稅後淨利 2,408 2,051 2, % 資產負債表 融資餘額 21,128 25,398 14,260 12,739 15,701 13, % 總資產 47,507 59,507 44,872 42,813 61,895 51, % 流動負債 15,867 27,949 12,037 12,632 28,889 20, % 總負債 16,370 28,377 12,309 13,058 29,386 21, % 股東權益 31,137 31,130 32,563 29,755 32,508 29, % 主要財務比率 總營業費用 / 總營業收入 65.3% 71.4% 74.9% 87.8% 78.5% 90.5% 平均資產報酬率 5.1% 3.8% 5.1% 2.2% 3.9% 2.1% 平均股東報酬率 7.6% 6.6% 8.4% 3.1% 6.4% 3.2% 融資餘額 / 總資產 44.5% 42.7% 31.8% 29.8% 25.4% 25.7% 融資餘額 / 股東權益 67.9% 81.6% 43.8% 42.8% 48.3% 44.1% 股東權益 / 總資產 65.5% 52.3% 72.6% 69.5% 52.5% 58.3% 其他資料總營業收入 / 每位員工 經紀手續費收入 / 營業員 薪資 / 總營業收入 32% 34% 35% 39% 31% 42% 6 / 7

69 流通股數 截至 止 ( 百萬股 ) 已發行股數 : 9,535 庫藏股 : 0 流通在外股數 9,535 7 / 7