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OVERVIEW
The Company's overall operating income for 2021 is NT$7.5 billion, operating costs is NT$5.8 billion, operating expenses is NT$1.3 billion, with income tax expenses of NT$30 million, we have reached net profit for the year of NT$403 million before tax and NT$373 million after tax; EPS before tax of NT$1.11 and EPS after tax of NT$1.03. I would like to thank the shareholders for your long-standing support and the entire staff for their hard work.
In 2021, premium income of nonlife insurance market exhibited growth of 10.29%, exceeded NT$206 billion. Only residential fire, engineering, hull and aviation insurance lines deteriorated and all other business lines showed growth momentum, especially for health, credit, casualty, and cargo insurance lines all have achieved double-digit growth. TFMI proactively build on our channel strength, integrate diversified products to expand into niche markets and improve the customer service level. The premium income from written policies reached NT$8.7 billion for the year, a YOY increase of 33.59% and TFMI continue to rank No. 1 in the residential fire insurance business line. In 2021, S&P and Taiwan Ratings continued to award us with the credit ratings, “A-/Stable” and “twAA,” respectively, both outlook Stable.
In 2021, premium income of nonlife insurance market exhibited growth of
10.29%
We actively cooperate with the authorities to promote policy-based insurance. In 2021, TFMI was once again awarded “1st Place” in the Residential Earthquake Insurance Excellence Awards conferred by the authorities; “2nd Place” in the COVID related Insurance Business Performance; "outstanding performance award" and "sustainable care award" in the Micro-insurance Competition. In addition, combined with the resources of the TFMI Foundation, we are committed to care for the disadvantaged and the solitary seniors, improve the medical environment, promote special-needs education for children with disabilities, youth campus anti-drug advocacy, arts and culture, and grassroots sports activities. With tightening of the hospital resources due to COVID, we have made donation to the health care facilities in New Taipei City, Taipei City and Taoyuan.
In terms of market outlook for 2022, as COVID will continue to have a global impact; with the increased vaccination rate, easing of the pandemic restrictions, economy can be slowly recovered. Taiwan is continuing it’s 2021 performance, with investment and capital expenditure put forth in the area, the consumer activities will be increased and subsequently, bringing economy stabilization. The authorities continue to promote the application of digital finance and insurance technology, and with authorities slowly relaxing the regulations, this will assist the enhancement in the on-line insurance purchasing activities; promoting electronic policy to reduce operating costs; and most importantly, insurance market rate and market discipline introduced will prevent market competition for our industry’s stabilization.
With prudent operating principle and customer-oriented business philosophy, TFMI conducts businesses in compliance with laws and regulations, continues to improve professionalism and strengthen core competitiveness. We continue to practice corporate governance, fair dealing and friendly services. On the insurance front, we continue to expand quality business, deepen strategic alliance channels, optimize digital portals, develop diversified products, and improve customer service quality; on the investment side, we strive to revitalize assets and adopt diversified investments to enrich profits. All level of staff works to achieve outstanding performance.
Monthly Sales Report 2021Monthly Sales Report 2021 (29.5KB)
Monthly Sales Report 2020Monthly Sales Report 2020 (29.5KB)
Monthly Sales Report 2019Monthly Sales Report 2019 (29.5KB)
Monthly Sales Report 2018Monthly Sales Report 2018 (29.5KB)
