Shin Kong Financial board reviews H1 results
Taiwan News, Staff Writer
2014-08-27 11:33 AM

Shin Kong Financial Holding Co., Ltd. (2888) held a board of directors meeting Tuesday. Shin Kong Financial’s board resolved to approve the company’s 2014 first half financial report. As of June 30, 2014, consolidated total assets was valued at NT$ 2.65 trillion, increasing NT$216.3 billion year-on-year. Consolidated shareholders’ equity totaled NT$120.1 billion, growing NT$13.8 billion YOY with the portion attributable to shareholders of the parent company totaling NT$105.95 billion or 14% growth YOY. Consolidated total net profit was NT$3.36 billion with net profit attributable to parent company shareholders totaling NT$2.72 billion. To meet the needs of operation development and strengthen financial structure, Shin Kong Financial successfully released its third domestic convertible bond issue totaling NT$5 billion with a 0% coupon.

Shin Kong Life Insurance’s initial annual premiums for the first half 2014 grew 63% YOY to NT$36.2 billion. Foreign currency policies were the key products in 2014, selling NT$13.4 billion in the first half, accounting for 37% of initial annual premiums, and spurring recurring income rate before hedging growth of 11bps YOY. Overall interest income also grew 10% YOY. Shareholder’s equity increased to NT$68.1 billion, growing 11% YOY.

Due to the popularity of long-term care insurance issue in the first half of the year, new Shin Kong Life long-term care insurance policies totaled 24,000 with new contract premium income exceeding NT$1.01 billion. Shin Kong Life’s number of new contracts and premium income market share exceeded 50% in the industry.

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