In 2023, despite challenges from U.S. interest rate hikes shrunk the capital gain of bonds and increased hedging costs, Taiwan Life captured market opportunities and realized capital gains in a timely manner. This helped us to achieve a consolidated after-tax profit of NT$12.38 billion. In addition, our total assets reached approximately NT$2.2 trillion in 2023, and our compound growth rate for the past five years reached 2%.
To align with IFRS 17 and New Generation Insurance Solvency Regime, Taiwan Life has been continuously engaging in a sales transformation, optimizing its product mix, strengthening its capital, and refocusing on the sale of value-based products in order to ensure solid and stable profitability. Our first-year premiums in 2023 totaled NT$49.4 billion; this represented a decline of 14% from 2022, mainly due to the sales of interest-sensitive products, which decreased by 11% from 2022 due to impacts of the investment market. Nevertheless, high-value traditional regular payment products grew 24% from 2022, ranking fourth in the industry. We continued to rank fifth in first-year premiums in the industry, while total premiums in 2023 reached NT$135.8 billion, ranking sixth in the industry.
● Financial Information
Unit: NT$ thousand| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Total assets | 2,204,072,613 | 2,159,111,189 | 2,159,359,973 |
| Operating income | 220,331,080 | 204,760,808 | 282,723,773 |
| Net profit after tax | 12,381,849 | (3,406,941) | 23,130,827 |
| Return on assets (%) | 0.60 | (0.14) | 1.12 |
| Return on equity (%) | 10.52 | (2.66) | 15.35 |
| Capital adequacy ratio (%) | 305 | 275 | 342 |
Note: Return on assets and return on equity are disclosed based on the Company’s standalone financial information.
Note: Excluding the impact of CTBC Insurance, the net income in 2022 was NT$15.9 billion, with a return on assets of 0.74% and a return on equity of 12.3%.