Cathay Financial Holdings Co., Ltd.TWSE: 2882

2023Q1 Cathay Life Financial Statement (Consolidated)

· Issued by Cathay Financial Holdings Co., Ltd.
Consolidated BS
5846 Cathay Life Insurance Co., Ltd. and Subsidiaries
2023Q1 Consolidated Financial Statements
Consolidated Balance Sheets
Unit: NT$ thousands
CodeAccounting Title3/31/2312/31/223/31/22
Assets
11000Cash and cash equivalents375,950,836329,638,342294,302,761
12000Receivables97,035,55392,183,75483,881,992
12600Current tax assets213,42415,47245,874
14000Investments6,891,809,4506,863,010,9386,786,537,909
14110Financial assets at fair value through profit or loss1,455,467,2781,426,004,9921,630,438,198
14190Financial assets at fair value through other comprehensive income468,002,388442,472,3961,350,481,267
14130Financial assets for hedging103,67829,891251,542
14145Financial assets at amortised cost3,977,130,0373,986,581,0502,788,363,654
14150Investments accounted for using equity method, net29,745,09129,483,76229,301,438
14200Investment property529,895,219528,142,438515,376,384
14300Loans431,465,759450,296,409472,325,426
15000Reinsurance assets2,218,1302,309,4472,071,638
16000Property and equipment41,204,21140,809,69930,399,079
16700Right-of-use assets2,304,7142,268,4171,675,414
17000Intangible assets40,864,59841,380,11341,439,113
17800Deferred tax assets65,651,61680,501,62265,944,845
18000Other assets45,539,45464,885,18165,811,033
18900Assets on insurance product, separated account671,735,955655,426,996714,689,756
1XXXXTotal assets8,234,527,9418,172,429,9818,086,799,414
Liabilities and equity
Liabilities
21000Accounts payable17,200,89322,338,46127,384,773
21700Current tax liabilities179,325176,349252,417
23200Financial liabilities at fair value through profit or loss27,558,72263,669,16254,930,618
23300Financial liabilities for hedging3,436,2793,716,091767,655
23500Bonds payable80,000,00080,000,00080,000,000
23700Other financial liabilities7,049,7407,030,5350
23800Lease liabilities16,486,94216,645,24811,855,191
24000Insurance liabilities6,757,212,0676,726,562,8676,511,002,875
24100Unearned premium reserve19,885,43120,547,57018,718,606
24200Claim reserve12,582,94912,760,06112,128,807
24300Liability reserve6,704,101,1486,672,193,7846,457,615,328
24400Special claim reserve11,085,89011,085,73311,085,364
24500Premium insufficient reserve7,714,3968,130,4669,590,845
24700Other reserves1,842,2531,845,2531,863,925
24800Reserve for insurance with nature of financial instrument19,857,38318,495,46916,673,261
24900Reserve for foreign exchange valuation42,166,92149,503,45723,044,650
27000Provisions56,24556,24556,245
28000Deferred tax liabilities43,267,68152,624,42835,979,364
25000Other liabilities12,159,46410,395,96616,103,906
26000Liabilities on insurance product, separated account671,735,955655,426,996714,689,756
2XXXXTotal liabilities7,698,367,6177,706,641,2747,492,740,711
Equity
Equity attributable to owners of parent
Share capital
31100Ordinary share63,515,27463,515,27458,515,274
31000Total share capital63,515,27463,515,27458,515,274
Capital surplus
32000Total capital surplus90,930,99090,924,47860,474,631
Retained earnings
33100Legal reserve50,217,00550,217,00527,491,929
33200Special reserve458,553,415458,553,415390,287,210
33300Unappropriated retained earnings20,582,94022,775,644138,112,023
33000Total retained earnings529,353,360531,546,064555,891,162
Other equity interest
34000Total other equity interest-157,033,577-229,169,011-88,577,547
30000Total equity attributable to owners of parent526,766,047456,816,805586,303,520
36000Non-controlling interests9,394,2778,971,9027,755,183
3XXXXTotal equity536,160,324465,788,707594,058,703
3X2XXTotal liabilities and equity8,234,527,9418,172,429,9818,086,799,414
39800Number of shares in entity held by entity and by its subsidiaries000
39900Equivalent issue shares of advance receipts for ordinary share000
Consolidated IS
5846 Cathay Life Insurance Co., Ltd. and Subsidiaries
2023Q1 Consolidated Financial Statements
Consolidated Statement of Comprehensive Income
Unit: NT$ thousands, Except Earnings Per Share
CodeAccounting Title2023/1/1 To 3/312022/1/1 To 3/31
Operating revenue
Premium
41110Written premium101,151,222101,797,244
41120Reinsurance premium29,32927,255
41100Total premium101,180,551101,824,499
51100Reinsurance expense602,851586,656
Net change in unearned premiums reserve
51310Net change in unearned premiums reserve-561,605-708,974
41130Retained earned premium101,139,305101,946,817
41300Reinsurance commission received5,9017,045
Fee income
41400Total fee income2,625,9322,698,243
Net income(loss) from investments
41510Interest income47,362,23540,216,507
41521Gains on financial assets or liabilities at fair value through profit or loss75,148,261-136,469,457
41526Gains (losses) arising from derecognition of financial assets measured at amortised cost2,026,8049,111,351
41527Realized gains (losses) on financial assets at fair value through other comprehensive income280,6542,021,630
41540Share of loss of associates and joint ventures accounted for using equity method734,209409,715
41550Foreign exchange gains (losses), investments-24,580,49994,537,336
41560Net change in reserve for foreign exchange valuation7,336,536-13,990,924
41570Gains (losses) on investment property3,362,7433,770,346
41585Expected credit losses or reversal of expected credit losses of investments150,811-2,384,993
41590Other net income (loss) from investments152,4042,688,363
41600Gains (losses) on reclassification under the overlay approach-60,171,43886,756,819
41500Net income(loss) from investments51,802,72086,666,693
Other operating income
41800Total other operating income2,424,5602,015,099
41900Income on insurance product, separated account16,117,603-310,399
41000Total operating revenue174,116,021193,023,498
Operating costs
Insurance claim payment
51200Total insurance claim payment97,192,71774,908,486
41200Claims recovered from reinsurers465,763378,176
51260Retained claim payment96,726,95474,530,310
Net change in other insurance liability
51320Net change in claim reserve-183,462327,619
51330Net change in liability reserve46,612,00670,344,627
51340Net change in special claim reserve157305
51350Net change in premium deficiency reserve-396,427-318,281
51370Net change in other reverses-3,000-2,000
51300Total net change in other insurance liability46,029,27470,352,270
51380Net change in reserve for insurance with nature of financial instrument328,445254,293
51400Acquisition expense3,832,0654,219,341
Commission expense
51500Total commission expense3,836,1423,741,850
51700Finance costs1,091,765859,417
Other operating costs
51800Total other operating costs1,826,0611,676,179
51900Disbursements on insurance product, separated account16,117,603-310,399
51000Total operating costs169,788,309155,323,261
Operating expenses
58100General expenses3,350,986.003,368,084.00
58200Administrative expenses5,263,6145,082,250
58300Staff training expenses6,9033,983
58400Expected credit losses or reversal of expected credit losses of non-investments-1,47522,044
58000Total operating expenses8,620,0288,476,361
61000Net operating income (loss)-4,292,31629,223,876
Non-operating income and expenses
59000Total non-operating income and expenses491,938457,993
62000Profit (loss) from continuing operations before tax-3,800,37829,681,869
Tax expense (income)
63000Tax expense (income), net-1,753,1053,606,022
64000Profit (loss) from continuing operations-2,047,27326,075,847
66000Profit (loss)-2,047,27326,075,847
Other comprehensive income
Components of other comprehensive income that will not be reclassified to profit or loss
83190Revaluation gains (losses) on investments in equity instruments measured at fair value through other comprehensive income8,665,4755,296,466
83130Share of other comprehensive income of associates and joint ventures accounted for using equity method, components of other comprehensive income that will not be reclassified to profit or loss-478,755-396,981
83180Income tax related to components of other comprehensive income that will not be reclassified to profit or loss-9,317-128,146
83100Total Components of other comprehensive income that will not be reclassified to profit or loss8,196,0375,027,631
Components of other comprehensive income that will be reclassified to profit or loss
83210Exchange differences on translation226,9752,199,151
83230Gains (losses) on hedging instrument128,01510,096
83290Gains (losses) from investments in debt instruments measured at fair value through other comprehensive income10,526,729-125,556,001
83240Share of other comprehensive income of associates and joint ventures accounted for using equity method, components of other comprehensive income that will be reclassified to profit or loss5,277710,427
83295Other comprehensive income on reclassification under the overlay approach60,171,438-86,756,819
83280Income tax related to components of other comprehensive income that will be reclassified to profit or loss6,823,445-30,645,542
83200Total Components of other comprehensive income that will be reclassified to profit or loss64,234,989-178,747,604
83000Total other comprehensive income72,431,026-173,719,973
85000Total comprehensive income70,383,753-147,644,126
Profit (loss), attributable to
86100Profit (loss), attributable to owners of parent-2,155,52526,041,647
86200Profit (loss), attributable to non-controlling interests108,25234,200
Comprehensive income attributable to
87100Comprehensive income, attributable to owners of parent69,942,730-148,019,155
87200Comprehensive income, attributable to non-controlling interests441,023375,029
Basic earnings per share
97500Total basic earnings per share-0.344.45
Consolidated CF
5846 Cathay Life Insurance Co., Ltd. and Subsidiaries
2023Q1 Consolidated Financial Statements
Consolidated Statement of Cash Flows
Unit: NT$ thousands
CodeAccounting Title2023/1/1 To 3/312022/1/1 To 3/31
Cash flows from (used in) operating activities, indirect method
A00010Profit (loss) from continuing operations before tax-3,800,37829,681,869
A10000Profit (loss) before tax-3,800,37829,681,869
Adjustments
Adjustments to reconcile profit (loss)
A20100Depreciation expense566,924340,890
A20200Amortization expense593,921583,165
A20400Net loss (gain) on financial assets or liabilities at fair value through profit or loss-73,382,778138,379,749
A20450Net loss (gain) on financial assets or liabilities at fair value through other comprehensive income-249,717-1,891,402
A20900Interest expense1,133,523891,771
A21000Net (loss) gain arising from derecognition of financial assets measured at amortised cost-2,026,804-9,111,351
A21200Interest income-47,362,235-40,216,507
A21300Dividend income-1,796,420-2,040,520
A21400Net change in insurance liabilities30,744,841122,095,844
A21500Net change in reserve for insurance with nature of financial instrument1,361,9141,484,473
A21600Net change in reserve for foreign exchange valuation-7,336,53613,990,924
A21830Expected credit losses or reversal of expected credit losses of investments-150,8112,384,993
A21850Expected credit losses or reversal of expected credit losses of non-investments-1,47522,044
A21900Share-based payments5,9140
A22300Share of loss (profit) of associates and joint ventures accounted for using equity method-734,209-409,715
A22450Loss (profit) reclassified by applying overlay approach60,171,438-86,756,819
A22500Loss (gain) on disposal of property and equipment1,604103
A22700Loss (gain) on disposal of investment properties-4,9260
A23200Loss (gain) on disposal of investments accounted for using equity method0-20,837
A24600Loss (gain) on fair value adjustment of investment property9,390-550,246
A20010Total adjustments to reconcile profit (loss)-38,456,442139,176,559
Changes in operating assets and liabilities
Changes in operating assets
A51110Decrease (increase) in notes receivable86,77827,719
A51130Decrease (increase) in other receivable-3,136,501-4,763,597
A51140Decrease (increase) in financial assets at fair value through profit or loss75,283,133-67,257,170
A51141Decrease (increase) in financial assets at fair value through other comprehensive income-6,010,642-161,040,217
A51145Decrease (increase) in financial assets at amortised cost11,627,438-91,519,760
A51150Decrease (increase) in financial assets for hedging58,422483,870
A51170Decrease (increase) in reinsurance assets-3,179223,606
A51180Decrease (increase) in prepaid expenses and other prepayments-293,992-234,620
A51190Decrease (increase) in guarantee deposits paid19,217,404-32,614,678
A51990Decrease (increase) in other assets37,481128,749
A51000Total changes in operating assets96,866,342-356,566,098
Changes in operating liabilities
A52110Increase (decrease) in notes payable110,758-22,265
A52120Increase (decrease) in claims payable3,89956,877
A52140Increase (decrease) in commissions payable-431,957-599,204
A52150Increase (decrease) in due to reinsurers and ceding companies4,468-85,665
A52160Increase (decrease) in other payable-5,716,9554,448,635
A52170Increase (decrease) in financial liabilities at fair value through profit or loss-66,903,319-25,076,242
A52180Increase (decrease) in other financial liabilities-284,006522,025
A52220Increase (decrease) in advance receipts79,01827,374
A52230Increase (decrease) in deferred fee income-186-58
A52240Increase (decrease) in refundable deposit-798,760-7,318,494
A52990Increase (decrease) in other liabilities2,462,4452,531,885
A52000Total changes in operating liabilities-71,474,595-25,515,132
A50000Total changes in operating assets and liabilities25,391,747-382,081,230
A20000Total adjustments-13,064,695-242,904,671
A33000Cash inflow (outflow) generated from operations-16,865,073-213,222,802
A33100Interest received45,764,21536,689,453
A33200Dividends received1,796,4202,158,041
A33300Interest paid-167,423-108,105
A33500Income taxes refund (paid)-471,706-566,370
AAAANet cash flows from (used in) operating activities30,056,433-175,049,783
Cash flows from (used in) investing activities
B01800Acquisition of investments accounted for using equity method0-216,000
B01900Proceeds from disposal of investments accounted for using equity method025,173
B02200Net cash flow from acquisition of subsidiaries-163,9290
B02700Acquisition of property and equipment-792,993-598,732
B02800Proceeds from disposal of property and equipment499
B04500Acquisition of intangible assets-55,107-62,310
B05300Decrease in loans19,058,1867,775,252
B05400Acquisition of investment properties-1,295,385-324,727
B05500Proceeds from disposal of investment properties58,2360
BBBBNet cash flows from (used in) investing activities16,809,0576,598,665
Cash flows from (used in) financing activities
C04020Payments of lease liabilities-405,758-314,668
C04200Decrease in other financial liabilities19,2050
C05800Change in non-controlling interests-34,233-309,745
CCCCNet cash flows from (used in) financing activities-420,786-624,413
DDDDEffect of exchange rate changes on cash and cash equivalents-132,210-2,377,177
EEEENet increase (decrease) in cash and cash equivalents46,312,494-171,452,708
E00100Cash and cash equivalents at beginning of period329,638,342465,755,469
E00200Cash and cash equivalents at end of period375,950,836294,302,761
E00210Cash and cash equivalents reported in the statement of financial position375,950,836294,302,761
Consolidated E
5846 Cathay Life Insurance Co., Ltd. and Subsidiaries
2023Q1 Consolidated Financial Statements
Consolidated Statement of Changes In Equity
Unit: NT$ thousands
Statements of Change in Equity
31103100320033103320335033003410342034453450346034853490340031XX36XX3XXX
Ordinary shareTotal share capitalCapital surplusLegal reserveSpecial reserveUnappropriated retained earnings (accumulated deficit)Total retained earningsExchange differences on translation of foreign financial statementsUnrealised gains (losses) on financial assets measured at fair value through other comprehensive incomeGains (losses) on remeasurements of defined benefitGains (losses) on hedging instrumentsRevaluation surplusReserve of overlay approachOthersTotal other equity interestTotal equity attributable to owners of parentNon-controlling interestsTotal equity
A1Equity at beginning of period63,515,27463,515,27490,924,47850,217,005458,553,41522,775,644531,546,064-11,365,195-47,338,8911,464,900950,265402,058-170,788,822-2,493,326-229,169,011456,816,8058,971,902465,788,707
C7Changes in equity of associates and joint ventures accounted for using equity method598598598
D1Profit (loss)-2,155,525-2,155,525-2,155,525108,252-2,047,273
D3Other comprehensive income211,86616,716,540-114,626101,73455,182,74172,098,25572,098,255332,77172,431,026
D5Total comprehensive income-2,155,525-2,155,525211,86616,716,540-114,626101,73455,182,74172,098,25569,942,730441,02370,383,753
N1Share-based payments5,9145,9145,914
O1Changes in non-controlling interests-18,648-18,648
Q1Disposal of investments in equity instruments designated at fair value through other comprehensive income-37,179-37,17937,17937,17900
Y1Total increase (decrease) in equity006,51200-2,192,704-2,192,704211,86616,753,719-114,626101,734055,182,741072,135,43469,949,242422,37570,371,617
Z1Equity at end of period63,515,27463,515,27490,930,99050,217,005458,553,41520,582,940529,353,360-11,153,329-30,585,1721,350,2741,051,999402,058-115,606,081-2,493,326-157,033,577526,766,0479,394,277536,160,324
Unit: NT$ thousands
Last year's Statements of Change in Equity
31103100320033103320335033003410342034453450346034853490340031XX36XX3XXX
Ordinary shareTotal share capitalCapital surplusLegal reserveSpecial reserveUnappropriated retained earnings (accumulated deficit)Total retained earningsExchange differences on translation of foreign financial statementsUnrealised gains (losses) on financial assets measured at fair value through other comprehensive incomeGains (losses) on remeasurements of defined benefitGains (losses) on hedging instrumentsRevaluation surplusReserve of overlay approachOthersTotal other equity interestTotal equity attributable to owners of parentNon-controlling interestsTotal equity
A1Equity at beginning of period58,515,27458,515,27460,594,86827,491,929390,287,210111,938,770529,717,909-15,347,51738,259,3851,336,456335,851402,05863,853,017-3,224,38985,614,861734,442,9127,689,899742,132,811
C7Changes in equity of associates and joint ventures accounted for using equity method-120,237-120,237-120,237
D1Profit (loss)26,041,64726,041,64726,041,64734,20026,075,847
D3Other comprehensive income2,561,950-96,777,98654510,532-79,855,843-174,060,802-174,060,802340,829-173,719,973
D5Total comprehensive income26,041,64726,041,6472,561,950-96,777,98654510,532-79,855,843-174,060,802-148,019,155375,029-147,644,126
O1Changes in non-controlling interests-309,745-309,745
Q1Disposal of investments in equity instruments designated at fair value through other comprehensive income131,606131,606-131,606-131,60600
Y1Total increase (decrease) in equity00-120,2370026,173,25326,173,2532,561,950-96,909,59254510,5320-79,855,843-174,192,408-148,139,39265,284-148,074,108
Z1Equity at end of period58,515,27458,515,27460,474,63127,491,929390,287,210138,112,023555,891,162-12,785,567-58,650,2071,337,001346,383402,058-16,002,826-3,224,389-88,577,547586,303,5207,755,183594,058,703

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