2015 Fubon Financial Holdings Annual Report

Transcription

Table of Contents
Financial Highlights
Awards and Achievements
Message to Shareholders
Fubon Life
Taipei Fubon Bank
Fubon Bank (Hong Kong)
Fubon Bank (China)
Fubon Insurance
Fubon Securities
Investment Management Group
Corporate Citizenship
Fubon’s Three Principles
02
04
06
14
15
16
17
18
19
20
22
26
2015 Annual Report
FUBON PLUS
RADIATING POSITIVE ENERGY
Forward-thinking and solid in its approach, Fubon Financial Holdings is
a key generator of positive momentum in the financial services sector.
By offering the best financial services to Chinese communities in Asia
and building a robust organization, we continue to move closer to our
vision of becoming one of Asia’s first-class financial institutions.
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2015 Annual Report
Financial Highlights
Fubon Financial Holdings
In NT$ Million
2013 (2)
2014 (3)
2015
Total Assets
4,596,972
5,438,358
5,987,468
Total Equity
341,900
416,161
376,077
Equity Attributable to Owners of Parent
341,678
408,057
367,622
Net Income
38,464
60,478
63,806
Net Income Attributable to Owners of Parent
38,514
60,244
63,593
3.90
5.89
6.21
Book Value Per Share (NTD)
33.39
39.87
35.92
Return on Equity (%) (1)
11.9%
16.1%
16.4%
0.9%
1.2%
1.1%
Earings Per Share (NTD)
Return on Assets (%)
The figures above are the consolidated results of Fubon Financial Holdings Co. and its subsidiaries.
(1) The calculation factor of Return on Equity is the amount attributable to parent company.
(2) Restated retrospectively for subsequent measurement of investment properties from the cost model to the fair value model.
(3) Restated retrospectively for the first time adoption of the 2013 IFRSs.
Total Assets
2013
4,596,972
2014
5,438,358
2015
5,987,468
Equity Attributable to Owners of Parent
2013
341,678
2014
408,057
2015
367,622
Net Income Attributable to Owners of Parent
2
2013
38,514
2014
60,244
2015
63,593
2015 Annual Report
Taipei Fubon Bank
Fubon Life
In NT$ Million
2013 (2)
2014
2015
First Year Premium (4)
204,152
176,116
185,654
Investment Income
86,138
109,740
129,923
Operating Revenue
496,175
516,913
585,006
Operating Costs
458,303
462,305
520,881
In NT$ Million
2013 (2)
2014 (3)
2015
Net Interest Income
15,775
17,329
17,859
Commissions and
Fee Revenues, Net
8,431
10,570
11,130
Other Revenues
9,480
11,731
8,110
Operating Expenses
15,578
16,559
17,191
Pre-Provision Profit
18,108
23,071
19,908
3,857
1,987
(247)
12,153
18,237
17,783
2014
2015
25,007
35,367
41,018
First Year Premium (5)
212,818
190,974
205,282
Interest-Sensitive
110,066
146,821
146,775
8,666
14,858
19,627
Provision (reversal) for
Bad-Debt Losses
94,086
29,295
38,880
Net Income
Net Income
Investment-Linked
Traditional
Fubon Bank (China)
Fubon Bank (Hong Kong) (6)
2013
2014
2015
In CNY$ Million
Net Interest Income
750
842
1,073
Net Interest Income
928
1,034
Net Fee and
Commission Income
271
317
353
Commissions and Fee
Revenues, Net
124
118
13
26
Operating Expenses
473
601
Pre-Provision Profit
591
577
59
84
422
390
2013 (2)
2014
2015
2,461
3,008
2,659
In HK$ Million
Other Operating Income
154
147
78
Operating Expenses
842
897
1,027
Operating Profit before
Gains and Impairment
Losses
333
409
477
11
26
71
380
481
522
2013 (2)
2014
2015
Direct Written Premium
27,497
29,176
30,436
Brokerage Commissions
Net Written Premium
21,477
22,978
24,264
Net Interest Income
832
937
940
Gain on Trading
Securities, Net
618
650
(26)
Total Revenues
5,038
5,447
5,290
Operating Expenses
3,971
4,326
4,327
Net Income
1,370
1,356
1,348
Impairment Losses
Profit for the Year
Fubon Insurance
In NT$ Million
Underwriting Profit
Other Revenues
Provision (reversal) for
Bad-Debt Losses
Net Income
Fubon Securities
1,727
1,748
Investment Income
2,087
1,659
2,164
Net Income
3,244
2,816
3,213
Net Claim Ratio
56.86%
59.40%
55.78%
Net Expense Ratio
36.76%
36.62%
37.78%
Net Combined Ratio
93.62%
96.02%
93.56%
Retention
75.09%
75.34%
74.41%
(4) Excluding Investment-Linked
(5) Including Investment-Linked
1,680
In NT$ Million
(6)T he financial highlights of Fubon Bank (Hong Kong) are from
consolidated financial statements. Other subsidiaries are from
separate financial statements.
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2015 Annual Report
2015 Awards and Achievements
Chinese Management Association
Fubon Financial Chairman Daniel M. Tsai
Management Medal
2015 MAPECT Taiwan M& A Awards
Outstanding Achievement Award
Asiamoney
Taipei Fubon Bank
Best Local Cash Management Bank—as voted
by medium-sized and large corporates / Best
Local Private Bank—as voted by AUM > US$25
million customers
Fubon Securities
Best Domestic Equity House in Taiwan / Best
Local Brokerage in Taiwan—3 rd place
Asia Asset Management
Fubon Asset Management
Best New ETF in Asia / Best New ETF in Taiwan
Corporate Governance Asia
Asian Corporate Director Recognition Awards
/ Asia’s Best CEO (Investor Relations)
Fubon Financial
Recognition Award for Corporate
Governance—Taiwan / Best Investor Relations
by a Taiwan Company / Best CSR / Best
Investor Relations Professional
Euromoney
Taipei Fubon Bank
Best Domestic Private Bank in Taiwan—2nd
Place
Factor Chain International
Taipei Fubon Bank
Best Factoring Service Quality in Taiwan
FinanceAsia
Fubon Financial
Best Investor Relations in Taiwan—Banks and
Financial Institutions
Fubon Securities
Best ECM House in Taiwan
Global Finance
Taipei Fubon Bank
Best Bank in Taiwan
IFR Asia
Fubon Financial
Taiwan Loan House of the Year
Reader’s Digest
Taipei Fubon Bank
Trusted Brand Gold Award 2015 in the Wealth
Management Bank category
Fubon Life
Trusted Brand Gold Award 2015 in the
Insurance category
The Asian Banker
Taipei Fubon Bank
Best Internet Banking in Taiwan
The Asset
Fubon Financial
Corporate Award—Platinum Award
Taipei Fubon Bank
Best Private Bank in Taiwan / Best Cash
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Management Bank in Taiwan / Best Transaction
Bank in Taiwan / Best Renminbi Bank in Taiwan /
Best Cash Management Solution in Taiwan /
Best SME Risk Management Solution in Taiwan
(for Lorom Industrial Co., Ltd.)
Fubon Life
Asian Currency Bond Benchmark Review
2014—Top Investment House for Taiwan Dollar
Bonds
Fubon Securities
Best Initiative in Innovation
The Banker & PWM
Taipei Fubon Bank
Best Private Bank in Taiwan
World Finance
Fubon Life
Insurance Company of the Year 2015, Taiwan
Taiwan Tatler
Fubon Art Foundation CEO Maggie Tsai
Connoisseur of Art
CommonWealth Magazine
Fubon Financial
Corporate Social Responsibility Awards—one
of 10 finalists in the Large Company category
Taipei Fubon Bank
Golden Service Award—4th Place in the Bank
category
Fubon Life
Golden Service Award—2nd Place in the Life
Insurance category
Fubon Securities
2015 Digital Life Survey—Best Online Broker—
2nd Place
Business Today
Taipei Fubon Bank
9 th Wealth Management Survey on Banks and
Brokerage Firms—Best Wealth Management
Bank—2nd Place / Most Customer Trust—1st
Place / Best Service—3 rd Place
Fubon Securities
9 th Wealth Management Survey on Banks
and Brokerage Firms—Best Potential—1st
Place / Best Digital Initiative—3 rd Place ; Most
Respected Brands by Businesspeople—3 rd
Place in the Brokerage category
Excellence Magazine
Fubon Life
2015 Top Insurance Companies—Best
Service Quality Award in the Financial Holding
Company category
Wealth Magazine—Taiwan Financial Award
Fubon Financial
Corporate Social Responsibility Award for
Financial Holding Company—Silver Winner
Taipei Fubon Bank
Best Wealth Management—Silver Winner /
Best Mobile Bank—Silver Winner
Fubon Life
Best Life Insurance Products—Silver Winner
Fubon Securities
Best Brokerage Service—Gold Winner / Best
Local Brokerage Public Image—Silver Winner
Risk Management, Insurance & Finance
Fubon Financial
Most Admired Financial Holding Company
Fubon Insurance
Most Admired P&C Insurance Company / 17th
Faith, Hope, and Love Awards—Distinguished
Profession Award in the Non-Life Insurance
category ; Distinguished Policy Designer
Award in the Non-Life Insurance category (for
a comprehensive mountaineering Insurance) ;
Distinguished Contribution Award in
Insurance Education in the Non-Life Insurance
category ; Distinguished Representative
Office Award in the Non-Life Insurance
category ; Distinguished Career Achievement
Award in the Non-Life Insurance category ;
Distinguished Contribution Award in Social
Responsibility—Honorable Mention ;
Distinguished Policy Designer Award in
the Non-Life Insurance category (for an
aquaculture insurance)—Honorable Mention
Fubon Life
Most Admired Insurance Company in the
Back-Office Support category / Most Admired
Insurance Company in the Field Representative
category / Best Brand Recognition / Best
Claims Service / Best Sales Representative /
Most Recommended Insurance Company / 17th
Faith, Hope, and Love Awards—Distinguished
Contribution Award in Social Responsibility
in the Life Insurance category ; Distinguished
Profession Award in the Life Insurance
category ; Distinguished Distribution Strategy
Award in the Life Insurance category ;
Distinguished Representative Office Award
in the Life Insurance category ; Distinguished
Career Achievement Award in the Life
Insurance category
PMI—Taiwan Chapter
Taipei Fubon Bank
2015 Enterprise Project Management
Benchmarking Award
Next Magazine—12 th Top Services Awards
Taipei Fubon Bank
2nd Place in the Bank category
Fubon Life
2nd Place in the Life Insurance category
Smart Monthly
Fubon Life
2nd SMART Insurance Policy Ranking—
Excellent Value Award
Global Views Monthly
Fubon Financial
The 11th CSR Awards—Exemplary Practice as
a Happy Company
Taipei Fubon Bank
Financial & Wealth Management Five Star
Awards—Top Prize for Wealth Management
Service ; Overall Bank Image—2nd Place ;
Wealth Management Brand—1st Place /
Most Recommended Wealth Manager—1st
Place ; Overall Service—1st Place ; Product
Performance—1st Place ; Client Events—1st
Place ; Most Popular Bank for Investment
2015 Annual Report
Advisory Service—1st Place ; Best Online
Platform for Investment Advisory Service—1st
Place / Service Sector Survey—3 rd Place in the
Banking and Financial Services category
Award for Best Asset Management Brand—
Award of Distinction in the Domestic category /
Award for Most Active Asset Management
Firm—Award of Excellence in the Domestic
category
6 th Taiwan Insurance Best Performance
Awards
Shih Tsan-ming, adviser to Fubon Insurance
Lifetime Achievement Award
Fubon Insurance
Best Customer Service Award—Gold Award /
Best Staff Training Award—Gold Award / Best
Product Innovation Award—Gold Award / Best
ICT Innovation Award—Gold Award / Best
Risk Management Award—Silver Award / Best
Public Service Award—Silver Award
Fubon Life
Best Product Innovation Award—Gold Award /
Best Risk Management Award—Gold Award /
Best Customer Service Award—Silver Award /
Best Staff Training Award—Silver Award / Best
ICT Innovation Award—Silver Award
Manager Today
Fubon Life
2015 Power Brands—Best Life Insurance
Company
Republic of China National Enterprise
Competitiveness Development
Association—National Brand Yushan Award
Fubon Life
Top Prize in the Best Corporate category /
Yushan Award in the Best Corporate category /
Yushan Award in the Best Product category
Financial Supervisory Commission
Fubon Insurance
2015 Exemplary Pay Increase Practice in
the Insurance category / 2015 Outstanding
Performance Award in Microinsurance
Fubon Life
2015 Exemplary Pay Increase Practice in
the Insurance category / 2015 Outstanding
Performance Award in Microinsurance
th
Securities & Futures Institute—13 Golden
Goblet Award
Fubon Securities
Award for Best Companies for Salary Raise
Recognition
Award of Excellence in Financial Innovation
Joint Credit Information Center
Taipei Fubon Bank
Gold Quality Award in the Credit Card Data
categor y
Ministry of Culture
Fubon Financial
12 th Arts & Business Awards—Sponsorship of
the Year
Ministry of Education
Fubon Art Foundation
The Social Education Public Service Award
Sport Administration, Ministry of Education
Fubon Financial
Sponsorship Gold Medal and Long—Term
Sponsorship Award
Health Promotion Administration, Ministry
of Health and Welfare
Taipei Fubon Bank
Recognition of Excellence in Workplace
Wellness
Taiwan Stock Exchange
Fubon Financial
1st Corporate Governance Ranking—ranked
among the top 5% entrants
Fubon Securities
IPO Fund-raising—1st Place / Market Value in
IPO—2nd Place / SPO Fund-raising—3 rd Place /
Number of IPO Deals—2nd Place / Warrant
Trading Turnover—3 rd Place
Taiwan Futures Exchange
1st Futures Diamond Award—Outstanding
Contribution Award in the Asset Management
category—1st Place
Fubon Futures
Outstanding Contribution Award in the
Managed Futures Business / Excellence Award
for Trading Accounts Promotion for RMB FX
Futures
Taipei City Government
Fubon Financial
2015 Taipei Energy Conservation Leadership
Awards—2nd Place
Department of Economic Development,
Fubon Financial
Shortlisted Applicant for Taipei City’s Energy
Label for Commercial Buildings
Awarded as the “Caring Enterprise” of its
Charity Event
China Consumer Protection Foundation
Fubon P&C Insurance
Accredited as a Quality Service Organization
for Consumer Interests
Xiamen Auto Collision Repair and Damage
Estimating Center
Claims Department (Xiamen), Fubon P&C
Insurance
Recognized as Prominent Service Organization
Tiptop Consultants Ltd.
Tiptop Service Award—Persistently
Outstanding Service Outlet (2014-2015)
Hong Kong Council of Social Service
Caring Company Logo
Hong Kong Red Cross
Annual Big Donors—Red Award
VISA Hong Kong Limited
2014 Challengers’ League Largest Payment
Volume Growth—Silver Prize /
2014 Challengers’ League Highest Payment
Volume—Bronze Prize
Bank of New York Mellon
Straight Through Processing Award
Metro Daily and Metro Prosperity
Metro Awards for Banking and Finance
Corporations 2015—Best Merchant
Receivable Financing Bank
MasterCard Worldwide
The Highest Growth Rate In 2014 Cardholder
Spending In Hong Kong—2nd Runner Up
Department of Health, Taipei City Government
Taipei Fubon Bank
Recognition of Excellence in Workplace
Wellness Management
PCCW Media Limited
Yellow Pages Award 2015-16—The Best
Merchant Receivable Financing Service
Department of Environmental Protection,
Fubon Financial
Certificate of Exemplary Leadership in Green
Purchasing
Employees Retraining Board
ERB Manpower Developer Award Scheme—
Manpower Developer
GreTai Securities Market
Fubon Securities
Deal of the Year for Recommending Securities
Firm—2nd Place
Dalian City Association of Insurance
Industry
Dalian Branch, Fubon P&C Insurance
Prominent Organization of Insurance Cultural
Construction Promotion
Dalian Traffic Radio Station of DLTV
Dalian Branch, Fubon P&C Insurance
British Standards Institution
Fubon Financial
Certified to meet both the AA1000 Assurance
Standard and GRI’s G4 guidelines for
corporate social responsibility reports
2015 Taiwan Corporate Sustainability
Fubon Financial
Ten Most Sustainable Company Awards /
Creativity in Communication Awards / Taiwan
Top 50 Corporate Sustainability Report
Awards-Financial Industry—Gold Medal
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2015 Annual Report
Message to Shareholders
Dear Shareholders,
and depressed oil prices, Taiwan’s exports started declining
every single month since February to end the year down 10.6%.
2015 was a challenging year marked by heightened volatility in
Weakness in the export sector rippled through the domestic
global financial markets. The contraction in exports weighted
economy, as evidenced by two consecutive quarters of negative
on Taiwan’s domestic sector, with the economy decelerating
grow th in capital investment, waning consumer confidence
to a growth rate below 1%. Despite the economic headwinds,
and reluctance to spend. That, in turn, resulted in a modest
Fubon Financial Holdings reported net income of NT$63.6 billion
contribution of private consumption to gross domestic product at
and earnings per share (EPS) of NT$6.21 in another year of
less than 1% in the second half of the year. Taiwan recorded its
record performance, owing to its well-balanced mix of profitable
weakest economic growth in six years in 2015 at 0.75%, sharply
businesses. Both figures were the highest in the domestic financial
down from 3.92% in the prior year.
sector for the seventh consecutive year.
Despite the economic headwinds, the results of Fubon Financial
In addition to solidifying its home market success, Fubon Financial
Holdings’ subsidiaries were reassuringly strong, especially for
Holdings spent the past year building out its network in Greater
Fubon Life and Taipei Fubon Bank, the group’s two major profit
China. Key milestones included an approval for Fubon Life to
drivers. The holding company again reported a record profit of
establish a subsidiary in Hong Kong, and green light given to
NT$63.6 billion, or 5.6% higher than in 2014, and EPS of NT$6.21.
Fubon Securities to acquire up to 40% of China-based Huishang
Both figures were the highest in the domestic financial sector
Futures and raise a Chinese private equity fund. In June, the
for the seventh consecutive year. Return on assets and return
Monetary Authority of Singapore agreed in principle to Taipei
on equity arrived at 1.1% and 16.4%, respectively, with the latter
Fubon Bank’s plan to set up a branch in Singapore with the start
setting a record.
of operations scheduled for March 2016. The holding company
finished the year on a high note after Fubon Life concluded
As of the end of 2015, Fubon Financial Holdings had close to NT$6
an investment in South Korea-based Hyundai Life Insurance
trillion in assets, also a record high. Total reported assets were
in December, furthering its ambition to become a strong pan-
NT$5.9875 trillion, 10.1% higher than a year ago, making Fubon
regional champion.
Financial Holdings Taiwan’s second-largest financial holding
company by assets.
Looking ahead to 2016, Fubon Financial Holdings will continue
to integrate resources and drive business synergies across
Taipei Fubon Bank & Fubon Life: Dual Engines of Profitability
its subsidiaries. FinTech development will remain a priority to
Solid growth seen across key subsidiaries demonstrated Fubon
accelerate digital innovation. In order to maintain sound asset
Financial Holdings’ fundamental strength. Fubon Life and Taipei
quality, the company will closely monitor economic developments
Fubon Bank, in particular, represented 92.5% of the parent
and changing trends in the industries that it serves for early
company’s net profit.
detection of risks while implementing effective risk management
and controls.
Fubon Life, the holding company’s insurance arm known for its
well-positioned product lines and large multi-channel network,
In support of the Taiwan government’s push for strong pan-Asia
reported another year of record profit. It remained Taiwan’s most
players, Fubon Financial Holdings has been strengthening its
profitable life insurer with net income of NT$41.02 billion, up 16%
regional presence. The company now operates one of the most
year-on-year.
comprehensive financial service platforms across Taiwan, Hong
Kong and China through which it offers banking, insurance, asset
Fubon Life generated first-year premiums of NT$205.3 billion, up
management and other services. In 2016, it will continue to expand
7.5% year-on-year, for a 17.3% market share. Total premiums were
into other markets beyond Greater China as it advances its goal to
NT$474.4 billion, 11.6% higher than in 2014, for a 16.2% market
become a first-class financial institution in Asia.
share. Both measures of premium income claimed second place
in the industry. With sustained growth of investable assets, Fubon
Market-Leading Profit for Seventh Straight Year
Life’s total assets crossed the NT$3 trillion mark at 2015 year-end.
Looking back at 2015, economic expansion continued in the U.S.,
6
the eurozone and Japan but at a disappointing rate. Against a
Taipei Fubon Bank also posted a solid set of results. Its institutional
backdrop of stagnant world trade, decelerating growth in China
franchise saw significant expansion in the SME client base, the
2015 Annual Report
Daniel M. Tsai
Chairman
7
2015 Annual Report
scale of overseas branches and volumes of syndicated lending.
Fubon Bank (China): Largest Chinese Branch Network among
In the area of retail banking, the bank’s bancassurance business
Taiwanese Peers
grew at a steady pace, and its mortgage business ranked among
Formerly known as First Sino Bank before its name change in
the largest in private-sector banks despite a property market
April 2014, Fubon Bank (China) is a critical element of Fubon
slump. At the same time, it topped peers in the average monthly
Financial Holdings’ growth strategy as it complements the holding
amount of credit card transactions per effective card. A balanced
company’s existing banking network in Greater China. Since the
approach to risk and return helped Taipei Fubon Bank deliver
completion of a restructuring of its share capital, the bank has
sustained growth, with net profit reaching NT$17.78 billion.
made meaningful progress in operations, corporate governance
and risk management along with a larger branch footprint.
Fubon Insurance: 34 Years of Leadership
Fubon Insurance maintained its leadership position in 2015 for
Fubon Bank (China) operates 22 offices situated in the Yangtze
the 34th consecutive year. Its direct written premiums grew 4.3%
River Delta, the Pearl River Delta and along the Bohai Rim,
to NT$30.44 billion for a market share of 22.5%, reflecting its
including a new branch planned in Beijing. As the only Taiwanese-
success in leveraging the marketing resources and distribution
owned bank that operates in each of China’s four free-trade zones,
capabilities of its parent company. The insurer’s underwriting profit
it offers the most complete coverage of key Chinese markets
increased to NT$1.68 billion in spite of severe catastrophic events.
among its Taiwanese peers.
Net income was NT$3.21 billion, or NT$10.1 per share.
Fubon Bank (Hong Kong) reported net income of HK$522 million
Fubon Proper ty & Casualty Insurance, a mainland Chinese
for the year, representing an increase of 8%. In November, Fubon
subsidiar y that Fubon Insurance founded in October 2010,
Bank (Hong Kong) opened its first iBranch in the Wanchai District.
operates 42 offices across China. Written premiums for 2015
Subsequently, a second iBranch, also the 23rd branch of the
were RMB870 million, up 25.9% over the prior year. In Xiamen,
bank, was launched in the Western District. The iBranches feature
the company was ranked the sixth largest player. Country-wide, it
video teller machines i-Tellers and other digital banking facilities
was the fastest growing foreign-owned P&C insurer, finishing 2015
designed to enhance service levels and deliver a unique customer
in sixth position out of 22. Fubon Property & Casualty Insurance
experience. Fubon Bank (Hong Kong) also launched new mobile
achieved a high satisfaction score in a consumer protection survey
banking, e-statement and e-cheque ser vices to respond to
by the China Consumer Protection Foundation and performed
increasing demand for online self-service.
well in several auto insurance customer advocacy rankings—a
testament to its high-quality service. Going forward, expansion in
Ambitions for Regional Leadership
cities of Xiamen, Chongqing and Dalian and provinces of Fujian,
In December 2015, Fubon Life became Hyundai Life’s second-
Sichuan and Liaoning will be a key priority for the company.
largest shareholder after it acquired a 48% stake, next only to
Hyundai Motor Group, which held 50.2%. Fubon Life also secured
Fubon Securities saw broad-based growth across its businesses.
five board seats in the South Korean life insurer. This transaction
The firm was ranked among the top three retail brokers with a 5.19%
marks not only the beginning of a long-term partnership between
market share. In addition, it claimed the second spot whether
Fubon Life and Hyundai Life, but also a milestone in Fubon
measured by value of IPOs, value of SPOs or offerings of emerging
Financial Holdings’ ambition to become a regional champion.
stocks, establishing the firm as a leader in equity underwriting.
Hyundai Motor Group is South Korea’s largest and the world’s fifth
Outside its home market, Fubon Securities made significant
largest auto company. It has extensive holdings in the financial
breakthroughs in 2015, most notably approvals from regulators
sector from loans, credit cards to life insurance. With more than
to acquire up to 40% of China-based Huishang Futures and
2,300 employees working around 51 offices in South Korea,
raise a Chinese private equity fund. It plans to form a mainland
Hyundai Life, formerly known as Green Cross Life before it was
securities joint venture as soon as regulations allow. These
acquired by Hyundai Motor Group in 2012, is seen as a solid
new growth initiatives, coupled with a full-service platform of
starting point for Fubon Life’s expansion into Northeast Asia.
stock and futures trading, advisory and capital market services,
position Fubon Securities competitively to be a premier securities
The investment in Hyundai Life marks the latest of Fubon Life’s
firm in Greater China.
efforts to increase its presence in Asia, following a Vietnamese
subsidiary established in 2011 and the receipt of approval in
8
2015 Annual Report
Richard M. Tsai
Vice Chairman
9
2015 Annual Report
The ratings Fubon Financial Holdings received in 2015 are as follows:
Rating Type
International
Rating Agency
Credit Rating
Long-term Short-term
Standard & Poor’s
BBB+
Moody’s
Baa1
Taiwan Ratings
Corp.
twAA
Domestic
A-2
twA-1+
Outlook
Effective Date
Stable
2015 / 11 / 20
Stable
2016 / 01/ 06
Stable
2015 / 11 / 20
March 2015 to form a subsidiary in Hong Kong. Under the deal,
Exemplary Practice in Corporate Governance
Fubon Life will collaborate with Hyundai Life to enhance returns
Fubon Financial Holdings aspires to the highest standards of
on investment, develop insurance products specifically to address
corporate governance. It is not only Taiwan’s first listed company
the issue of increased life expectancy, and introduce multi-channel
to have established an independent director system, but also
distribution capabilities in order to provide a superior experience
the first domestic financial company to have at least one-third
for South Korean customers. On the group level, Fubon Financial
of its board composed of independent directors. In 2015, Fubon
Holdings plans to expand its partnership with Hyundai to other
Financial Holdings was ranked in the top 5% of companies in
business segments beyond life insurance.
the Taiwan Stock Exchange’s first-ever ranking of corporate
governance, demonstrating the progress the company delivered
On top of Fubon Life’s entry into South Korea, Taipei Fubon
on corporate governance.
Bank is planning a new branch in Singapore, which will start
operations in March 2016. This new location gives Fubon Financial
In 2015, Corporate Governance Asia awarded Fubon Financial
Holdings a beachhead from which to move into ASEAN markets,
Holdings with a Recognition Award for corporate governance
where it will offer products and services that facilitate trade and
for the seventh consecutive year, and honored Fubon Financial
investment and help clients participate in Southeast Asia’s growth
Holdings Chairman Daniel M. Tsai with an Asian Corporate
opportunities. A supporter of the Taiwan government’s bid to grow
Director Recognition Award for the sixth year running for his
select financial holding companies into regional champions, Fubon
contributions to corporate governance, social responsibility and
Financial Holdings will continually explore strategic alliances and
environmental protection.
collaboration throughout Asia.
Tr a n s p a r e n c y i s a n i m p o r t a n t c o r n e r s to n e of c o r p o r a te
Balance Sheet Strength Enabled by Proactive Risk Management
governance. Fubon Financial Holdings was awarded Best Investor
In the process of growing its business, Fubon Financial Holdings
Relations in Taiwan by Corporate Governance Asia for the fifth
places great emphasis on risk management in order to maintain a
straight year, in recognition of the company’s commitment to
strong capital position and above-peer asset quality. The holding
transparency in corporate reporting.
company’s capital adequacy ratio was 124.83% in 2015, far above
the regulatory requirement of 100%.
For years, Fubon Financial Holdings has leveraged its core
competencies to deliver on its commitments to corporate
In 2015, the Financial Supervisory Commission imposed on local
social responsibility (CSR). The company has been consistently
banks a minimum 1.5% loan-loss provision on credit extended
included in CommonWealth magazine’s top 10 listing of large
to China in order to tighten oversight of China-related lending
companies for distinction in corporate citizenship. In 2015,
exposure. Taipei Fubon Bank increased its loan-loss provisioning
it won Ten Most Sustainable Company Award, Creativity in
during the year and met this regulatory requirement.
Communication Award, and Top 50 Corporate Sustainability
Repor t Gold Award in the Financial categor y in the Taiwan
Taipei Fubon Bank’s BIS ratio was 13.44% as of the end of 2015,
Corporate Sustainability Awards.
an indication of the bank’s strong capital position. Even with
steady loan growth, the bank’s non-performing loan ratio was
Apart from its strong financial performance, Fubon Financial
0.15%, well below the industry average of 0.23%. Its coverage ratio
Holdings’ efforts to contribute positive energy to society and act
was 816.4% as of the end of 2015, far higher than the industry
as a good corporate citizen have been recognized by leading
average of 555.43%.
finance media and trade publications. 2015 marked the fifth
consecutive year that the holding company won the Best CSR
In a report released on November 20, 2015, Taiwan Ratings Corp.
Award from Corporate Governance Asia and a Platinum Award
affirmed Fubon Financial Holdings’ long-term rating as twAA
for Corporate Award from The Asset. It also received a Silver
and its short-term rating as twA-1+. Moody’s Investors Service,
Award in the Financial Holding Company category from Wealth
in its latest ratings note dated January 6, 2016, maintained its
magazine’s CSR Awards.
outlook for the company at Stable. These affirmations reflect the
company’s ability to generate above-average profit margin and
Awards and Recognition for Subsidiaries
superior asset quality.
Fubon Financial Holdings’ subsidiaries have received numerous
accolades of their own. Notable awards earned by Taipei Fubon
10
2015 Annual Report
Bank in 2015 included Asiamoney’s Best Local Private Bank
named the Corporate Governance Committee). Led by the president
(among high net worth individuals with at least US$25 million in
of Fubon Financial Holdings with oversight from two independent
assets under management) and Best Local Cash Management
directors, the ESG Task Force sets out strategic objectives, with
Bank (as voted by medium-sized and large corporates); Global
action items developed for each objective, for the short-, mid-, and
Finance’s Best Bank in Taiwan; and The Asset’s Best Private
long-term horizon. There are six smaller work teams, each focused
Bank, Best Cash Management and Best Transaction Bank
on a specific topic area, including the Corporate Governance Team,
in Taiwan. As proof of its best-in-class wealth management
the Employee Care Team, the Responsible Finance Team, the
solutions, the bank won nine awards in Global Views Monthly’s
Customer Engagement Team, the Social Commitment Team and
Financial & Wealth Management Five Star Awards. It secured
the Environmental Sustainability Team.
second place in the Best Wealth Management Bank category
and first place in the Most Customer Trust categor y in the
Wan-Tsai Tsai, the late founder of the Fubon Group, was a
Business Today’s 9 th Wealth Management Survey on Banks and
champion of the spirit expressed in the Chinese idiom of “ploughing
Brokerage Firms.
back to the community whatever is due to the community.” The
group’s four main foundations serve as important platforms
Fubon Life was named for its fourth time Company of the Year
through which Fubon Financial Holdings carries out its CSR
in Taiwan by World Finance, an accolade that demonstrated
initiatives. In addition, the Fubon Volunteer Association and
the insurer’s years of industr y leadership. Moreover, Fubon
policies such as paid volunteering leave have been put in place
Life was awarded second place in the Life Insurance category
to encourage employees to contribute their time and skills toward
in CommonWealth magazine’s Golden Service Award, a top
improving the community.
prize in the Best Corporate category in the 12th National Brand
Yushan Award, and four honors at Risk Management, Insurance
The Fubon Charity Foundation raised over NT$113 million in
& Finance magazine’s Insurance Quality Award, including Most
2015 for the Making Friends with Love program, helping 15,709
Recommended Insurance Company.
students continue their studies. The Fubon Cultural & Educational
Foundation continued to promote financial education, and
Fubon Insurance emerged as Most Admired P&C Insurance
more than 4,000 students in 35 primary schools learned about
Company among finance and insurance graduates in a poll
managing money responsibly through the Future Tycoon Outreach
conducted by Risk Management, Insurance & Finance magazine.
Program in the same year.
It won a total of seven awards in the Faith, Hope and Love
Awards, including Distinguished Profession Award, Distinguished
The Fubon Art Foundation’s Very Fun Park, an annual spectacle of
Policy Designer Award (for a comprehensive mountaineering
large-scale installations, marked its tenth anniversary by teaming
insurance policy) and Distinguished Contribution Award in
up with Google to place the artworks online in what was Asia’s first
Insurance Education.
virtual “wall-less museum.” From 2000 through 2015, Fubon Forum
attracted more than 180,000 audiences to 1,763 lectures and classes
Fubon Securities received several prestigious awards in 2015,
on the aesthetics in the everyday life. The Taipei Fubon Bank Charity
i n c l u d i n g F i n a n c e A s i a’s B e s t EC M H o u s e i n Ta i wa n a n d
Foundation, a supporter of the elderly, the physically challenged
Asiamoney’s Best Domestic Equity House in Taiwan. Business
and those from economically disadvantaged backgrounds, made
Today’s 9th Wealth Management Survey on Banks and Brokerage
advocacy of dementia its main initiative for 2015, with interactive
Firms recognized the company as having the most potential as a
e-learning tools developed to increase Fubon employees’ knowledge
wealth manager. The Taiwan Financial Award hosted by Wealth
about recognizing and diagnosing dementia.
magazine named Fubon Securities Gold Winner for Best Brokerage
Service and Silver Winner for Local Brokerage Public Image.
Local Root, Regional Reach
In the year ahead, the world economy is expected to continue
Fubon ESG Visioning Project: A Pathway to Sustainability
its moderate pace of grow th, but downside risks are rising
In late 2015, Fubon Financial Holdings launched the Fubon ESG
sharply. Risks factors from further slowdown in China’s economy,
Visioning Project, a new initiative aimed at managing business risks
depressed oil prices to heightened volatility in financial markets
and opportunities of climate change and other environmental and
are likely to derail growth in Taiwan’s main export destinations.
social issues. As part of the initiative, a task force was created under
As Taiwan’s export sector remains under pressure, corporations’
the Corporate Governance and Sustainability Committee (formerly
reluctance to invest, along with lower wage growth and diminishing
11
2015 Annual Report
housing and stock market wealth effects, paints a less-than-
5. Fubon Insurance: Main initiatives include increasing online
optimistic economic scenario for 2016.
product line-up to promote sales of insurance over the Web;
using mobile technology to deliver speed and convenience to
The 2016 initiatives and goals set out for each of the holding
customers; developing longer-period health and personal accident
company’s major subsidiaries are as follows:
insurance policies in line with eased restrictions on such products;
using reinsurance to limit the insurer’s loss from catastrophe;
1. Fubon Life: Key initiatives for 2016 include renewed sales efforts
encouraging corporate clients to install loss prevention measures
on annuity plans, health insurance and long-term care plans to
and introducing to them disaster recovery services to minimize the
help customers with their retirement planning and risk protection;
disruption of operations and property loss.
continued implementation of the annual recruitment program and
market development strategies to achieve targeted segmentation
6. Fubon Securities: Goals set out for the year ahead include
and balanced geographic coverage; digital innovation and training
scaling up the wealth management business and developing the
to increase the ability of sales representatives to use technology;
next generation of financial advisors and wealth management
and preparations for a new subsidiary in Hong Kong.
professionals; educating investors about the benefits of a recently
liberalized securities lending system, the brokerage ledger
2. Taipei Fubon Bank: The bank’s priorities for 2016 include
account and less restrictive stock-based loans; capitalizing
deepening client relationships and optimizing its product portfolio;
on wealth management oppor tunities with the introduction
increasing intra-regional connectivity through a new branch in
of overseas securities units; providing financial advisory and
Singapore; exploring infrastructure-related opportunities arising
strategic planning services for IPO prospects in high-potential
from the One Belt, One Road initiative in order to increase
sectors of the economy; issuing warrants on popular underlying
exposure to international markets and enhance return on assets;
stocks to meet investor demand; and increasing the transactions
rationalizing the branch network while expanding selectively
of government and corporate bonds and raising exposure to
in central and southern Taiwan; developing more detailed
foreign investment products.
segmentation and highly-targeted marketing; and accelerating the
speed of digital and mobile innovation.
Looking ahead, Fubon Financial Holdings plans to build out its
presence across regions and globally as it embraces the Taiwan
3. Fubon Bank (Hong Kong): Key actions for 2016 involve
government’s policy actions to foster regional champions. A strong
increasing the number of high-quality SME clients and finding
commitment to innovation and corporate citizenship will position
prospective clients with regional scale; strengthening risk
the company for continuing success in the future.
management to maintain healthy asset quality; optimizing the
branch network and identifying suitable branch locations to
be remodeled into iBranches; increasing sales staf f for the
bank’s market-leading credit receivable factoring business; and
enhancing the bank’s overall return through cross-selling and
client engagement.
Daniel M. Tsai
Chairman, Fubon Financial Holdings
4. Fubon Bank (China): Strategic actions will be undertaken in
2016 to upgrade the technology infrastructure, expand the branch
network, form a committee to encourage innovation, enhance
risk management, implement a performance-based pay system,
foster local talents, seek a retail banking license to conduct yuan
business, and strengthen a wide range of capabilities from virtual
banking, financing for the Internet of Things value chain, treasury
management, syndicated lending, investment banking to asset
management. The bank plans to continue leveraging its parent
group’s geographic breadth, strength in cross-border financing
and local market expertise to develop lasting relationships with
Taiwanese businesses operating in China.
12
Richard M. Tsai
Vice Chairman, Fubon Financial Holdings
2015 Annual Report
1
2
3
4
5
6
7
8
1.Vivien Hsu
President
2.Pen-Yuan Cheng
Chairman
Fubon Life
5.Samuel Hsu
Chairman
Fubon Securities
6.Howard Lin
Vice Chairman
Fubon Life
2.Steve T.H. Chen
Chairman
Fubon Insurance
7.Raymond Lee
Chief Executive Officer
4.Jerry Harn
President
Taipei Fubon Bank
8.Dennis Chan
President
Fubon Bank (China)
13
2015 Annual Report
▲
▲Fubon Life continues to be recognized
with industry awards for leadership and
corporate sustainability.
T he year 2016 starts off with a charity
speed-walking event that encourages
healthy habits and exercise.
▲Three basketball camps held in 2015 help
over 400 disadvantaged children fulfill their
dreams of learning basketball skills.
Fubon Life
Industry-leading Performance
consultancy services. The company’s integration of digital and
In 2015, Fubon Life remained Taiwan’s most profitable life insurer for
physical channels has led to increased work efficiency, improved
a seventh straight year. It posted net profit of NT$41.018 billion, or
responsiveness and higher customer satisfaction.
NT$7.16 per share, up 16%. First-year premiums reached NT$205.28
billion and total premiums increased 11.6% to NT$474 billion. The
Commitment to Customer Service and Corporate Citizenship
insurer received several prestigious awards, including the National
Fubon Life’s products are aligned with changing demographic trends,
Brand Yushan Award, which recognized Fubon Life, the only insurer
such as an increasing number of single people, lower birth rates and
on the shortlist, for exceptional leadership. World Finance Insurance
rising life expectancy. Of particular note, its comprehensive range
named Fubon Life Company of the Year in Taiwan for a fourth straight
of annuity plans, disability income insurance and health insurance
year. Thanks to its established reputation, Fubon Life was selected by
helps clients prepare for retirement and potential senior care costs.
finance and insurance graduates for the fifth consecutive year as the
Fubon Life also provides specialized plans for senior citizen, including
best company to work for. Additionally, it was honored with two Gold
insurance policies that cover specific critical illnesses, accidental
awards at the 6th annual Insurance Excellence Awards and Best Agent
injuries and chronic medical conditions, and long-term care insurance
Force at the 4th Best Quality Awards of Insurance.
that features monthly benefit to pay for caregivers. Looking into the
future, the company will continue to offer new products to fulfill its
A Best-in-class Omnichannel Platform
role of providing financial security for individuals and their families.
Fubon Life continues to leverage the distribution capabilities of its
parent group to realize the full value of its sales force. In 2015, the
During 2015, Fubon Life continued to support clients to minimize the
company launched its first offshore insurance unit to better serve
distress they face in time of crisis. Following a deadly explosion at
foreigners doing business or travelling in Taiwan. In its second year,
a local water park, the company promptly paid injury and hospital
the Beyond the Border recruitment program resulted in the addition
confinement benefit to insured victims who suffered severe burns.
of more than 40 service locations and increased the number of sales
Fubon Life also extended micro-insurance programs to those who
representatives by more than 2,000, the largest sales expansion in
cannot afford traditional insurance. A partnership with Ping An Life
the industry. This program provides a channel for college graduates
Insurance of China expanded access to medical insurance coverage
to return to their hometown to pursue career with Fubon Life while
and emergency assistance for clients travelling in China.
supporting growth of local communities.
Fubon Life has a strong commitment to advancing social welfare.
14
By drawing upon the latest technology, Fubon Life has delivered the
Through activities from lectures on health and wellness, race
promise of Insurance 3.0, allowing customers to apply for insurance
walking to charity basketball games, the company increases public
coverage or change their policies through a mobile app or at the
awareness of the importance of healthy lifestyles and exercise
website. Fubon Life is now the largest life insurer that has deployed
habits. Fubon Life also brings its financial expertise, as well as
Office 365, a Microsoft platform that enables a full range of cloud
human resources, to address challenges faced by the communities.
branches are remodeled and integrated
with digital technologies.
▲
A s part of the Bank 3.0 initiative, select
▲
Taipei Fubon Bank is honored by
PMI-TW with 2015 Enterprise Project
Management Benchmarking Award.
Ta ip e i Fubon Ba nk le ad-ma nag e s a
▲
US$500-million syndicated term loan for
China Steel Corporation.
Taipei Fubon Bank
Riding Out Market Volatility
mobile applications that appeal to today’s tech-savvy consumers
The year 2015 was marked by an uneven global economic recovery,
and meet their needs and lifestyles. Its goal is to reinvent itself as
slowing growth in China and heightened volatility in the yuan.
an agile and responsive bank, one that harnesses technology to
Domestically, exports posted their worst performance since the
provide customers with personalized services and enable them to
2008-09 crisis, and financial institutions faced mounting challenges.
shift seamlessly between digital and branch channels.
Despite the headwinds, Taipei Fubon Bank’s institutional franchise
saw significant expansion in its SME client base, assets held by
As evidence of the bank’s success, Global Finance named Taipei
overseas branches and market share in syndicated lending. The
Fubon Bank Best Bank in Taiwan in its annual listing of the best
bank’s retail banking business grew stronger, notably in wealth
banks worldwide. Awards from Asiamoney, The Asset, IFR Asia
management, mortgage and insurance, even though housing
and FCI acknowledged the bank’s product strength and client
activity weakened and risk-wary customers put off investment. A
focus in institutional banking. The bank also received top rankings
balanced approach to risk and return enabled the bank to turn in
in sur veys conducted by leading financial media and trade
robust results with net profit of NT$17.78 billion.
publications—among which were The Asian Banker, Euromoney,
The Banker and PWM—in the categories of private banking, wealth
Transforming Business for the Digital Future
management and client service.
Taipei Fubon Bank’s business strategies are guided by its vision
to establish a meaningful presence in Asia, and specifically, the
Reaching Sustainability by Balancing Growth and Risk
most comprehensive client relationship coverage across five
Looking into 2016, risk control will be a primary goal as well
major financial hubs in Greater China. The bank spent the past
as challenge for Taipei Fubon Bank amid an uncertain global
year expanding its presence in China via subsidiary Fubon Bank
outlook, China’s slowing growth, slumping oil prices and volatile
(China) and preparing for entry into Singapore. In Taiwan, Taipei
markets. The bank is stepping up efforts to improve management,
Fubon Bank continued the rationalization of its branch network,
streamline processes, and upgrade its infrastructure so as to
maintaining a market-leading distribution reach in metropolitan
drive greater efficiency, productivity and speed to market. In the
Taipei while expanding selectively in central and southern Taiwan.
institutional banking segment, its priorities are to deepen existing
In the process of its branch realignment, the bank turned select
client relationships, enhance its corporate banking portfolios,
branches into smart banking locations that showcase its digital
and increase exposure to foreign markets for improved return on
capabilities and strengthen brand recognition.
asset. As for retail banking, the bank aims to be the first choice
among consumers with a client-centric approach guiding all its
Keen to keep up with the digital evolution and to support the
activities, including network rationalization. The bank will rigorously
Taiwan government’s Bank 3.0 initiative, in 2015, Taipei Fubon
maintain its focus on becoming a regional champion by leveraging
Bank offered 12 more banking services to be processed online.
its extensive distribution capabilities in Greater China while driving
The bank also continued building next-generation online and
closer collaboration between business units.
15
With an aim of providing customers with new banking experiences,
▲
iBranch features i-Teller and a wide range of digital banking
facilities, and also promotes a paperless concept.
▲
2015 Annual Report
Advertising campaign carrying
the theme “Creating New
Banking Experience For You”
▲The opening of Fubon Bank
(Hong Kong)’s first iBranch—
Queen’s Road East Branch
Prudent Management to Pursue Sustainable Growth
Excluding this item, operating expenses increased only by 3%. Xiamen
Despite the unfavourable operating environment in the second half
Bank Co., Ltd posted solid performance and delivered satisfactory
of 2015, Fubon Bank (Hong Kong) reported a net profit of HK$522
results in 2015. The Bank’s share of profits from Xiamen Bank Co.,
million for the year ended 31 December 2015. Excluding a provision
Ltd recorded a year-on-year increase of 30% to HK$206 million. The
of HK$100 million made against a 2002 lawsuit, the Bank’s net profit
Bank’s capital and liquidity position remained strong. The total capital
would be HK$622 million, representing a year-on-year increase of
ratio and Tier 1 capital ratio stood at 16.62% and 11.81% respectively
29%, return on average equity increased from 5.18% to 5.86% when
as at 31 December 2015. The average liquidity maintenance ratio also
compared with 2014, and return on average assets increased from
stood at a comfortable level of 45.82% in 2015.
0.62% to 0.71%.
The Fubon Experience
Fubon Bank (Hong Kong)’s core operating profit before provisions
During the year, further steps were taken to enhance the Bank’s retail
for non-performing accounts and the one-off lawsuit posted an
banking service channels with the launch of a new retail banking
exceptionally strong performance with year-on-year increase of
strategy. The Bank’s first iBranch was launched in November 2015 by
41%. Net interest income increased by 27% to HK$1,073 million,
refurbishing the Queen’s Road East Branch in Wanchai. Subsequently,
mostly driven by the widening of net interest margin and further
a second iBranch, also the 23rd branch of the Bank, was opened in
aided by the growth in average interest-earning assets. Net interest
Western District in December 2015. Conveniently located in the city with
margin widened by 20 basis points to 1.40%. This was attributable
contemporary branch design and configuration, the iBranches feature
to a decrease in the Bank’s cost of funds as well as encouraging
a wide range of digital banking facilities, including the Bank’s first full
improvement in the loan portfolio yield.
service i-Teller (interactive teller machine), and also promote a paperless
concept. Advancement in the Bank’s e-banking platform, including the
Insurance services income recorded an encouraging growth of
launch of mobile banking, e-statement and e-cheque services, was
19%, underpinned by the Bank’s enriched product offerings and the
also made during the year to offer customers a comprehensive range of
success of the new premium financing product. Securities brokerage
digital banking services and enhanced customer experience.
and investment services income also benefited from a more active
stock market and posted a 23% increase. Credit card business
Looking ahead, Fubon Bank (Hong Kong) will continue to attract
continued its steady growth. After accounting for a revaluation loss on
high quality customers in selected market segments with enhanced
the derivative financial instruments, non-interest income was reduced
services and delivery channels. The corporate banking customer
to HK$431 million. The percentage of non-interest income to total
base will continue its expansion by enhancing the range of products
operating income was 28.6% in 2015.
and services of the Bank, and through the strengthening of marketing
resources in line with the Bank’s corporate business strategy. The
16
Operating expenses increased by 14% to HK$1,027 million, including
Bank will continue to play an anchor role in the Fubon Group’s
a provision made for the above-mentioned lawsuit against the Bank.
Greater China development strategy.
by Fubon Bank (China) in August 2015, facilitates
dialogue on economic cooperation in Greater China.
▲
T he 2015 Shanghai Financial Summit, organized
▲
A new sub-branch in Shanghai
free-trade zone commences
operations in August 2015.
Fubon Bank (China) inaugurates a state▲
of-the-ar t flagship branch in Lujiazui,
Shanghai in April 2015.
Fubon Bank (China)
In 2015, banks in China faced challenges ranging from an economic
Fubon Bank (China) continues to build its footprint in China’s
slowdown, wild swings in the stock markets to heightened volatility
fastest-growing coastal cities. A new sub-branch to be opened in
in rates due to a more liberalized financial regime. Guided by the
Kunshan makes Fubon Bank (China) the only Taiwanese-owned
Fubon Group’s strategic goals, Fubon Bank (China) took significant
bank with operations spanning the country’s four free-trade zones
steps to invest in technology, strengthen risk management and
in Shanghai, Shenzhen, Tianjin and Kunshan, bringing its network
expand its reach and scale. The bank’s financial performance in
to 22 locations. In the year ahead, Fubon Bank (China) will expand
the past year demonstrated its widening lead over foreign-owned
into vibrant markets on the Yangtze River with new offices planned
peers, with total assets amounting to 73.64 billion yuan. Non-
in Chengdu and Wuhan. In addition, the bank is set to open a
performing loan ratio stayed low at 1.04%, loan-loss provision
branch in Beijing in the first half of 2016, another move that keeps it
coverage ratio improved to 265.11%, and net profit after provision
one step ahead of Taiwanese competitors.
reached 390 million yuan.
Connecting Taiwanese Businesses to Opportunities
Creating Foundation for Growth
Fubon Bank (China) formed a charitable foundation in July 2015
In corporate banking, Fubon Bank (China) shifted its lending
in support of low-income women and victims of disasters or
focus to public infrastructure and strategic sectors in response to
other emergency. Moreover, it strengthened thought leadership
heightened macro risks and the Chinese government’s One Belt,
by organizing the 2015 Shanghai Financial Summit, where
One Road initiative. It also renewed efforts on trade finance, which
scholars and industry leaders exchanged ideas and discussed
carries lower risk than other types of financing, and expanded its
ways to deepen economic cooperation in Greater China. In order
client base. As for retail banking, its new debit card—the first ever
to support Taiwanese businesses for future growth and increase
issued by a Taiwanese bank operating in China—enjoyed wide
their access to capital, the bank continues to improve products,
popularity. Meanwhile, additional marketing and product teams
services and delivery channels including venture loans, capital
were created to meet rising demand for treasury management. As
market services, co-branded cards, digital branches, foreign
further evidence of the depth of its financial and risk management
currency solutions and direct-sold mutual funds. It looks to
capabilities, Fubon Bank (China) was among the first foreign-
provide private banking services at select locations in Shanghai
owned banks allowed to issue certificates of deposit in China. The
and a new branch being planned in Chengdu, pending the
bank made fintech development a key priority in 2015, with the
issuance of a retail banking license to serve Chinese nationals.
launch of a digital branch and new offerings of mobile banking,
As Fubon Bank (China) competes for a greater market share in
super Internet banking and third-party online payment enabled
China, its top priority remains being nimble and innovative to
by Alipay and UnionPay greatly increasing both the security and
deliver a superior client experience.
ease of banking.
17
2015 Annual Report
ideas and vision on how insurance can
help protect against unforeseen risks.
▲
▲ Chairman Steve T.H. Chen shares his
President Ben B.Y. Chen accepts the
Award for Excellence that recognizes
▲ A marathon fair raises people’s awareness
of micro-insurance in a fun, engaging way.
Fubon Insurance for its contribution to
the growth of micro-insurance.
Fubon Insurance
Navigating Market Volatility
Chongqing, Liaoning and Dalian. Written premiums for 2015 were
Despite a challenging environment and severe catastrophic events
RMB870 million, up 25.9% over the prior year. In Xiamen, where it
in 2015, Fubon Insurance maintained its leadership position for
is headquartered, the company was ranked the 6th largest player.
the 34th consecutive year. Its written premiums amounted to
Countrywide, its pace of growth topped those of its foreign peers,
NT$30.44 billion for a market share of 22.5%, reflecting its success
sending its ranking in China’s 22 foreign-owned property and
in leveraging the marketing resources and distribution capabilities
casualty insurers to the 6th position. Fubon Property & Casualty
of its parent group. The insurer’s prudent underwriting practices
Insurance also achieved a high satisfaction score in a consumer
and rigorous cost controls resulted in net profit of NT$3.21 billion,
protection survey by the China Consumer Protection Foundation
or NT$10.1 per share, in line with investor expectations. The
and received top rankings in several auto insurance customer
earnings performance stands as a proof of Fubon Insurance’s solid
satisfaction surveys on claim service quality.
foundation on which it delivers sustained growth and safeguards
the interests of its policyholders.
Fubon Insurance (Vietnam) Co. Ltd., another subsidiary of Fubon
Insurance, was incorporated in 2008. It has head office in Ho
Fubon Insurance’s client-first approach focuses on innovating
Chi Minh City and branches in Hanoi, Binh Duong and Dong Nai.
the customer experience to deliver speed, convenience and
Written premiums for 2015 were 229.1 billion dong, up 20% over
value. During 2015, the insurer saw a higher share of insurance
the prior year. The expertise and experience shared by Fubon
policies applied online owing to its growing product line-up and
Insurance, combined with in-depth insight into the Vietnam market,
renewed marketing activity. It also added new features to its
enables Fubon Insurance (Vietnam) to deliver tailored solutions to
mobile application to facilitate policy purchase, self-service for
its clients. Throughout the years, the insurer has earned a strong
policy changes and claims reporting. Meanwhile, it continued to
market position as well as trust from both Taiwanese-owned and
hold loss prevention education seminars aimed at strengthening
Vietnamese corporations for the extensive personal and property
clients’ knowledge and awareness of catastrophic risk. Increased
protection it provides to companies, individuals and workers.
risk preparedness, together with Fubon Insurance’s disaster
restoration and recovery services, can reduce the frequency
At the Forefront of Opportunities
and severity of natural and manmade disasters, hence limiting
Looking ahead, Fubon Insurance will stay at the forefront of
the economic, social and environmental impact for the affected
changing market trends while upholding its core values of integrity,
business and society.
sincerity, professionalism and innovation. It will also reinforce its
commitment to protecting individuals, families and businesses
18
Expanding Regional Presence
against losses through a comprehensive suite of insurance
Fubon Proper ty & Casualty Insurance, a mainland Chinese
offerings and by engaging clients in risk preparedness and risk
subsidiary of Fubon Insurance, has 42 offices in cities of Xiamen,
reduction activities.
F u b o n S e c u r i t i e s a n d Fu b o n A s s e t
▲
analy tics to enable targeted, data-
Management receive three prestigious
Service, by Wealth magazine.
driven marketing.
awards at the 13th Golden Goblet Award.
▲
T he Electronic Marketing team uses
a w a r d s , i n c l u d i n g B e s t B r o ke r a g e
Fubon Securities is honored with several
▲
Fubon Securities
Entry into Wealth Management Business
In Fubon Futures, its futures advisory business, which manages
Fubon Securities delivered strong performances across all its businesses
the most client assets among peers, delivers superior performance
in 2015. It was one of the top three retail brokers with a 5.19% share. Re-
for its clients. The company received in 2015 the Futures Trading
consigned trading of foreign securities was NT$119.3 billion, up 37%
Diamond Award from the Taiwan Futures Exchange recognizing
year-over-year. Its number of issued warrants increased to 1,881 for a
its distinguished contribution to the industry. During the same
6.9% market share. Trades made via mobile devices rose 22.9% year-
year, Fubon Asset Management was honored for innovation
over-year, representing 33.5% of its total electronic trading volume. With
demonstrated in Fubon Shanghai Stock Exchange 180 Leveraged
a leadership position in capital raising, Fubon Securities received four
2X Index ETF, the world’s first leveraged and inverse ETF that
prestigious awards from the Taiwan Stock Exchange, including the top
tracks the Shanghai Stock Exchange 180 Index, at the 13th Golden
honors for the year’s largest IPO as well as the most IPOs, as measured
Goblet Award.
by the number of deals and the deals’ combined value. In its first foray
into wealth management, the company launched trust services and
Top-tier Position in Greater China
ended 2015 with NT$12.7 billion in assets under management.
Looking into 2016, Fubon Securities will focus on improving its
structure and capturing efficiencies in order to sustain profit
The asset-management arm Fubon Asset Management recorded
growth. It also will develop new strategies and reinvent its
mutual fund assets of NT$98.8 billion at year-end 2015, up 18% year-
business model to respond to new opportunities in digital and
over-year. Including non-publicly offered funds and discretionary
mobile. Another strategic priority is to leverage its parent group’s
mandates, its total client assets amounted to NT$124.2 billion. The
brand strength and market-leading positions in core markets
asset manager debuted in 2015 two ETFs tracking the Tokyo Stock
in its aim to be a top-tier investment bank. Meanwhile, Fubon
Price Index, the Fubon Topix Leveraged 2X Index ETF and the Fubon
Asset Management looks to offer more China A-share funds, and
Topix Inverse-1X Index ETF. To further expand its product line-up, it is
Fubon Investment Service, Fubon Securities’ equity research unit,
planning conventional, leveraged and inverse ETFs that track Indian
expects to expand the reach of its research insight by leveraging
indices slated for launch in early 2016.
U.S. partner Jefferies’ global distribution platform and client base.
Award-winning Mobile Offerings
Outside its home market, Fubon Securities has made significant
A pioneer in electronic trading, Fubon Securities continues to provide
breakthroughs, most notably approvals from Taiwanese regulators
innovative product offerings, including a stock market app for the
to acquire up to 40% of Huishang Futures and to raise a private
Apple Watch and an award-winning mobile assistant app. The Asset
equity fund. It now looks to form a mainland securities joint
has honored the company with Best Initiatives in Innovation, an
venture as soon as regulations allow. These new growth initiatives,
award that acknowledges its advanced in mobile trading solutions.
coupled with a full-service platform of stock and futures trading,
In addition, Fubon Securities has been named recipient of Best
advisory and capital market services, position Fubon Securities
Brokerage Service by Wealth magazine.
competitively to be a premier securities firm in Greater China.
19
2015 Annual Report
▲ The acquisition of the London site of Madame Tussauds in 2015
marks Fubon Life’s third real estate investment in London.
▲ I naugurated in 2015, a new office tower located on Dunhua S.
Road graces the skyline of Taipei’s main business district.
Investment Management Group
Fubon Life & Fubon Insurance
All in all, markets in 2016 are likely to be driven by monetary and fiscal
Delivering Superior Investment Returns
policy actions, oil prices and China’s growth levels.
The U.S. Fed ended a seven-year period of close to zero interest
rates in 2015, lifting the cloud of uncertainty and prompting
Amidst a backdrop of diverging monetary policy and moderate
investors to pull money out of emerging markets. The inclusion of
economic growth, investment teams of Fubon Life and Fubon
the yuan in the SDR basket kept the currency’s internationalization
Insurance will follow global events closely to determine the
on track and strengthened China’s commitment to a more flexible
opportune time to invest while being selective in the targets they
exchange rate regime. However, growth fear spurred capital flight
want to invest in. The portfolios will be invested primarily in global
and caused extreme volatility in the China and Hong Kong stock
and domestic fixed-income securities and stock with high dividend
markets. Elsewhere, investors grew anxious over provocations
and blue chips in order to strenghten the function of asset-liability
in North Korea and conflicts in Middle East. Navigating the rise
management. They will also seek high-quality real estate assets
in global market volatility, investment teams of Fubon Life and
and opportunities to invest in public infrastructure in order to
Fubon Insurance identified opportunities and delivered strong
generate sustainable long-term returns.
returns in 2015. Fubon Life saw its year-end balance of investible
funds increase 10% to NT$2.84 trillion, and return on investment
Direct Investment
in the year set another all-time high of NT$130.3 billion. At Fubon
Unleashing Profit Potential
Insurance, assets grew at a steady rate with year-end balance of
The group’s direct investment division identifies and secures
investible funds arriving at NT$71.8 billion.
new business opportunities through joint venture or by investing
directly in high-potential companies in the healthcare, information
Opportunities and Challenges
technology, cultural and creative, green energy, infrastructure and
In the year ahead, divergent monetary policy will continue to shake
financial industries. Its goal is to seize the opportunities that arise
global markets as the U.S tightens financial condition while Europe
from Taiwan’s ongoing transition to a knowledge-based, service-
and Japan expand monetary stimulus. A glut of crude oil is showing
driven economy.
no signs of easing after the sanctions on Iran and the U.S. oil
20
export ban were lifted, and slumping oil prices are increasing fiscal
The group ended the year 2015 with direct investment valued at
pressures on oil-exporting nations. Geopolitical risks, in particular
NT$7.543 billion, including NT$2.418 billion in healthcare; NT$1.803
rising tensions in the Middle East, will be another destabilizing factor
billion in infrastructure; NT$1.398 billion in cultural and creative
for global markets. Moves in the yuan should continue to affect short-
industries and media channels; NT$454 million in financials;
term market sentiment in Asia and worldwide. In the long term, the
NT$417 million in venture capital; NT$370 million in energy and
13th Five Year Plan (2016–2020) is expected to help China move to
environmental engineering; NT$305 million in hospitality, food and
a more sustainable growth path with its vision to implement supply-
beverage; NT$308 million in IT and e-commerce; and NT$25 million
side reforms, encourage consumption and speed up urbanization.
in sports and entertainment.
2015 Annual Report
Board of Directors
Management Committee
Chairman
Directors
Daniel M. Tsai
Jain-Rong Su
Commissioner
Department of Finance
Vice Chairman
Richard M. Tsai
Independent Directors
Louis Cheung
Managing Partner
Boyu Capital
Ming-Je Tang
Professor
Department of International Business
National Taiwan University
Jing-Sen Chang
Executive & Independent Director
Taipei Fubon Bank
Jin-Ji Chen
Professor
Department of Business Administration
CTBC Financial Management College
Fang-Ling Yang
Commissioner
Department of Legal Affairs
Hsiu-Chu Liang
Commissioner
Department of Budget,
Accounting and Statistics
Vivien Hsu
President
Pen-Yuan Cheng
Chairman
Fubon Life
Samuel Hsu
Chairman
Fubon Securities
Jerry Harn
President
Taipei Fubon Bank
Daniel M. Tsai
Chairman
Richard M. Tsai
Vice Chairman
Vivien Hsu
President
Pen-Yuan Cheng
Chairman
Fubon Life
Steve T.H. Chen
Chairman
Fubon Insurance
Jerry Harn
President
Taipei Fubon Bank
Samuel Hsu
Chairman
Fubon Securities
Howard Lin
Vice Chairman
Fubon Life
Raymond Lee
Chief Executive Officer
Dennis Chan
President
Fubon Bank (China)
(Information above as of end of February 2016)
21
2015 Annual Report
Dynamic Fubon,
Creating a Common Good
Spreading Love—One Step at a Time
Fubon Financial Holdings acts as a “social catalyst,”
embracing corporate social responsibility. Through
ethical management practices and forward thinking,
we have emerged as a positive force in the financial
sector, committed to creating a common good.
22
Fubon Charity Foundation
Fubon Cultural and Educational Foundation
Taipei Fubon Bank Charity Foundation
Shanghai Fubon Charity Foundation
2015 Annual Report
▲ Pop singer Jay Chou is a spokesman for Making Friends with Love, a
tuition assistance program for disadvantaged students.
Fubon Charity Foundation
The first philanthropic arm of the Fubon Group, the Fubon Charity Foundation
serves as a vital platform for the group to fulfill its corporate citizenship goals.
Highlights of 2015 included:
“Making Friends with Love”: The initiative raised NT$113,109,000, helping
more than 15,709 students continue their studies.
“Exchanging Points for Love”: The initiative raised NT$1,597,100 in funds that
were donated to 13 charities.
“Emergency Relief”: Programs supported or coordinated by the foundation
included financial aid to individuals with emergency situations; a special fund
for medical emergency; a disaster recovery program for victims of the 921
earthquake; a micro-insurance program jointly funded by Fubon Life and Fubon
Insurance; tuition assistance for orphaned children of rescue workers who died
in the wake of Typhoon Morakot; Fubon Group employees’ donations to victims
of a deadly explosion at a local water park; and “1919 Go Exercise–Fubon
Emergency Household Relief Plan.” Funds of NT$26,930,389 were contributed
to support 14,255 individuals, families and groups.
“Make a Wish, Build a Future”: The campaign granted the wishes of 9,852
children from disadvantaged backgrounds.
“Fubon Social Welfare Ambassador”: The initiative supported 74 small to midsized nonprofits that provide a wide range of social and community services.
“Joy of Giving Blood”: Employees of the Fubon Group mobilized to help with
the annual blood drive, with 4,024 units of blood collected. The blood drive was
honored by the Taiwan Blood Services Foundation for a seventh straight year.
“Fubon Volunteer Association”: 3,285 members contributed 15,818 hours of
service.
The Fubon Charity Foundation is committed to making a meaningful impact on
the communities it serves. In 2016 and beyond, it will remain at the forefront of
philanthropy, spreading love and care to where they are needed.
23
2015 Annual Report
▲ Fubon employees experience rice farming and learn about sustainable
agriculture through Fubon EDU’s environmental day trips.
▲ At the annual art festival Very Fun Park, artist Yu WenFu covers the façade of an idle building with over 60,000
bamboo sticks.
Fubon Cultural & Educational Foundation
The Fubon Cultural & Educational Foundation has guided teenagers
Established in 1997, the Fubon Art Foundation has a long-standing
on their journey of life, helping them harness their potential and
commitment to sharing art with the community. Past and current
develop a global mindset. In 2015, its efforts were focused on youth
projects include Very Fun Park, Fubon Forum, Art Map and Fun Art
education, parental-child communication, financial literacy and the
Radio. The foundation also develops corporate gifts for Fubon Financial
celebration of positive energy.
Holdings and its members using licensed images from aspiring artists,
underscoring its efforts to make art a part of everyday life.
The foundation launched Rolling Film School, a series of film
appreciation classes at 15 senior high and vocational schools
In 2015, Very Fun Park celebrated its 10th anniversary by selecting
to help students learn about films through screenings, lectures,
10 locations in eastern Taipei as creative hubs. Nearly 30 artists
and a digital platform designed to support the teaching about the
invigorated neglected parts of the city with art installations, which
film medium. The foundation looks to eventually make Rolling film
engage viewers in a visual and physical dialogue with space. The
school an elective course in Taiwan’s secondary education.
project compiled its own virtual collection, the first of its kind in Asia,
by using Google’s online platform through which the public can
Meanwhile, the Young Voice Workshop continued to empower
access images of the artists’ work.
young people to find their voice, express their opinion on public
issues and showcase their talent. Let’s Talk about Media radio
In its 15th year, Fubon Forum provides the public an opportunity
show once again served as a vital platform for dialogue between
for learning and enrichment with lectures on living an aesthetically
parents and children. A video channel that turns its radio
fulfilling life. To date, 772 speakers have shared their insights in
broadcasts into Internet programming has attracted over 4.5 million
1,763 lectures and classes, attracting audiences of over 180,000.
viewers as of the end of 2015.
The 36 public lectures and 28 fee-charging classes organized in
2015 featured, among others, Ichizawa Shinzaburo, president of
24
The Future Tycoon Outreach Program offered financial education
Ichizawa Shinzaburo Hanpu; Fumio Nanjo, director of the Mori Art
to more than 4,000 students at 35 primary schools in 2015. The
Museum; Teruo Kurosaki, founding director of Freedom University;
program also enlisted teachers to contribute their hands-on
Masaaki Kanai, president of MUJI; and Colm Tóibín, a renowned Irish
experience to the development of teaching materials and organized
writer. The prestigious list of guest speakers highlights a growing
two workshops on personal finance.
international reputation of Fubon Forum.
Fubon EDU, yet another annual initiative, was developed to help Fubon
In the year ahead, the Fubon Art Foundation will build a cloud
Group employees engage in sustainability. Highlights of 2015 included
platform through which to display digital representations of its
support to farmers who adopt safe and sustainable practices, movie
art exhibitions. It also will continue with projects that help people
screenings, lectures on the power of positive energy, and social media
develop an appreciation of ar t and heighten their aesthetic
campaigns—all with the goal of creating positive change for society.
experience of everyday life.
2015 Annual Report
▲ Chairman Daniel M. Tsai offers words of encouragement
to winners of the Artistic Achievement Awards for the
▲ Foundation staff members explain the benefit of broken
bones insurance cover to an elderly beneficiary.
Disabled.
Taipei Fubon Bank Charity Foundation
Shanghai Fubon Charity Foundation
In 2015, the Taipei Fubon Bank Charity Foundation added three adult
The Shanghai Fubon Charity Foundation was established
day care centers in Guangyuan and Litao villages and on the Orchid
by Fubon Bank (China) on July 24, 2015, and is a private
Island of Taitung County to help seniors live happily and healthy in
foundation registered with the Shanghai Civil Affairs Bureau.
a stimulating social environment. In celebration of the Double Ninth
The foundation was created with a mission to support low-
Festival, the foundation held seven recreational activities for the elderly
income women and spread positive energy to where it is
to enjoy the company of their peers, and gave away hat-and-scarf gift
needed. It has empowered numerous women by providing
sets to help them stay warm during the winter months.
them access to education, healthcare and emergency aid,
particularly the vulnerable individuals who are disengaged from
Moreover, the foundation was actively involved in increasing
supports and services.
awareness and advocacy of dementia. It circulated information packs,
put up posters at the branches of Taipei Fubon Bank, and placed
To date, the Shanghai Fubon Charity Foundation has focused its
dementia testing forms and screening guidelines in the bank’s ATM
charitable efforts on two programs: contributions to the families
areas. It also developed wearable NFC wristbands to locate dementia
of female fire personnel and the widows and orphaned children
patients in partnership with Taiwan Mobile Network, an affiliate of the
of firefighters who died in the line of duty at massive explosions
Fubon Group, and the Federation for the Welfare of the Elderly.
at the Port of Tianjin in August 2015; and a partnership with
Fubon Insurance to offer broken bones insurance to insured
With a commitment to supporting family caregivers, the foundation
female seniors above 70 years of age. Starting off with 20 pilot
provided a total of 250 support group events for caregivers of people
locations in Shanghai, the free insurance cover is being offered
with dementia and respite events for those who care for family
across the city with an estimated 1,500 elderly people to benefit
members affected by disabilities, giving caregivers the chance to take
per year.
a breather, re-energize and connect with others.
The Shanghai Fubon Charity Foundation is following in the
The Ar tistic Achievement Awards for the Disabled entered its
footsteps of larger, long-established charities affiliated with
seventh year in 2015, giving people with disabilities an opportunity
Fubon Financial Holdings as it focuses resources to address
to showcase their musical and performance talent. The All Love
local needs and give back to the community. Heading into 2016,
Orchestra, an ensemble composed of past award winners, continued
the foundation will remain committed to uniting people and
to tour around Taiwan, and their rousing performances brightened
organizations to make a meaningful difference in the lives of low-
up a wide variety of occasions from school graduations, awards
income women. It also will strive each day to earn public trust
ceremonies, festive celebrations to adult day care events.
and confidence that is critical to achieving its mission.
25
2015 Annual Report
Fubon’s Three Principles:
Integrity, Diligence, Modesty
Fubon traces its roots to 1961 when Fubon Insurance, formerly known
as Cathay Insurance, began operations as Taiwan’s first private P&C
insurance company. Since then, Fubon has grown into one of Taiwan’s
largest conglomerates with presence in most major sectors of the
domestic economy.
In 1985, Mr. Wan-Tsai Tsai, the late founder of the Fubon Group,
articulated three principles—integrity, diligence and modesty—to be
followed at both the personal and corporate level. He defined integrity
as the foundation for conducting oneself, diligence as the foundation for
building entrepreneurship, and modesty as the foundation for cultivating
one’s nature and dealing with people. Setting the example himself, Mr.
Tsai had encouraged every employee to put these principles into action.
Through integrity, diligence and modesty, the Group has laid the
building blocks of success. For Mr. Tsai, integrity is exhibited by being
trustworthy and using judgment and common sense in business
decision-making. A financial company must strive to act with integrity
as clients trust it to be a good steward of their assets. Without trust, a
business cannot succeed. A highly-valued traditional virtue, diligence
has been embedded in Fubon’s corporate culture and embraced by all
employees, whose dedication and hard work enables Fubon to build
leading positions in various markets. Modesty, in summary, is the quality
of being humble, unpretentious, and showing leniency to others but not
to oneself.
For more than half a century, Fubon has solidified its presence in Taiwan
while actively gaining a foothold in other Asian markets. Fubon Financial
Holdings is Taiwan’s second-largest financial holding company known
for its market-leading, comprehensive range of financial services. Its
subsidiaries rank among the top performers in their respective sectors.
In 2015, Fubon Financial Holdings again topped the industry with the
best profit performance and remained the most profitable financial
holding company for seven years in a row.
Looking ahead, Fubon will continue to uphold its three principles
and apply its four core values of integrity, sincerity, professionalism
and innovation to guide management decisions. These standards of
professional and ethical conduct create an obligation to develop the
business for the long term, act responsibly as a corporate citizen, and
bring positive energy to where it is needed. They also lay a strong
foundation for continuing success as Fubon Financial Holdings
advances its goal to become a first-class financial institution in Asia.
26
2015 Annual Report
Wan-Tsai Tsai
Founder and Chairman,
Fubon Group
27
2015 Annual Report
Fubon Financial Holding Co., Ltd.
Year of Founding: Dec. 2001
Chairman: Daniel M. Tsai
President: Vivien Hsu
Capital: NT$102.34 Billion
237 Section 1 Jianguo S Road
Taipei Taiwan
Te l : (8862) 6636-6636
Fax:(8862) 6636-0111
www.fubon.com
Fubon Life Insurance Co., Ltd.
Year of Founding: July 1987
Chairman: Pen-Yuan Cheng
President: Benson Chen
108 Section 1 Dunhua S Road
Taipei Taiwan
Te l : (8862) 8771-6699
Fax:(8862) 8809-8889
www.fubon.com
*Aetna Life Insurance Company of
America, Taiwan Branch was established
in 1987 and then bought by ING Group in
2000 and renamed ING Life Taiwan. The
branch became an ING Life subsidiary
in 2006, which was later bought by the
Fubon Group. Fubon Life was launched
in 1993. The two insurers formally
merged in 2009.
Taipei Fubon Commercial Bank
Co., Ltd.
Year of Founding: April 1969
Chairman: Daniel M. Tsai
President: Jerry Harn
169 Section 4 Ren Ai Road
Taipei Taiwan
Te l : (8862) 2771-6699
Fax:(8862) 6606-9398
www.fubon.com
Fubon Bank (Hong Kong) Limited
Year of Founding: Jan. 1970
Chairman: Richard M. Tsai
Chief Executive Officer: Raymond Lee
38 Des Voeux Road Central,
Hong Kong
Te l : (852) 2842-6222
Fax:(852) 2810-1483
www.fubonbank.com.hk
Fubon Bank (China) Co., Ltd.
Year of Founding: March 1997
Chairman: Pei Li Hong
President: Dennis Chan
Capital: RMB2.1 Billion
1-3F, 5F, 18-20F, Oriental Financial Plaza
Tower A,
1168 Century Avenue, Pudong, Shanghai
Te l : 86-21-2061 9888
Fax:86-21-5840 9900
www.fubonchina.com
Fubon Insurance Co., Ltd.
Year of Founding: April 1961
Chairman: Steve T.H. Chen
President: Ben B.Y. Chen
237 Section 1 Jianguo S Road
Taipei Taiwan
Te l : (8862) 2706-7890
Fax:(8862) 2325-4723
www.fubon.com
Fubon Securities Co., Ltd.
Year of Founding: July 1988
Chairman: Samuel Hsu
President: Leo Cheng
169 Section 4 Ren Ai Road
Taipei Taiwan
Te l : (8862) 8771-6888
Fax:(8862) 8771-6636
www.fubon.com
Fubon Securities Investment
Services Co., Ltd.
Year of Founding: May 1987
Chairman: Philip Hu
President: Charles Hsiao
Capital: NT$300 Million
Taipei Taiwan
Te l : (8862) 2781-5995
Fax:(8862) 2773-5601
www.fubon.com
Fubon Futures Co., Ltd.
Year of Founding: May 1998
Chairman: Raymond Yang
President: Phoebe Chang
Capital: NT$1 Billion
9 Xiangyang Road Taipei Taiwan
Te l : (8862) 2388-2626
Fax:(8862) 2370-1110
www.fubon.com
Fubon Asset Management Co., Ltd.
Year of Founding: Sep. 1992
Chairman: Gang Shyy
President: Henry Lin
Taipei Taiwan
Te l : (8862) 8771-6688
Fax:(8862) 8771-6788
www.fubon.com
Fubon Direct Marketing Co., Ltd.
Year of Founding: Aug. 1997
Chairman: Thomas Liang
President: Alex Yeh
9 Xiangyang Road Taipei Taiwan
Te l : (8862) 2370-5199
Fax:(8862) 2370-5100
www.fubon.com
Fubon Financial Holding
Venture Capital Corp.
Year of Founding: Oct. 2003
President: Mike Lin
Taipei Taiwan
Te l : (8862) 6606-9088
Fax:(8862) 8771-4697
www.fubon.com
Fubon Sports & Entertainment Co., Ltd.
Year of Founding: Sep. 2007
President: Chris Tsai
Taipei Taiwan
Tel: (8862)6606-9088
Fax: (8862)8771-4697
www.fubon.com
Fubon AMC Co., Ltd.
Year of Founding: Aug. 2004
Chairman: Jerry Harn
President: Philip Chao
50 Section 2 Zhongshan N Road
Taipei Taiwan
Te l : (8862) 6618-0588
Fax:(8862) 6608-0166
www.fubon.com
(Information above as of end of February 2016)
28
Fubon annual report is printed on heavy-metal-free paper and with eco-friendly soybean-based ink.
Copyright © 2016 Fubon Financial Holding Co., Ltd. All Rights Reserved. Printed in Taiwan 3/2016.

2015 Fubon Financial Holdings Annual Report

Transcription

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