Consolidated BS
5846 Cathay Life Insurance Co., Ltd. and Subsidiaries
2023Q1 Consolidated Financial Statements
Consolidated Balance Sheets
Unit: NT$ thousands
Code Accounting Title 3/31/23 12/31/22 3/31/22
Assets
11000 　Cash and cash equivalents 375,950,836 329,638,342 294,302,761
12000 　Receivables 97,035,553 92,183,754 83,881,992
12600 　Current tax assets 213,424 15,472 45,874
14000 　Investments 6,891,809,450 6,863,010,938 6,786,537,909
14110 　　Financial assets at fair value through profit or loss 1,455,467,278 1,426,004,992 1,630,438,198
14190 　　Financial assets at fair value through other comprehensive income 468,002,388 442,472,396 1,350,481,267
14130 　　Financial assets for hedging 103,678 29,891 251,542
14145 　　Financial assets at amortised cost 3,977,130,037 3,986,581,050 2,788,363,654
14150 　　Investments accounted for using equity method, net 29,745,091 29,483,762 29,301,438
14200 　　Investment property 529,895,219 528,142,438 515,376,384
14300 　　Loans 431,465,759 450,296,409 472,325,426
15000 　Reinsurance assets 2,218,130 2,309,447 2,071,638
16000 　Property and equipment 41,204,211 40,809,699 30,399,079
16700 　Right-of-use assets 2,304,714 2,268,417 1,675,414
17000 　Intangible assets 40,864,598 41,380,113 41,439,113
17800 　Deferred tax assets 65,651,616 80,501,622 65,944,845
18000 　Other assets 45,539,454 64,885,181 65,811,033
18900 　Assets on insurance product, separated account 671,735,955 655,426,996 714,689,756
1XXXX 　Total assets 8,234,527,941 8,172,429,981 8,086,799,414
Liabilities and equity
　Liabilities
21000 　　Accounts payable 17,200,893 22,338,461 27,384,773
21700 　　Current tax liabilities 179,325 176,349 252,417
23200 　　Financial liabilities at fair value through profit or loss 27,558,722 63,669,162 54,930,618
23300 　　Financial liabilities for hedging 3,436,279 3,716,091 767,655
23500 　　Bonds payable 80,000,000 80,000,000 80,000,000
23700 　　Other financial liabilities 7,049,740 7,030,535 0
23800 　　Lease liabilities 16,486,942 16,645,248 11,855,191
24000 　　Insurance liabilities 6,757,212,067 6,726,562,867 6,511,002,875
24100 　　　Unearned premium reserve 19,885,431 20,547,570 18,718,606
24200 　　　Claim reserve 12,582,949 12,760,061 12,128,807
24300 　　　Liability reserve 6,704,101,148 6,672,193,784 6,457,615,328
24400 　　　Special claim reserve 11,085,890 11,085,733 11,085,364
24500 　　　Premium insufficient reserve 7,714,396 8,130,466 9,590,845
24700 　　　Other reserves 1,842,253 1,845,253 1,863,925
24800 　　Reserve for insurance with nature of financial instrument 19,857,383 18,495,469 16,673,261
24900 　　Reserve for foreign exchange valuation 42,166,921 49,503,457 23,044,650
27000 　　Provisions 56,245 56,245 56,245
28000 　　Deferred tax liabilities 43,267,681 52,624,428 35,979,364
25000 　　Other liabilities 12,159,464 10,395,966 16,103,906
26000 　　Liabilities on insurance product, separated account 671,735,955 655,426,996 714,689,756
2XXXX 　　Total liabilities 7,698,367,617 7,706,641,274 7,492,740,711
　Equity
　　Equity attributable to owners of parent
　　　Share capital
31100 　　　　Ordinary share 63,515,274 63,515,274 58,515,274
31000 　　　　Total share capital 63,515,274 63,515,274 58,515,274
　　　Capital surplus
32000 　　　　Total capital surplus 90,930,990 90,924,478 60,474,631
　　　Retained earnings
33100 　　　　Legal reserve 50,217,005 50,217,005 27,491,929
33200 　　　　Special reserve 458,553,415 458,553,415 390,287,210
33300 　　　　Unappropriated retained earnings 20,582,940 22,775,644 138,112,023
33000 　　　　Total retained earnings 529,353,360 531,546,064 555,891,162
　　　Other equity interest
34000 　　　　Total other equity interest -157,033,577 -229,169,011 -88,577,547
30000 　　　Total equity attributable to owners of parent 526,766,047 456,816,805 586,303,520
36000 　　Non-controlling interests 9,394,277 8,971,902 7,755,183
3XXXX 　　Total equity 536,160,324 465,788,707 594,058,703
3X2XX 　Total liabilities and equity 8,234,527,941 8,172,429,981 8,086,799,414
39800 　Number of shares in entity held by entity and by its subsidiaries 0 0 0
39900 　Equivalent issue shares of advance receipts for ordinary share 0 0 0
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
Code Accounting Title 2023/1/1 To 3/31 2022/1/1 To 3/31
Operating revenue
　Premium
41110 　　Written premium 101,151,222 101,797,244
41120 　　Reinsurance premium 29,329 27,255
41100 　　Total premium 101,180,551 101,824,499
51100 　Reinsurance expense 602,851 586,656
　Net change in unearned premiums reserve
51310 　　Net change in unearned premiums reserve -561,605 -708,974
41130 　Retained earned premium 101,139,305 101,946,817
41300 　Reinsurance commission received 5,901 7,045
　Fee income
41400 　　Total fee income 2,625,932 2,698,243
　Net income(loss) from investments
41510 　　Interest income 47,362,235 40,216,507
41521 　　Gains on financial assets or liabilities at fair value through profit or loss 75,148,261 -136,469,457
41526 　　Gains (losses) arising from derecognition of financial assets measured at amortised cost 2,026,804 9,111,351
41527 　　Realized gains (losses) on financial assets at fair value through other comprehensive income 280,654 2,021,630
41540 　　Share of loss of associates and joint ventures accounted for using equity method 734,209 409,715
41550 　　Foreign exchange gains (losses), investments -24,580,499 94,537,336
41560 　　Net change in reserve for foreign exchange valuation 7,336,536 -13,990,924
41570 　　Gains (losses) on investment property 3,362,743 3,770,346
41585 　　Expected credit losses or reversal of expected credit losses of investments 150,811 -2,384,993
41590 　　Other net income (loss) from investments 152,404 2,688,363
41600 　　Gains (losses) on reclassification under the overlay approach -60,171,438 86,756,819
41500 　　Net income(loss) from investments 51,802,720 86,666,693
　Other operating income
41800 　　Total other operating income 2,424,560 2,015,099
41900 　Income on insurance product, separated account 16,117,603 -310,399
41000 　Total operating revenue 174,116,021 193,023,498
Operating costs
　Insurance claim payment
51200 　　Total insurance claim payment 97,192,717 74,908,486
41200 　Claims recovered from reinsurers 465,763 378,176
51260 　Retained claim payment 96,726,954 74,530,310
　Net change in other insurance liability
51320 　　Net change in claim reserve -183,462 327,619
51330 　　Net change in liability reserve 46,612,006 70,344,627
51340 　　Net change in special claim reserve 157 305
51350 　　Net change in premium deficiency reserve -396,427 -318,281
51370 　　Net change in other reverses -3,000 -2,000
51300 　　Total net change in other insurance liability 46,029,274 70,352,270
51380 　Net change in reserve for insurance with nature of financial instrument 328,445 254,293
51400 　Acquisition expense 3,832,065 4,219,341
　Commission expense
51500 　　Total commission expense 3,836,142 3,741,850
51700 　Finance costs 1,091,765 859,417
　Other operating costs
51800 　　Total other operating costs 1,826,061 1,676,179
51900 　Disbursements on insurance product, separated account 16,117,603 -310,399
51000 　Total operating costs 169,788,309 155,323,261
Operating expenses
58100 　General expenses 3,350,986.00 3,368,084.00
58200 　Administrative expenses 5,263,614 5,082,250
58300 　Staff training expenses 6,903 3,983
58400 　Expected credit losses or reversal of expected credit losses of non-investments -1,475 22,044
58000 　Total operating expenses 8,620,028 8,476,361
61000 Net operating income (loss) -4,292,316 29,223,876
Non-operating income and expenses
59000 　Total non-operating income and expenses 491,938 457,993
62000 Profit (loss) from continuing operations before tax -3,800,378 29,681,869
Tax expense (income)
63000 　Tax expense (income), net -1,753,105 3,606,022
64000 Profit (loss) from continuing operations -2,047,273 26,075,847
66000 Profit (loss) -2,047,273 26,075,847
Other comprehensive income
　Components of other comprehensive income that will not be reclassified to profit or loss
83190 　　Revaluation gains (losses) on investments in equity instruments measured at fair value through other comprehensive income 8,665,475 5,296,466
83130 　　Share 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
83180 　　Income tax related to components of other comprehensive income that will not be reclassified to profit or loss -9,317 -128,146
83100 　　Total Components of other comprehensive income that will not be reclassified to profit or loss 8,196,037 5,027,631
　Components of other comprehensive income that will be reclassified to profit or loss
83210 　　Exchange differences on translation 226,975 2,199,151
83230 　　Gains (losses) on hedging instrument 128,015 10,096
83290 　　Gains (losses) from investments in debt instruments measured at fair value through other comprehensive income 10,526,729 -125,556,001
83240 　　Share 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 loss 5,277 710,427
83295 　　Other comprehensive income on reclassification under the overlay approach 60,171,438 -86,756,819
83280 　　Income tax related to components of other comprehensive income that will be reclassified to profit or loss 6,823,445 -30,645,542
83200 　　Total Components of other comprehensive income that will be reclassified to profit or loss 64,234,989 -178,747,604
83000 　Total other comprehensive income 72,431,026 -173,719,973
85000 Total comprehensive income 70,383,753 -147,644,126
Profit (loss), attributable to
86100 　Profit (loss), attributable to owners of parent -2,155,525 26,041,647
86200 　Profit (loss), attributable to non-controlling interests 108,252 34,200
Comprehensive income attributable to
87100 　Comprehensive income, attributable to owners of parent 69,942,730 -148,019,155
87200 　Comprehensive income, attributable to non-controlling interests 441,023 375,029
Basic earnings per share
97500 　Total basic earnings per share -0.34 4.45
Consolidated CF
5846 Cathay Life Insurance Co., Ltd. and Subsidiaries
2023Q1 Consolidated Financial Statements
Consolidated Statement of Cash Flows
Unit: NT$ thousands
Code Accounting Title 2023/1/1 To 3/31 2022/1/1 To 3/31
Cash flows from (used in) operating activities, indirect method
A00010 　Profit (loss) from continuing operations before tax -3,800,378 29,681,869
A10000 　Profit (loss) before tax -3,800,378 29,681,869
　Adjustments
　　Adjustments to reconcile profit (loss)
A20100 　　　Depreciation expense 566,924 340,890
A20200 　　　Amortization expense 593,921 583,165
A20400 　　　Net loss (gain) on financial assets or liabilities at fair value through profit or loss -73,382,778 138,379,749
A20450 　　　Net loss (gain) on financial assets or liabilities at fair value through other comprehensive income -249,717 -1,891,402
A20900 　　　Interest expense 1,133,523 891,771
A21000 　　　Net (loss) gain arising from derecognition of financial assets measured at amortised cost -2,026,804 -9,111,351
A21200 　　　Interest income -47,362,235 -40,216,507
A21300 　　　Dividend income -1,796,420 -2,040,520
A21400 　　　Net change in insurance liabilities 30,744,841 122,095,844
A21500 　　　Net change in reserve for insurance with nature of financial instrument 1,361,914 1,484,473
A21600 　　　Net change in reserve for foreign exchange valuation -7,336,536 13,990,924
A21830 　　　Expected credit losses or reversal of expected credit losses of investments -150,811 2,384,993
A21850 　　　Expected credit losses or reversal of expected credit losses of non-investments -1,475 22,044
A21900 　　　Share-based payments 5,914 0
A22300 　　　Share of loss (profit) of associates and joint ventures accounted for using equity method -734,209 -409,715
A22450 　　　 Loss (profit) reclassified by applying overlay approach 60,171,438 -86,756,819
A22500 　　　Loss (gain) on disposal of property and equipment 1,604 103
A22700 　　　Loss (gain) on disposal of investment properties -4,926 0
A23200 　　　Loss (gain) on disposal of investments accounted for using equity method 0 -20,837
A24600 　　　Loss (gain) on fair value adjustment of investment property 9,390 -550,246
A20010 　　　Total adjustments to reconcile profit (loss) -38,456,442 139,176,559
　　Changes in operating assets and liabilities
　　　Changes in operating assets
A51110 　　　　Decrease (increase) in notes receivable 86,778 27,719
A51130 　　　　Decrease (increase) in other receivable -3,136,501 -4,763,597
A51140 　　　　Decrease (increase) in financial assets at fair value through profit or loss 75,283,133 -67,257,170
A51141 　　　　Decrease (increase) in financial assets at fair value through other comprehensive income -6,010,642 -161,040,217
A51145 　　　　Decrease (increase) in financial assets at amortised cost 11,627,438 -91,519,760
A51150 　　　　Decrease (increase) in financial assets for hedging 58,422 483,870
A51170 　　　　Decrease (increase) in reinsurance assets -3,179 223,606
A51180 　　　　Decrease (increase) in prepaid expenses and other prepayments -293,992 -234,620
A51190 　　　　Decrease (increase) in guarantee deposits paid 19,217,404 -32,614,678
A51990 　　　　Decrease (increase) in other assets 37,481 128,749
A51000 　　　　Total changes in operating assets 96,866,342 -356,566,098
　　　Changes in operating liabilities
A52110 　　　　Increase (decrease) in notes payable 110,758 -22,265
A52120 　　　　Increase (decrease) in claims payable 3,899 56,877
A52140 　　　　Increase (decrease) in commissions payable -431,957 -599,204
A52150 　　　　Increase (decrease) in due to reinsurers and ceding companies 4,468 -85,665
A52160 　　　　Increase (decrease) in other payable -5,716,955 4,448,635
A52170 　　　　Increase (decrease) in financial liabilities at fair value through profit or loss -66,903,319 -25,076,242
A52180 　　　　Increase (decrease) in other financial liabilities -284,006 522,025
A52220 　　　　Increase (decrease) in advance receipts 79,018 27,374
A52230 　　　　Increase (decrease) in deferred fee income -186 -58
A52240 　　　　Increase (decrease) in refundable deposit -798,760 -7,318,494
A52990 　　　　Increase (decrease) in other liabilities 2,462,445 2,531,885
A52000 　　　　Total changes in operating liabilities -71,474,595 -25,515,132
A50000 　　　Total changes in operating assets and liabilities 25,391,747 -382,081,230
A20000 　　Total adjustments -13,064,695 -242,904,671
A33000 　Cash inflow (outflow) generated from operations -16,865,073 -213,222,802
A33100 　Interest received 45,764,215 36,689,453
A33200 　Dividends received 1,796,420 2,158,041
A33300 　Interest paid -167,423 -108,105
A33500 　Income taxes refund (paid) -471,706 -566,370
AAAA Net cash flows from (used in) operating activities 30,056,433 -175,049,783
Cash flows from (used in) investing activities
B01800 　Acquisition of investments accounted for using equity method 0 -216,000
B01900 　Proceeds from disposal of investments accounted for using equity method 0 25,173
B02200 　Net cash flow from acquisition of subsidiaries -163,929 0
B02700 　Acquisition of property and equipment -792,993 -598,732
B02800 　Proceeds from disposal of property and equipment 49 9
B04500 　Acquisition of intangible assets -55,107 -62,310
B05300 　Decrease in loans 19,058,186 7,775,252
B05400 　Acquisition of investment properties -1,295,385 -324,727
B05500 　Proceeds from disposal of investment properties 58,236 0
BBBB 　Net cash flows from (used in) investing activities 16,809,057 6,598,665
Cash flows from (used in) financing activities
C04020 　Payments of lease liabilities -405,758 -314,668
C04200 　Decrease in other financial liabilities 19,205 0
C05800 　Change in non-controlling interests -34,233 -309,745
CCCC 　Net cash flows from (used in) financing activities -420,786 -624,413
DDDD Effect of exchange rate changes on cash and cash equivalents -132,210 -2,377,177
EEEE Net increase (decrease) in cash and cash equivalents 46,312,494 -171,452,708
E00100 Cash and cash equivalents at beginning of period 329,638,342 465,755,469
E00200 Cash and cash equivalents at end of period 375,950,836 294,302,761
E00210 　Cash and cash equivalents reported in the statement of financial position 375,950,836 294,302,761
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
3110 3100 3200 3310 3320 3350 3300 3410 3420 3445 3450 3460 3485 3490 3400 31XX 36XX 3XXX
　　　　　Ordinary share 　　　　Total share capital 　　　　Capital surplus 　　　　　Legal reserve 　　　　　Special reserve 　　　　　Unappropriated retained earnings (accumulated deficit) 　　　　Total retained earnings 　　　　　Exchange differences on translation of foreign financial statements 　　　　　Unrealised gains (losses) on financial assets measured at fair value through other comprehensive income 　　　　　Gains (losses) on remeasurements of defined benefit 　　　　　Gains (losses) on hedging instruments 　　　　　Revaluation surplus 　　　　　Reserve of overlay approach 　　　　　Others 　　　　Total other equity interest 　　　Total equity attributable to owners of parent 　　　Non-controlling interests 　　Total equity
A1 　Equity at beginning of period 63,515,274 63,515,274 90,924,478 50,217,005 458,553,415 22,775,644 531,546,064 -11,365,195 -47,338,891 1,464,900 950,265 402,058 -170,788,822 -2,493,326 -229,169,011 456,816,805 8,971,902 465,788,707
C7 　　Changes in equity of associates and joint ventures accounted for using equity method 598 598 598
D1 　Profit (loss) -2,155,525 -2,155,525 -2,155,525 108,252 -2,047,273
D3 　Other comprehensive income 211,866 16,716,540 -114,626 101,734 55,182,741 72,098,255 72,098,255 332,771 72,431,026
D5 　Total comprehensive income -2,155,525 -2,155,525 211,866 16,716,540 -114,626 101,734 55,182,741 72,098,255 69,942,730 441,023 70,383,753
N1 　Share-based payments 5,914 5,914 5,914
O1 　Changes in non-controlling interests -18,648 -18,648
Q1 　Disposal of investments in equity instruments designated at fair value through other comprehensive income -37,179 -37,179 37,179 37,179 0 0
Y1 　Total increase (decrease) in equity 0 0 6,512 0 0 -2,192,704 -2,192,704 211,866 16,753,719 -114,626 101,734 0 55,182,741 0 72,135,434 69,949,242 422,375 70,371,617
Z1 　Equity at end of period 63,515,274 63,515,274 90,930,990 50,217,005 458,553,415 20,582,940 529,353,360 -11,153,329 -30,585,172 1,350,274 1,051,999 402,058 -115,606,081 -2,493,326 -157,033,577 526,766,047 9,394,277 536,160,324
Unit: NT$ thousands
Last year's Statements of Change in Equity
3110 3100 3200 3310 3320 3350 3300 3410 3420 3445 3450 3460 3485 3490 3400 31XX 36XX 3XXX
　　　　　Ordinary share 　　　　Total share capital 　　　　Capital surplus 　　　　　Legal reserve 　　　　　Special reserve 　　　　　Unappropriated retained earnings (accumulated deficit) 　　　　Total retained earnings 　　　　　Exchange differences on translation of foreign financial statements 　　　　　Unrealised gains (losses) on financial assets measured at fair value through other comprehensive income 　　　　　Gains (losses) on remeasurements of defined benefit 　　　　　Gains (losses) on hedging instruments 　　　　　Revaluation surplus 　　　　　Reserve of overlay approach 　　　　　Others 　　　　Total other equity interest 　　　Total equity attributable to owners of parent 　　　Non-controlling interests 　　Total equity
A1 　Equity at beginning of period 58,515,274 58,515,274 60,594,868 27,491,929 390,287,210 111,938,770 529,717,909 -15,347,517 38,259,385 1,336,456 335,851 402,058 63,853,017 -3,224,389 85,614,861 734,442,912 7,689,899 742,132,811
C7 　　Changes in equity of associates and joint ventures accounted for using equity method -120,237 -120,237 -120,237
D1 　Profit (loss) 26,041,647 26,041,647 26,041,647 34,200 26,075,847
D3 　Other comprehensive income 2,561,950 -96,777,986 545 10,532 -79,855,843 -174,060,802 -174,060,802 340,829 -173,719,973
D5 　Total comprehensive income 26,041,647 26,041,647 2,561,950 -96,777,986 545 10,532 -79,855,843 -174,060,802 -148,019,155 375,029 -147,644,126
O1 　Changes in non-controlling interests -309,745 -309,745
Q1 　Disposal of investments in equity instruments designated at fair value through other comprehensive income 131,606 131,606 -131,606 -131,606 0 0
Y1 　Total increase (decrease) in equity 0 0 -120,237 0 0 26,173,253 26,173,253 2,561,950 -96,909,592 545 10,532 0 -79,855,843 -174,192,408 -148,139,392 65,284 -148,074,108
Z1 　Equity at end of period 58,515,274 58,515,274 60,474,631 27,491,929 390,287,210 138,112,023 555,891,162 -12,785,567 -58,650,207 1,337,001 346,383 402,058 -16,002,826 -3,224,389 -88,577,547 586,303,520 7,755,183 594,058,703

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Cathay Financial Holding Co. Ltd. published this content on 16 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 May 2023 07:39:10 UTC.