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Taiwan Fire & Marine Insurance

TSEC:2832
Snowflake Description

Excellent balance sheet with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
2832
TSEC
NT$7B
Market Cap
  1. Home
  2. TW
  3. Insurance
Company description

Taiwan Fire & Marine Insurance Co., Ltd. provides various insurance products and services in Taiwan. The last earnings update was 12 days ago. More info.


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2832 Share Price and Events
7 Day Returns
-0.3%
TSEC:2832
-2%
TW Insurance
-0.2%
TW Market
1 Year Returns
-9.7%
TSEC:2832
-20.7%
TW Insurance
-10.7%
TW Market
2832 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Taiwan Fire & Marine Insurance (2832) -0.3% -11.4% -12.9% -9.7% -4% -19.6%
TW Insurance -2% -15.3% -20.7% -20.7% -22.7% -29.6%
TW Market -0.2% -15.3% -20.2% -10.7% -4.1% -0.7%
1 Year Return vs Industry and Market
  • 2832 outperformed the Insurance industry which returned -20.7% over the past year.
  • 2832 outperformed the Market in Taiwan, Province of China which returned -10.7% over the past year.
Price Volatility
2832
Industry
5yr Volatility vs Market

Value

 Is Taiwan Fire & Marine Insurance undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Taiwan Fire & Marine Insurance to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Taiwan Fire & Marine Insurance.

TSEC:2832 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= NT$23.51 * 7.8%
NT$1.84
Book Value of Equity per Share Median Book Value from the past 5 years. NT$23.51
Discount Rate (Cost of Equity) See below 5.7%
Perpetual Growth Rate 10-Year TW Government Bond Rate 0.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSEC:2832
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year TW Govt Bond Rate 0.7%
Equity Risk Premium S&P Global 6.2%
Insurance Unlevered Beta Simply Wall St/ S&P Global 0.6
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.604 (1 + (1- 20%) (1.01%))
0.738
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.71% + (0.8 * 6.21%)
5.68%

Discounted Cash Flow Calculation for TSEC:2832 using Excess Returns Model Model

The calculations below outline how an intrinsic value for Taiwan Fire & Marine Insurance is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

TSEC:2832 Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (7.8% – 5.68%) * NT$23.51)
NT$0.50
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= NT$0.50 / (5.68% - 0.71%)
NT$10.09
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= NT$23.51 + NT$10.09
NT$33.6
TSEC:2832 Discount to Share Price
Calculation Result
Value per share (TWD) From above. NT$33.60
Current discount Discount to share price of NT$18.20
= -1 x (NT$18.20 - NT$33.60) / NT$33.60
45.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Taiwan Fire & Marine Insurance is available for.
Intrinsic value
46%
Share price is NT$18.2 vs Future cash flow value of NT$33.6
Current Discount Checks
For Taiwan Fire & Marine Insurance to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Taiwan Fire & Marine Insurance's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Taiwan Fire & Marine Insurance's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Taiwan Fire & Marine Insurance's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Taiwan Fire & Marine Insurance's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSEC:2832 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in TWD NT$1.94
TSEC:2832 Share Price ** TSEC (2020-04-01) in TWD NT$18.2
Taiwan, Province of China Insurance Industry PE Ratio Median Figure of 13 Publicly-Listed Insurance Companies 6.76x
Taiwan, Province of China Market PE Ratio Median Figure of 1,472 Publicly-Listed Companies 13.98x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Taiwan Fire & Marine Insurance.

TSEC:2832 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSEC:2832 Share Price ÷ EPS (both in TWD)

= 18.2 ÷ 1.94

9.38x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Taiwan Fire & Marine Insurance is overvalued based on earnings compared to the TW Insurance industry average.
  • Taiwan Fire & Marine Insurance is good value based on earnings compared to the Taiwan, Province of China market.
Price based on expected Growth
Does Taiwan Fire & Marine Insurance's expected growth come at a high price?
Raw Data
TSEC:2832 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.38x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Asia Insurance Industry PEG Ratio Median Figure of 52 Publicly-Listed Insurance Companies 1.11x
Taiwan, Province of China Market PEG Ratio Median Figure of 183 Publicly-Listed Companies 1.08x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Taiwan Fire & Marine Insurance, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Taiwan Fire & Marine Insurance's assets?
Raw Data
TSEC:2832 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in TWD NT$25.09
TSEC:2832 Share Price * TSEC (2020-04-01) in TWD NT$18.2
Taiwan, Province of China Insurance Industry PB Ratio Median Figure of 13 Publicly-Listed Insurance Companies 0.71x
Taiwan, Province of China Market PB Ratio Median Figure of 1,961 Publicly-Listed Companies 1.17x
TSEC:2832 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSEC:2832 Share Price ÷ Book Value per Share (both in TWD)

= 18.2 ÷ 25.09

0.73x

* Primary Listing of Taiwan Fire & Marine Insurance.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Taiwan Fire & Marine Insurance is overvalued based on assets compared to the TW Insurance industry average.
X
Value checks
We assess Taiwan Fire & Marine Insurance's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Insurance industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Insurance industry average (and greater than 0)? (1 check)
  5. Taiwan Fire & Marine Insurance has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Taiwan Fire & Marine Insurance expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Taiwan Fire & Marine Insurance has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
6.7%
Expected Insurance industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Taiwan Fire & Marine Insurance expected to grow at an attractive rate?
  • Unable to compare Taiwan Fire & Marine Insurance's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Taiwan Fire & Marine Insurance's earnings growth to the Taiwan, Province of China market average as no estimate data is available.
  • Unable to compare Taiwan Fire & Marine Insurance's revenue growth to the Taiwan, Province of China market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
TSEC:2832 Future Growth Rates Data Sources
Data Point Source Value (per year)
Asia Insurance Industry Earnings Growth Rate Market Cap Weighted Average 6.7%
Asia Insurance Industry Revenue Growth Rate Market Cap Weighted Average -0.4%
Taiwan, Province of China Market Earnings Growth Rate Market Cap Weighted Average 11%
Taiwan, Province of China Market Revenue Growth Rate Market Cap Weighted Average 7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSEC:2832 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in TWD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSEC:2832 Past Financials Data
Date (Data in TWD Millions) Revenue Cash Flow Net Income *
2019-12-31 5,228 585 703
2019-09-30 5,094 -71 603
2019-06-30 4,993 -54 549
2019-03-31 4,985 256 576
2018-12-31 4,936 306 560
2018-09-30 4,991 438 665
2018-06-30 5,041 1,065 779
2018-03-31 5,053 1,253 830
2017-12-31 5,068 812 852
2017-09-30 5,004 1,358 823
2017-06-30 4,906 444 749
2017-03-31 4,738 259 581

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Taiwan Fire & Marine Insurance is high growth as no earnings estimate data is available.
  • Unable to determine if Taiwan Fire & Marine Insurance is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSEC:2832 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Taiwan Fire & Marine Insurance Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSEC:2832 Past Financials Data
Date (Data in TWD Millions) EPS *
2019-12-31 1.94
2019-09-30 1.67
2019-06-30 1.52
2019-03-31 1.59
2018-12-31 1.55
2018-09-30 1.84
2018-06-30 2.15
2018-03-31 2.29
2017-12-31 2.35
2017-09-30 2.27
2017-06-30 2.07
2017-03-31 1.61

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Taiwan Fire & Marine Insurance will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine whether Taiwan Fire & Marine Insurance is trading at Taiwan Fire & Marine Insurance'san attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  2. Taiwan Fire & Marine Insurance's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Insurance companies here
  3. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Taiwan Fire & Marine Insurance's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Asia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Asia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Taiwan Fire & Marine Insurance has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Taiwan Fire & Marine Insurance performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Taiwan Fire & Marine Insurance's growth in the last year to its industry (Insurance).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Taiwan Fire & Marine Insurance's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Taiwan Fire & Marine Insurance's 1-year earnings growth exceeds its 5-year average (25.5% vs -7.3%)
  • Taiwan Fire & Marine Insurance's earnings growth has exceeded the TW Insurance industry average in the past year (25.5% vs 23.4%).
Earnings and Revenue History
Taiwan Fire & Marine Insurance's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Taiwan Fire & Marine Insurance Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSEC:2832 Past Revenue, Cash Flow and Net Income Data
Date (Data in TWD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 5,227.93 703.13 1,068.89
2019-09-30 5,093.51 603.32 1,082.57
2019-06-30 4,992.59 549.07 1,038.28
2019-03-31 4,984.60 576.19 1,057.17
2018-12-31 4,935.90 560.30 1,180.82
2018-09-30 4,991.26 665.11 1,178.32
2018-06-30 5,041.23 779.09 1,185.35
2018-03-31 5,053.24 830.25 1,189.40
2017-12-31 5,068.16 851.70 1,194.25
2017-09-30 5,004.33 823.47 1,162.02
2017-06-30 4,905.80 748.80 1,140.67
2017-03-31 4,737.83 581.47 1,090.12
2016-12-31 4,600.51 490.13 1,020.16
2016-09-30 4,593.73 550.86 1,006.05
2016-06-30 4,455.29 491.76 1,009.41
2016-03-31 4,882.96 978.18 1,003.63
2015-12-31 4,915.30 1,092.01 1,015.21
2015-09-30 4,832.05 1,113.10 1,003.28
2015-06-30 4,756.52 1,111.43 967.43
2015-03-31 4,238.90 680.23 929.73
2014-12-31 4,117.23 658.28 927.83
2014-09-30 4,055.15 677.79 912.27
2014-06-30 4,120.57 798.84 905.03
2014-03-31 4,037.56 853.35 872.87
2013-12-31 4,000.96 820.84 872.64
2013-09-30 3,850.83 718.01 847.33
2013-06-30 3,829.25 722.92 818.37

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Taiwan Fire & Marine Insurance has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Taiwan Fire & Marine Insurance used its assets more efficiently than the TW Insurance industry average last year based on Return on Assets.
  • Taiwan Fire & Marine Insurance has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Taiwan Fire & Marine Insurance's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Insurance industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Taiwan Fire & Marine Insurance has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Taiwan Fire & Marine Insurance's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Taiwan Fire & Marine Insurance's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Taiwan Fire & Marine Insurance's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Taiwan Fire & Marine Insurance's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Taiwan Fire & Marine Insurance's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Taiwan Fire & Marine Insurance has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Taiwan Fire & Marine Insurance Company Filings, last reported 3 months ago.

TSEC:2832 Past Debt and Equity Data
Date (Data in TWD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 9,087.87 0.00 3,772.13
2019-09-30 8,945.25 0.00 3,622.80
2019-06-30 8,713.27 0.00 3,741.06
2019-03-31 8,779.70 0.00 3,990.81
2018-12-31 8,419.06 0.00 4,230.01
2018-09-30 8,515.39 0.00 4,789.64
2018-06-30 8,347.84 0.00 4,915.42
2018-03-31 8,681.38 0.00 6,238.99
2017-12-31 8,515.92 0.00 4,939.10
2017-09-30 8,417.75 0.00 5,732.07
2017-06-30 8,174.84 0.00 5,619.13
2017-03-31 8,196.53 0.00 5,869.84
2016-12-31 7,851.89 0.00 5,899.51
2016-09-30 7,681.75 0.00 5,669.51
2016-06-30 7,444.75 0.00 5,974.73
2016-03-31 7,887.38 0.00 5,893.31
2015-12-31 7,715.80 0.00 5,702.58
2015-09-30 7,614.51 0.00 5,436.52
2015-06-30 7,707.12 0.00 6,110.29
2015-03-31 7,532.92 0.00 5,384.83
2014-12-31 7,237.67 0.00 4,240.97
2014-09-30 7,071.70 0.00 4,200.63
2014-06-30 6,932.72 0.00 4,535.60
2014-03-31 7,148.03 0.00 4,318.75
2013-12-31 7,001.92 0.00 4,175.28
2013-09-30 6,724.47 0.00 3,964.27
2013-06-30 6,392.61 0.00 4,002.44
  • Taiwan Fire & Marine Insurance has no debt.
  • Taiwan Fire & Marine Insurance has not taken on any debt in the past 5 years.
  • Taiwan Fire & Marine Insurance has no debt, it does not need to be covered by operating cash flow.
  • Taiwan Fire & Marine Insurance has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Taiwan Fire & Marine Insurance's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Taiwan Fire & Marine Insurance has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Taiwan Fire & Marine Insurance's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.49%
Current annual income from Taiwan Fire & Marine Insurance dividends.
If you bought NT$2,000 of Taiwan Fire & Marine Insurance shares you are expected to receive NT$110 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Taiwan Fire & Marine Insurance's pays a higher dividend yield than the bottom 25% of dividend payers in Taiwan, Province of China (3.26%).
  • Taiwan Fire & Marine Insurance's dividend is below the markets top 25% of dividend payers in Taiwan, Province of China (6.99%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSEC:2832 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Taiwan, Province of China Insurance Industry Average Dividend Yield Market Cap Weighted Average of 11 Stocks 4.5%
Taiwan, Province of China Market Average Dividend Yield Market Cap Weighted Average of 1329 Stocks 4.6%
Taiwan, Province of China Minimum Threshold Dividend Yield 10th Percentile 1.8%
Taiwan, Province of China Bottom 25% Dividend Yield 25th Percentile 3.3%
Taiwan, Province of China Top 25% Dividend Yield 75th Percentile 7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSEC:2832 Past Annualized Dividends Data
Date (Data in NT$) Dividend per share (annual) Avg. Yield (%)
2020-03-23 1.000 5.550
2019-05-13 0.900 4.410
2019-03-28 0.900 4.460
2019-03-27 0.900 4.461
2018-05-14 1.100 5.431
2018-03-30 1.100 5.281
2018-03-29 1.100 5.327
2017-03-30 0.900 4.542
2016-05-11 1.200 6.256
2016-03-30 1.200 5.775
2015-03-31 0.900 4.106
2014-03-31 1.100 4.830
2013-10-30 1.100 4.522
2013-08-27 1.100 4.918
2013-04-30 1.100 5.017
2013-03-28 1.100 5.042
2012-03-28 1.160 5.572
2011-08-31 2.000 9.153
2011-05-03 2.000 8.016
2011-03-31 2.000 7.648
2010-04-30 0.862 3.550
2010-04-15 0.000 0.000
2010-03-31 0.862 3.566
2009-10-30 0.000 0.000
2009-08-28 0.000 0.000
2009-04-30 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Taiwan Fire & Marine Insurance's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.9x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Taiwan Fire & Marine Insurance's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Taiwan Fire & Marine Insurance afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Taiwan Fire & Marine Insurance has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Taiwan Fire & Marine Insurance's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Charles Sung
TENURE AS CEO 10 years
CEO Bio

Mr. Charles Sung has been President of Taiwan Fire & Marine Insurance Co., Ltd. since April 20, 2010 and serves as its Director.

CEO Compensation
  • Insufficient data for Charles to compare compensation growth.
  • Insufficient data for Charles to establish whether their remuneration is reasonable compared to companies of similar size in Taiwan, Province of China.
Management Team

Charles Sung

TITLE
CEO, President & Director
TENURE
10 yrs

Chih-Chieh Huang

TITLE
Executive VP & Manager of Finance Department
TENURE
3.1 yrs

Pi-Chen Wang

TITLE
Chief Accountant

Hsien-Chang Huang

TITLE
Chief Compliance Officer

Stanley Fang

TITLE
Senior Manager of Legal Compliance Department

Nicholas Sheu

TITLE
Senior VP & Company Secretary

Allen Cheng

TITLE
Senior VP & Manager of Claim Service Department - Personal Lines

Michael Chang

TITLE
Senior VP and Manager of Intermediary Channel Department & Direct Marketing Department

Andrew Hsieh

TITLE
Senior VP & Manager of Underwriting Department - Property

Robert Chen

TITLE
President of TFMI Asset Management Co
Board of Directors Tenure

Average tenure of the Taiwan Fire & Marine Insurance board of directors in years:

11.8
Average Tenure
  • The average tenure for the Taiwan Fire & Marine Insurance board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Steve Lee

TITLE
Chairman of the Board
TENURE
11.8 yrs

Charles Sung

TITLE
CEO, President & Director
TENURE
8.8 yrs

Wen-Yung Lee

TITLE
Group Chairman of Navigator Holding
TENURE
19.8 yrs

Tien-Sung Lee

TITLE
Independent Director
TENURE
11.8 yrs

Julie Lee

TITLE
Director
TENURE
16.1 yrs

Chung-Chou Chang

TITLE
Director
TENURE
11.8 yrs

Bin-Fu Chen

TITLE
Director
TENURE
11.8 yrs

Yeong-Tsong Shaw

TITLE
Independent Director
TENURE
17.9 yrs

Mei-Gui Shi

TITLE
Director
TENURE
5.1 yrs

Wen-Chang Chen

TITLE
Director
TENURE
2.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NT$) Value (NT$)
X
Management checks
We assess Taiwan Fire & Marine Insurance's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Taiwan Fire & Marine Insurance has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Taiwan Fire & Marine Insurance Co., Ltd. provides various insurance products and services in Taiwan. It offers various lines of insurance products, including fire, marine cargo and hull, fishing vessel, aviation, automobile, money, bond and credit, liability, engineering, accident, and health insurance products, as well as reinsurance products. The company was founded in 1946 and is headquartered in Taipei, Taiwan.

Details
Name: Taiwan Fire & Marine Insurance Co., Ltd.
2832
Exchange: TSEC
Founded: 1946
NT$6,592,047,280
362,200,400
Website: http://www.tfmi.com.tw
Address: Taiwan Fire & Marine Insurance Co., Ltd.
No. 49, Guanqian Road,
8 and 9th Floor,
Taipei,
100,
Taiwan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSEC 2832 Common Stock Taiwan Stock Exchange TW TWD 08. Oct 1997
Number of employees
Current staff
Staff numbers
904
Taiwan Fire & Marine Insurance employees.
Industry
Property and Casualty Insurance
Insurance
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/04 16:02
End of day share price update: 2020/04/01 00:00
Last earnings filing: 2020/03/23
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.