Fubon Life Insurance will reclassify its assets next year, and its net worth will increase significantly.

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[Reporter Wu Xintian/Taipei Report] On the evening of the 21st, Fubon Life issued an important news that it will reclassify its assets starting from January 1 next year. Based on the calculations made by accountants at the end of September, the impact of reclassification on net worth is about 81.9 billion yuan. If the South Korean subsidiary is included, the consolidated equity of Fubon Life Insurance will increase by about 82.9 billion yuan.

Fubon Life Insurance stated that due to changes in the supervision system of local capital provision laws and regulations, Fubon Hyundai Life Insurance, a Korean subsidiary, decided to change its business model on December 15, and will reclassify debt instruments and financial assets on January 1, 2023; Fubon After considering the rationality of the relevant evidence, Life Insurance decided that the expression of the consolidated financial statements will adopt the same accounting classification as that of the subsidiaries, and also use January 1 as the date of reclassification of financial assets in the consolidated financial statements.

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Calculated based on the number reviewed by accountants on September 30 this year, after the reclassification, Fubon Life’s individual and consolidated equity increased by about 81.9 billion yuan, and the individual net worth ratio increased from 4.99% to 6.56%; the consolidated equity of the financial holding parent company It will increase by about 81.9 billion yuan, and the ratio of individual net worth of financial holdings will increase from about 79.84% to 81.97%, which has no major impact on the equity of financial holding shareholders.

Fubon Life Insurance explained that if the estimated impact of the reclassification of the Korean subsidiary Fubon Hyundai Life Insurance is included, the consolidated equity of Fubon Life Insurance will increase by about 82.9 billion yuan, and the consolidated equity of the financial holding parent company will increase by about 82.9 billion yuan.

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