Sanshang Meibang Life Insurance will have a full-year after-tax loss of 13.66 billion yuan in 2022, and the net value ratio at the end of the year will be above 2.0%.
(File photo, photo by reporter Wu Xintian)
[Reporter Wu Xintian/Taipei Report] Sanshang Meibang Life Insurance today announced its self-concluded Q4 financial report for 2022, with an after-tax loss of about 8 billion yuan and a cumulative annual after-tax loss of 13.66 billion yuan. The net worth ratio at the end of the year was above 2.0%. Assets will be reclassified starting from January 1, and the net value can increase by 5.347 billion yuan.
Sanshang Smith Barney said that in 2022 global inflation, the US Federal Reserve will raise interest rates in response, causing global stock and bond markets to fall; under the circumstances of the Russian-Ukrainian war, the unknown development of the epidemic, and financial market shocks, the net worth considered in the first half of the year is in many ways. The fluctuation range under the certain risk is too large, so the stop loss is strictly implemented, and the realized loss will inevitably affect the annual profit, but it can reduce the uncertain risk.
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Sanshang Meibang pointed out that in the face of the investment environment under the rising interest rate, it is also planning asset activation and implementing programs that can increase operating capital, including cash capital increase, real estate activation, asset reclassification, etc., to facilitate the adjustment and allocation of investment layout. Capital adequacy ratio and net worth ratio have positive contributions.
As for the cash capital increase, Sanshang Meibang completed the cash capital increase of 3.526 billion yuan and 5.2 billion yuan in March and November last year respectively.
At present, the 500 million cash capital increase announced in December last year is being implemented. According to the schedule, the funds will be in place by the end of Q1 this year.
After assessing the real estate market, Sanshang Meibang disposed of the Neihu Elite Building for 8.35 billion in July last year, making a profit of 1.26 billion yuan; the floor of the Global World Trade Center where the original headquarters was located was held for self-use and moved to the new Neihu headquarters building Afterwards, it has been actively adjusted to investment real estate, and after subsequent evaluation, it will be disposed or leased under favorable circumstances to achieve asset activation.
In addition, considering the current accounting system’s rules for the evaluation of assets and liabilities, the evaluation benefits of insurance policy liabilities due to the rise in interest rates cannot be shown in the financial report at the same time, and it is not conducive to a fair expression of the company’s operating essence. After the report of the board of directors on the 1st, the announcement will be made to reclassify assets, which will be applicable from January 1 this year, and the net value can increase by 5.347 billion yuan.
In December last year, the board of directors of Sanshang Smith Barney approved the disposal of Fuhua Investment Trust’s equity for 2.76 billion yuan. The case has been signed on December 30 and can be recorded after the process is completed. The estimated profit is 1.3 billion yuan.
As for the introduction of strategic investors, according to the authorization approved by the interim meeting of shareholders in September last year, the private placement of ordinary shares with a total upper limit of 2 billion shares will be handled in batches in the next year, which will continue.
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