Declared Dividend • Jun 01
Dividend of NT$1.50 announced Dividend of NT$1.50 is the same as last year. Ex-date: 16th June 2026 Payment date: 14th July 2026 Dividend yield will be 4.5%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (32% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 11% per year over the past 8 years. However, payments have been volatile during that time. Earnings per share has grown by 6.0% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$4.66 (vs NT$5.46 in FY 2024) Full year 2025 results: EPS: NT$4.66 (down from NT$5.46 in FY 2024). Revenue: NT$11.2b (up 1.7% from FY 2024). Net income: NT$1.04b (down 15% from FY 2024). Profit margin: 9.3% (down from 11% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Announcement • Mar 13
Union Insurance Co., Ltd., Annual General Meeting, May 29, 2026 Union Insurance Co., Ltd., Annual General Meeting, May 29, 2026. Location: 2 floor no,1, sec.4 chung shan n. rd., taipei city Taiwan Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: NT$1.67 (vs NT$0.65 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.67 (up from NT$0.65 in 3Q 2024). Revenue: NT$2.95b (up 12% from 3Q 2024). Net income: NT$372.5m (up 155% from 3Q 2024). Profit margin: 13% (up from 5.5% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 28
Second quarter 2025 earnings released: EPS: NT$0.87 (vs NT$1.32 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.87 (down from NT$1.32 in 2Q 2024). Revenue: NT$2.67b (down 1.2% from 2Q 2024). Net income: NT$194.4m (down 34% from 2Q 2024). Profit margin: 7.3% (down from 11% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 10
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 17 June 2025. Payment date: 14 July 2025. Payout ratio is a comfortable 40% and the cash payout ratio is 95%. Trailing yield: 5.6%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (4.0%). New Risk • May 11
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 7.9% Last year net profit margin: 13% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (40% accrual ratio). Minor Risks Dividend is not well covered by cash flows (95% cash payout ratio). Profit margins are more than 30% lower than last year (7.9% net profit margin). Announcement • Apr 24
Union Insurance Co., Ltd. to Report Q1, 2025 Results on Apr 30, 2025 Union Insurance Co., Ltd. announced that they will report Q1, 2025 results on Apr 30, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$26.30, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 9x in the Insurance industry in Taiwan. Total returns to shareholders of 38% over the past three years. Reported Earnings • Mar 17
Full year 2024 earnings released: EPS: NT$5.46 (vs NT$5.37 in FY 2023) Full year 2024 results: EPS: NT$5.46 (up from NT$5.37 in FY 2023). Revenue: NT$11.0b (up 4.2% from FY 2023). Net income: NT$1.22b (up 1.8% from FY 2023). Profit margin: 11% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Mar 13
Union Insurance Co., Ltd., Annual General Meeting, May 27, 2025 Union Insurance Co., Ltd., Annual General Meeting, May 27, 2025, at 09:00 Taipei Standard Time. Location: 2 floor no,1, sec.4 chung shan n. rd., taipei city Taiwan Announcement • Mar 04
Union Insurance Co., Ltd. to Report Fiscal Year 2024 Results on Mar 11, 2025 Union Insurance Co., Ltd. announced that they will report fiscal year 2024 results on Mar 11, 2025 New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 07
Third quarter 2024 earnings released: EPS: NT$0.65 (vs NT$1.26 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.65 (down from NT$1.26 in 3Q 2023). Revenue: NT$2.65b (up 1.2% from 3Q 2023). Net income: NT$145.9m (down 48% from 3Q 2023). Profit margin: 5.5% (down from 11% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Oct 23
Union Insurance Co., Ltd. to Report Q3, 2024 Results on Oct 30, 2024 Union Insurance Co., Ltd. announced that they will report Q3, 2024 results on Oct 30, 2024 Reported Earnings • Aug 29
Second quarter 2024 earnings released: EPS: NT$1.32 (vs NT$2.53 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.32 (down from NT$2.53 in 2Q 2023). Revenue: NT$2.71b (down 9.6% from 2Q 2023). Net income: NT$295.7m (down 48% from 2Q 2023). Profit margin: 11% (down from 19% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Aug 17
Union Insurance Co., Ltd. to Report Q2, 2024 Results on Aug 26, 2024 Union Insurance Co., Ltd. announced that they will report Q2, 2024 results on Aug 26, 2024 Buy Or Sell Opportunity • Jun 11
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at NT$33.85. The fair value is estimated to be NT$42.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years, while earnings per share has been flat. Buy Or Sell Opportunity • May 09
Now 20% undervalued Over the last 90 days, the stock has risen 5.4% to NT$33.90. The fair value is estimated to be NT$42.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Meanwhile, the company has become profitable. Announcement • May 02
Union Insurance Co., Ltd. Announces Appointments to Sustainable Committee Union Insurance Co., Ltd. announced the appointment of Sustainable Committee. Name of the new position holder: Tung-Liang Wang, Yu-Fung Ma, Huang-Chi Liu and Chih-Ming Liu. Resume of the new position holder: Tung-Liang Wang, Yu-Fung Ma and Huang-Chi Liu- Independent director of the company. Chih-Ming Liu- Juristic-person director. Reason for the change: Establishment of the Sustainability Committee. Effective date of the new member: April 30, 2024. Announcement • Apr 24
Union Insurance Co., Ltd. to Report Q1, 2024 Results on Apr 30, 2024 Union Insurance Co., Ltd. announced that they will report Q1, 2024 results on Apr 30, 2024 New Risk • Mar 15
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 81% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 25% per year over the past 5 years. High level of non-cash earnings (81% accrual ratio). Minor Risk Paying a dividend despite being loss-making. Announcement • Mar 14
Union Insurance Co., Ltd., Annual General Meeting, Jun 24, 2024 Union Insurance Co., Ltd., Annual General Meeting, Jun 24, 2024. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$30.85, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 13x in the Insurance industry in Taiwan. Total returns to shareholders of 59% over the past three years. Buy Or Sell Opportunity • Mar 13
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to NT$33.55. The fair value is estimated to be NT$43.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Feb 23
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.1% to NT$34.00. The fair value is estimated to be NT$43.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Feb 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to NT$32.15. The fair value is estimated to be NT$40.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$33.25, the stock trades at a trailing P/E ratio of 28.8x. Average trailing P/E is 16x in the Insurance industry in Taiwan. Total returns to shareholders of 93% over the past three years. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$27.80, the stock trades at a trailing P/E ratio of 24.1x. Average trailing P/E is 16x in the Insurance industry in Taiwan. Total returns to shareholders of 65% over the past three years. Buying Opportunity • Sep 21
Now 20% undervalued Over the last 90 days, the stock is up 72%. The fair value is estimated to be NT$40.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.1% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to NT$34.40, the stock trades at a trailing P/E ratio of 29.8x. Average trailing P/E is 16x in the Insurance industry in Taiwan. Total returns to shareholders of 103% over the past three years. Reported Earnings • Aug 31
Second quarter 2023 earnings released: EPS: NT$2.53 (vs NT$3.37 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$2.53 (up from NT$3.37 loss in 2Q 2022). Revenue: NT$2.57b (up 40% from 2Q 2022). Net income: NT$565.8m (up NT$1.32b from 2Q 2022). Profit margin: 22% (up from net loss in 2Q 2022). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 15
Full year 2022 earnings released: NT$5.91 loss per share (vs NT$3.12 profit in FY 2021) Full year 2022 results: NT$5.91 loss per share (down from NT$3.12 profit in FY 2021). Revenue: NT$8.50b (down 3.4% from FY 2021). Net loss: NT$1.32b (down 290% from profit in FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Huang-Chi Liu was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.03 (vs NT$0.37 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.03 (down from NT$0.37 in 3Q 2021). Revenue: NT$2.25b (up 9.9% from 3Q 2021). Net income: NT$7.73m (down 91% from 3Q 2021). Profit margin: 0.3% (down from 4.0% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Reported Earnings • Sep 02
Second quarter 2022 earnings released: NT$3.37 loss per share (vs NT$0.42 profit in 2Q 2021) Second quarter 2022 results: NT$3.37 loss per share (down from NT$0.42 profit in 2Q 2021). Revenue: NT$1.85b (down 15% from 2Q 2021). Net loss: NT$753.5m (down NT$847.7m from profit in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 28
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 04 August 2022. Payment date: 26 August 2022. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 5.9%. Lower than top quartile of Taiwanese dividend payers (6.7%). Lower than average of industry peers (6.9%). Announcement • Jun 26
Union Insurance Co., Ltd. Approves Cash Dividend for the Year 2021, payable on August 26, 2022 Union Insurance Co., Ltd. held its shareholders meeting on June 24, 2022, approved to allocate TWD 1 per share in cash with aggregate cash dividends of TWD 223,608,000 for the year 2021. .Ex-rights (ex-dividend) trading date is August 4, 2022. Ex-rights (ex-dividend) record date August 12, 2022. payable on August 26, 2022. Announcement • Jun 25
Union Insurance Co., Ltd. Announces Members to the Audit Committee Union Insurance Co., Ltd. announced the members to the Audit Committee. Name of the previous position holder: Independent Director: Tung-Liang Wang, Independent Director: Ping-Shen Kuo, Independent Director: Yu-Fung Ma. Resume of the previous position holder: Tung-Liang Wang/Independent Director of WWUNION, Ping-Shen Kuo/Independent Director of WWUNION, Yu-Fung Ma/Independent Director of WWUNION. Name of the new position holder: Independent director: Tung-Liang Wang, Independent director: Huang-Chi Liu, Independent director: Yu-Fung Ma. Resume of the new position holder: Tung-Liang Wang/Independent director of WWUNION, Huang-Chi Liu/Lawyer in charge of Zuocheng Law Firm, Yu-Fung Ma/Independent director of WWUNION. Effective date of the new member is June 24, 2022. Reported Earnings • May 11
First quarter 2022 earnings released: NT$0.28 loss per share (vs NT$0.95 profit in 1Q 2021) First quarter 2022 results: NT$0.28 loss per share (down from NT$0.95 profit in 1Q 2021). Revenue: NT$2.03b (down 9.1% from 1Q 2021). Net loss: NT$62.0m (down 129% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 2% per year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Tung-Liang Wang was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 30
Full year 2021 earnings released: EPS: NT$3.12 (vs NT$3.14 in FY 2020) Full year 2021 results: EPS: NT$3.12 (down from NT$3.14 in FY 2020). Revenue: NT$8.81b (up 7.1% from FY 2020). Net income: NT$696.7m (flat on FY 2020). Profit margin: 7.9% (down from 8.5% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year and the company’s share price has also increased by 3% per year. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS NT$0.37 (vs NT$1.46 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$2.05b (down 4.0% from 3Q 2020). Net income: NT$81.9m (down 75% from 3Q 2020). Profit margin: 4.0% (down from 15% in 3Q 2020). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 2% per year. Reported Earnings • Aug 29
Second quarter 2021 earnings released: EPS NT$0.42 (vs NT$1.60 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$2.19b (up 2.1% from 2Q 2020). Net income: NT$94.2m (down 74% from 2Q 2020). Profit margin: 4.3% (down from 17% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 1% per year. Upcoming Dividend • Aug 12
Upcoming dividend of NT$0.80 per share Eligible shareholders must have bought the stock before 19 August 2021. Payment date: 15 September 2021. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (5.1%). In line with average of industry peers (4.0%). Reported Earnings • May 11
First quarter 2021 earnings released: EPS NT$0.95 (vs NT$0.30 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$2.24b (up 29% from 1Q 2020). Net income: NT$212.0m (up NT$280.0m from 1Q 2020). Profit margin: 9.5% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 7% per year. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$3.14 (vs NT$3.15 in FY 2019) The company reported a mediocre full year result with weaker profit margins, although earnings were flat and revenues improved. Full year 2020 results: Revenue: NT$8.24b (up 2.0% from FY 2019). Net income: NT$702.1m (flat on FY 2019). Profit margin: 8.5% (down from 8.7% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 11
New 90-day high: NT$21.55 The company is up 7.0% from its price of NT$20.10 on 11 December 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 11% over the same period. Is New 90 Day High Low • Dec 14
New 90-day high: NT$20.30 The company is up 8.0% from its price of NT$18.85 on 15 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Insurance industry, which is up 5.0% over the same period. Is New 90 Day High Low • Nov 26
New 90-day high: NT$20.10 The company is up 10.0% from its price of NT$18.33 on 28 August 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 4.0% over the same period. Reported Earnings • Nov 10
Third quarter 2020 earnings released: EPS NT$1.46 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$2.14b (up 5.0% from 3Q 2019). Net income: NT$326.9m (up 38% from 3Q 2019). Profit margin: 15% (up from 12% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has increased by 2% per year. Is New 90 Day High Low • Nov 02
New 90-day high: NT$19.40 The company is up 14% from its price of NT$16.95 on 04 August 2020. The Taiwanese market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is down 2.0% over the same period. Is New 90 Day High Low • Oct 06
New 90-day high: NT$19.20 The company is up 1.0% from its price of NT$19.00 on 08 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Insurance industry, which is down 6.0% over the same period. 
