Declared Dividend • Jun 13
Dividend increased to NT$2.20 Dividend of NT$2.20 is 16% higher than last year. Ex-date: 29th June 2026 Payment date: 20th July 2026 Dividend yield will be 5.9%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is well covered by both earnings (36% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 14% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$2.00 (vs NT$0.78 in 1Q 2025) First quarter 2026 results: EPS: NT$2.00 (up from NT$0.78 in 1Q 2025). Net income: NT$1.84b (up 194% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: NT$3.66 (vs NT$3.14 in FY 2024) Full year 2025 results: EPS: NT$3.66 (up from NT$3.14 in FY 2024). Revenue: NT$23.9b (up 11% from FY 2024). Net income: NT$2.93b (up 17% from FY 2024). Profit margin: 12% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Feb 05
Central Reinsurance Corporation, Annual General Meeting, May 25, 2026 Central Reinsurance Corporation, Annual General Meeting, May 25, 2026. Location: 10 floor no,11, chung shan s. rd., taipei city Taiwan Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: NT$0.98 (vs NT$0.29 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.98 (up from NT$0.29 in 3Q 2024). Revenue: NT$5.57b (flat on 3Q 2024). Net income: NT$788.0m (up 242% from 3Q 2024). Profit margin: 14% (up from 4.2% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. New Risk • Aug 23
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 105% Cash payout ratio: 481% Dividend yield: 8.1% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 105% Cash payout ratio: 481% Minor Risk Profit margins are more than 30% lower than last year (6.5% net profit margin). New Risk • Aug 22
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: 6.5% Last year net profit margin: 12% 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: Minor Risks Dividend is not well covered by cash flows (481% cash payout ratio). Profit margins are more than 30% lower than last year (6.5% net profit margin). Reported Earnings • Aug 22
Second quarter 2025 earnings released: EPS: NT$0.23 (vs NT$1.00 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.23 (down from NT$1.00 in 2Q 2024). Revenue: NT$6.54b (up 17% from 2Q 2024). Net income: NT$184.7m (down 77% from 2Q 2024). Profit margin: 2.8% (down from 14% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 20
Upcoming dividend of NT$1.90 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 18 July 2025. Payout ratio is a comfortable 74% but the company is not cash flow positive. Trailing yield: 7.4%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (4.1%). Announcement • May 23
Central Reinsurance Corporation Approves Dividend Distribution for the Year 2024 Central Reinsurance Corporation at its shareholders meeting held on May 22, 2022, approved the ratification of 2024 earnings distribution: Cash dividends to shareholders: TWD 1.9 per share. Announcement • May 01
Central Reinsurance Corporation to Report Q1, 2025 Results on May 08, 2025 Central Reinsurance Corporation announced that they will report Q1, 2025 results on May 08, 2025 Reported Earnings • Apr 23
Full year 2024 earnings released: EPS: NT$3.14 (vs NT$2.61 in FY 2023) Full year 2024 results: EPS: NT$3.14 (up from NT$2.61 in FY 2023). Revenue: NT$21.6b (down 1.7% from FY 2023). Net income: NT$2.52b (up 20% from FY 2023). Profit margin: 12% (up from 9.5% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 12
Full year 2024 earnings released Full year 2024 results: Revenue: NT$21.6b (down 1.4% from FY 2023). Net income: NT$2.52b (up 20% from FY 2023). Profit margin: 12% (up from 9.5% in FY 2023). The increase in margin was driven by lower expenses. Announcement • Feb 28
Central Reinsurance Corporation to Report Fiscal Year 2024 Results on Mar 07, 2025 Central Reinsurance Corporation announced that they will report fiscal year 2024 results on Mar 07, 2025 Announcement • Jan 24
Central Reinsurance Corporation, Annual General Meeting, May 22, 2025 Central Reinsurance Corporation, Annual General Meeting, May 22, 2025. Location: 10 floor no,11, chung shan s. rd., taipei city Taiwan 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. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 23
Second quarter 2024 earnings released: EPS: NT$1.00 (vs NT$0.66 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.00 (up from NT$0.66 in 2Q 2023). Revenue: NT$5.58b (up 6.9% from 2Q 2023). Net income: NT$801.7m (up 52% from 2Q 2023). Profit margin: 14% (up from 10% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 1% per year. Announcement • Aug 23
Central Reinsurance Corporation Announces Resignation of Shih, Pai-Ta Independent Director and Member of Remuneration Committee, Audit Committee and Enterprise Risk Management Committee Members of the Company Central Reinsurance Corporation announced resignation of Mr. Shih, Pai-Ta Independent director and member of Remuneration Committee, Audit Committee and Enterprise Risk Management Committee members of the Company. Announcement • Aug 14
Central Reinsurance Corporation to Report Q2, 2024 Results on Aug 21, 2024 Central Reinsurance Corporation announced that they will report Q2, 2024 results on Aug 21, 2024 Upcoming Dividend • Jun 06
Upcoming dividend of NT$1.40 per share Eligible shareholders must have bought the stock before 13 June 2024. Payment date: 12 July 2024. Trailing yield: 5.0%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.8%). Announcement • May 02
Central Reinsurance Corporation to Report Q1, 2024 Results on May 08, 2024 Central Reinsurance Corporation announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 08, 2024 New Risk • Mar 18
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 5.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 14
Full year 2023 earnings released: EPS: NT$2.61 (vs NT$0.41 in FY 2022) Full year 2023 results: EPS: NT$2.61 (up from NT$0.41 in FY 2022). Revenue: NT$22.0b (up 11% from FY 2022). Net income: NT$2.09b (up NT$1.84b from FY 2022). Profit margin: 9.5% (up from 1.3% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Mar 09
Central Reinsurance Corporation Proposes Cash Dividend for the Year Ended December 31, 2023 Central Reinsurance Corporation proposed cash dividend of TWD 1.4 per share for the year ended December 31, 2023. Total amount of cash distributed to shareholders: TWD 1,120,544,250. Announcement • Feb 16
Central Reinsurance Corporation, Annual General Meeting, May 21, 2024 Central Reinsurance Corporation, Annual General Meeting, May 21, 2024. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$0.45 (vs NT$0.11 loss in 3Q 2022) Third quarter 2023 results: EPS: NT$0.45 (up from NT$0.11 loss in 3Q 2022). Revenue: NT$5.09b (up 30% from 3Q 2022). Net income: NT$359.5m (up NT$422.0m from 3Q 2022). Profit margin: 7.1% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Aug 19
Second quarter 2023 earnings released: EPS: NT$0.66 (vs NT$0.84 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$0.66 (up from NT$0.84 loss in 2Q 2022). Revenue: NT$5.23b (down 6.5% from 2Q 2022). Net income: NT$527.4m (up NT$1.02b from 2Q 2022). Profit margin: 10% (up from net loss in 2Q 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Aug 18
Central Reinsurance Corporation Announces Executive Changes Central Reinsurance Corporation announced the appointment of Mr. Hsu, Tzu-Cheng as corporate governance officer, effective October 1, 2023. Mr. Hsu, Tzu-Cheng is Senior Vice President of Supervisory Division, Central Re. The company announced the resignation of Ms. Chang, Yung-Ning as corporate governance officer, effective October 1, 2023. Ms. Chang, Yung-Ning is Executive Vice President of Finance Division, Central Re. Reported Earnings • Mar 16
Full year 2022 earnings released Full year 2022 results: Revenue: NT$19.8b (down 4.8% from FY 2021). Net income: NT$253.3m (down 88% from FY 2021). Profit margin: 1.3% (down from 9.9% in FY 2021). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 4% per year. Announcement • Jan 17
Central Reinsurance Corporation, Annual General Meeting, May 31, 2023 Central Reinsurance Corporation, Annual General Meeting, May 31, 2023. Location: 10th floor, International Convention Center of Chang Yung-Fa Foundation, No.11, Zhongshan S. Road Taipei Taiwan Agenda: To consider Business Report of the year 2022; to consider Audit Committee's Review Report of the year 2022; to consider Ratification of the 2022 Business Report and Audited Financial Report; to consider Ratification of the 2022 Earnings Distribution; and to transact other business. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Wei Liu was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 05
Third quarter 2022 earnings released: NT$0.11 loss per share (vs NT$0.71 profit in 3Q 2021) Third quarter 2022 results: NT$0.11 loss per share (down from NT$0.71 profit in 3Q 2021). Revenue: NT$3.93b (down 20% from 3Q 2021). Net loss: NT$62.5m (down 115% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has remained flat. Announcement • Oct 22
Central Reinsurance Corporation Announces Management Changes Central Reinsurance Corporation appoints Mr. Wu, Jiang-Ming, Chairman of Evergreen Airlines Services Corporation, Chairman of EverFun Travel Services Corporation, President of EVA Airways Corporation and President of Uni Air Corporation as director in place of Mr. Chen, Chao-Lung, The director of Central Reinsurance Corporation. Effective date of new appointment is October 20, 2022. Announcement • Oct 12
Central Reinsurance Corporation Announces the Change of the President The Board of Directors of Central Reinsurance Corporation announced the change of the President. Name of the previous position holder: Cheng, Ching-Fen. Resume of the previous position holder: President of Central Reinsurance Corporation. Name of the new position holder: Chung, Chih-Hung. Resume of the new position holder: Executive Vice President of Central Reinsurance Corporation. Reason for the change: The board of directors resolved to dismiss Miss Cheng, Ching-Fen on September 1, 2022 and to appoint Mr. Chung, Chih-Hung as the new President. The Company received the letter from the competent authority on October 11, 2022, which the authority approved the new president on October 11, 2022, so the inauguration date of the new president is October 11, 2022. Reported Earnings • Aug 12
Second quarter 2022 earnings released: NT$0.84 loss per share (vs NT$0.77 profit in 2Q 2021) Second quarter 2022 results: NT$0.84 loss per share (down from NT$0.77 profit in 2Q 2021). Revenue: NT$5.59b (up 1.0% from 2Q 2021). Net loss: NT$494.0m (down 209% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Aug 11
Central Reinsurance Corporation Announces Executive Changes Central Reinsurance Corporation announced the change of the president. Name of the previous position holder: Cheng, Ching-Fen; Resume of the previous position holder: President of Central Reinsurance Corporation; Name of the new position holder: Chung, Chih-Hung; Resume of the new position holder: Executive Vice President of Central Reinsurance Corporation; Reason for the change: The Board of Directors resolved to dismiss Miss Cheng, Ching-Fen on September 01, 2022 and to appoint Mr. Chung, Chih-Hung as the new President. Effective date of the new appointment: To be effective as from the date of approval by the competent authority. Any other matters that need to be specified: Before the approval of the competent authority, Executive Vice President of Chung, Chih-Hung will act for the President of the company duties. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$20.80, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 7x in the Insurance industry in Taiwan. Total returns to shareholders of 36% over the past three years. Announcement • Jul 01
Central Reinsurance Corporation Announces Management Changes Central Reinsurance Corporation announced that Mr. Yang, Chin-Hen replaced Mr. Chen, Kuan-Pao as Deputy Director General, Dept. of Secretarial, Ministry of Finance, R.O.C. Effective date of the new appointment is June 30, 2022. Upcoming Dividend • Jun 09
Upcoming dividend of NT$1.80 per share Eligible shareholders must have bought the stock before 16 June 2022. Payment date: 19 July 2022. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 6.2%. Within top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (4.7%). Announcement • May 28
Central Reinsurance Corporation Approves Cash Dividend for 2021, Payable on July 19, 2022 Central Reinsurance Corporation at its AGM held on May 27, 2022, approved cash dividends to shareholders of TWD 1.8 per share for 2021. The distribution date of cash dividends is on July 19, 2022. Ex-rights (ex-dividend) trading date of June 16, 2022 and Ex-rights (ex-dividend) record date of June 24, 2022. Reported Earnings • May 07
First quarter 2022 earnings released: EPS: NT$1.07 (vs NT$1.32 in 1Q 2021) First quarter 2022 results: EPS: NT$1.07 (down from NT$1.32 in 1Q 2021). Revenue: NT$5.06b (down 7.3% from 1Q 2021). Net income: NT$632.7m (down 19% from 1Q 2021). Profit margin: 13% (down from 14% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. 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. 6 non-independent directors. Independent Director Wei Liu was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 19
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$3.50 (up from NT$2.57 in FY 2020). Net income: NT$2.07b (up 36% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$0.71 (vs NT$0.89 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$4.92b (up 5.5% from 3Q 2020). Net income: NT$416.7m (down 20% from 3Q 2020). Profit margin: 8.5% (down from 11% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 19% per year. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$0.77 (vs NT$0.79 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$5.53b (up 19% from 2Q 2020). Net income: NT$454.5m (down 2.4% from 2Q 2020). Profit margin: 8.2% (down from 10.0% 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 18% per year whereas the company’s share price has increased by 13% per year. Upcoming Dividend • Jul 26
Upcoming dividend of NT$1.30 per share Eligible shareholders must have bought the stock before 02 August 2021. Payment date: 24 August 2021. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (3.7%). Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improved over the past week After last week's 16% share price gain to NT$33.60, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 8x in the Insurance industry in Taiwan. Total returns to shareholders of 96% over the past three years. Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$24.05, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 9x in the Insurance industry in Taiwan. Total returns to shareholders of 40% over the past three years. Reported Earnings • May 06
First quarter 2021 earnings released: EPS NT$1.32 (vs NT$0.75 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$5.46b (up 27% from 1Q 2020). Net income: NT$781.8m (up 77% from 1Q 2020). Profit margin: 14% (up from 10% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 12% per year. Announcement • Mar 19
Central Reinsurance Corporation Proposes Dividend Distribution for the Year Ended December 31, 2021 Central Reinsurance Corporation proposed dividend distribution of TWD 1.3 for the year ended December 31, 2021. Reported Earnings • Mar 19
Full year 2020 earnings released: EPS NT$2.57 (vs NT$1.87 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$18.2b (up 11% from FY 2019). Net income: NT$1.52b (up 37% from FY 2019). Profit margin: 8.3% (up from 6.8% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 23
New 90-day high: NT$23.20 The company is up 4.0% from its price of NT$22.30 on 25 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Insurance industry, which is also up 4.0% over the same period. Announcement • Jan 02
Central Reinsurance Corporation Announces Change of Representative of Juristic-Person Director, Effective January 1, 2021 Central Reinsurance Corporation announced change of representative of juristic-person director. Name of the previous position holder is Chang, Kuo-Hua and name and resume of the new position holder is Wu, Kuang-Hui, chief executive vice president of Evergreen Marine Corp. (Taiwan) Ltd. Effective date of the new appointment is January 1, 2021. Is New 90 Day High Low • Dec 30
New 90-day high: NT$22.70 The company is up 12% from its price of NT$20.25 on 30 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Insurance industry, which is up 8.0% over the same period. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS NT$0.89 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$4.66b (up 14% from 3Q 2019). Net income: NT$522.9m (up 23% from 3Q 2019). Profit margin: 11% (up from 10% 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 but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • Nov 05
Third quarter 2020 earnings released: EPS NT$0.89 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$4.66b (up 14% from 3Q 2019). Net income: NT$522.9m (up 23% from 3Q 2019). Profit margin: 11% (up from 10% 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 but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Nov 05
New 90-day high: NT$21.05 The company is up 13% from its price of NT$18.70 on 07 August 2020. The Taiwanese market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is down 1.0% over the same period. Announcement • Sep 30
Central Reinsurance Corporation Appoints Cheng, Ching-Fen as Executive Vice President , Effective October 1, 2020 Central Reinsurance Corporation announced appointment of Cheng, Ching-Fen as Executive Vice President, Finance Division of Central Reinsurance Corporation. Effective from October 1, 2020. Announcement • Sep 26
Central Reinsurance Corporation Appoints Chang, Yung-Ning as Senior Vice President, Finance Department in the Place of Cheng, Ching-Fen Central Reinsurance Corporation appointed Chang, Yung-Ning as Senior Vice President, Finance Department in the place of Cheng, Ching-Fen, effective from September 23, 2020. Announcement • Aug 13
Central Reinsurance Corporation Announces Management Changes Central Reinsurance Corporation announced management changes. Name and resume of the previous position holder is Tsai, Bai-Long, President of Central Reinsurance Corporation. Name and resume of the new position holder:Cheng, Ching-Fen, Executive Vice President, Finance Division of Central Reinsurance Corporation is Mr. Tsai, Bai-Long will retire on October 1, 2020. The Board of Directors resolved to appoint Mrs. Cheng, Ching-Fen as the new President. Effective date of the new appointment is October 1, 2020. The change is subject to the approval of the competent authority, if it is not approved before October 1, 2020, the effective date will be the approval date and be announced accordingly. 
