Sector Review: Taiwan's Non-Life Sector Faces Continuing Price Competition Despite Satisfactory First-Half Operating Results Sep 10

Standard & Poors, September 2010

Abstract
Taiwan's gradual economic recovery nourished marginal growth in total direct premiums for the island's non-life insurers in the first half of 2010. This was their first year-on-year premium growth after nearly four years of continuous decline. Nonetheless, insurers' underwriting performance weakened during the same period, and the growth in premiums was not enough to lift the sector's overall operating performance. Standard & Poor's Ratings Services believes that strong price competition will continue to soften the sector's overall operating results with full-year 2010 results down from 2009. We expect non-life insurers to record profitable underwriting business in 2010, as a result of the industry's prudent underwriting controls and a regulatory cap on certain commission expenses. However, we do not expect the...

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- Chiao Tung Bank
- Bank of Taiwan
- Chinatrust Commercial Bank
- First Commercial Bank Ltd.
- Mega International Commercial Bank Co. Ltd.
- Cathay United Bank Co. Ltd.
- Taiwan Cooperative Bank Ltd.
- Hua Nan Commercial Bank Ltd.
- China Mariners Assurance Corp.
- Chung Kuo Insurance Co. Ltd.
- The First Insurance Co. Ltd.
- Fubon Insurance Co. Ltd.
- Zurich Insurance (Taiwan) Ltd.
- MSIG Mingtai Insurance Co. Ltd.
- Tai Ping Insurance Co. Ltd.
- Taiwan Fire & Marine Insurance Co. Ltd.
- AIU Insurance Co. Taiwan
- China Development Industrial Bank
- Farmers Bank of China
- Central Trust of China
- Taipei Fubon Commercial Bank Co. Ltd.
- Taishin International Bank Co. Ltd.
- The Shanghai Commercial & Savings Bank Ltd.
- E.SUN Commercial Bank Ltd.
- Yuanta Commercial Bank
- Asia Trust & Investment Corp.
- Bank of Kaohsiung
- China United Trust & Investment Corp.
- Chinfon Commercial Bank
- Cosmos Bank
- International Bank of Taipei
- Chinese Bank (The)
- Union Bank of Taiwan
- Land Bank of Taiwan
- Taitung Business Bank
- Cathay Century Insurance Co. Ltd.
- Bank SinoPac
- Shinkong Insurance Co. Ltd.
- Union Insurance Co. Ltd.
- AIG Taiwan Insurance Co. Ltd.
- Taian Insurance Co. Ltd.
- Kuo Hua Insurance Co. Ltd.
- Federal Insurance Co. Taiwan
- Fubon Financial Holding Co. Ltd.
- EnTie Commercial Bank
- Standard Chartered Bank (Taiwan) Ltd.
- Industrial Bank of Taiwan
- Taiwan Shin Kong Commercial Bank Co. Ltd.
- Sunny Bank
- Ta Chong Bank Ltd.
- Taiwan Business Bank
- Formosa Petrochemical Corp.
- Cathay Financial Holding Co. Ltd.
- China Development Financial Holding Corp.
- Hwatai Bank
- Bank of Panhsin
- Cota Commercial Bank
- King's Town Bank
- Enterprise Bank of Hualien
- Chinatrust Financial Holding Co.
- SinoPac Holdings
- Taichung Commercial Bank
- South China Insurance Co. Ltd.
- Jih Sun International Bank
- Hua Nan Financial Holding Co. Ltd.
- Mega Financial Holding Co. Ltd.
- First Financial Holding Co. Ltd.
- Tokio Marine Newa Insurance Co. Ltd.
- Shin Kong Financial Holding Co. Ltd.
- Jih Sun Financial Holding Co. Ltd.
- Yuanta Financial Holdings Co. Ltd.
- Bowa Commercial Bank Ltd.
- Agricultural Bank of Taiwan
- Taishin Financial Holding Co. Ltd.

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