Taiwan Life Insurance Company Limited http://www.alacrastore.com/company-snapshot/Taiwan_Life_Insurance_Company_Limited-1044633 Friday, October 10, 2008 11:03:13 PM 1044633 Taiwan Life Insurance Company Limited en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/675875spcred/675875normThe latest News from S&Pglobal10/9/2008 8:23:00 AM100News675875TaiwanLife & Health InsuranceEmerging MarketsAsiaGlobal IssuersInsuranceNewsTAIPEI (Standard&Poor's) Oct. 8, 2008--Standard&Poor's Ratings Services today said that Taiwan Life Insurance Co. Ltd.'s (BBB+/Negative/--) announcement of a real estate acquisition valued at Taiwan dollar 3.0 billion would not immediately affect the ratings. The acquisition amount represents only 1.6% of Taiwan Life's total investment assets as of the end of June 2008. However, this amount accounts for 38% of the insurer's shareholders' funds as of the end of June 2008, due to the company's slightly small capital base. The outlook on the issuer ratings is negative. The ratings could be lowered if the insurer cannot maintain its profitable growth momentum, or if its capitalization deteriorates further, such as due to a growing risk appetite orTWN40301020 403010 4030 40Taiwan Life Insurance Co. Ltd.358107EMERGINGASIA2833@TTNEWSGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/bir/1200070bir/1200070normTaiwan Life Insurance Company Ltd.TaiwanInsurance: Insurance in all classes; financial services6311524113928336/21/2008 6:42:00 AM1200070Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/spcred/622911spcred/622911normThe latest Full Report from S&P12/26/2007 11:36:40 PMFull Report400global622911TaiwanLife & Health InsuranceAsiaEmerging MarketsGlobal IssuersInsuranceFull ReportSatisfactory operating performance Good liquidity Proactive investment management Relatively weak competitiveness in Taiwan's life insurance industry The ratings on Taiwan Life Insurance Co. Ltd. reflect the insurer's satisfactory operating performance, good liquidity, and proactive investment management. Counterbalancing factors include the insurer's modest competitiveness in Taiwan's life insurance industry. Taiwan Life's operating performance is satisfactory. The company's proactive investment management partly offsets the impact on profitability of high guaranteed rate legacy policies. The insurer's return on average assets (ROAA) averaged 1.3% and its investment yield averaged slightly over 5% in 2002-2006. Taiwan Life's competitiveness is relatively weak. The company's first-year premium growth was slower than the market average in 2005 and 2006, but has picked up in 2007. Its product mixTWN40301020 403010 4030 40Taiwan Life Insurance Co. Ltd.358107ASIAEMERGING2833@TTFULLGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/622912spcred/622912normThe latest Summary from S&P12/26/2007 11:36:40 PMSummary175global622912TaiwanLife & Health InsuranceAsiaEmerging MarketsGlobal IssuersInsuranceSummaryThe ratings on Taiwan Life Insurance Co. Ltd. reflect the insurer's satisfactory operating performance, good liquidity, and proactive investment management. Counterbalancing factors include the insurer's modest competitiveness in Taiwan's life insurance industry. Taiwan Life's operating performance is satisfactory. The company's proactive investment management partly offsets the impact on profitability of high guaranteed rate legacy policies. The insurer's return on average assets averaged 1.3% and its investment yield averaged slightly over 5% in 2002-2006. Taiwan Life's competitiveness is relatively weak. The company's first-year premium growth was slower than the market average in 2005 and 2006, but has picked up in 2007. Its product mix is in line with the industry's average. Maintaining profitable premium growth will help Taiwan Life to graduallyTWN40301020 403010 4030 40Taiwan Life Insurance Co. Ltd.358107ASIAEMERGING2833@TTSUMMARYGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/447422spcred/447422normThe latest Full Report from S&P12/23/2007 11:36:04 PMFull Report400global447422Global IssuersInsuranceFull ReportSatisfactory operating performance Good liquidity Modest market position The ratings on Taiwan Life Insurance Co. Ltd. (Taiwan Life Insurance) reflect the company's satisfactory operating performance, good liquidity, and adequate capitalization. Despite the company's satisfactory business profile, it faces challenges if it is to further improve its market position in a competitive operating environment. Taiwan Life Insurance has a satisfactory business profile but a modest position in Taiwan's highly concentrated life insurance industry; it had a 3% share of total premium income in 2004. Although the company is small compared with the dominant players, it has a niche client base of civil servants. The company's business mix now includes more non-traditional lines of life insurance than previously as a result ofTaiwan Life Insurance Co. Ltd.358107FULLGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/447423spcred/447423normThe latest Summary from S&P12/23/2007 11:36:04 PMSummary175global447423Global IssuersInsuranceSummaryThe ratings on Taiwan Life Insurance Co. Ltd. (Taiwan Life Insurance) reflect the company's satisfactory operating performance, good liquidity, and adequate capitalization. Despite the company's satisfactory business profile, it faces challenges if it is to further improve its market position in a competitive operating environment. Taiwan Life Insurance has a satisfactory business profile but a modest position in Taiwan's highly concentrated life insurance industry; it had a 3% share of total premium income in 2004. Although the company is small compared with the dominant players, it has a niche client base of civil servants. The company's business mix now includes more non-traditional lines of life insurance than previously as a result of changes in regulations and demand in a lowTaiwan Life Insurance Co. Ltd.358107SUMMARYGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/615809spcred/615809normThe latest News from S&P11/29/2007 4:33:09 AMNews100global615809TaiwanLife & Health InsuranceAsiaEmerging MarketsGlobal IssuersInsuranceNewsHONG KONG (Standard&Poor's) Nov. 29, 2007--Standard&Poor's Ratings Services said today that it had affirmed its 'BBB+' local currency counterparty credit and insurer financial strength ratings on Taiwan Life Insurance Co. Ltd. (Taiwan Life). The outlook is negative. "The ratings reflect Taiwan Life's satisfactory operating performance, good liquidity, and proactive investment management," said Standard&Poor's credit analyst Connie Wong. "Counterbalancing factors include the insurer's modest competitiveness in Taiwan's life insurance industry." Taiwan Life's operating performance is satisfactory. The company's proactive investment management partly offsets the impact on profitability of high guaranteed rate legacy policies. The insurer's return on average assets averaged 1.3% and its investment yield averaged slightly over 5% in 2002-2006. Taiwan Life's competitiveness isTWN40301020 403010 4030 40Taiwan Life Insurance Co. Ltd.358107ASIAEMERGING2833@TTNEWSGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/615810spcred/615810normThe latest Research Update from S&P11/29/2007 4:33:09 AMResearch Update175global615810TaiwanLife & Health InsuranceAsiaEmerging MarketsGlobal IssuersInsuranceResearch UpdateOn Nov. 29, 2007, Standard&Poor's Rating Services affirmed its 'BBB+' local currency counterparty credit and insurer financial strength ratings on Taiwan Life Insurance Co. Ltd. (Taiwan Life). The outlook is negative. The ratings reflect Taiwan Life's satisfactory operating performance, good liquidity, and proactive investment management. Counterbalancing factors include the insurer's modest competitiveness in Taiwan's life insurance industry. Taiwan Life's operating performance is satisfactory. The company's proactive investment management partly offsets the impact on profitability of high guaranteed rate legacy policies. The insurer's return on average assets averaged 1.3% and its investment yield averaged slightly over 5% in 2002-2006. Taiwan Life's competitiveness is modest. The company's first-year premium growth was slower than the market average in 2005 and 2006,TWN40301020 403010 4030 40Taiwan Life Insurance Co. Ltd.358107ASIAEMERGING2833@TTRESUPDGLOBISSINSCredit & Investment ResearchS&P Credit Research