Established business franchise given its large scale and high level of controlled distribution channels. Leading player by domestic market share for major product lines. Above-average operating performance supported by stable and good investment return. Operates primarily in Taiwan's life insurance industry which has moderate risk. Projected risk-adjusted capitalization to remain at the domestic industry average in the coming two years, which is in the lower-adequate range by our definition. High investment leverage compared to regional peers', susceptible to global capital market volatility. Good access to sources of capital and liquidity given its established franchise and high linkage to the Fubon Financial Holding Co. Ltd. (Fubon FHC) group. Satisfactory management demonstrating good strategic planning and the ability to convert strategy into
