This report does not constitute a rating action. Overview Key strengths Key risks One of the leading players by domestic market share for its major product lines. Satisfactory capital and earnings with capital sensitivity to potential market volatility. Established business franchise, given large scale and high level of controlled distribution channels. Higher investment leverage and foreign exchange (forex) risk exposure than regional peers. Above-average operating performance. Fubon Life to maintain its established franchise, distribution channels, and market position locally. In our view, Taiwan domiciled Fubon Life Insurance Co. Ltd. has broad business diversity and a well-diversified customer base and nationwide direct agent force compared with the domestic life insurance average. The insurer benefits from its established franchise and distribution channels
