This report does not constitute a rating action. What ' s new: Union Insurance Co. Ltd. reported net income of new Taiwan dollar (NT$) 398 million in the first quarter of 2026, with an annualized return on equity of 16.8%, up from 13.6% for full-year 2025. The insurer's satisfactory underwriting performance during the period without major loss events supported this improvement. Union Insurance's net combined ratio was 89.5% in the first quarter of 2026, which is better than our earlier forecast of 94% for full year 2026. The combined ratio is a measure of profitability with a number below 100% indicating underwriting profit. Why it matters: We forecast Union Insurance's earnings performance will be slightly above the domestic industry average
