Intent on becoming one of Asia’s first-class financial institutions, Fubon Financial Holdings offers the most complete and diversified line of financial products and services in the industry through its many subsidiaries, including Fubon Life, Taipei Fubon Bank, Fubon Bank (Hong Kong), Fubon Bank (China), Fubon Insurance, Fubon Securities and Fubon Asset Management. All of these subsidiaries are leaders in their fields. As of the end of 2015, Fubon Financial Holdings had total assets of NT$5.9875 trillion, the second most of any domestic financial holding company, and was serving more than 10.25 million customers. After-tax net income was NT$63.6 billion for the year, a record high for Taiwan’s financial sector and the highest in the industry for the seventh year running.
A Diversified Group Full of Standouts
The Fubon Group got its start in 1961 when Fubon Insurance (formerly Cathay Insurance) began operations as Taiwan’s first private property & casualty insurer. As the government progressively deregulated the country’s financial services sector beginning in the late 1980s, Fubon applied to establish investment services, securities, banking, asset management, life insurance and bills financing units. At the end of 2001, Fubon Financial became the first financial holding company in Taiwan to go public, and its product portfolio was soon recognized as the most extensive in the financial services sector.
Fubon’s subsidiaries are all standouts in their respective fields. Fubon Insurance has the top-ranked market share in the property & casualty insurance field at over 20%; Fubon Life is Taiwan’s second largest life insurer; Taipei Fubon Bank is one of Taiwan’s biggest privately run banks; and Fubon Securities has the third highest brokerage market share for spot trading on Taiwan’s equity markets.
Aiming for the Most Complete Financial Services Platform in Greater China
At the end of 2008, Fubon Financial Holdings acquired a 19.99% stake in Xiamen Bank through Fubon Bank (Hong Kong), becoming the first Taiwanese financial institution to gain a foothold in a mainland Chinese bank. It then established Fubon Property & Casualty Insurance Co. in 2010 and set up the joint venture Founder Fubon Fund Management Co. in 2011. In January 2014, Fubon Financial Holdings and Taipei Fubon Bank finalized the acquisition of an 80% stake in First Sino Bank and then renamed it Fubon Bank (China) in April. The deal made Fubon the only Taiwanese financial institution with bank subsidiaries in Taiwan, Hong Kong and China. In 2015, Fubon Securities bought a stake in Huishang Futures Co. Ltd., becoming the first Taiwanese securities firm to receive approval from the Financial Supervisory Commission to acquire shares in a Chinese futures company. In the future, Fubon Financial Holdings will continue to search for other opportunities for cooperation to achieve its goal of building the most complete financial platform in Greater China.
Taiwan’s Standard-bearer for Corporate Governance
The strong performances of Fubon Financial Holdings and its subsidiaries continue to receive widespread recognition from prestigious financial media. Fubon Financial Holdings has been named the “Most Admired Company” in the domestic financial holding sector by CommonWealth Magazine five times and was ranked by CommonWealth as one of Taiwan’s leading corporate citizens in 2015 for the ninth straight year.
Among subsidiaries, Taipei Fubon Bank took second place for “Best Wealth Management Bank” in Business Today’s annual evaluation of wealth management banks, while Fubon Life placed second among CommonWealth’s “Golden Service Award Insurance” in the life insurance sector. Fubon Insurance was named the “Most Admired P&C Insurance Company” by Risk Management, Insurance & Finance magazine, and Fubon Securities was honored by Wealth Magazine with a Gold Award for “Best Brokerage Service” among consumer finance brands.
Fubon Financial Holdings also received a Recognition Award for corporate governance from Corporate Governance Asia for the seventh consecutive year in 2015, and earned a Platinum Award for Corporate Governance for the fifth year running from The Asset, indicating that the Company’s determination and efforts in this area have set the standard for the industry.