中央再保險公司 (2851) 2026Q1 法說會簡報
Disclaimer
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Company Overview
公司簡介 (Central Re Introduction)
- 設立日期 (Establishment Date): 1968年10月31日
- 上市日期 (Listing Date): 2000年7月
- 民營化 (Privatization): 2002年7月
- 實收資本額 (Paid-in Capital): 新台幣80億389萬元
- 員工人數 (Number of Employees): 171人
- 營運地點 (Operating Location): 台北市南京東路二段53號12樓
信用評等 (Credit Ratings)
- A.M. Best: A Stable
- S&P Global: A Stable
- Taiwan Ratings: twAA+ Stable
- 穩健的國內市場地位與多樣化的業務組合 (Stable domestic market position and diversified business portfolio)
- 非常強健的資本強度及分散且審慎的投資結構 (Very strong capital strength and a diversified and prudent investment structure)
- 良好經營績效,擁有正向的核保利潤與投資收益 (Good operating performance, with positive underwriting profit and investment income)
- 允當的企業風險管理與強健的風險控管 (Adequate enterprise risk management and strong risk control)
聯絡資訊 (Contact Information)
- 發言人 (Spokesperson): 鍾志宏 (Chung, Chih-Hung)
- 職稱 (Title): 總經理 (President)
- 電話 (Phone): (02) 2541-5156
- 電子郵件 (Email): peterchung@centralre.com
- 代理發言人 (Acting Spokesperson): 張允寧 (Chang, Yun-Ning)
- 職稱 (Title): 財務本部 副總經理 (VP, Finance Dept.)
- 電話 (Phone): (02) 2511-5211分機250
- 電子郵件 (Email): catherinechang@centralre.com
- 投資人關係 (Investor Relations): 許自成 (Hsu, Tzu-Cheng)
- 職稱 (Title): 監理本部 協理 (Associate VP, Regulatory Compliance Dept.)
- 電話 (Phone): (02) 2511-5211分機215
- 電子郵件 (Email): allenhsu@centralre.com
Business Segments
營業內容 (Business Content)
- 承受國內、外保險業之財產及人身再保險業務。(Underwriting domestic and international property and casualty and life reinsurance business for insurance companies.)
經營險種 (Types of Insurance Operated)
- 產物保險 (Property & Casualty Insurance):
- 火險 (Fire)
- 住宅地震險 (Residential Earthquake)
- 船體險 (Hull)
- 貨物險 (Cargo)
- 航空險 (Aviation)
- 漁船險 (Fishing Vessel)
- 任意汽車險 (Voluntary Motor)
- 強制汽機車險 (Compulsory Motor)
- 工程險 (Engineering)
- 責任險 (Liability)
- 其他財產險等 (and other property insurances)
- 人身保險 (Life Insurance):
- 人壽險 (Life)
- 傷害險 (Accident)
- 健康險 (Health)
國內外再保費收入比重 (Proportion of Domestic and International Reinsurance Premium Income) (2025年)
- 國內產物保險 (Domestic P&C Insurance): 64%
- 國內人身保險 (Domestic Life Insurance): 19%
- 國外產物保險 (International P&C Insurance): 17%
- 國外人身保險 (International Life Insurance): 0.3%
各險再保費收入比重 (Proportion of Reinsurance Premium Income by Class of Business) (2025年)
- 車險 (Motor): 35%
- 火險 (Fire): 19%
- 壽險 (Life): 15%
- 其他財產險 (Other Property): 12%
- 工程險 (Engineering): 6%
- 傷害險 (Accident): 5%
- 健康險 (Health): 4%
- 運輸險 (Marine/Transit): 4%
Financial Highlights
營運績效 (Operating Performance) (單位:新台幣億元)
| 年度 | 淨利 (Net Profit) | 投資收益 (Investment Income) | 核保利潤 (Underwriting Profit)* |
|---|---|---|---|
| 2022 | -23.0 | 23.1 | 2.5 |
| 2023 | 16.6 | 20.9 | 8.3 |
| 2024 | 26.3 | 25.2 | 3.3 |
| 2025 | 27.8 | 29.3 | 5.9 |
| *核保利潤為:營業收入-淨投資損益-營業成本-營業費用。(Underwriting Profit = Operating Revenue - Net Investment Income/Loss - Operating Costs - Operating Expenses.) |
自留滿期保費收入 (Net Earned Premium Income) (單位:新台幣億元)
| 年度 | 國內分入業務 (Domestic Inward Business) | 國外分入業務 (International Inward Business) | 總計 (Total) |
|---|---|---|---|
| 2022 | 147 | 40 | 187 |
| 2023 | 157 | 44 | 201 |
| 2024 | 159 | 41 | 200 |
| 2025 | 165 | 34 | 199 |
資本基礎 (Capital Base) (單位:新台幣億元)
| 年度 | 實收資本 (Paid-in Capital) | 特別準備* (Special Reserve*) | 資本公積、保留盈餘、其他權益 (Capital Surplus, Retained Earnings, Other Equity) | 總計 (Total) |
|---|---|---|---|---|
| 2022 | 80 | 20 | 90 | 190 |
| 2023 | 80 | 18 | 111 | 209 |
| 2024 | 80 | 18 | 129 | 227 |
| 2025 | 80 | 18 | 137 | 235 |
| *為負債項下之特別準備,不包含強制車險。(Special reserve under liabilities, excluding compulsory motor insurance.) |
資產規模 (Asset Scale) (單位:新台幣億元)
- 2022: 503
- 2023: 539
- 2024: 579
- 2025: 598
資產配置 (Asset Allocation) (2025/12/31)
- 固定收益 (Fixed Income): 60% (新台幣310.5億元)
- 債券 (Bonds):
- 距到期年限 (Years to Maturity): 6.2年
- 信評均為投資等級 (Credit ratings are all investment grade)
- 債券 (Bonds):
- 約當現金 (Cash Equivalents): 27% (新台幣142.5億元)
- 註:現金及約當現金:除財報上的對應科目外,尚包括其他金融資產的定期存款及其他資產的期貨交易保證金。(Note: Cash and cash equivalents: In addition to the corresponding items in the financial statements, also include time deposits of other financial assets and margin for futures transactions of other assets.)
- 股票 (Stocks): 12% (新台幣64.0億元)
- 投資性不動產 (Investment Property): 1% (新台幣3.8億元)
重要財務績效指標 (Key Financial Performance Indicators)
| 指標 (Indicator) | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| 自留綜合率(%) (Net Combined Ratio (%)) | 116.0 | 94.5 | 98.3 | 95.5 |
| 資產報酬率(%) (Return on Assets (%)) | 0.5 | 4.0 | 4.5 | 5.0 |
| 權益報酬率(%) (Return on Equity (%)) | 1.5 | 11.6 | 12.6 | 13.8 |
| 純益率(%) (Net Profit Margin (%)) | 1.2 | 9.5 | 11.0 | 12.8 |
| EPS(元) (EPS (NT$)) | 0.41 | 2.61 | 3.14 | 3.66 |
股利政策 (Dividend Policy)
- 公司股利政策 (Company Dividend Policy):
- 依公司章程規定,本公司年度決算如有盈餘,除提付應納稅款外,應先彌補以往年度虧損,次就其餘額提出百分之二十為法定盈餘公積,並依規定提列或迴轉特別盈餘公積,再將其餘額加計前期累積未分配盈餘後,由董事會擬定盈餘分配案,提請股東會通過後分配之。(According to the company's articles of incorporation, if there is a surplus in the annual settlement, after deducting taxes payable, the company shall first cover previous years' losses, then allocate 20% of the remaining amount to legal reserve, and then allocate or reverse special reserve as required. The remaining amount, plus the accumulated undistributed earnings from previous periods, will be used by the board of directors to propose an earnings distribution plan, which will then be distributed after approval by the shareholders' meeting.)
- 每年提撥不低於當年度可供分配盈餘百分之三十為股東紅利。(At least 30% of the distributable earnings for the current year shall be allocated as shareholder dividends annually.)
- 本公司股東紅利採現金股利及股票股利互相配合方式發放,其中現金股利至少應為股利總額百分之五十。(The company's shareholder dividends are distributed through a combination of cash dividends and stock dividends, with cash dividends accounting for at least 50% of the total dividends.)
- 近五年股利(元/股)發放情形 (Dividend Distribution (NT$/share) for the past five years):
發放年度 (Distribution Year) 2022 2023 2024 2025 2026* 現金股利 (Cash Dividend) 1.8 0 1.4 1.9 2.2 股票股利 (Stock Dividend) 0 0 0 0 0 *2026年股利經本公司董事會通過,將於股東常會討論通過後發放。(2026 dividends have been approved by the company's board of directors and will be distributed after approval by the annual general meeting of shareholders.)
Clients & Markets
國內保險市場 (Domestic Insurance Market)
- 國內保險業者共有51家,其中產險公司22家,壽險公司26家,再保險業者3家;再保業者,除本公司外,尚有科隆再保險與美國再保險等兩家外商分公司。(There are 51 domestic insurance companies, including 22 P&C insurers, 26 life insurers, and 3 reinsurers. Besides the company, there are two foreign reinsurers: Cologne Re and American Re.)
- 再保險為國際性的行業,目前國內再保市場之主要供給者除中央再保險公司之外,亦包括全球主要大型再保險人。(Reinsurance is an international industry. The main suppliers in the domestic reinsurance market, besides Central Re, also include major global reinsurers.)
國內產險市場 (Domestic P&C Market)
- 截至2025年12月,整體簽單保費較2024年增加近6%,主要由車險、火工險、新種險帶動整體保費成長。預期今年市場仍將維持成長態勢。(As of Dec 2025, total written premiums increased by nearly 6% compared to 2024, mainly driven by motor, fire & engineering, and new types of insurance. The market is expected to maintain growth this year.)
- 政策性持續引導綠能、新商品開發,再加上近年來台灣經濟景氣穩定的成長,皆對產險市場保費增長有所助益。(Policy guidance towards green energy and new product development, coupled with stable economic growth in Taiwan in recent years, all contribute to the growth of P&C insurance premiums.)
國內壽險市場 (Domestic Life Insurance Market)
- 隨著新會計制度與清償能力規範正式上路,各公司著重於發展具低資本消耗、高CSM(合約服務邊際)與長期獲利穩定性之商品。(With the new accounting standards and solvency regulations officially implemented, companies are focusing on developing products with low capital consumption, high CSM (Contractual Service Margin), and long-term stable profitability.)
- 壽險市場因分紅商品持續熱賣,以及利變型壽險與投資型商品需求增加,且美國聯準會今年仍預期再次宣布降息,將帶動利變型商品之銷售,市場保費將延續過往動能,有望保持成長態勢。(The life insurance market continues to grow due to strong sales of participating products, increased demand for interest-sensitive life insurance and investment-linked products, and the Federal Reserve's expected interest rate cuts this year, which will further boost sales of interest-sensitive products. The market premiums are expected to maintain past momentum and continue to grow.)
ESG / Sustainability
公司治理 (Corporate Governance)
- 維護股東權益及平等對待股東 (Protecting Shareholder Rights and Treating Shareholders Equally):
- 提早申報股東會資料 (Early disclosure of shareholder meeting materials) (中、英文開會通知、議事手冊與股東會年報) (Chinese and English meeting notices, meeting handbooks, and annual reports)
- 提早召開股東會 (Early convening of shareholder meetings)
- 董事參與股東會 (Directors' participation in shareholder meetings)
- 實施電子投票 (Implementation of electronic voting)
- 建置利害關係人聯繫平台 (Establishment of a stakeholder communication platform)
- 強化董事會結構與運作 (Strengthening Board Structure and Operations):
- 董事會多元化 (Board diversity)
- 董事成員獨立性 (Independence of board members)
- 設置功能性委員會 (Establishment of functional committees)
- 董事會績效評估 (Board performance evaluation)
- 董事定期進修 (Regular training for directors)
- 提升資訊透明度 (Enhancing Information Transparency):
- 辦理法說會 (Holding investor conferences)
- 及早公告各期財報 (Early announcement of periodic financial reports)
- 公司網站揭露相關資訊 (Company website disclosure of relevant information) (財務、業務、公司治理) (Financial, operational, corporate governance)
- 年報資訊揭露 (Annual report information disclosure) (股利政策、績效評估與酬金) (Dividend policy, performance evaluation, and remuneration)
- 英文資訊揭露 (English information disclosure)
- 推動永續發展 (Promoting Sustainable Development):
- 編製永續報告書並取得第三方驗證 (Preparation of sustainability reports and obtaining third-party verification)
- 設置永續發展委員會做為推動專責單位 (Establishment of a Sustainable Development Committee as a dedicated promotion unit)
- 推動誠信經營專責單位 (Promotion of a dedicated unit for ethical management)
- 員工福利與人權保障 (Employee welfare and human rights protection)
- 氣候變遷之風險與因應 (Climate change risks and responses)
永續發展 (Sustainable Development)
- 環境 E (Environmental E):
- 參考TCFD於營運策略規劃和決策過程中納入考量氣候變遷風險與因應措施 (Referencing TCFD to incorporate climate change risks and response measures into operational strategy planning and decision-making processes)
- 臨分業務原則上將不承做燃煤等高污染、高排碳類型企業 (Ad-hoc business generally will not underwrite high-pollution, high-carbon emission enterprises such as coal-fired power plants)
- 合約業務也在組合中逐步調整業務結構以符合ESG趨勢 (Contract business is also gradually adjusting its business structure to align with ESG trends)
- 導入ISO14064-1:2018溫室氣體盤查及查證作業 (Implementing ISO14064-1:2018 greenhouse gas inventory and verification procedures)
- 社會 S (Social S):
- 支持政策性保險運作 (Supporting the operation of policy-based insurance)
- 重視責任投資、盡職治理 (Emphasizing responsible investment and diligent governance)
- 響應公益、回饋社會 (Responding to public welfare, giving back to society)
- 關注人才培育與員工福利 (Focusing on talent development and employee welfare)
- 治理 G (Governance G):
- 落實公司治理 (Implementing corporate governance)
- 董事會下設置永續發展委員會 (Establishing a Sustainable Development Committee under the Board of Directors)
- 履行誠信經營 (Practicing ethical management)
- 嚴謹的風險管理 (Rigorous risk management)
- 法規遵循 (Regulatory compliance)
- 尊重利害關係人權益 (Respecting stakeholder rights)
- 重視資訊安全與個資保護 (Emphasizing information security and personal data protection)
- 配合推動第三屆永續金融評鑑 (Cooperating with the promotion of the third Sustainable Finance Evaluation)
- 編製中、英文版永續報告書 (Preparing Chinese and English versions of the sustainability report)
- 導入IFRS永續揭露準則 (Implementing IFRS Sustainability Disclosure Standards)
ESG投資主題 (ESG Investment Themes) (2025/12/31)
| ESG投資主題 (ESG Investment Theme) | 投資規模 (新台幣億元) (Investment Scale (NT$ Billion)) | 占投資部位比重(%) (Proportion of Investment Portfolio (%)) |
|---|---|---|
| 永續經營 (Sustainable Operations) | 23.1 | 7.64 |
| 綠能及電動車 (Green Energy & Electric Vehicles) | 16.2 | 5.34 |
| 低碳 (Low Carbon) | 15.1 | 4.99 |
| 公司治理 (Corporate Governance) | 18.1 | 5.99 |
| 永續發展債券(國內) (Sustainable Development Bonds (Domestic)) | 4.5 | 1.49 |
| 永續發展債券(國外) (Sustainable Development Bonds (International)) | 15.3 | 5.07 |
Outlook & Strategy
全球再保市場 (Global Reinsurance Market)
- 受到氣候相關風險升高、巨災損失連續六年逾 USD100 Bn、社會通膨壓力及全球總體經濟不確定性影響,再保需求仍維持穩定成長,市場循環逐步進入正常化階段。(Rising climate-related risks, catastrophic losses exceeding USD100 Bn for six consecutive years, social inflationary pressures, and global economic uncertainties. Reinsurance demand remains stable, and the market cycle is gradually normalizing.)
- 預期2026年初全球再保資本仍維持相對高點,傳統再保資本約 USD540 Bn,ILS 資本約 USD120 Bn,顯示整體承保能量充足。受連續三年強勁獲利推升資本累積影響,競爭壓力大增,2026年1月財產再保費率下滑約10%-20%,惟高自負額與承保架構大致維持,市場紀律仍然存在。(Global reinsurance capital expected to remain high in early 2026, with traditional reinsurance capital at approximately USD540 Bn and ILS capital at USD120 Bn, indicating ample underwriting capacity. Strong profits for three consecutive years have boosted capital accumulation, leading to increased competition. P&C reinsurance rates declined by about 10%-20% in January 2026, but high deductibles and underwriting structures largely remain, indicating continued market discipline.)
- 整體而言,雖財產險再保費率呈現軟化趨勢,但技術性定價仍具合理性;加以高利率環境持續支撐投資收益,在巨災損失落於模型預期範圍內之前提下,預期2026年整體再保市場仍可維持覆蓋資本成本之穩健營運表現。(Overall, despite the softening trend in P&C reinsurance rates, technical pricing remains reasonable. High-interest rate environment continues to support investment income. Assuming catastrophic losses fall within model expectations, the overall reinsurance market is expected to maintain robust operating performance covering capital costs in 2026.)
- *參考綜合市場報告 (Reference: Integrated Market Report)
發展策略 (Development Strategy)
- 經營方針 (Operating Principles):
- 推動永續發展 (Promoting Sustainable Development)
- 落實公司治理 (Implementing Corporate Governance)
- 深化風險管理 (Deepening Risk Management)
- 重視法令遵循 (Emphasizing Regulatory Compliance)
- 強化人才培育 (Strengthening Talent Development)
- 目標 (Goal): 『以建立風險管理與穩健獲利兼具之整體業務組合為目標』("Aiming to build an overall business portfolio that combines risk management and stable profitability")
- 國內再保險業務 (Domestic Reinsurance Business):
- 鞏固市場地位,深化與市場的合作。(Consolidate market position, deepen cooperation with the market.)
- 優化財產險承接條件,強化非天災險種發展。(Optimize P&C underwriting conditions, strengthen the development of non-catastrophe insurance types.)
- 審慎配置承保能量、控制累積曝險,並優化轉再保安排,提升資本利用效率。(Prudently allocate underwriting capacity, control accumulated exposure, and optimize retrocession arrangements to enhance capital utilization efficiency.)
- 國際再保險業務 (International Reinsurance Business):
- 以利潤為導向,持續提升業務品質,慎選風險對價適足之業務。(Profit-oriented, continuously improve business quality, carefully select businesses with adequate risk-adjusted pricing.)
- 提升業務風險的透明度,嚴格控管各區域累積曝險及巨災風險。(Enhance business risk transparency, strictly control accumulated exposure and catastrophic risks in various regions.)
- 持續提升業務組合分散度,並關注非傳統財產險的業務機會。(Continuously improve business portfolio diversification, and pay attention to business opportunities in non-traditional P&C insurance.)
- 定價將適度反映通膨與氣候變遷因素之風險成本。(Pricing will adequately reflect risk costs associated with inflation and climate change factors.)
- 資金運用業務 (Fund Management Business):
- 持續秉持穩健投資策略,輔以嚴謹的風險控管,以追求安全平衡的穩定收益,支援再保業務永續發展。(Continuously adhere to a stable investment strategy, supplemented by rigorous risk control, to pursue safe and balanced stable returns, supporting the sustainable development of reinsurance business.)