中央再保險公司 (2851) 2026Q1 法說會簡報

Company Overview

中央再保簡介 (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 (NT$ 8.0389 billion)
• 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 (12F, No. 53, Sec. 2, Nanjing E. Rd., Taipei City)

業務範圍 (Business Scope)

• 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 life reinsurance business for insurance companies.)
• 經營險種 (Types of Insurance Handled):
  • 產物保險 (Property 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) 與其他財產險等 (and other property insurances).
  • 人身保險 (Life Insurance): 人壽險 (Life), 傷害險 (Accident), 健康險 (Health).

Financial Highlights

營運績效 (Operating Performance)

單位: 新台幣億元 (NT$ Billion)

營業收入 (Operating Revenue)

單位: 新台幣億元 (NT$ Billion)

資產規模 (Asset Scale)

單位: 新台幣億元 (NT$ Billion)

• 2026.1Q (IFRS 17與金融資產重新指定 - IFRS 17 and financial asset redesignation)

資產配置 (Asset Allocation)

截至 2026/3/31

• 資產類別 (Asset Class):

  • 固定收益 (Fixed Income): 59%
  • 約當現金 (Cash Equivalents): 31%
  • 股票 (Stocks): 9%
  • 投資性不動產 (Investment Property): 1%

• 資產明細 (單位: 新台幣億元 - NT$ Billion):

  • 約當現金 (Cash Equivalents): 170.8
  • 股票 (Stocks): 51.8
  • 固定收益 (Fixed Income): 323.4
  • 投資性不動產 (Investment Property): 3.8

• 債券 (Bonds):

  • 距到期年限 (Years to Maturity): 6年 (6 years)
  • 信評均為投資等級 (Credit ratings are all investment grade)

• 註 (Note): 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。(Cash and cash equivalents: In addition to the corresponding items in the financial statements, also include time deposits of other financial assets and futures trading margin of other assets.)

ESG投資主題 (ESG Investment Themes)

截至 2026/3/31

重要財務績效指標 (Key Financial Performance Indicators)

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 and making up for previous years' losses, 20% of the remaining amount shall be set aside as legal reserve, and special reserve shall be appropriated or reversed as required. The remaining amount, plus the accumulated unappropriated earnings from previous periods, will be used by the board of directors to propose an earnings distribution plan for 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 distributed 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):

• *2026年股利經本公司5/25股東常會討論通過後發放。 (*2026 dividends were distributed after discussion and approval at the company's AGM on May 25.)

Business Segments

國內外業務比重 (Domestic and International Business Mix)

• 國內產物保險 (Domestic P&C Insurance): 63%
• 國內人身保險 (Domestic Life Insurance): 19%
• 國外產物保險 (International P&C Insurance): 18%
• 國外人身保險 (International Life Insurance): 0.2%

險種別業務比重 (Business Mix by Type of Insurance)

• 車險 (Motor Insurance): 35%
• 火險 (Fire Insurance): 20%
• 壽險 (Life Insurance): 15%
• 其他財產險 (Other Property Insurance): 12%
• 傷害險 (Accident Insurance): 5%
• 工程險 (Engineering Insurance): 5%
• 健康險 (Health Insurance): 4%
• 運輸險 (Marine/Transit Insurance): 4%

Clients & Markets

產業之現況與發展 (Industry Status and Development)

• 國內保險市場 (Domestic Insurance Market):
  • 國內保險業者共有50家,其中產險公司22家,壽險公司25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 50 domestic insurance companies: 22 P&C, 25 Life, 3 Reinsurance. Besides Central Re, there are two foreign reinsurance branches: Cologne Re and SCOR 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. Major suppliers in the domestic reinsurance market, besides Central Re, include major global reinsurers.)
• 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, catastrophe losses exceeding USD100 Bn for six consecutive years, social inflation pressure, and global economic uncertainty. 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: traditional reinsurance capital ~USD540 Bn, ILS capital ~USD120 Bn, indicating ample underwriting capacity. Strong profits for three consecutive years have boosted capital accumulation, leading to increased competition. Property reinsurance rates declined by ~10-20% in January 2026, but high deductibles and underwriting structures largely remain, indicating market discipline persists.)
  • 美伊衝突等地緣政治風險對部分險種帶來損失,亦可能導致全球通膨壓力升高,對於準備金之增提造成潛在壓力,但也可能舒緩國際再保險市場部分險種競爭下的軟化趨勢。(Geopolitical risks like US-Iran conflicts may cause losses in some lines, potentially increasing global inflation pressure and creating pressure for reserve strengthening. This might also ease the softening trend in competitive lines of the international reinsurance market.)
  • *參考綜合市場報告 (Reference: Comprehensive Market Report)

產品發展趨勢 (Product Development Trends)

• 國內產險市場 (Domestic P&C Insurance Market):
  • 據產險公會統計,截至2026年3月,整體簽單保費較2025年增加近4%,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。(According to P&C Insurance Association statistics, as of March 2026, overall written premiums increased by nearly 4% compared to 2025, 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 premium growth in the P&C insurance market.)
• 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 focus on developing products with low capital consumption, high CSM (Contractual Service Margin), and long-term profitability stability.)
  • 看好美元利變型保單與投資型保單成為整體壽險主力銷售商品,以優化資產負債管理。(Optimistic about USD-denominated variable life policies and investment-linked policies becoming the main sales products in the life insurance market to optimize asset-liability management.)

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 the 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 (Incorporating climate change risks and response measures into operational strategy planning and decision-making processes, referencing TCFD)
  • 臨分業務原則上將不承做燃煤等高污染、高排碳類型企業 (Generally not underwriting high-pollution, high-carbon emission businesses such as coal-fired power plants in facultative reinsurance)
  • 合約業務也在組合中逐步調整業務結構以符合ESG趨勢 (Contractual business is also gradually adjusting its portfolio structure to align with ESG trends)
  • 每年依ISO14064-1:2018進行溫室氣體盤查及查證作業 (Conducting greenhouse gas inventory and verification annually in accordance with ISO14064-1:2018)
  • 導入內部碳定價機制推動內部節電競賽活動 (Implementing internal carbon pricing mechanisms to promote internal energy-saving competitions)
• 社會 S (Social S):
  • 支持政策性保險運作 (Supporting the operation of policy-oriented 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)
  • 配合推動第四屆永續金融評鑑 (Cooperating with the promotion of the 4th Sustainable Finance Evaluation)
  • 編製中、英文版永續報告書 (Preparing Chinese and English versions of sustainability reports)
  • 導入IFRS永續揭露準則 (Implementing IFRS Sustainability Disclosure Standards)

Outlook & Strategy

信用評等 (Credit Ratings)

• A.M. Best: A Stable
• S&P Global: A Stable
• Taiwan Ratings: twAA+ Stable
• 主要優勢 (Key Strengths):
  • 本公司擁有穩健的國內市場地位與多樣化的業務組合。(The company has a stable domestic market position and a diversified business portfolio.)
  • 擁有非常強健的資本強度及分散且審慎的投資結構。(Possesses very strong capital strength and a diversified and prudent investment structure.)
  • 經營績效良好,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.)

發展策略 (Development Strategy)

• 經營方針 (Operating Principles):

  • 推動永續發展 (Promoting Sustainable Development)
  • 強化人才培育 (Strengthening Talent 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)

• 『以建立風險管理與穩健獲利兼具之整體業務組合為目標』 (Goal: To establish 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 property insurance underwriting conditions, strengthen the development of non-catastrophe insurance lines.)
    • 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.)
    • 在壽險部分,因應接軌IFRS 17與ICS,市場正轉向以保障型商品為主,本公司持續尋求壽險新契約保費收入成長的商機。(In life insurance, in response to IFRS 17 and ICS implementation, the market is shifting towards protection-type products. The company continues to seek opportunities for growth in new life insurance premium income.)
  • 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 improving business quality, carefully selecting 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 catastrophe 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 property 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 from inflation and climate change factors.)
  • 資金運用業務 (Investment Operations):
    • 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 prudent investment strategy, supplemented by rigorous risk control, to pursue safe and balanced stable returns, supporting the sustainable development of reinsurance business.)

Additional Data

免責聲明 (Disclaimer)

• 本文件由中央再保險公司(以下簡稱本公司)所提供,除財務報表所含數字及資訊外,本文件所含資料並未經會計師或獨立專家審核或審閱,本公司對該等資料或意見之允當性、準確性、完整性及正確性,不作任何明示或默示之聲明與擔保。本文件所含資料僅以提供當時之情況為準,本公司不就本文件提供後所發生之任何變動而更新其內容。本公司及其負責人,無論係因過失或其他原因,均不對因使用本文件或其內容所致之任何損害負任何責任。(This document is provided by Central Reinsurance Corporation (hereinafter referred to as "the Company"). Except for the figures and information contained in the financial statements, the information contained in this document has not been audited or reviewed by accountants or independent experts. The Company makes no express or implied representations or warranties as to the adequacy, accuracy, completeness, and correctness of such information or opinions. The information contained in this document is provided solely based on the circumstances at the time of provision, and the Company does not undertake to update its content for any changes occurring after the provision of this document. The Company and its responsible persons shall not be liable for any damages caused by the use of this document or its content, whether due to negligence or other reasons.)
• 本文件可能包含前瞻性陳述,包括但不限於所有本公司對未來可能發生的業務活動、事件或發展的陳述。該等陳述係基於本公司對未來營運之假設及種種本公司無法控制之政治、經濟、市場等因素所做成,故實際經營結果可能與該等陳述有差異。(This document may contain forward-looking statements, including but not limited to statements regarding all potential future business activities, events, or developments of the Company. Such statements are based on the Company's assumptions about future operations and various factors beyond the Company's control, such as political, economic, and market conditions. Therefore, actual operating results may differ from these statements.)
• 本文件不得視為買賣有價證券或其他金融商品的要約或要約之引誘。(This document shall not be construed as an offer or solicitation to buy or sell securities or other financial products.)
• 本文件之任何部分不得直接或間接複製、再流通或傳送給任何第三人,且不得為任何目的出版刊印本文件之全部或部分。(No part of this document may be directly or indirectly copied, redistributed, or transmitted to any third party, nor may any part or all of this document be published or printed for any purpose.)

聯絡資訊 (Contact Information)

• 發言人 (Spokesperson):
  • 姓名 (Name): 林育德 (Yu-Te Lin)
  • 職稱 (Title): 副總經理 (Associate General Manager)
  • 電話 (Phone): (02) 2511-5211 分機 (Ext.) 356
  • 電子郵件 (Email): lyndonlin@centralre.com
• 代理發言人 (Acting Spokesperson):
  • 姓名 (Name): 張允寧 (Yun-Ning Chang)
  • 職稱 (Title): 財務本部 副總經理 (Associate General Manager, Finance Department)
  • 電話 (Phone): (02) 2511-5211 分機 (Ext.) 250
  • 電子郵件 (Email): catherinechang@centralre.com
• 投資人關係 (Investor Relations):
  • 聯絡人 (Contact Person): 許自成 (Tzu-Cheng Hsu)
  • 職稱 (Title): 監理本部 協理 (Manager, Regulatory Affairs Department)
  • 電話 (Phone): (02) 2511-5211 分機 (Ext.) 215
  • 電子郵件 (Email): allenhsu@centralre.com