FUBON LIFE INSURANCE CO., LTD. AND SUBSIDIARIES. CONSOLIDATED INTERIM FINANCIAL STATEMENTS June 30, 2014 and 2013

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1 CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2014 and (with Independent Accountants Report Thereon) Address: 14F, No. 108, Sec. 1, Tun Hua S. Road, Taipei, Taiwan Telephone:

2 2014 and December 31 and Contents Page Independent Auditors Audit Report 3 Consolidated Balance Sheets 4 Consolidated Statements of Comprehensive Income 5 Consolidated Statements of Changes in Shareholders Equity 6 Consolidated Statements of Cash Flows 7 Notes to the Consolidated Interim Financial Statements (1) Organization and Business Activity 8 (2) Approval Date and Procedures of the Consolidated Financial Statements 8 (3) Application of New and Revised International Financial Reporting 8-12 Standards (4) Significant Accounting Policies (5) Major Sources of Accounting Assumptions, Judgments and Estimation Uncertainty (6) Details of Major Accounts (7) Related Party Transactions (8) Pledged Assets 112 (9) Significant Contingent Liability and Unrecognized Contract Commitment 113 (10) Significant Disaster Loss 113 (11) Significant Subsequent Event 113 (12) Others 114 (13) Notes to Disclosure Events 1. Information on Significant Transactions Disclosure on Business Investments Disclosure on Investments in Mainland China (14) Segment Financial Information Disclosure

3 Independent Accountants Audit Report The Board of Directors Fubon Life Insurance Co., Ltd. We have audited the accompanying consolidated balance sheets of Fubon Life Insurance Co., Ltd. (the Company ) and its subsidiaries as of 2014 and December 31 and, the consolidated statements of comprehensive income for the second quarter and the six months ended 2014 and, and the changes in stockholders equity and cash flows for the six months ended 2014 and. These financial statements are the responsibility of the Company s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with the Regulation Governing Auditing and Attestation of Financial Statements by Certified Public Accountants and generally accepted auditing standards of the Republic of China. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company and its subsidiaries as of 2014 and December 31 and, the results of their operations for the second quarter and the six months ended 2014 and, and the result of their cash flows for the six months ended 2014 and, in conformity with the Regulations Governing the Preparation of Financial reports by Insurance Companies and International Accounting Standards No.34 Interim Financial Reporting approved by the Financial Supervisory Commission. We have also audited the financial statements for the second quarter of 2014 and for Fubon Life Insurance Co., Ltd., and have expressed thereon an unqualified opinion as for reference. KPMG Taipei, Taiwan, R.O.C. August 15, 2014 Notice to Readers The accompanying consolidated financial statements are intended only to present the financial position, results of operations, and cash flows in accordance with International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations and SIC Interpretations endorsed by the FSC and not those of any other jurisdictions. The standards, procedures, and practices to review such financial statements are those generally accepted and applied in the Republic of China. The auditors' report and the accompanying consolidated financial statements are the English translation of the Chinese version prepared and used in the Republic of China. If there is any conflict between, or any difference in the interpretation of, the English and Chinese language auditors' report and consolidated financial statements, the Chinese version shall prevail

4 CONSOLIDATED BALANCE SHEETS 2014 and December 31 and (Expressed In Thousands of New Taiwan Dollars) 2014 December 31, ASSETS Cash and cash equivalents (Note (6)(A)) $ 118,887, ,359, ,490,214 Receivables 30,612,766 26,744,495 34,482,988 Current tax assets 3,327,103 2,670,038 2,258,174 Financial assets at fair value through profit or loss (Note (6)(B)) 6,814,174 1,884,354 1,430,812 Available-for-sale financial assets (Note (6)(B)) 1,587,789,146 1,452,140,173 1,340,279,695 Hedging derivatives assets (Note (6)(B)) 223, , ,369 Financial assets at cost (Note (6)(B)) 1,061,284 1,006,356 1,041,849 Investments accounted for using equity method, net (Note (6)(D)) 307, , ,522 Bond investments without active market (Note (6)(B)) 408,801, ,648, ,374,112 Other financial assets, net (Note (6)(B)) 48,382,077 40,423,947 43,364,527 Investment property (Note (6)(E)) 85,898,321 86,809,282 85,805,144 Loans (Note (6)(B)) 111,062, ,196,120 92,230,351 Reinsurance assets (Note (6)(G)) 2,995,457 3,890,911 1,044,732 Property, plant and equipment (Note (6)(H)) 7,816,606 7,138,131 7,176,168 Intangible assets (Note (6)(I)) 355, , ,865 Deferred tax assets 4,027,056 5,646,421 4,577,025 Other assets (Note (6)(J)) 21,814,280 14,771,472 11,447,144 Assets on insurance product, separated account (Note (6)(K)) 140,100, ,757, ,734,735 Total assets $ 2,580,276,766 2,412,114,685 2,262,762,426 LIABILITIES AND EQUITY Accounts payable (Note (6)(L)) $ 30,607,501 21,926,625 32,256,320 Current tax liabilities 1,068, , ,160 Short-term liabilities (Note (6)(M)) 102, Financial liabilities at fair value through profit or loss (Note (6)(B)) 298,081 5,824,909 4,318,318 Hedging derivatives liabilities (Note (6)(B)) 52,455 51,220 17,453 Insurance liabilities (Note (6)(S)) 2,108,958,461 1,986,308,645 1,835,721,816 Reserve for insurance with nature of financial instrument (Note (6)(T)) 89,146,174 92,003,504 95,730,061 Reserve for foreign exchange fluctuation (Note (6)(U)) 1,266, , ,958 Liabilities reserve (Note (6)(O)) 6,648,972 6,392,854 6,407,352 Deferred tax liabilities 6,588, , ,851 Other liabilities 3,791,995 7,738,811 4,926,420 Liabilities on insurance product, separated account (Note (6)(K)) 140,100, ,757, ,734,735 Total liabilities 2,388,630,496 2,264,325,883 2,120,479,444 Equity attributable to owners of parent Share capital (Note (6)(P)): Ordinary share 36,481,480 36,481,480 29,107,390 Stock dividend to be distributed 7,500,670-7,374,090 Total share capital 43,982,150 36,481,480 36,481,480 Capital surplus (Note (6)(P)): Capital surplus, additional paid-in capital 7,052,235 7,052,235 7,052,235 Capital surplus, employee share options 134, , ,778 Capital surplus, others 20,454,045 20,454,045 20,340,460 Total capital surplus 27,641,058 27,641,058 27,527,473 Retained earnings (Note (6)(P)): Legal reserve 13,152,893 9,322,877 9,322,877 Special reserve 16,244,389 10,633,205 10,249,060 Unassigned retained earnings 19,818,667 25,612,624 15,766,102 Total retained earnings 49,215,949 45,568,706 35,338,039 Other equity interest (Note (6)(P)): Exchange differences on translation of foreign financial statements (124,212) (109,436) (107,743) Unrealized gains (losses) on available-for-sale financial assets 70,789,657 38,056,920 42,828,833 Gains (losses) on effective portion of cash flow hedges 141, , ,900 Total other equity interest 70,807,113 38,097,558 42, 935,990 Total equity 191,646, ,788, ,282,982 TOTAL LIABILITIES AND EQUITY $ 2,580,276,766 2,412,114,685 2,262,762,426 (See accompanying notes to the consolidated interim financial statements) - 4 -

5 FUBON LIFE INSURANCE CO., LTD AND SUBSIDIRAIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Second Quarter and the Six Months ended 2014 and (Expressed In Thousands of New Taiwan Dollars, Except Earnings Per Share) For the second quarter ended 2014 For the second quarter ended For the six months ended 2014 For the six months ended Operating Revenues: Written premium $ 91,482,738 94,576, ,096, ,882,047 Reinsurance premium 1,573 1,631 2,870 3,420 Total premium 91,484,311 94,578, ,099, ,885,467 Less: Reinsurance expense 2,080,926 2,268,507 4,201,798 4,442,410 Net change in unearned premiums reserve 129,227 95, , ,143 Retained earned premium (Note (6)(W)) 89,274,158 92,213, ,742, ,085,914 Reinsurance commission received 445, ,784 1,021,414 1,382,848 Fee income 431, , ,862 1,289,813 Net income(loss) from investments Revenue from interest 15,399,867 12,503,985 30,609,372 25,065,533 Gains on financial assets or liabilities at fair value through profit or loss 8,493,143 (3,671,083) (4,641,655) (14,706,678) Realized gains on available-for-sale financial assets 11,122,211 9,260,032 20,852,728 17,006,789 Realized gains on financial assets or liabilities at cost 50,379 24,986 58,376 24,986 Share of loss of associates and joint ventures accounted for using equity (83,703) (111,443) (112,626) (160,551) method Foreign exchange gains (losses), investments (12,392,234) 1,278, ,338 11,750,546 Net change in reserve for foreign exchange fluctuation (Note (6)(U)) 759, ,978 (440,910) 208,872 Gains on investment property 498, ,889 1,238, ,219 (Reversal of) impairment loss on investments (Note (6)(B)) 88,437 72,217 98, ,308 Other net income (loss) from investments (57,146) (37,764) (122,113) (89,488) Other operating income (8,867) 106,625 45, ,488 Income on insurance product, separated account (Note (6)(K)) 5,935,535 (995,333) 9,949,460 4,885,181 Total operating revenue 119,956, ,777, ,793, ,977,780 Operating Costs: Insurance claim payment 43,568,549 30,023,094 90,073,460 54,174,160 Less: Claims recovered from reinsurers 1,472,127 1,368,835 2,849,089 2,650,398 Retained claim payment (Note (6)(W)) 42,096,422 28,654,259 87,224,371 51,523,762 Net change in insurance liability 54,677,695 72,290, ,024, ,477,692 Changes in reserve for insurance with nature of financial instrument 391, , , ,557 Acquisition expense 9,154 7,045 13,300 11,729 Commission expense 5,777,141 5,284,650 11,132,221 10,476,632 Fee expenses Other operating costs 221, , , ,213 Disbursements on insurance product, separate account (Note (6)(K)) 5,935,535 (995,333) 9,949,460 4,885,181 Total operating costs 109,108, ,873, ,573, ,618,903 Operating expenses: General expenses 2,466,462 2,513,243 4,924,322 4,745,418 Administrative expenses 684, ,389 1,267,890 1,009,410 Staff training expenses 12,914 5,204 25,421 14,854 Total Operating Expenses 3,163,437 3,002,836 6,217,633 5,769,682 Net Operating Income 7,684,520 3,900,609 15,002,816 10,589,195 Non-operating income and expenses: Gains (losses) on disposal of fixed assets and equipment 27 (319) (216) (850) Asset retirement losses (577) (4,575) (1,253) (4,745) Other non-operating income and expenses 193,228 67, , ,216 Total non-operating income and expenses 192,678 62, , ,621 Profit from continuing operations before income tax 7,877,198 3,963,362 15,267,432 10,732,816 Income tax expense (Note (6)(Q)) 698, ,214 2,295,445 1,586,775 Profit $ 7,178,312 3,719,148 12,971,987 9,146,041 Other comprehensive income: Exchange differences on translation, before tax $ (37,201) 4,181 (17,917) 44,009 Unrealized gains (losses) on available-for-sale financial assets, before tax 17,613,787 (27,241,842) 38,468,598 (40,568,052) Cash flow hedges, before tax (22,580) (45,386) (10,127) (78,073) Less: Income tax relating to components of other comprehensive income 2,526,690 (5,706,955) 5,730,999 (6,830,505) Other comprehensive income (expenses) 15,027,316 (21,576,092) 32,709,555 (33,771,611) Comprehensive income (expenses) $ 22,205,628 (17,856,944) 45,681,542 (24,625,570) Profit, attributable to : Owners of parent $ 7,178,312 3,719,148 12,971,987 9,146,041 Comprehensive income (expenses) attributable to: Owners of parent $ 22,205,628 (17,856,944) 45,681,542 (24,625,570) Basic earnings per share (expressed in dollars) (Note (6)-(R)) $ (See accompanying notes to the consolidated interim financial statements) - 5 -

6 FUBON LIFE INSURANCE CO., LTD. AND SUBSIDIRAIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY For the Six Months ended 2014 and (Expressed In Thousands of New Taiwan Dollars) Equity attributable to owners of parent Share Capital Retained Earnings Other equity interest Exchange differences on Ordinary Share Stock Dividend to Be Distributed Capital Surplus Legal reserve Special reserve Unappropriated retained earnings Total translation of foreign financial statements Unrealized gains (losses) on available-for-sal e financial assets Gains (losses) on effective portion of cash flow hedges Total Total equity Balance, January 1, $ 29,107,390 27,527,473 6,728,210 7,983,380 18,854,498 33,566,088 (144,270) 76,572, ,701 76,707, ,908,552 Net income, January 1 to ,146,041 9,146, ,146,041 Other comprehensive income, January 1 to ,527 (33,743,337) (64,801) (33,771,611) (33,771,611) Total comprehensive income, January 1 to ,146,041 9,146,041 36,527 (33,743,337) (64,801) (33,771,611) (24,625,570) Appropriation and distribution for 2012: Legal reserve ,594,667 - (2,594,667) Special reserve ,297,333 (1,297,333) Common stock dividend - 7,374, (7,374,090) (7,374,090) Special reserve-transferred from recovered reserves of ,462 (344,462) fluctuation of risks Special reserve-return of the initial balance of foreign ,109 (558,109) exchange fluctuation reserve Special reserve-the cost saved from hedging ,776 (65,776) Balance, $ 29,107,390 7,374,090 27, 527,473 9,322,877 10,249,060 15,766,102 35,338,039 (107,743) 42,828, ,900 42,935, ,282,982 Balance, January 1,2014 $ 36,481,480-27, 641,058 9,322,877 10,633,205 25,612,624 45,568,706 (109,436) 38,056, ,074 38,097, ,788,802 Net income, January 1 to ,971,987 12,971, ,971,987 Other comprehensive income, January 1 to (14,776) 32,732,737 (8,406) 32,709,555 32,709,555 Total comprehensive income, January 1 to ,971,987 12,971,987 (14,776) 32,732,737 (8,406) 32,709,555 45,681,542 Appropriation and distribution for : Legal reserve ,830,016 - (3,830,016) Special reserve ,915,008 (1,915,008) Common cash dividend (1,824,074) (1,824,074) (1,824,074) Common stock dividend - 7,500, (7,500,670) (7,500,670) Special reserve-transferred from recovered reserves of ,188 (401,188) fluctuation of risks Special reserve-return of the initial balance of foreign ,109 (558,109) exchange fluctuation reserve Special reserve-the cost saved from hedging ,811 (127,811) Special reserve-recovered from the revaluation surplus ,609,068 (2,609,068) of fixed assets Balance, 2014 $ 36,481,480 7,500,670 27,641,058 13,152,893 16,244,389 19,818,667 49,215,949 (124,212) 70,789, ,668 70,807, ,646,270 (See accompanying notes to the consolidated interim financial statements) - 6 -

7 CONSOLIDATED STATEMENTS OF CASH FLOWS For the Second Quarter and the Six Months ended 2014 and (Expressed In Thousands of New Taiwan Dollars) For the six months ended 2014 Cash flows from operating activities: Profit before tax $ 15,267,432 10,732,816 Adjustments: Adjustments to reconcile profit (loss) Depreciation expense 554, ,767 Amortization expense 101,751 59,494 Provision for bad debt expense 136,036 35,164 Net loss (gain) on financial assets or liabilities at fair value through profit or loss (9,236,974) 5,945,072 Profits of available-for-sale financial assets (14,334,609) (7,400,250) Net gain on financial assets or liabilities at cost (10) (38,206) Interest expense 11,112 9,561 Interest revenue (30,612,230) (24,995,772) Dividend revenue (6,576,485) (5,671,477) Net change in insurance liabilities 122,965, ,652,390 Net change in reserve for insurance with nature of financial instrument (3,643,785) (3,631,721) Net change in reserve for foreign exchange fluctuation 440,910 (208,872) Share of loss of associates and joint ventures accounted for using equity method 112, ,551 Loss on disposal of property, plant and equipment 1,469 5,595 Property, plant and equipment transferred to expenses 2,253 1,333 Loss on disposal of investment properties - 1,041 Impairment loss on financial assets - 2,241 Reversal of impairment loss on financial assets (98,323) (113,549) Unrealized foreign exchange loss (gain) 455,258 (13,045,795) Total adjustments to reconcile profit 60,278,330 88,214,567 Changes in operating assets and liabilities: Changes in operating assets: Increase in receivables (4,463,858) (4,465,979) Increase in financial assets at fair value through profit or loss (1,247,516) (948,852) Increase in available-for-sale financial assets (81,358,077) (103,421,426) (Increase) decrease in financial assets and liabilities (54,918) 73,753 Increase in bond investments without active markets (42,320,482) (7,059,946) Increase in other financial assets (8,001,567) (3,854,505) Decrease in reinsurance assets 928, ,537 Increase in other assets (7,210,801) (412,784) Total changes in operating assets (143,728,989) (119,349,202) Changes in operating liabilities: Increase in payables 6,989,770 6,385,815 Increase in provisions 255, ,799 Decrease in other liabilities (3,947,019) (1,907,572) Total changes in operating liabilities 3,298,281 4,724,042 Total changes in operating assets and liabilities (140,430,708) (114,625,160) Total adjustments (80,152,378) (26,410,593) Cash outflow generated from operations (64,884,946) (15,677,777) Interest received 23,376,198 15,616,771 Dividends received 6,261,683 5,551,213 Interest paid (38,949) (4,154) Income taxes paid (902,989) (1,337,175) Net cash flows from (used in) operating activities (36,189,003) 4,148,878 Cash flows from investing activities: Acquisition of property, plant and equipment (97,666) (76,069) Proceeds from disposal of property, plant and equipment Decrease in guarantee deposits paid 1,655 - Acquisition of intangible assets (10,695) (46,305) Increase in loans (7,942,305) (8,061,835) Acquisition of investment properties (227,366) (7,048,949) Cash flows used in investing activities (8,276,308) (15,233,140) Effect of exchange rate changes on cash and cash equivalents (6,886) 16,582 Net decrease in cash and cash equivalents (44,472,197) (11,067,680) Cash and cash equivalents at beginning of period 163,359, ,557,894 Cash and cash equivalents at end of period $ 118,887, ,490,214 (See accompanying notes to the consolidated interim financial statements) - 7 -

8 NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2014 and (Expressed In Thousands of New Taiwan Dollars, Unless Otherwise Stated) (1) ORGANIZATION AND BUSINESS ACTIVITY Fubon Life Insurance Company Limited ( Fubon Life Insurance or Company), formerly ING Life Insurance Co., Ltd. ( ING Life Insurance ) was established in March, The Company primarily conducts life insurance business. Originally, the Company is one of the ING group members. On October 20, 2008, the Company s former parent company, ING Group announced that it has reached a cooperation agreement with Fubon Financial Holding Co., Ltd. ( Fubon Financial Holding ) to sell the Company for US$600,000 effectively on February 11, 2009, and ING Group will be paid in shares and subordinated debt securities of Fubon Financial Holding. The Company successfully accomplished its corporate restructuring with Fubon Life Assurance Co. Ltd., which ceased to legally exist, as the surviving entity and its corporate restructuring was permitted by the Financial Supervisory Commission, Executive Yuan through its letter Jin Guan Bao Li No issued on June 1, The consolidated interim financial statements of the Company as at and for the six months ended 2014 and comprise the Company and its subsidiaries (together referred to as the Group ), refer to note (4)(C) for further information. The parent and ultimate parent company of the Group is Fubon Financial Holding. (2) APPROVAL DATE AND PROCEDURES OF THE CONSOLIDATED FINANCIAL STATEMENTS These consolidated interim financial statements were authorized for issuance by the board of directors on August 15, (3) APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS (A) The effect of not yet adopting version IFRS endorsed by the Financial Supervisory Commissions R.O.C. ( FSC ) In accordance with Gin Guan Zheng Shen Zhi No order issued by Financial Supervisory Commissions R.O.C. (hereafter FSC ) on April 3, 2014, listed companies, companies in OTC market and emerging stocks companies should adopt version IFRS endorsed by the FSC started from 2015 (IFRS 9 Financial Instruments is not included) to prepare for financial statements. Relevant new standards, interpretations and amendment are summarized below: - 8 -

9 Effective date per The new issuance, amendments, and revisions of standards and interpretations IASB The amendment to IFRS 1 Limited Exemption from Comparative IFRS 7 Disclosures for July 1, 2010 First-time Adopters The amendment to IFRS 1 Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters July 1, 2011 The amendment to IFRS 1 Government Loans January 1, The amendment to IFRS 7 Disclosure-Transfers of Financial Assets July 1, 2011 The amendment to IFRS 7 Disclosures - Offsetting Financial Assets and Financial Liabilities January 1, IFRS 10 Consolidated Financial Statements January 1, ( Effective on for investees) IFRS 11 Joint Agreements January 1, IFRS 12 Disclosure of Interests in Other Entities January 1, IFRS 13 Fair Value Measurement January 1, Amendment to IAS 1 Presentation of Items of Other Comprehensive Income July 1, 2012 Amendment to IAS 12 Deferred Tax: Recovery of Underlying Assets January 1, 2012 Amendment to IAS 19 Employee Benefits January 1, Amendment to IAS 27 Separate Financial Statements January 1, Amendment to IAS 32 Offsetting Financial Assets and Financial Liabilities January 1, 2014 IFRIC20 Stripping Costs in the Production Phase of a Surface Mine January 1, After assessment the Group believed that except for the statement below, the adoption of version IFRS will not cause significant changes in the consolidated financial statements. (a) IAS 19 Employee Benefits The standard primarily amended and determined that net interest on the net defined benefit liability or asset, determined using the discount rate at the beginning of the period and the previous method before the amendment which applied interest costs and plan asset expected returns is replaced. The Group is no longer able to elect to use corridor method or recognize actuarial gains or losses in profit or loss and the standard specified that the actuarial gains and losses should be recognized in other comprehensive income. Prior service cost is recognized in profit or loss and is no longer amortized as expense per straight line method during the vesting period. In addition, an entity can no longer recognize termination benefit at the earlier of the dates to withdraw the offer of those benefits or when the entity recognizes costs for a restructuring under IAS 37 Provisions, Contingent Liabilities and Contingent Assets which involves the payment of termination benefits. This is not only to recognize termination benefits as liabilities and expenses when the termination event is committed. Furthermore, the disclosure requirement of defined benefit plan is increased. The Group is continuously evaluating the influence on financial position and business outcome which resulted from the adoption of the abovementioned standards and interpretation. Relevant influence will be disclosed when the assessment is complete

10 (b) IAS 1 Presentation of Financial Statements The standard amended the presentation of the other comprehensive income section. The other comprehensive income section is required to present line items which are classified by their nature into two sub-groups respectively will or will not be reclassified to profit and loss items in subsequent periods. The amendment also regulated that line items presented in pre-tax amount should separately include their relevant tax amounts in each abovementioned category. The Group is going to modify the presentation of the statement of comprehensive income. It is expected that items that will not be reclassified to profit and loss will include actuarial gains and losses of defined benefit and the portion of actuarial gains and losses of associates (joint venture) under equity method and items that will be reclassified to profit and loss in subsequent periods will include exchange differences on translation, unrealized gains (losses) on available-for-sale financial assets, cash flow hedges, and the portions of other comprehensive income of associates and joint venture under equity method (expect for the portion of actuarial gains and losses). (c) IFRS 12 Disclosure of Interests in Other Entities The standard is a consolidated disclosure standard requiring a wide range of disclosures about an entity's interests in subsidiaries, joint arrangements, associates and unconsolidated 'structured entities'. The Group will increase the disclosure of consolidated and unconsolidated entities per the standard. (d) IFRS 13 Fair Value Measurement The Standard defines fair value and provides a single IFRS framework for measuring fair value and requires disclosures about fair value measurement. The Group assessed the influence and believed that the standard has no significant impact over the Group s financial position and business outcome. The Group is going to increase relevant disclosure regarding fair value measurement per the standard. Except for the effects of the above standards, as of the date the consolidated interim financial statements were authorized for issuance, the Group has been evaluating the effects of IFRSs ( Edition) to financial positions and business outcome and will disclose related effects after completion

11 (B) IFRSs issued by IASB, but not yet authorized by FSC The new issuance, amendments, and revisions of standards and interpretations, issued by IASB but not yet authorized as the IFRSs ( Edition) by FSC, are summarized listed below: Effective date per The new issuance, amendments, and revisions of standards and interpretations IASB IFRS 9 Financial Instruments January 1, 2018 IFRS 14 Regulatory Deferral Accounts January 1, 2016 Amendment to IAS 19 Defined Benefit Plans: Employee Contributions July 1, 2014 Amendment to IAS 36 Recoverable Amount Disclosures for Non-Financial Assets January 1, 2014 Amendment to IAS 39 Novations of derivatives and continuing hedge January 1, 2014 IFRIC 21 Levies January 1, 2014 IFRS 15 Revenue from Contracts with Customers January 1, 2017 Amendment to IFRS 11 Acquisition of an Interest in a Joint Operation January 1, 2016 Amendment to IAS 16 and IAS 38 Clarification of Acceptable Methods of Depreciation January 1, 2016 and Amortisation Amendment to IAS 16 and IAS 41 Bearer Plant January 1, 2016 Except for the statement below, the adoption of the abovementioned new/modified/amended standards and interpretations is not going to result in significant changes of the Company s accounting policies. (a) IFRS 9 Financial Instruments 1. The recognition and measurement of financial assets In terms of financial assets, all the subsequent measurement of the financial assets defined in IAS 39 Financial Instruments: Recognition and Measurement is at amortized cost or fair value. If the Group possesses the financial instruments for the purpose of collecting contract cash flows, and the Group uses the contract cash flows to pay for the principle at maturity and the interest yielded from the principle, the financial instruments are measured at amortized cost. Other financial assets which do not meet the aforementioned conditions are measured at fair value. The Group can, on initial recognition, elect to measure equity investments which are not held for trading at fair value through other comprehensive income and to recognize dividend income in profit or loss and to recognize other relevant gains and losses in other comprehensive income

12 2. The recognition and measurement of financial liabilities In terms of financial liabilities, the major difference of categorization and measurement after adopting the standards and interpretations is the subsequent measurement of financial liabilities designated as at fair value through profit or loss. The fair value variation of the financial liabilities which can be attributed to the variation of the liabilities credit risk is recognized in other comprehensive income. The recognized amount will not be reclassified to profit or loss in subsequent periods and the remaining fair value variation is recognized in profit or loss. If the abovementioned accounting procedures regarding financial liabilities designated as at fair value triggers or enhances inappropriate distribution between earnings and other comprehensive income, the gains or losses of the liability is recognized in profit or loss. 3. Hedge accounting The major change in IFRS 9 in terms of hedge accounting is to modify the conditions to apply hedge accounting in order to make the financial statements applying hedge accounting reflect the actual risk management activities which companies conduct. Compare to IAS 39, the major amendment includes (1) increase trade patterns applicable to hedge accounting, such as loosening the terms for non-financial risk applying hedge accounting; (2) Modify the recognition method of profit or loss of hedging derivative financial instruments to mitigate the variation of profit or loss; and (3) Regarding hedging effectiveness, to replace the actual effectiveness test with the economical relationship between the hedging instruments and the hedged items. (b) The modification of IAS 36 The disclosure of the recoverable amount of non-financial assets When IASB published IFRS 13 Fair Value Measurement, it modified the disclosure requirement of IAS 36 Impairment of Assets in the mean time, and this resulted in the increase of the Group s disclosure of the recoverable amount of assets or cash generating units in every reporting period. This modification of IAS 36 is to clarify that the Group only needs to disclose the recoverable amount in the period of recognizing or reversing impairment losses. In addition, if the recoverable amount is calculated by the present value deducted by the disposition cost, the Group should also disclose the discount rate applied. The Group is continuously evaluating the influence on financial position and business outcome which resulted from the adoption of the abovementioned standards and interpretation. Relevant influence will be disclosed when the assessment is complete

13 (4) SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies adopted in the accompanying consolidated interim financial statements are as follows: (A) Statement of compliance These consolidated interim financial statements have been prepared in accordance with the Regulations Governing the Preparation of Financial Reports by Insurance Companies (hereinafter referred to as the Regulations) and the guidelines of IAS 34 Interim Financial Reporting which are endorsed by the FSC. These consolidated interim financial statements do not include all of the information required by the International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations and SIC Interpretations endorsed by the FSC (hereinafter referred to as the IFRS endorsed by the FSC) for annual financial statements. (B) Basis of preparation The consolidated interim financial statements comprise consolidated balance sheets, consolidated income statements, consolidated statements of changes in shareholders equity, consolidated statements of cash flows, and related notes. The consolidated interim financial statements have been prepared on a historical cost basis, except financial assets or liabilities measured at fair value through profit or loss are measured at fair value (including derivative financial instruments). Unless otherwise stated, all financial information is presented, as the Company s functional currency, in New Taiwan Dollar rounded to the nearest thousand. (C) Basis of consolidation The Group has prepared consolidated interim financial statements in accordance with International Accounting Standards endorsed by FSC. Under consolidated interim financial statements, it combines like items of assets, liabilities, equity, income and expenses and offsets the carrying amount of the parent's investment in each subsidiary and the parent's portion of equity of each subsidiary. The Group has prepared its financial reports with same reporting dates. Intra-group balances and transactions, and any unrealized income arising from intra-group transactions are eliminated in preparing the consolidated financial statements. Unless there is evidence indicating that the transferred assets are impaired, the inter-company unrealized losses are eliminated. The Group has adopted same accounting policies for like transactions and events in similar circumstances in the preparation of the consolidated interim financial statements. If the accounting policies adopted by its subsidiaries are different from those adopted by the Group, the Group has properly modified former accounting policies to ensure the consistency of all financial reports

14 Subsidiaries included in the consolidated interim financial statements Stockholder s equity (Holding %) Investor Company Subsidiary Business Type 2014 December 31, The Company Fubon Life Insurance (Vietnam) Co., Ltd. Insurance 100% 100% 100% (D) Foreign exchange (a) Foreign currency transaction The Group translates all foreign currency items, which recorded initially at the rate of exchange at the trade day, into its functional currency. Monetary assets and liabilities are translated at the closing rate at the date of the balance sheet. Exchange differences, which arise when monetary items are translated at rates different from those initially recognized, are reported in profit or loss in the period. Non-monetary assets and liabilities measured at fair value are reported at the rate of exchange at the date of fair value determined. Non-monetary items measured at historical cost are translated at the rate of exchange at the trade day. Exchange differences arising when they are translated at rates difference from those initially recognized, except those from available-for-sale financial assets, financial liabilities designated as hedge of a net investment in a foreign operation, or qualifies cash flow hedges are recognized in other comprehensive income, are recognized in profit or loss. (b) Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising from acquisition, are translated to the Company s functional currency in New Taiwan dollars at exchange rates at the reporting date. The income and expenses of foreign operations, excluding foreign operations in hyperinflationary economies, are translated to the Company s functional currency at average rate. Foreign currency differences are recognized in other comprehensive income, and presented in the exchange differences on translation of foreign financial statements in equity. When a foreign operation is disposed of such that control, significant influence or joint control is lost, the exchange differences on translation of foreign financial statements related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. When the Group disposes of any part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant cumulative amount of exchange differences on translation of foreign financial statements is reattributed proportionately to non-controlling interest. When the Group disposes of only part of investment in an associate or joint venture that includes a foreign operation while retaining significant influence or joint control, the relevant exchange differences on translation of foreign financial statements are reclassified proportionately to profit or loss

15 When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign currency gains and losses arising from such items are considered as part of a net investment in foreign operation and are recognized in other comprehensive income, and presented in the exchange differences on translation of foreign financial statements in equity. (E) Principles of classifying assets and liabilities as current and non-current Due to specific business feature of insurance business, the operating cycle is more difficult to establish, and therefore assets and liabilities are not classified as current or non-current. (F) Cash and cash equivalents Cash and cash equivalents comprise cash on hand, demand deposits and highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value (including time deposits that are readily convertible to known amounts of cash and subject to an insignificant risk of changes in value). (G) Financial instruments Financial assets and liabilities, including derivative instruments, are recognized in the consolidated balance sheet and measured according to its classification under TIFRS. In accordance with International Accounting Standards 39 Financial instruments ( IAS 39 ) as endorsed by FSC, financial assets are classified into the following categories: financial assets measured at fair value through profit or loss, available-for-sale financial assets, hedging derivative financial assets, financial assets carried at cost, debt investments in non-active market, held-to-maturity financial assets, other financial assets, and loans and receivables. Financial liabilities are classified into short-term liabilities-notes and bonds issued under repurchase agreement, financial liabilities measured at fair value through profit or loss and hedging derivative financial liabilities. (a) Financial assets 1. Daily transactions Regardless of the accounting classification, financial assets are recorded on trading date. 2. Loans include short-term advances receivable, policy loans, and collateral loans. The insured is automatically granted a cash advance and the loan proceeds are offset against the overdue insurance premium in accordance with the insurance contract. Policy loans are secured by insurance policies issued by the Group. Collateral loans are secured by real estate properties and are approved by the competent authority for special projects

16 Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market, excluding: A. Financial assets and liabilities, which are classified as held for trading as they have been acquired principally for the purpose of selling or repurchasing in the near term. B. Financial assets, which were classified as financial assets at fair value through profit or loss at initial recognition. C. Financial assets, which were classified as available-for-sale financial assets at initial recognition. D. Financial assets other than because of credit deterioration, for which the holder may not recover all of the initial investment. In subsequent evaluation, except for insignificant discounted amounts, loan and receivables are measured at amortized cost using the effective interest rate method and gain or loss or interest income or expense is recognized in profit or loss upon disposal, impairment or amortization. 3. Financial assets at fair value through profit or loss A financial asset is classified in this category if acquired principally for the purpose of selling or repurchasing in the short term, for which there is a recent pattern of short-term profit taking, or as derivative financial instruments. This category comprises financial assets classified as held-for-trading and designated as at fair value through profit or loss on initial recognition. A financial asset is classified as held-for-trading under one of the following situations: A. Acquired principally for the purpose of selling in the short term. B. A portion of identified financial instruments at initial recognition and for which there is a pattern of short-term profit taking. C. Derivative financial instruments (excluding financial guarantee contracts and those designated effective hedging instruments). The Group designates financial assets, other than ones classified as held-for-trading, as at fair value through profit or loss at initial recognition under one of the following situations: A. Designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise. B. Performance of the financial asset is evaluated on a fair value basis. C. Hybrid instrument contains one or more embedded derivatives

17 Financial assets in this category are measured at fair value at initial recognition. Attributable transaction costs are recognized in profit or loss as incurred. Financial assets at fair value through profit or loss are measured at fair value and changes therein, which take into account any dividend and interest income, are recognized in profit or loss. Financial assets measured at fair value through profit or loss and designated as such at the time of initial recognition are classified as financial assets measured at fair value through profit or loss in the consolidated balance sheet. Changes in fair value are recognized in profit of loss as gain or loss on financial assets and liabilities measured at fair value through profit or loss. 4. Held-to-maturity financial assets Financial assets in which an entity has positive intention and ability to hold to maturity are classified as hold-to-maturity financial asset. After initially acquired, these assets are measured at amortized cost using the effective interest rate method less impairment. The effective interest rate method is a method calculating the amortize cost and interest revenue of these assets. An effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument to the net carrying amount of the financial instruments. If an entity sells a held-to-maturity investment other than in insignificant amounts or as a consequence of a non-recurring, isolated event beyond its control that could not be reasonably anticipated, all of its other held-to-maturity investments must be reclassified as available-for-sale financial assets for the current and next two financial reporting years. 5. Available-for-sale financial assets Available-for-sale financial assets are any non-derivative financial assets designated on initial recognition as available for sale or any other instruments that are not classified as loans and receivables, held-to-maturity investments or financial assets at fair value through profit or loss. Available-for-sale financial assets are recognized initially at fair value plus any directly attributable transaction cost. Subsequent to initial recognition, they are measured at fair value and changes therein, other than foreign currency differences on available-for-sale debt instruments, interest income calculated using the effective interest method, and dividend income, are recognized in other comprehensive income. When impairment loss of available-for-sale financial assets is recognized or derecognized, the gain or loss accumulated in the fair value reverse in equity is reclassified to profit or loss. Dividend income is recognized in profit or loss on the date that an entity s right to receive payment is established

18 For investments in equity instruments that do not have a quoted market price in an active market and which fair value cannot be reliably measured, as well as for derivatives that are linked to investments in equity instruments and must be settled by delivery of such an unquoted equity instruments, those assets are measured at amortized cost and included in financial assets measured at cost. Investments which fair value can be reliable measured in subsequent periods are remeasured at fair value and the differences between their carrying amounts and fair values are recorded in other comprehensive income. 6. Financial assets carried at cost At initial recognition, the costs of the equity investments in a non-active market are valued at fair value plus the acquisition costs. These assets can be measured at fair value under one of the following conditions: A. The variability in the range of reasonable fair value measurements is not significant for that asset. B. The probabilities of the various estimates within the range can be reasonably assessed and used when measuring fair value. If a financial asset does not meet both above conditions, then it is carried at cost. 7. Debt investments without active market Debt investments without active market are debt investments that are not quoted in an active market and are with fixed or determinable payments. At initial recognition, debt instruments without active market quote are recognized at fair value plus any directly attributable transaction cost. Subsequent to initial recognition, these debt instruments are measured at amortized cost using the effective interest method. 8. Other financial assets These are structured deposits, for which the Group has rights to collect cash or other financial instruments from counterparties through the contracts. Structured deposits are recorded at cost as stated in the contracts, and the interest rates are linked to market rates and other financial benchmarks. Interest income thereon is recognized after holding the structured deposits to maturity. Impairment of principals would occur when investors of structured deposits redeem structured deposits before maturity date. (b) Financial liabilities measured at fair value through profit or loss Financial liabilities held-for-trading or designated on initial recognition are classified as financial liabilities at fair value through profit or loss. Financial liabilities are classified as held-for-trading under one of the following situations: 1. Liabilities acquired primarily for the purpose of selling or repurchasing in the short term;

19 2. Part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent actual pattern of short-term profit-taking; 3. Derivative financial liabilities, except for a derivative that is a financial guarantee contract or a designated and effective hedging instrument; or 4. Obligations to deliver financial assets borrowed by a short seller. Financial liabilities measured at fair value through profit or loss and those designated as such at the time of initial recognition are recognized as financial liabilities measured at fair value through profit or loss in the consolidated balance sheet. The changes in fair value are recognized as gain or loss on financial assets and liabilities measured at fair value through profit or loss in profit or loss. Bonds issued under repurchase agreement as financing activities are recorded to short-term liabilities-notes and bonds issued under repurchase agreement at trading date. When the bonds are repurchased, the difference between the repurchase price and original sale price is recognized interest expenses. (c) Fair value decision Please refer to note (6), for the fair value of financial instruments and tier information (d) Derecognition of financial assets and liabilities The Group derecognizes financial assets when the contractual rights of the cash inflow from the asset are terminated, or when the Group transfers substantially all the risks and rewards of ownership of the financial assets. When the Group conducts security lending or borrowing or uses bonds or stocks as collateral for transactions under repurchase agreement, it does not decommission the financial instruments because almost all the risk and reward of the ownership remain with the Group. When the Group executes securitization and part of the risk remains with the Group, the financial assets are not decommissioned either. When the Group derecognizes a financial asset, the difference between the carrying amount and the sum of the consideration received or receivable and any cumulative gain or loss that is recognized in other comprehensive income is recognized in profit or loss. The Group derecognizes a financial liability when its contractual obligation has been discharged, cancelled, or expires. (e) Reclassification Under IAS 39 as endorsed by the FSC, the following principles are adopted concerning the non-derivative financial assets: 1. No reclassification is made out of the fair value measured through profit or loss category while it is held or issued

20 2. No reclassification is made of any financial instrument out of the fair value measured through profit or loss category if it was designated as at fair value measured through profit or loss at initial recognition. 3. If a financial asset is no longer held for the purpose of selling or repurchasing it in the near term, it is reclassified out of the fair value measured through profit or loss category, but only in rare circumstances. 4. No reclassification is made of any financial instrument into the fair value measured through profit or loss category subsequent to initial recognition. 5. If, as a result of a change in intention or ability, it is no longer appropriate to classify an investment as held-to-maturity, it is reclassified as available-for-sale and remeasured at fair value, and the difference between its carrying amount and fair value is recorded in other comprehensive income. 6. No reclassification is made of any financial assets as held-to-maturity if during the current financial year or during the two preceding financial years, more than an insignificant amount of held-to-maturity investments were sold or reclassified before maturity. Any remaining held-to-maturity investments are reclassified as available-for-sale. (f) Offsetting Financial assets and financial liabilities are offset and the net amount is presented in the consolidated balance sheet if, and only if, the Group has legally enforceable right to set off the recognized amounts and it intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. (g) Interest income Except for financial assets and liabilities reported at fair value through profit or loss, all interests of bearing financial assets and interest-bearing financial liabilities are accrued using the effective interest rate method and are accounted for as interest revenue in profit. Once a financial asset or a group of similar financial assets has been written down as a result of an impairment loss, interest revenue is recognized using the interest rate to discount the future cash flows for the purpose of assessing impairment. (h) Impairment of financial assets 1. Financial assets carried at amortized cost At each reporting date, a financial asset or a group of financial assets is assessed whether there is objective evidence of impairment. A financial asset or a group of financial assets is impaired when objective evidence demonstrates that a loss event has occurred after the initial recognition of the asset, and that the loss event has an impact on the future cash flows of the asset that can be estimated reliably

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