The First Insurance Cash Flow Statement

Financials in millions TWD. Fiscal year is January - December.

Millions TWD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	856.44	903.3	636.24	558.85	553.14	152.88
Depreciation & Amortization	27.84	29.73	33.79	34.14	29.53	26.11
Other Amortization	11.94	14.47	16.36	16.42	15.72	10.51
Gain (Loss) on Sale of Assets	0.89	0.89	0.61	0.14	0.86	2.71
Change in Accounts Receivable	-24.92	-89.17	-9.8	125.9	26.44	105.74
Reinsurance Recoverable	593.16	253.77	-732.25	-139.34	45.08	118.92
Change in Insurance Reserves / Liabilities	9.57	-	-	-16.56	13.57	2.99
Change in Other Net Operating Assets	44.85	92.44	11.75	-1,321	-2,007	-328.66
Other Operating Activities	-110	-175.06	1,000	533.18	426.4	327.08
Operating Cash Flow	933.04	1,259	296.95	63.79	43.13	251.5
Operating Cash Flow Growth	56.11%	323.89%	365.48%	47.91%	-82.85%	-36.64%
Capital Expenditures	-2.88	-9.74	-12.59	-15.56	-27.9	-22.51
Purchase / Sale of Intangible Assets	-5.19	-2.3	-9.91	-13.28	-14.51	-18.34
Investing Cash Flow	-8.07	-12.04	-22.5	-28.84	-42.56	-40.85
Total Debt Repaid	-2.6	-3.15	-4.15	-4.09	-3.32	-2.56
Net Debt Issued (Repaid)	-2.6	-3.15	-4.15	-4.09	-3.32	-2.56
Common Dividends Paid	-632.44	-340.32	-216.84	-364.41	-105.41	-289.12
Financing Cash Flow	-635.05	-343.47	-220.99	-368.5	-108.73	-291.68
Foreign Exchange Rate Adjustments	-0.5	3.33	-1.68	3.46	-1.86	-3.66
Net Cash Flow	289.43	906.56	51.78	-330.08	-110.02	-84.69
Free Cash Flow	930.17	1,249	284.36	48.24	15.23	228.99
Free Cash Flow Growth	58.19%	339.23%	489.48%	216.69%	-93.35%	-41.03%
Free Cash Flow Margin	12.19%	16.10%	3.85%	0.70%	0.23%	3.89%
Free Cash Flow Per Share	3.09	4.14	0.94	0.16	0.05	0.76
Cash Interest Paid	0.12	0.29	0.28	0.16	0.18	0.15
Cash Income Tax Paid	184.11	152.78	108.17	96.29	33.43	100.67
Levered Free Cash Flow	536.47	660.67	628.83	1,215	1,611	210.68
Unlevered Free Cash Flow	536.54	660.85	629	1,215	1,611	210.77
Change in Working Capital	146.98	489.25	-1,389	-1,083	-984.88	-266.84

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.