The First Insurance Co., Ltd. (TPE:2852)

The First Insurance Cash Flow Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	880.19	903.3	636.24	558.85	553.14
Depreciation & Amortization	27.15	29.73	33.79	34.14	29.53
Other Amortization	10.58	14.47	16.36	16.42	15.72
Gain (Loss) on Sale of Assets	0.02	0.89	0.61	0.14	0.86
Change in Accounts Receivable	-7.53	-89.17	-9.8	125.9	26.44
Reinsurance Recoverable	474.9	253.77	-732.25	-139.34	45.08
Change in Insurance Reserves / Liabilities	0.42	-	-	-16.56	13.57
Change in Other Net Operating Assets	-876.52	92.44	11.75	-1,321	-2,007
Other Operating Activities	20.17	-175.06	1,000	533.18	426.4
Operating Cash Flow	468.1	1,259	296.95	63.79	43.13
Operating Cash Flow Growth	-62.81%	323.89%	365.48%	47.91%	-82.85%
Capital Expenditures	-31.53	-9.74	-12.59	-15.56	-27.9
Purchase / Sale of Intangible Assets	-6.77	-2.3	-9.91	-13.28	-14.51
Investing Cash Flow	-38.99	-12.04	-22.5	-28.84	-42.56
Total Debt Repaid	-2.34	-3.15	-4.15	-4.09	-3.32
Net Debt Issued (Repaid)	-2.34	-3.15	-4.15	-4.09	-3.32
Common Dividends Paid	-632.44	-340.32	-216.84	-364.41	-105.41
Financing Cash Flow	-634.79	-343.47	-220.99	-368.5	-108.73
Foreign Exchange Rate Adjustments	-1.51	3.33	-1.68	3.46	-1.86
Net Cash Flow	-207.19	906.56	51.78	-330.08	-110.02
Free Cash Flow	436.57	1,249	284.36	48.24	15.23
Free Cash Flow Growth	-65.05%	339.23%	489.48%	216.69%	-93.35%
Free Cash Flow Margin	5.73%	16.10%	3.85%	0.70%	0.23%
Free Cash Flow Per Share	1.45	4.14	0.94	0.16	0.05
Cash Interest Paid	0.13	0.29	0.28	0.16	0.18
Cash Income Tax Paid	182.99	152.78	108.17	96.29	33.43
Levered Free Cash Flow	791.3	1,024	-1,931	1,215	1,611
Unlevered Free Cash Flow	791.39	1,025	-1,931	1,215	1,611
Change in Working Capital	-470.48	489.25	-1,389	-1,083	-984.88

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.