Thank you for joining Fubon Financial's Year 2024 Analyst Meeting. Let's start from page five. The business highlights in the holding company, we can see the EPS and net profit, both top among Taiwan's holding company peers. The total assets are up by 8.7%, and net worth is up by over 18%. The net profit hit record highs in subsidiaries including Fubon Life, Taipei Fubon Bank, Fubon Securities, and Fubon Asset Management. In Fubon Life, its net profit of over TWD 102 billion is also top in life insurance in Taiwan. Its business momentum is strong, with a top two position in first-year premium, total premium, and first-year premium equivalent, while investment return of 5.48% that hit a record high. In Taipei Fubon Bank, it reached over TWD 30 billion net profit, while net interest income and net fee income both are key drivers.
In Fubon Securities, its net profit of NT 10 billion above, that's a record high. In Fubon Insurance, the net profit of over NT 3 billion is a turnaround, while its market share of over 23% keeps it as a market leader. In page six, the net profit and also the EPS show sequential increase over the past three years. In page seven, the net profit from all major subsidiaries shows growth, and specifically the growth rate from Fubon Life, Taipei Fubon Bank, and Fubon Securities is high. In page eight, the asset scale reached over NT 12 trillion, while the net worth continued to grow at 18% year over year. The capital position for the holding company and across subsidiaries all shows a strong level. In page nine, the ROA of 1.3% and ROE of 17% shows a sequential improvement over the past three years.
In page ten, the market position across our major business lines in life, insurance, bank, and securities that shows our strong market position in Taiwan market. In page 11, when we look into year 2025, the business focus in firstly in Fubon Life that we see the product mix transition will be critical, which will be more toward the long tenor protection and regular pay product, while the sales channel, including the internal and external ones, are important to solidify our market position. While on the investment side, we aim to maintain a positive spread. In Fubon Insurance, we aim to continue to improve our risk management on product and also operation. In Taipei Fubon Bank, the optimization of the branches that we believe will help to enhance the overall value.
On the digital side, we launched a new mobile app, Fubon+ , in November 2024 that will offer a more comprehensive service across Fubon's platform, and we hope to further improve the customer's experience. In securities, we aim to expand our market position, specifically in brokerage and wealth management. In the meantime, we are preparing for a new digital trading platform to further integrate our trading services. From the holding company perspective, in page 12, we list down some challenges and opportunities. While we see the financial market will continue to be volatile and uncertainties remain, we continue to carefully monitor risks and seize opportunities. Where we see opportunities comes from the wealth management, the cross-sell, and the ESG front, sustainability, and digitization. In page 13, we specify the ESG strategies and also our actions so far.
Firstly, on the decarbonization, we have the green finance amount that reached TWD 2.5 trillion. In Taipei Fubon Bank, we are the first one to help our corporate clients in green energy purchase. While in Fubon Life, we are also recognized for seven years with a Buying Power Award. In Fubon Insurance, we have loss prevention service that reached over 661 cases in year 2024. In the area of empowerment, we upgrade our employee stock ownership trust program. In the digitization front, in Taipei Fubon Bank's AI anti-fraud model, which is named Eagle Eye, we form alliances with over 30 banks that together receive several awards and also patents. In the connection front, Fubon Museum that starts from May 2024, we have over 200,000 visitors throughout the year.
In the meantime, we are advocates in education promotion that we have participants of over 4 million people to join events hosted by Fubon in various topics. Page four, the ESG award and recognition will be for your reference. Let's move on to Fubon Life in page 16. The first-year premium grew at 16.5%, mainly due to the growth of the participating products. Our regular pay and total premium shows growth, and both are higher than the industry average growth. In page 17, the product mix, we already tried to transform toward higher value product for several quarters, and specifically in the regular pay protection product. We can also see the regular pay contribution now reached 58% of FYP in year 2024. While the foreign currency policy also increased, now reached 41.2% of FYP. We can see that the US dollar participating policy is the main contributor.
In page 18, the FYPE grew over 25%, and that mainly comes from the regular pay protection product. The VNB growth of over 18%, mainly on back of the product mix adjustment and also the sales of the regular pay. In page 19, in terms of the channel, the balance of growth in banc assurance and tied agent channel continues. Both contribute over 40% of FYPE, while our banc assurance sales volume is the top in the industry. We continue to focus on the regular pay product. You can see the right-hand side, the FYPEs from various channels shows growth.
In page 20, in the investment portfolio, we see the increase of the return, specifically from domestic and overseas equity that both shows over 20% that reflects the realization of capital gains and also from the private equity investment, while the increase in the cash position that allows us some rooms for further asset allocations going forward. In page 22, in terms of the investment income, the return side, both before and after hedge and FX, we see the increase in the bottom of this table on back of the realization gains from equities contribution, while the recurring investment income slightly increased by 0.9% that mainly reflects the decline in cash dividends contribution as the investment strategy is more focused in growth stocks. In page 23, the composition in the hedge, we can see hedge ratio reduced, and that's mainly in response to the market changes.
Therefore, the recurring hedge cost in the upper left-hand side shows some decrease in Q4 and down to 152 basis points. The US dollar's appreciation that reflects FX gain, you can again see the Q4's data of 56 basis points. While the recurring return in the lower left-hand side that's hedge shows a decrease on year-over-year basis, mainly reflects on four-year recurring hedging costs still increase. In page 24, the positive spread widens, as you can see the investment return reached 5.48% and cost of liability down to 3.14%. Therefore, the positive spread reached 2.34%. While the spread between break-even points and the recurring return after hedge is still a negative one, mainly reflects the rise in recurring hedging costs. In page 25, the unrealized balance, we can see it came down mainly due to the realization of capital gains.
While the shareholder equities increase also reflects in the equity to asset ratio increase up to 11.4%. On page 26, as we know, the adoption of IFRS 17 is upcoming in year 2026. We see that the fundamental of Fubon Life's business actually remains unchanged. Firstly, it's regarding the transparency. We see the profit source actually will be better. Secondly, the new regime will show the liabilities reflect at the current rate and assumptions. A new item, CSM, contractual service margin, that represents the present value of the estimate profit that will be gradually released into profit. While on the asset side, there will be a cancellation of overlay approach, and also there will be a reclassification of financial assets in the opening account. Therefore, the source of the profit upstream will also include the realized gains of the FVOCI stocks that booked in the retained earnings.
That will be an important indicator to the investment community's assessment for dividend outlook. We prepare for a regular update going forward starting from year 2026 to the investment communities. In page 27, in response to the upcoming IFRS 17 and also the Taiwan ICS adoption, we continue to adjust the product mix, specifically from the sales of regular pay policies and also the launch of the participating policies ahead of the new regime adopt. The participating policy now actually already accounts for over half of our first-year premium. Going forward, we also expect to see a lower capital requirement under the Taiwan ICS and in the meantime to accumulate CSM. While on the capitalization front, the track record of our investment performance and also the profit ahead of our peers for several years, that will be positive to accumulate our capital.
The capital structure that we issue sub-debt in total from year 2023 to 2025 in total so far will be around TWD 100 billion. That will be also a supportive factor for our capital position. In the long run, we aim to keep the Taiwan ICS ratio to be 150% or above. Next, let's move on to Taipei Fubon Bank. In page 29, the total revenue was up by 17%, while we can see the NII up by 8% and fee up by 37%. That reflects both the wealth management and credit cards. In page 30, the retail loan grew quite strongly at 14%, higher than the corporate growth of 8.7%. The total loan growth is up by 12.4%, which is higher than Taiwan market average.
In page 31, the corporate loans growth in terms of foreign and local currency, we can see the foreign currency grow higher speed at over 19%. While the SME is also a key focus area for us that grew at 13.8%, that again outperformed the market average growth. In page 32, the mortgage grew at 13.3%, while we see the home equity growth enjoy a higher one. The consumer unsecured loan is another spotlight that we see over 33% growth delivered in 2024. In page 33, the overall deposit in Taipei Fubon Bank grew 11%. That's driven by both the NT dollar up by 9% and the foreign currency at 16%. We can see the LDR, both NT dollar and foreign currency, shows improvement, while the demand deposit as a percentage of the total deposit both in NT and foreign currency decline.
In page 34, the NIM in 2024 is 1.15%. That's slightly up year over year. That reflects our NT dollar loan rate increase and helps to offset the impact from the US rate cut. While the loan-to-deposit spread down 11% year over year mainly reflects a higher increase in time deposit. While on a quarter-over-quarter basis, NIM down by three basis points and is mainly reflect a higher repricing impact from the US dollar's rate cut. In page 35, the asset quality, both the NT non-performing loan and also coverage ratio remain benign. The NPL of personal unsecured loans, you can see slightly edge up, but it starts to improve in Q4. The quarterly provisioning costs on the lower right-hand side show some increase in the quarterly number of 2024 that mainly reflects the general provisions increase on back of the loan growth.
In page 36, in the credit card business, we see the active cards and spending both shows increase that mainly reflects the Costco affinity card contribution and also the spending momentum accelerate in Taiwan and also overseas. While the monthly per-card spending in the lower left-hand side bar chart, you can see down slightly that mainly reflects the active cards increase and also a lower monthly per-card spending in insurance payment. In page 37, the fee income has a very strong growth at over 37% growth. Wealth management is a key contributor. We can see the insurance and also mutual fund sales are both strong, while the credit card fee is up by 68%. In the overseas branches, in page 38, the revenues and the net profit both shows a decent growth on back of the loan growth and also stable asset quality.
In Fubon Securities, in page 40, its net profit of over NT 10 billion is up by 42%. We see the market's momentum is strong, while our revenue across major business lines also shows meaningful growth. In Fubon Insurance, in page 42, the direct written premium shows 11% of growth, while the personal line reached 63% contribution of the premium and commercial line contribute another 37%. The net combined ratio of 87% that again shows improvement that reflects our business structure and risk management enhancement. In overseas banking operations update in page 44, NIM is up by 13 basis points in Fubon Bank (Hong Kong). This mainly reflects our cost management from the higher growth, specifically from the retail segment, and also the increase both in the financial assets volume and also its yield that drives our net profit up by 15.6%.
In page 45, in Fubon Bank (China), the scale in deposit and loan both grow steadily, while the NIM up by 44 basis points, which is quite strong mainly because of the loan mix, the structure improvement. Its net profit also increased quite meaningfully, mainly reflects its NII and swap revenue and also the bond capital gains. In the meantime, it's a lower base in year 2023 as the general provisions requirement for the loan growth and also a higher reserve rate requirement. Its asset quality, you can see the NPL ratio is well below 1% in 2024, and we aim to maintain a stable asset quality. This is the end of the presentation.