Welcome to join Fubon's result briefing today. We'll start with an overview of the first nine months' result. The holding company's net profit and earnings per share both rank the top among Taiwan Financial Holding Companies. In terms of assets, it exceeds TWD 12.4 trillion, while the net worth was about flat year-over-year. In Fubon Life, the net profit was TWD 47.8 billion. The premiums' performance all ranked top two in the industry, while the investment return reached 4.23%. In Taipei Fubon Bank, the net profit was over TWD 29 billion that hit its historical high for the same period, and with double-digit growth in NII and fees. In Fubon Securities, the net profit was TWD 7.6 billion. Although it decreased 10% year-over-year, that mainly due to the trading volume coming down in the market, but sequentially we see the market turnover was up in Q3 and Q4.
In Fubon Insurance, the net profit was TWD 5.1 billion. That is quite a meaningful increase of over 48% year-over-year, and with its combined ratio shows a sequential improvement. In page six, the nine months' net profit fell compared to the same period last year. In the meantime, if we look at the preliminary net profit of the first 10 months, that reached over TWD 108 billion with an EPS of $7.51. That further narrowed down the gap with the earnings performance in previous year. In page seven, in terms of profit by subsidiaries, the bank, Taipei Fubon Bank, continues to rise its new highs for the same period, and the same for the overseas banking ARMs also deliver quite meaningful growth. The Fubon Insurance, the P&C ARM profit also grows steadily.
While Fubon Life is the largest source of the profit contribution impacted by the capital market performance, and securities' decrease largely reflects the impact from the market daily turnover. In page eight, the total assets of the holding company reach over TWD 12.4 trillion. That is an increase of 5%, and the equities of the parent company is about TWD 943 billion. The following page, ROA annualized basis is about 0.9%, and annualized ROE is about 12.8%. In slide page 10, in terms of the sustainability initiatives, we would like to highlight that Fubon Financial Holding again selected as one of the top 500 sustainable companies by Time Magazine. That ranked Fubon in top four globally among the financial institutions, and top one among Taiwan's private financial holding companies. Next, let's move on to Fubon Life. In slide page 12, the momentum of Fubon Life's premium remained positive.
The nine months' FYP increased by about 5.2%, the renewal premium up by 6.4%, and that drives the total premium to increase by about 6%. That ranked the company top two in the industry in all three indicators. In page 13, the new product portfolio continued to adjust towards CSM accretion. The proportion of the regular pay increased to about 62%, while the proportion of the foreign currency policies also increased to slightly above half at 51% of FIP, and mainly comes from the USD participating policies contribution. That will help to match on the asset and liability side. In page 14, FYPE that better indicates the regular pay sales momentum. We can see the increase by about 8.3%, and therefore the FYPE to FIP ratio increased to about 46.9%.
While VNB only up by 0.8%, mainly reflects the high base effect from the sub-selling effect of the protection policy last year. While in the meantime, we continue to push for regular pay and foreign currency. In page 15, in terms of the channels' development, over 70% of the FIP comes from the internal ones, including tied agent of Fubon Life and Taipei Fubon Bank. The regular pay focus is across channels, which drives the simultaneous growth of FYPE. In page 16, the investment portfolio, we can see the realized equity capital gains in a timely manner, and that outperformed the market performance both in Taiwan and overseas equities portfolio. The cash level is at a higher level, which will be dynamically adjusted according to the market condition. In the following slide, in the fixed income portfolio, investment grade continues to be the focus in corporate and financial bonds.
In terms of region, North America is the core, and followed by Europe and APAC. They try to strike a balance between risk-adjusted returns and also the duration management. In slide page 18, the investment income, we can see the recurring income is close to the level of the same period last year. The dividend income increased 15%. That reflects the increase in the Taiwan stock dividend. However, due to the appreciation of the NT dollar and also the market fluctuation in the first half, total investment income actually decreased year-over-year. The return on after hedge and FX basis was 4.23%. That was lower compared to last year, mainly due to the currency movement. Starting from second half, as all the FX gains are booked into the FX reserve instead of the P&L.
The investment return would be 4.8% if the FX gains were reflected under the same basis in the first nine months as it was in the first half, 2025, as we show in the footnote under the table. In page 19, since the second half of the year, the US dollar has stabilized, and also the FX reserve new system is in place. That helped to accumulate the reserve balance. Meanwhile, the recurring return improved to 2.42% on after hedge basis, and we expect the recurring CS hedging costs should continue to improve. In Fubon Life, we aim to increase the FX reserve to strengthen its resilience against the exchange rate fluctuation, while Fubon Life will continue to adjust its hedging structure dynamically. In page 20, the investment return and cost of liability maintained a positive spread in the first nine months this year.
However, the recurring basis of return compared to the even point still shows a small negative one, mainly due to the impact of the recurring hedging costs in the current level. With the decline in the recurring hedging costs going forward, and also the product structure adjustment, we aim to have the interest rate spread to gradually improve. On page 21, the recovery of the financial market led to the improvement in the unrealized position on the financial asset. Specifically for the equity investment portfolio, are carrying the unrealized gains. As of the end of September, the net asset value to the total asset of Fubon Life was about 11.4%, while the capital position remained decent. The RBC was about 400%. Next, let's move on to Taipei Fubon Bank.
In slide page 23, the overall revenue increased by 11%, and among them, the NII increased by 11.5%, mainly due to the expansion of the balance sheet scale and also the interest margins increase. While the net fee income increased by over 13%, mainly driven by wealth management and credit cards. In slide page 24, the credit balance increased by about 9.9%. Both the corporate and individual loans at double-digit growth, while the government-related loans are more volatile. In balance of the personal loans that also exceed TWD 1.3 trillion, while the corporate credit exceed to more than TWD 1.1 trillion. In page 25, among the corporate lending, the foreign currency credit increased by about 15.4%, driven by the demand of the local major large corporate clients and also the overseas syndication business demand.
In NT dollars credit in the corporate front, it increased by about 12%, and specifically the SME increased by over 13%. That accounts for about 39% of the institutional banking's loan book. In page 26, the mortgage book increased by about 7.4%, which is largely driven by the home equities business by about 24.5% year-over-year to meet customers' flexible capital needs. The personal loans increased by 35.6%. That unsecured credit increased by over 44%. That benefits from the digital marketing and also the optimization of the online application. In page 27, the overall deposit increased by 5.9%, while the NT and foreign currency deposits both grow. Driven by the increase of the CASA account, the NT's book of CASA increased to about 61% of the NT book, while the foreign currency also up to about 32%.
While on the right-hand side, the LDR of both NT and foreign currency improved, supported by the growth of the loan book. In page 28, the net margin was about 1.19% for the nine months. That is an increase of four basis points year-over-year, supported by the loan deposit spread increase of 12 basis points. On a quarterly basis, the loan deposit spread in Q3 is widened by six basis points compared to the previous quarter. The net interest margin was only about flat, mainly reflect the treasury's book is coming down and also the rate cut in the USD. In page 29, the asset quality remained stable in Taipei Fubon Bank, while the overall overdue ratio remained at a very low level. The coverage continues to be strong, and also the indicators show Fubon's outperformance compared to the industry average.
In the credit costs, the annualized basis for the nine months is about 17 basis points, while in Q3, we see the allowance reserved for specific corporate cases that result in QoQ's increase in provision cost. In page 30, the numbers of active credit cards are stable, while the card spending is up by 3.6% on behalf of the overseas consumption, while the NPL in credit card business also remained quite benign at 0.19%. In page 31, the net fee income increased by about 13.2% for the whole bank, and the growth is across the board. The main contributor from the wealth management and credit cards. The wealth management revenue increased by about 11.8%, while the bancassurance and mutual funds contribute the most.
In page 32, the overseas branch's performance in the net revenue is down by about 4.3%, mainly reflecting the decline in the swap revenue in Hong Kong branch, while the net profit is down by 13%. That also reflects the increase in the provision for specific cases. While overall speaking, the growth of the overseas branches will continue to expand from a long-term perspective. In page 34, let's move on to Fubon Securities. As the average daily turnover of Taiwan stock market in the first nine months came down, the net profit in Fubon Securities also declined by about 6%, while other income increases mainly reflect the interest income and underwriting-related revenues.
In terms of market position, the core business you can see that ranks among top three, while Fubon Securities continues to enhance its market position specifically to optimize its digital service and also to expand the wealth management business. Next, let's move on to Fubon Insurance. In page 36, the premiums continue to grow both in personal and commercial lines. In terms of underwriting profit, the net combined ratio was further improved down to 83%, mainly coming from the improvement in the loss ratio, while the expense ratio pretty much remained stable. That reflects the optimization of the business structure and also the risk selection discipline. Next, in slide page 38, we move on to Fubon Bank, China.
Its balance sheet continues to grow with the loan increase by about 25.7%, driven by both the corporate and retail business by double digits, and deposits also increased by about 14.1%. That reflects the increase of contribution from Taiwanese clients. The net interest margin shows about 102 basis points increase year-over-year, while the net profit is up by about 39.6% year-over-year, driven by the growth of the NII and also the increase from the bonds capital gain. The asset quality remains stable, while you can see the NPL ratio remains low at 0.88% and coverage ratio exceeds 200. That shows its adequacy of the risk control capacity.
If you would like to ask questions, please access Fubon's website in Investor Relations under the Announced Meetings web page, and you may also type in the questions, and the management team will respond in the live audio meeting session. Alternatively, please feel free to contact us at ir@fubon.com. This is the end of the briefing, and thank you for your attention.