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S&P will not downgrade Fubon despite poor figures.
(From Insurance Day)
Byline: Edward Ion
RATINGS agency Standard & Poor's (S&P) said yesterday it would not downgrade its rating on Taiwan's Fubon Group despite the company reporting an unexpectedly poor set of results this week.
Fubon Financial Holding, which includes Fubon Insurance as a major subsidiary, disclosed net after-tax profits of NT$9bn (US$260m) for the first half of this year.
Analysts said this was lower than expected and added that the profit represented an annualised return of 1.5% on the group's consolidated assets.
Fubon Insurance, which is Taiwan's leading private non-life insurer, accounts for about 25% of total group turnover.
S&P said ...
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