Taiwan Fire & Marine Insurance Co., Ltd. (2832) AI Stock Analysis

Taiwan Fire & Marine Insurance Co., Ltd.

(TWSE:2832)

Select Model

Rating:72Outperform

Price Target:TWD 59.00▲(11.53% Upside)

Action:initiatedcoverage

Date:11/09/26

Taiwan Fire & Marine scores well on the strength of its financial profile: an essentially debt-free balance sheet, four consecutive years of profit growth, expanding operating margins and improving ROE. Valuation reinforces the case, with a single-digit P/E of 8.8 and a very high dividend yield, though the payout's sustainability warrants monitoring. The main drags are technical — the stock trades below its short- and medium-term moving averages with a negative MACD, albeit at deeply oversold readings that may signal exhaustion of the pullback — alongside fundamental soft spots including a slight revenue decline, a shrinking asset base and a sharp drop in free cash flow conversion. Earnings call and corporate event data were unavailable and excluded from the calculation.

Positive Factors

Very Low LeverageDebt-to-equity of roughly 0.4%–0.7% and substantial equity of TWD 9.6B–12.3B indicate a highly conservative capital structure. This provides financial flexibility to support operations and absorb business variability without significant leverage pressure.

Negative Factors

Uneven Revenue TrendRevenue performance has been inconsistent, with strong growth in 2021 followed by a sharp 2022 decline and another decrease in 2025. Uneven top-line momentum makes future earnings growth less predictable and may limit the durability of recent profitability gains.

Taiwan Fire & Marine Insurance Co., Ltd. (2832) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 13.56B
Dividend Yield: 14.72%
Average Volume (3M): 181.47K
Price to Earnings (P/E): 8.6
Beta (1Y): 0.29
Revenue Growth: 25.70%
EPS Growth: 50.13%
Country: TW
Employees: 921
Sector: General
Sector Strength: 55
Industry: Insurance - Property & Casualty

Taiwan Fire & Marine Insurance Co., Ltd. Business Overview & Revenue Model

Company Description

Taiwan Fire & Marine Insurance Co., Ltd. delivers a diverse array of insurance solutions and services throughout Taiwan. Their comprehensive portfolio encompasses standard offerings like fire, marine cargo and hull, fishing vessel, aviation, and auto...

Taiwan Fire & Marine Insurance Co., Ltd. Financial Statement Overview

Summary

Taiwan Fire & Marine combines a fortress balance sheet (score 82) with four straight years of earnings growth and margins at multi-year highs (income statement 77). Debt is negligible at NT$49 million versus NT$11.84 billion of equity, equity funds ~53% of assets, and ROE has climbed from 3.7% in 2021 to 10.5% in 2025. Operating cash flow surged to NT$2.54 billion, but cash flow scores lower (64) because free cash flow fell to NT$508 million on heavy investment outlays, cutting conversion to roughly 20%. Offsetting the strength are a ~2% revenue decline in 2025, an 11% contraction in total assets, and historically lumpy cash generation.

Income Statement

77Positive

Balance Sheet

82Very Positive

Cash Flow

64Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	8.71B	6.94B	7.28B	6.75B	6.10B	7.48B
Gross Profit	4.46B	4.08B	7.28B	5.72B	5.16B	6.14B
EBITDA	1.94B	1.60B	1.45B	1.25B	916.55M	467.95M
Net Income	1.52B	1.24B	1.16B	978.27M	671.96M	373.21M
Balance Sheet
Total Assets	26.23B	22.19B	24.91B	22.81B	20.89B	20.64B
Cash, Cash Equivalents and Short-Term Investments	3.65B	3.27B	8.40B	8.62B	8.26B	9.64B
Total Debt	50.73M	49.06M	44.60M	63.69M	51.67M	61.74M
Total Liabilities	14.13B	10.35B	12.64B	11.62B	10.95B	10.46B
Stockholders Equity	12.10B	11.84B	12.27B	11.19B	9.95B	10.18B
Cash Flow
Free Cash Flow	-182.05M	507.70M	1.13B	663.50M	-810.73M	883.74M
Operating Cash Flow	1.85B	2.54B	1.14B	677.33M	-772.36M	910.82M
Investing Cash Flow	-1.90B	-2.01B	5.66M	-216.28M	-28.01M	18.24M
Financing Cash Flow	-1.84B	-1.84B	-508.15M	-394.33M	-303.36M	-435.25M

Taiwan Fire & Marine Insurance Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2832 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6021	73Outperform	TWD 15.66B	4.62	―	3.89%	425.42%	―
TW:6024	72Outperform	TWD 14.93B	7.92	―	4.98%	28.69%	36.92%
TW:2832	72Outperform	TWD 13.36B	8.64	―	14.72%	25.70%	50.13%
TW:9925	71Outperform	TWD 15.20B	11.28	―	5.05%	5.29%	41.05%
TW:6016	69Neutral	TWD 14.98B	3.30	―	0.79%	326.63%	376.35%
TW:5864	65Neutral	TWD 15.54B	2.55	―	1.59%	―	―
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

TW:2832 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2832	Taiwan Fire & Marine Insurance Co., Ltd.	52.90	5.62	11.89%
TW:5864	Concord International Securities Co., Ltd	31.40	16.92	116.84%
TW:6016	Concord Securities Co., Ltd.	19.55	8.16	71.60%
TW:6021	Good Finance Securities Co Ltd	51.40	25.21	96.24%
TW:6024	Capital Futures Corp.	56.20	11.43	25.52%
TW:9925	Taiwan Shin Kong Security Co., Ltd.	39.60	0.96	2.49%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 09, 2026

Taiwan Fire & Marine Insurance Co., Ltd. AI Stock Analysis