Shin Kong Financial Holding Co’s (新光金控) shareholders on Friday approved a proposal to distribute a cash dividend of NT$0.4 per share, but some shareholders suggested that the company offer a higher payout to boost its share price, which has been about NT$8 in recent trading sessions.
Shin Kong Financial acting chairman Lee Tseng-chang (李增昌) said the company has over the past few years needed to set aside more of its earnings, as Shin Kong Life Insurance Co (新光人壽) would need more capital after it adopts the International Financial Reporting Standards 17 (IFRS 17) in 2026.
The company could likely pay higher cash dividends after the life insurance arm adapts to the stricter accounting rules, Lee told the company’s annual general meeting in Taipei.
Photo courtesy of Shin Kong Financial Holding Co
Shin Kong Life Insurance would also contribute more revenue after 2026, he added.
This year, Shin Kong Life Insurance has posted credit losses of NT$3.16 billion (US$107.67 million) because of its exposure to Russian bonds — greater than other Taiwanese life insurers — although its bonds have not defaulted.
The insurer has received interest income in US dollars three times and expects to receive another payment in US dollars next month, Shin Kong Financial said.
Addressing shareholders’ concerns that a merger with Taishin Financial Holding Co (台新金控) would be difficult because the firms are quite different, Shin Kong Financial independent director Shiu Yung-ming (許永明) said that the merger would be one way to enlarge the business quickly.
The company must consider all possible mergers and acquisitions for business expansion, he added.
The board of directors has agreed to conduct feasibility studies on potential mergers with other financial holding companies, Shiu said.
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