The COVID-19 epidemic devastated the global economy in 2020. However, Cathay FHC still demonstrated strong operational resilience as we set new records in our business performance with total assets surpassing NT$10 trillion and after-tax profit of NT$76 billion. We were also selected as a constituent stock of the DJSI World Index for the third consecutive year, ranking third among global insurance companies and first in Taiwan. In the face of the uncertainties in the post-pandemic era, I encourage employees to bear in mind the mindset of "What if We Could," and consider more possibilities for responding to the risks and opportunities in our society, environment, and economy.

Cathay FHC is in line with international sustainability frameworks and incorporates sustainability into our core competencies through our three main engines of growth—insurance, banking, and asset management. We are committed to providing customers with coverage for their future lives and we also maximize the influence of investors by actively engaging with invested companies. We also prepared for impact investing in 2021 and incorporated it into Cathay FHC's responsible investment strategies. Cathay United Bank took the lead to voluntarily abide by the Principles for Responsible Banking (PRB) and was the first bank in Taiwan to obtain PRB compliance assurance and publish an implementation report in 2021 to integrate ESG with business and loan management mechanisms and strengthen risk control and management.

In an era of diverse sustainability issues and rapid development, Cathay FHC seeks to leverage the financial capabilities of its subsidiaries and established three strategic pillars related to sustainability: climate, health, and empowerment.

The world is in a state of emergency with respect to climate change. Cathay FHC complies with the TCFD framework to mitigate the impact of climate change and demonstrate our resolve for responding to climate change. Our Board of Directors monitors climate risks and they are included in the Company's risk management mechanisms to strengthen climate change resilience. Cathay FHC has organized a Climate Change Forum for four consecutive years to encourage invested companies to pay attention to climate change and take action. We also became the first financial institution in Taiwan to join the Climate Action 100+ initiative with the aim of encouraging companies to include climate risks in their business strategies and management. It is fortunate that in 2020, one of the companies Cathay FHC engaged with has committed itself to attaining carbon neutrality in its value chain before 2050.

Amid increasing changes in the environment and rapid changes in population structure, Taiwan is set to become a super-aged society by 2025 and the years living with disability may increase. We pay close attention to people's physical and mental health and use our core competencies to improve their financial security. Cathay Life Insurance launched the Cathay Walker program to help our policyholders develop healthy habits. We promote the transition of insurance from claims payments to prevention through use-based insurance. We also actively promote the use of financial trust structures to provide financial security for the elderly. Cathay FHC provides small and medium enterprises, youths, and women with diverse products and services. Cathay Securities provides regular contribution investment plans that allow customers with limited assets and the young to begin investing in the stock market. We seek to improve access to financial services to create financial independence for Taiwan’s citizens.

Through the process of digital transformation, Cathay FHC pays close attention to the career development and work experience of our employees. We use three capabilities for transformation and career planning to help employees with their transformation. Cathay FHC partnered with Hahow for Business to provide employees with a diverse range of online courses. We also provide "learning holidays" to encourage employees to learn on their own. In addition, Cathay FHC pays close attention to the innovation and challenges of the younger generation and helps them resolve social and environmental issues. Cathay FHC focuses on supporting education in remote rural areas and works with Teach for Taiwan to bring about change in the classroom. We integrate internal and external resources for the empowerment of second-generation immigrants. We also work with colleges and universities across Taiwan in industry-academia collaboration programs. Cathay FHC worked with National Taipei University to establish an ESG database for Taiwan and cultivated Taiwan's first professional ESG analysis team for individual stocks in 2020. We also signed a climate change and sustainable development program with National Taiwan University to provide interdisciplinary training and help the next generation develop resilience for meeting environmental and social challenges.

Cathay FHC will soon be celebrating its 60th anniversary. We will continue to embrace the concept of "What if We Could" and through ESG, strengthen our organizational resilience, create benefits for all stakeholders, firmly protect social stability, and continue to empower upward mobility.


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