First Insurance Co Ltd (2852) Fair Value & Analysis
Financial Services · TW · Market cap 8.0B TWD (≈ $251M) · ISIN TW0002852001
What is First Insurance Co Ltd really worth?
A solid business, trading 30% below our fair value of 40.23 TWD.
As of Aug 19, 2026, the fair value of First Insurance Co Ltd is 40.23 TWD per share against a price of 28.30 TWD, so the fair value sits 42% above the price. A model estimate blended from multiple valuation models, recalculated regularly.
Strengths
Risks
For context
Fair value as of: Aug 19, 2026
From 4 valuation models · updated 17 days ago
Share price +6.4% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price is below even our cautious bear case (30.18 TWD). The market is more pessimistic than our downside scenario.
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
- Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 19, 2026.
How to read this chart
60‑month range 10.80 TWD – 30.80 TWD · fair‑value band 30.18 TWD – 50.29 TWD · the 28.30 TWD price screens below the 40.23 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 19, 2026.
Analysis
First Insurance Co Ltd (2852) currently trades at 28.30 TWD, while our model-based Fair Value estimate is 40.23 TWD, implying the stock looks roughly 29.7% undervalued today. The Quality Score stands at 58/100 (solid quality), in the Financial Services sector. Bull case: the Multiples group reads highest at a median of 37.99 TWD per share, and 3 of the 4 models we run sit above the 28.30 TWD price. Bear case: the Asset-Based group reads lowest at 20.36 TWD, and 1 of the 4 models stay below the price. Evidence for this calculation is low.
Over the trailing twelve months, First Insurance Co Ltd generated revenue of 7.5B TWD at a net margin of 11.9%. Revenue declined 2.7% year over year. It earns a return on equity of 9.7%. The balance sheet holds a net cash position of 2.1B TWD. Fundamentals as of Aug 19, 2026
Our scenario range runs from 30.18 TWD (bear case) to 50.29 TWD (bull case); at 28.30 TWD, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 4% below its 52-week high and 16% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −3% fair-value upside, at 42%, 2852 screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 0.8596 TWD per share, which is 2.1 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 4 models by family
Widest divergence: Multiples (37.99 TWD) versus Asset-Based (20.36 TWD). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 19, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 59 · Market factors (momentum, volatility) 68
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
The First Insurance Co., Ltd. engages in the provision of a range of insurance products and related services in Taiwan. It offers insurance products, including residential and commercial fire; inland and cargo transportation; hull; fishing boat insurance; aviation; general personal car and general commercial auto property damage insurance; liability …
Full company description
The First Insurance Co., Ltd. engages in the provision of a range of insurance products and related services in Taiwan. It offers insurance products, including residential and commercial fire; inland and cargo transportation; hull; fishing boat insurance; aviation; general personal car and general commercial auto property damage insurance; liability insurance products comprising general commercial auto property damage, general personal car, general commercial automobile, compulsory car, compulsory commercial automobile, compulsory motorcycle, general, and professional liability insurance; engineering; nuclear; guarantee; credit; agriculture and other property; injury; commercial earthquake; personal comprehensive; comprehensive commercial; typhoon flood; policy-based earthquake; and one-year health insurance products, as well as mandatory liability insurance for micro electric two-wheeled vehicles. The company was founded in 1962 and is based in Taipei, Taiwan.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
First Insurance Co Ltd reported revenue of 7.4B TWD in FY2025 versus 6.5B TWD in FY2021, a compound +3.2%/yr. Reported net income was 880M TWD in FY2025, compounding +12.3%/yr from FY2021.
of which total revenue +4.2 % · buybacks/dilution +0.0 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Peer Group
Insurance - Property & Casualty · 117 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Insurance - Property & Casualty median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Insurance - Property & Casualty stocks, each showing price versus our Fair Value estimate (as of Aug 19, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| The Progressive Corporation PGR | $217.65 | $160.25 | −26% |
| Chubb Limited CB | $341.59 | $234.73 | −31% |
| The Travelers Companies, Inc TRV | $369.90 | $274.42 | −26% |
| The Allstate Corporation ALL | $260.58 | $316.11 | +21% |
| The People's Insurance Company 601319 | ¥7.14 | ¥11.61 | +63% |
| PICC Property and Casualty Company 2328 | HK$15.25 | HK$22.27 | +46% |
| Intact Financial Corporation IFC | C$274.14 | C$167.46 | −39% |
| Fairfax Financial Holdings FFH | C$2,297 | C$2,915 | +27% |
| QBE Insurance Group QBE | A$22.62 | A$14.20 | −37% |
| Cincinnati Financial Corporation CINF | $171.97 | $166.34 | −3% |
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