Core Insights - The recent surge in profits among listed insurance companies has sparked discussions about the adequacy of net profit as a measure of a company's true value [1][3] - Investment income has been identified as the primary driver behind the significant profit growth of these companies [2][3] Group 1: Understanding Net Profit Metrics - The net profit growth of insurance companies is heavily influenced by investment gains, particularly in a recovering capital market [2] - The implementation of new accounting standards since 2023 has led to greater volatility in net profit, as market fluctuations directly impact profit figures [2] - The timing of profit recognition from insurance sales and liabilities also contributes to the lagging nature of net profit indicators [2][3] Group 2: Alternative Value Assessment Metrics - New Business Value (NBV) serves as a forward-looking indicator of a company's potential profitability, reflecting future profit generation from new policies [4] - Sunshine Insurance has demonstrated strong growth in NBV, indicating robust market expansion capabilities [5] - Contractual Service Margin (CSM) provides a more stable measure of future profits, less affected by short-term market volatility [6][7] Group 3: Non-Financial Indicators - Non-financial metrics such as customer satisfaction, market share, and governance are crucial for assessing long-term value [8] - Sunshine Insurance has focused on customer insights to enhance service offerings, resulting in significant growth in high-value customer segments [8][9] - The insurance industry faces challenges in relying solely on investment income, emphasizing the need for sustainable business models and long-term profitability [9]