Nan Shan Life Eyes Listing as IFRS 17 Transition Draws Union Protest

Labor disputes over insurance agents' contractor status, pensions and compensation for years of service have dragged on for about 15 years since Ruen Chen Investment Holding took control of Nan Shan Life Insurance in 2011. As the company pursues an initial public offering, resolving the disputes will be pivotal to securing regulatory approval and stakeholder support. Taiwan's insurance industry adopted IFRS 17 in 2026. The new standard uses the contractual service margin to reflect future profits, making it an important gauge of life insurers' financial health.

Nan Shan Life held its 2026 annual shareholders' meeting on June 23, as about 200 members of the Taipei-based Nan Shan Life corporate union protested outside and demanded that the disputes be resolved before any listing. Chairman Yin Chung-yao pledged to negotiate in good faith and seek the support of all parties before pressing ahead with an IPO. The company also reported a contractual service margin of NT$374.8 billion and net worth of NT$293.4 billion on the IFRS 17 transition date. Adjusted net worth, including after-tax CSM, reached NT$593.2 billion, with an adjusted net-worth ratio of 11.3%.