雲鋒金融集團有限公司 二零二四年年報 Contents 目錄 Annual Report 2024 1 年度報告 This annual report, in both English and Chinese versions, is available on the Company's website at www.yff.com (the "Company Website"). Shareholders who have chosen or have been deemed consented to receive the corporate communications of the Company (the "Corporate Communications") via the Company Website and who for any reason have difficulty in receiving or gaining access to the annual report posted on the Company Website will promptly upon request ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 本集團已根據《公司條例》第 662(3)條及附表 6 第 3 部向公司註冊處處長提交截至二零二三 年十二月三十一日止年度的財務報表。 本集團的核數師已就截至二零二三年十二月三十一日止年度的財務報表提交報告。核數師報告 並無保留意見，亦無提述核數師在不就該等報告作保留的情況下以強調的方式促請有關人士注 意的任何事項，也沒有載列根據《公司條例》第 406(2)、407(2)或(3)條作出的陳述。 Yunfeng Financial Group Limited 雲鋒金融集團有限公司 (於香港註冊成立之有限公司) (股份代號: 376) 年度業績公告 本公告所載有關截至二零二四年十二月三十一日止年度的未經審核財務資料及截至二零二三年 十二月三十一日止年度的財務資料並不構成本集團該等年度的法定年度綜合財務報表，但乃源 自該等財務報表。根據《公司條例》第 436 條須就該等法定財務報表披露的其他資料如下： 截至二零 ...

STOCK CODE 股 份 代 號 376 Yunfeng Financial Group Limited 雲鋒金融集團有限公司 ２０２４｜ 中 期 報 告 YF FINANCIAL 云 锋 金 融 | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 Yunfeng Financial Group Limited 雲鋒金融集團有限公司 (於香港註冊成立之有限公司) (股份代號: 376) 中期業績公告 截至二零二四年六月三十日止六個月 雲鋒金融集團有限公司（「本公司」）董事會（「董事會」）公佈本公司及其附屬公司（統稱 「本集團」）截至二零二四年六月三十日止六個月之未經審核簡明綜合中期業績，連同二零二 三年同期之比較數字。未經審核中期業績由本公司之審核委員會及本公司之獨立核數師審閱。 雲鋒金融集團有限公司 截至二零二四年六月三十日止六個月之中期業績公告 肖風先生 公司資料 | --- | --- | |--------------------------------|------------------------------------| | 董事會 | 薪酬委員會 | | 主席 | 齊大慶先生 ( 主席 ) | | | 黃鑫先生 | | 虞鋒先生 ...

Financial Performance - The Group's insurance revenue for the year amounted to HK$2,625 million, representing a 7% increase from HK$2,447 million in 2022[9]. - The consolidated profit for the year was HK$713 million, compared to a consolidated loss of HK$664 million in 2022[9]. - The net profit attributable to equity shareholders was HK$397 million, a significant recovery from a net loss of HK$643 million in the previous year[9]. - Net operating income for 2023 was HK$991 million, a 17% increase from HK$850 million in 2022[12]. - Net profit attributable to owners for 2023 was HK$397 million, compared to a loss of HK$643 million in 2022[12]. - Total premium and fee income for 2023 reached HK$11,923 million, a 4% increase from HK$11,446 million in 2022[30]. - The insurance service result increased by 24% to HK$547 million in 2023, compared to HK$440 million in 2022[49]. - Profit before taxation for the year is HK$1,078 million, a significant increase from HK$51 million in 2022, marking a 20 times growth[49]. - Profit after taxation for 2023 is HK$973 million, a dramatic rise from HK$3 million in 2022, indicating a 323 times increase[49]. - Investment return for the insurance segment is HK$3,133 million, a substantial increase from HK$36 million in 2022, reflecting an 86 times growth[49]. Business Operations - The Group's main revenue sources include life insurance premium income, subscription fees, management fees, platform fees, and brokerage commission income[8]. - The Group's business plan was effectively implemented amidst challenges and opportunities during the economic recovery[8]. - There was no material change in the Group's core business activities compared to 2022[9]. - The insurance division had approximately 536,000 in-force individual policies as of December 31, 2023, up from 529,000 in 2022[23]. - The tied agency force consisted of approximately 3,050 agents in 2023, down from 3,204 in 2022[23]. - The insurance division introduced flagship products including "FLEXI-ULife Prime Saver" and "MY Flexi Lifetime Annuity" to enhance its product suite[22]. - The company aims to expand its brokerage and agency intermediary distribution channels to better serve sophisticated customers[24]. - The company is exploring new partnerships with fintech companies to tap into the online customer segment[24]. - The company is focused on innovation, launching new savings, medical, and annuity products to drive business growth[26]. Financial Position - Total assets increased by 10% to HK$90,149 million in 2023 from HK$81,769 million in 2022[13]. - Owner's equity per share remained stable at HK$2.85 for both 2023 and 2022[13]. - The overall net asset value of the Group increased due to the adoption of HKFRS 17, impacting the carrying value of insurance contract liabilities and assets[19]. - Total assets under management (AUM) for the insurance business reached HK$84,384 million as of December 31, 2023, up from HK$76,185 million in 2022, reflecting a growth of 10.9%[71]. - Total liabilities rose to HK$70,049 million in 2023, up from HK$61,726 million in 2022, indicating a growth of 13.5%[68]. - The total insurance contract liabilities amounted to HK$63,577 million as of December 31, 2023, compared to HK$55,054 million in 2022, reflecting an increase of 15.4%[68]. - The adjusted net worth (ANW) as of December 31, 2023, is HK$10,108 million, down from HK$10,610 million in 2022, indicating a decrease of 4.7%[43]. - The value of in-force (VIF) business decreased to HK$10,610 million from HK$11,645 million, representing a decline of 8.9%[43]. Risk Management and Governance - The management emphasizes the importance of integrating the insurance business with the financial service ecosystem to create value for customers[104]. - The management has identified key risks, including product design risk and lapse risk, and has implemented measures to mitigate these risks[105][109]. - The company is focused on maintaining a cautious underwriting and investment strategy in an uncertain macroeconomic environment[100]. - The company is enhancing its business processes and integration with financial technology to address uncertainties and improve risk management[104]. - The company is committed to maintaining high standards of corporate governance to attract and retain talented management and enhance shareholder value[188]. - The board has been reviewing and enhancing its risk management and internal controls in light of regulatory changes and best practices[188]. - The company has adopted and complied with the applicable code provisions of the Corporate Governance Code during the year[189]. Corporate Structure and Leadership - Mr. Huang Xin served as the interim CEO from September 2022 to July 2023, and is currently a partner at Yunfeng Capital[170]. - The company has a diverse board with members having extensive experience in finance, law, and corporate governance[173][175][179]. - The board includes members with significant prior roles in major corporations and financial institutions, enhancing its strategic oversight capabilities[173][175][179]. - The company has independent non-executive directors with extensive experience in finance and corporate governance[187]. - The Board comprises a balance of skills, experience, and diversity, with at least one-third being independent non-executive Directors[192]. - The Company held a total of 5 Board meetings and 1 general meeting during the year ended December 31, 2023[198]. - The Chairman and CEO roles are distinct, with the Chairman providing leadership and the CEO managing day-to-day operations[196]. - The Company ensures that at least one independent non-executive Director has appropriate professional qualifications or financial management expertise[192].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 本公告所載有關截至二零二三年十二月三十一日止年度的未經審核財務資料及截至二零二二年 十二月三十一日止年度的財務資料並不構成本集團該等年度的法定年度綜合財務報表，但乃源 自該等財務報表。根據《公司條例》第 436 條須就該等法定財務報表披露的其他資料如下： 截至二零二三年十二月三十一日止年度的財務報表尚未獲本集團核數師提交報告，惟將適時向 公司註冊處處長提交。 本集團已根據《公司條例》第 662(3)條及附表 6 第 3 部向公司註冊處處長提交截至二零二二年 十二月三十一日止年度的財務報表。 本集團的核數師已就截至二零二二年十二月三十一日止年度的財務報表提交報告。核數師報告 並無保留意見，亦無提述核數師在不就該等報告作保留的情況下以強調的方式促請有關人士注 意的任何事項，也沒有載列根據《公司條例》第 406(2)、407(2)或(3)條作出的陳述。 Yunfeng Financial Group Limi ...

STOCK CODE 股份代號 376. Yunfeng Financial Group Limited 宴鋒金融集團有限公司 ２０２３ | 中 期 報 告 FINANCIAL 云 锋 金 融 | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 Yunfeng Financial Group Limited 雲鋒金融集團有限公司 (於香港註冊成立之有限公司) (股份代號: 376) 中期業績公告 截至二零二三年六月三十日止六個月 雲鋒金融集團有限公司（「本公司」）董事會（「董事會」）公佈本公司及其附屬公 司（統稱「本集團」）截至二零二三年六月三十日止六個月之未經審核簡明綜合中期 業績，連同二零二二年同期之比較數字。未經審核中期業績由本公司之審核委員會及 本公司之獨立核數師審閱。 雲鋒金融集團有限公司 中期業續公告截至二零二三年六月三十日止六個月 肖風先生 公司資料 | --- | --- | |--------------------------------|------------------------------------| | 董事會 | 薪酬委員會 | | 主席 | 齊大慶先生 ( 主席 ) | | | 黃鑫先生 | | 虞鋒先生 ...

Financial Performance - The Group's revenue for the year amounted to HK$9,461 million, representing an increase of 11% compared to HK$8,521 million in 2021[9]. - Premiums and fee income contributed HK$9,428 million, an increase of 11% from HK$8,479 million in the previous year[9]. - The adjusted operating profit was approximately HK$934 million, reflecting a 14% increase from HK$818 million in 2021[9]. - The consolidated loss for the year was HK$111 million, compared to a profit of HK$793 million in 2021[9]. - The net loss attributable to equity shareholders was HK$256 million, a decline from a profit of HK$513 million in the prior year[9]. - The decrease in net profit was primarily due to investment losses resulting from adverse market conditions[9]. - Total income from premiums and fee income increased by 11% to HK$9,428 million in 2022 from HK$8,479 million in 2021[12]. - The total operating profit for the year was HK$934 million, an increase of 14% from HK$818 million in 2021[19]. - Total premium and fee income for 2022 was HK$11,446 million, an increase from HK$11,147 million in 2021, representing a growth of 2.7%[32]. - Premium and fee income recognized in the income statements under HKFRS was HK$9,430 million, up from HK$8,480 million in 2021, reflecting a growth of 11.2%[32]. - Operating profit grew by 6% to HK$1,054 million in 2022, while profit after taxation declined by 22% to HK$705 million[52]. - The net investment and other income decreased by 38% to HK$3,128 million in 2022 from HK$5,018 million in 2021[47]. - The net policyholders benefit decreased by 48% to HK$1,306 million in 2022 from HK$2,506 million in 2021[47]. - The change in future policyholder benefits increased by 8% to HK$5,846 million in 2022 from HK$5,409 million in 2021[47]. Revenue Sources and Business Strategy - The Group's sources of revenue include life insurance premium income and various financial services such as management fees and brokerage commissions[9]. - The Group actively pursued opportunities to broaden revenue streams and enhance shareholder value during the recovery phase[8]. - The Group aims for sustainable development and breakthroughs in its business amidst the current market conditions[8]. - The insurance division maintained a diversified product suite, including four flagship products aimed at various customer needs[24]. - The insurance division plans to expand its brokerage and agency intermediary distribution channels to reach more sophisticated customers[26]. - The company aims to establish new partnerships with banks and financial institutions for its bancassurance distribution channel[26]. - The insurance division is exploring a re-formulation of its overall strategy for online sales channels[26]. - The company plans to expand its brokerage distribution channel to cater to high-end customers who prefer independent advice[28]. - The bancassurance distribution channel aims to establish new partnerships with banks and financial institutions to enhance market penetration[29]. - The company is focused on developing innovative products and enhancing the "product + service" concept to provide comprehensive solutions for customers[29]. - Technology empowerment is a core concept, with plans to improve information capabilities and leverage digital platforms for operational efficiency[29]. Assets and Liabilities - Total assets rose by 4% to HK$102,870 million as of December 31, 2022, up from HK$98,474 million in 2021[13]. - Total equity decreased by 26% to HK$14,794 million in 2022 from HK$19,891 million in 2021, primarily due to fair value changes and impairment losses on investment assets[21]. - Total liabilities increased to HK$88.863 billion in 2022 from HK$73.339 billion in 2021, representing a growth of about 21.3%[58]. - The total available capital as of December 31, 2022, was HK$6.603 billion, down from HK$7.293 billion in 2021[70]. Risk Management - The Group actively identified and managed key risks, including strategic, insurance, market, credit, foreign exchange, and operational risks[79][80][85][87]. - The insurance risk management includes pre-launch reviews of new products to mitigate product design risk and regular studies of persistency experience to manage lapse risk[81][89]. - The Group is committed to enhancing its integration with financial technology to create value for all customers, while managing the associated risks[80][85]. Corporate Governance - The Company has adopted and complied with the applicable code provisions of the Corporate Governance Code during the year[170]. - The Board comprises a balance of skills, experience, and diversity appropriate to the Group's business requirements[175]. - The Company maintains at least one-third of the Board members as independent non-executive Directors, ensuring independent judgment in decision-making[175]. - All independent non-executive Directors have confirmed their independence in accordance with the Listing Rules for the year ended December 31, 2022[176]. - The Board meets regularly, holding at least 4 meetings per year, with a total of 4 Board meetings and 1 general meeting held during the year[180]. - The Company has adopted a Board Diversity Policy in 2022 to enhance the effectiveness of the Board and support corporate strategies[187]. - All Directors received training on corporate governance and regulatory development during the year[186]. - The Company ensures that one-third of the Directors retire by rotation at least once every three years, as per its articles of association[179]. - The roles of the Chairman and CEO are distinct, with the Chairman focusing on Board leadership and the CEO managing day-to-day operations[178]. - The Company emphasizes the importance of Board diversity, considering factors such as professional qualifications, gender, and cultural background[188]. Leadership and Management - Mr. Huang Xin was appointed as interim CEO in September 2022, previously serving as executive director since November 2015[150]. - Mr. Huang has extensive experience in finance, having worked at General Electric from 1997 to 2005 and held various leadership roles in investment firms[150]. - The company has a significant focus on strategic management in the insurance sector, with key personnel having backgrounds in actuarial science and financial consulting[160]. - The leadership team has a diverse educational background, with degrees from prestigious institutions such as Fudan University and the Wharton School of Business[156]. - The company is positioned for future growth through strategic investments and market expansion initiatives led by experienced executives[157]. Employee and Operational Metrics - As of December 31, 2022, the Group employed 603 full-time employees, a decrease of 25.9% from 814 in 2021, with 522 in Hong Kong, 39 in Macao, and 42 in the People's Republic of China[100]. - The tied agency force consisted of approximately 3,204 agents as of December 31, 2022, down from 3,462 in 2021[25]. - The number of tied agents in Hong Kong decreased to 2,250 from 2,423 in 2021, a reduction of about 7.1%[66]. - The number of MDRT qualifiers decreased to 275 in 2022 from 324 in 2021, a decline of approximately 15.1%[66]. Embedded Value and Financial Metrics - YF Life's Embedded Value (EV) as of December 31, 2022, is a key metric reflecting the value of shareholders' interests in the earnings from in-force business[114]. - The Adjusted Net Worth (ANW) represents the net asset value on a Hong Kong statutory basis, with marked-to-market adjustments to certain assets of the insurance business segment[115]. - The Value of In-force Business (VIF) before Cost of Capital (CoC) is the present value of future estimated after-tax statutory profits from in-force business, discounted at the risk discount rate as of December 31, 2022[115]. - The New Business Value before cost of capital for the past 12 months is HK$893 million, with a cost of capital of HK$135 million, resulting in a New Business Value after cost of capital of HK$758 million[126]. - The expected return on Embedded Value for 2022 is HK$1,565 million, compared to HK$1,360 million in 2021, indicating a growth of 15.1%[128].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份 內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本公告所載有關截至二零二二年十二月三十一日止年度的未經審核財務資料及截至二 零二一年十二月三十一日止年度的財務資料並不構成本集團該等年度的法定年度綜合 財務報表，但乃源自該等財務報表。根據《公司條例》第 436 條須就該等法定財務報 表披露的其他資料如下： 截至二零二二年十二月三十一日止年度的財務報表尚未獲本集團核數師提交報告，惟 將適時向公司註冊處處長提交。 本集團已根據《公司條例》第 662(3)條及附表 6 第 3 部向公司註冊處處長提交截至二 零二一年十二月三十一日止年度的財務報表。 本集團的核數師已就截至二零二一年十二月三十一日止年度的財務報表提交報告。核 數師報告並無保留意見，亦無提述核數師在不就該等報告作保留的情況下以強調的方 式促請有關人士注意的任何事項，也沒有載列根據《公司條例》第 406(2)、407(2)或(3) 條作出的陳述。 Yunfeng Financial Group Li ...