云锋金融(00376)盘中涨超14%，近七日累涨1.5倍，蚂蚁集团内部有望实现业务协同。 长飞光线光缆(06869)涨超8%，旗下博创科技拟投建长芯盛印尼生产基地三期扩产项目。 美团-W(03690)涨3%，文旅热度创近三年新高，假期旅游强劲表现带火OTA平台。 携程集团-S(09961)涨2%，与Visit Oman签署合作谅解备忘录，公司海外市场发展前景广阔。 智通财经APP获悉，港股恒生指数涨1.10%，涨250点，报22941点；恒生科技指数涨1.56%。港股早盘成 交1098亿港元。 中国软件国际(00354)涨2.6%，华为首款鸿蒙电脑正式亮相，公司鸿蒙生态核心受益。 沪上阿姨(02589)正式挂牌，上市首日早盘涨超52%，成交4.93亿港元。 锅圈(02517)盘中涨超17%，股东承诺已转H股6个月禁售，今年店效及开店速度有望回升。 内险股早盘普涨，险资入市节奏有望加速。中国太保(02601)涨超3.69%，中国人寿(02628)涨2.70%；新 华保险(01336)涨3%；中国财险(02328)涨1.95%；中国平安(02318)涨1.39%。 好孩子国际(01086)涨超15%，报道称美国考 ...

| 北京控股(00392) | 32.350 | 32.500 | 1.25% | | --- | --- | --- | --- | | 赤子城科技(09911) | 8.180 | 8.300 | 1.22% | | 交通银行(03328) | 6.860 | 7.010 | 1.20% | | 达芙妮国际(00210) | 0.455 | 0.490 | 1.03% | | 置富产业信托(00778) | 4.460 | 4.470 | 0.99% | | 网易－Ｓ(09999) | 166.100 | 173.200 | 0.99% | | 保诚(02378) | 85.000 | 85.650 | 0.94% | | 耀才证券金融(01428) | 7.640 | 8.730 | 0.92% | | 君百延集团(08372) | 0.113 | 0.120 | 0.84% | | 哈尔滨电气(01133) | 4.860 | 4.950 | 0.41% | | 康臣药业(01681) | 9.750 | 9.940 | 0.40% | | 电讯盈科(00008) | 5.320 | 5.400 | ...

智通财经APP获悉，港股恒生指数涨0.69%，涨154点，报22658点，恒生科技指数跌0.10%。港股早盘成 交1245亿港元。 五一民航客流双位数增长，油价下行预期有望支撑航司业绩。航空股早盘走高，中国国航(00753)涨 7.31%；南方航空(01055)涨8.44%；东方航空(00670)涨8.58%；首都机场(00694)涨3.32%。 传蚂蚁集团旗下蚂蚁国际计划在港上市，耀才证券金融今早再度走高，一度涨近20%。阿里概念股走 高，中国动向(03818)涨6.41%，云锋金融(00376)涨超11.72%。 国富氢能(02582)涨6.57%，公司参与编制《工业副产氢碳排放核算方法》，国际合作收获重大成果。 山东墨龙(00568)大涨50%，深交所将山东墨龙调入港股通标的证券名单。 美高梅中国(02282)涨7.96%领涨博彩股，五一黄金周访澳旅客胜预期，4月澳门博彩收入同比升1.7%。 万国黄金国际(03939)涨5.39%，公司与紫金订选矿技术服务及扩建可行性研究合同。 美国总统特朗普表示，他将在未来两周内宣布对医药产品的关税措施。CRO概念股早盘普跌，维亚生 物(01873)跌5.88%，药明 ...

港股云锋金融持续拉升，盘中一度涨超90%。 ...

港股阿里概念股持续走强，云峰金融(00376.HK)大涨67%，中国动向(03818.HK)涨超11%，高鑫零售 (06808.HK)、亚博科技控股(08279.HK)跟涨。 ...

Financial Performance - The Group's insurance revenue for the year amounted to HK$2,799 million, representing an increase of 6.6% compared to HK$2,625 million for the year 2023[16]. - The consolidated profit for the Group was HK$778 million, compared to HK$713 million for the year 2023[16]. - The net profit attributable to equity shareholders of the Company was HK$471 million, an increase from HK$397 million for the year 2023[16]. - The improvement in net profit was mainly due to better overall operating performance, including improved claims experience and effective expense control[16]. - Net operating income increased by 14% to HK$1,134 million in 2024 from HK$991 million in 2023[20]. - Net profit attributable to owners rose by 19% to HK$471 million in 2024 compared to HK$397 million in 2023[21]. - Basic earnings per share increased by 20% to HK$0.12 in 2024 from HK$0.10 in 2023[20]. - Total assets grew by 7% to HK$96,042 million as of December 31, 2024, up from HK$90,149 million in 2023[20]. - The total comprehensive equity increased by 1% to HK$23,913 million at the end of 2024 from HK$23,629 million at the end of 2023[26]. - The profit before taxation for 2024 is HK$1,098 million, a slight increase of 2% from HK$1,078 million in 2023[68]. - Investment return for 2024 rose by 18% to HK$3,706 million from HK$3,133 million in 2023[68]. - The net finance expenses from insurance contracts increased by 35% to HK$3,098 million in 2024 from HK$2,294 million in 2023[68]. - The insurance service result rose to HK$580 million, reflecting a 23% increase from HK$471 million in 2023[79]. - Interest income and other revenues reached HK$2,985 million, an 8% increase from HK$2,759 million in 2023[81]. - The total liabilities increased to HK$76,226 million in 2024, compared to HK$70,049 million in 2023, marking an 8.5% rise[91]. - The net assets decreased to HK$15,838 million in 2024 from HK$16,344 million in 2023, a decline of 3.1%[91]. Revenue Sources and Business Operations - The Group's main sources of revenue include life insurance premium income and various financial services, with no material change in core business activities compared to 2023[15]. - The total premium and fee income for 2024 reached HK$12,383 million, a 4% increase from HK$11,923 million in 2023[40]. - The total premium and fee income from Hong Kong was HK$9,343 million (75% of total), while Macao contributed HK$3,040 million (25%) in 2024[46]. - The tied agency distribution channel generated HK$6,018 million in total premium and fee income, an increase from HK$5,979 million in 2023[48]. - Regular premium first-year income was HK$2,512 million in 2024, compared to HK$2,360 million in 2023[52]. - The insurance division's flagship products include a flexible savings plan, a critical illness protection series, a flexible universal life insurance plan, and a lifetime annuity income plan[35]. - The company continues to enhance its product offerings and diversify its product range to meet various customer needs[35]. - The company launched the "Prosperous Infinity Saver" savings plan at the beginning of 2024, enhancing its product offerings[31]. Market Environment and Strategic Focus - The economic environment faced challenges such as trade protectionism and rising prices, but the Group effectively implemented its business plan to enhance shareholder value[14]. - The Group actively sought suitable business opportunities to expand revenue sources under current market conditions[14]. - The central government's support helped Hong Kong attract more tourists and promote cross-border financial activities, contributing to moderate economic growth[14]. - The Group's financial performance reflects a strategic focus on improving operational efficiency and managing expenses effectively[16]. - The Group's strategic focus continues to be on expanding its insurance business, aiming to enhance market scale and influence[117]. - The insurance division will undergo restructuring initiatives to enhance financial performance amid challenging market conditions[113]. Employee and Agent Statistics - The tied agency force consisted of approximately 2,979 agents in Hong Kong and Macao as of December 31, 2024, down from 3,050 in 2023[32]. - The number of exclusive agents in Hong Kong and Macao decreased to approximately 2,979 in 2024 from 3,050 in 2023[36]. - The insurance division employed approximately 545 staff in 2024, up from 518 in 2023[36]. - The number of employees in Hong Kong increased to 508 in 2024 from 478 in 2023, while the number of tied agents decreased slightly from 2,172 to 2,155[108]. - The Group employed 626 full-time employees as of December 31, 2024, an increase from 611 in 2023[143]. Investment and Financial Management - The Group's investment pledged to a broker for securities margin trading was HK$381.305 million as of December 31, 2024[139]. - The Group's technical reserves guaranteed to the Autoridade Monetaria de Macau amounted to HK$20,188.874 million as of December 31, 2024, compared to HK$18,717.825 million in 2023[139]. - The Group's outstanding bank borrowings as of December 31, 2024, were HK$1,385 million, slightly down from HK$1,399 million in 2023[118]. - The gearing ratio as of December 31, 2024, was 16.16%, up from 15.61% in 2023[118]. - The expected timeline for fully utilizing the remaining proceeds is on or before December 31, 2027[159]. - The company aims to generate stable investment returns through its treasury management model, primarily utilizing proceeds for general working capital and principal investments[162]. Embedded Value and New Business Metrics - The embedded value of the insurance business as of December 31, 2024, is HK$21,089 million, representing a 2% increase from HK$20,718 million as of December 31, 2023[57][58]. - The adjusted net worth (ANW) increased by 68% to HK$16,939 million in 2024 from HK$10,108 million in 2023[60]. - The value of in-force (VIF) business decreased by 61% to HK$4,150 million in 2024 from HK$10,610 million in 2023[60]. - The new business value for the year ended December 31, 2024, is HK$685 million, down from HK$1,009 million in the previous year, primarily due to changes in product mix[61][63]. - The annual premium equivalent (APE) for 2024 is HK$2,736 million, remaining stable compared to the previous year, with a 28.3% growth in the agent channel[61][63]. - The New Business Value before cost of capital for the past 12 months as of December 31, 2024, is HK$833 million, down from HK$1,232 million in 2023, a decrease of approximately 32.4%[199]. - The New Business Value after cost of capital is HK$685 million in 2024, compared to HK$1,009 million in 2023, reflecting a decline of approximately 32.0%[199]. Risk Management and Compliance - The Group's insurance risk management includes pre-launch reviews for new products to align with the Group's risk appetite[126]. - Management is enhancing business processes and integrating financial technology to create value for all customers[121]. - PricewaterhouseCoopers Limited has been appointed to review the methodology and assumptions used in the preparation of the Embedded Value as of December 31, 2024[190]. - The calculations of Embedded Value and New Business Value are based on certain assumptions regarding future experience, which may lead to significant differences in actual results[191].

Financial Performance - For the fiscal year ending December 31, 2024, the insurance revenue was HKD 2.799 billion, an increase of 6.6% compared to HKD 2.625 billion in the previous year[7]. - The consolidated profit for the year was HKD 778 million, up from HKD 713 million in the previous year, representing a growth of 9%[13]. - The profit attributable to equity shareholders increased to HKD 471 million, a 19% rise from HKD 397 million in the previous year[13]. - The net operating profit for the year was HKD 1.134 billion, reflecting a 14% increase from HKD 991 million in the previous year[8]. - Total assets as of December 31, 2024, amounted to HKD 96.042 billion, a 7% increase from HKD 90.149 billion in the previous year[9]. - The total equity attributable to owners increased to HKD 16.168 billion, a slight rise of 1% from HKD 16.045 billion in the previous year[9]. - The basic earnings per share for the year was HKD 0.12, representing a 20% increase from HKD 0.10 in the previous year[8]. - The net operating profit from the insurance segment was HKD 1.167 billion, up 13% from HKD 1.036 billion in the previous year[13]. - The company's profit for the year 2024 was HKD 778 million, an increase of 9.1% compared to HKD 713 million in 2023[15]. - Total premium and fee income for 2024 reached HKD 12,383 million, representing a 4% growth from HKD 11,923 million in 2023[22]. Insurance Segment Performance - The insurance business's embedded value as of December 31, 2024, was HKD 210.89 billion, up from HKD 207.18 billion in 2023, reflecting a 1.3% increase[27]. - The number of effective individual policyholders increased to over 537,000 in 2024, compared to 536,000 in 2023[18]. - The company launched four flagship insurance products in 2024, including a flexible savings plan and a critical illness protection series[17]. - The total premium income from Hong Kong was HKD 9,343 million (75% of total), while Macau contributed HKD 3,040 million (25%) in 2024[24]. - The adjusted net worth of the insurance business was HKD 16,939 million in 2024, a significant increase of 68% from HKD 10,108 million in 2023[28]. - The new business value for the insurance segment for the year ended December 31, 2024, was HKD 685 million, down from HKD 1,009 million last year, primarily due to changes in the product mix[29]. - The annualized new premiums for 2024 were HKD 2,736 million, remaining stable compared to last year, with a notable 28.3% growth in the agency channel compared to 2023[29]. - Insurance revenue for 2024 was HKD 2,801 million, an increase of 7% from HKD 2,627 million in 2023[33]. Investment and Assets - Investment returns rose by 18% to HKD 3,706 million, up from HKD 3,133 million in the previous year[33]. - Total assets for the insurance segment reached HKD 92,064 million as of December 31, 2024, compared to HKD 86,393 million in 2023[42]. - The total liabilities for the insurance segment increased to HKD 76,226 million from HKD 70,049 million in the previous year[42]. - The total managed assets for the insurance business amounted to HKD 883.79 billion as of December 31, 2024, compared to HKD 843.84 billion in 2023[43]. Risk Management - The group is actively managing strategic risks associated with integrating insurance into its financial services ecosystem[58]. - The group has identified various insurance risks, including product design risk and claims risk, and has implemented measures to mitigate these[59]. - The risk management function identified, monitored, and reported various risks, implementing corresponding risk mitigation measures throughout the year[142]. - Regulatory risks are closely monitored, with the company actively engaging with market regulators to adapt to changes in the regulatory environment[158]. - The company utilizes reinsurance to alleviate underwriting risks associated with mortality and morbidity assumptions[159]. Corporate Governance - The company maintains a high standard of corporate governance to attract and retain talented management, promote accountability, and meet shareholder expectations[114]. - The board consists of at least three independent non-executive directors, ensuring independent judgment and consideration of all shareholders' interests[117]. - The company has adopted a code of conduct for securities trading by directors, confirming compliance with the standard code throughout the year[115]. - The company has complied with the applicable corporate governance code provisions, with one exception explained in the report[114]. - The independent non-executive directors have confirmed their independence as per the listing rules, ensuring no significant interests in the group[117]. Shareholder Information - The company has no established dividend payout ratio, with dividends subject to board approval based on performance and financial conditions[151]. - The board of directors does not recommend the payment of a final dividend for the year 2023, resulting in no dividend distribution[170]. - The company has established a process for shareholders to submit inquiries to the board through the company secretary[150]. - The company encourages shareholder attendance at annual general meetings, with key members of the board present to address business-related questions[151].

Financial Performance - For the first half of 2024, the Group's insurance revenue amounted to HK$1,378 million, representing a 10% increase compared to HK$1,257 million for the prior period[12]. - The Group's consolidated profit for the period was HK$376 million, up from HK$267 million in the prior period[12]. - Net profit attributable to equity shareholders of the Company was HK$201 million, compared to HK$138 million for the prior period, primarily due to improved overall operating performance and a one-off financial incentive[12]. - Net operating income for 2024 reached HK$560 million, a 12% increase from HK$498 million in 2023[16]. - Net profit attributable to the owners rose by 46% to HK$201 million, compared to HK$138 million in the previous year[22]. - Basic earnings per share increased by 25% to HK$0.05 from HK$0.04[16]. - The profit before taxation increased by 28% to HK$619 million from HK$483 million in the previous year[61]. - The profit after taxation rose by 36% to HK$558 million from HK$409 million in the previous year[61]. - The insurance service result, which includes investment return, rose by 33% to HK$327 million from HK$245 million[61]. - The total comprehensive income for the period was HK$(77,113), a decrease from HK$94,610 in 2023, primarily due to net movement in hedging reserve[189]. Revenue Sources and Business Activities - The Group's main sources of revenue include life insurance premium income and other financial businesses, with no material change in core business activities compared to 2023[11]. - Total premium and fee income for the six months ended June 30, 2024, was HK$5,517 million, a 2% increase from HK$5,436 million in 2023[39]. - Sales from Hong Kong accounted for 73% of total premium and fee income, amounting to HK$4,036 million, while Macao contributed 27% with HK$1,481 million[44]. - The first year regular premium for Hong Kong was HK$603 million, while renewal premiums reached HK$3,257 million for the six months ended June 30, 2024[47]. Assets and Liabilities - Total assets as of June 30, 2024, were HK$93,268 million, reflecting a 3% increase from HK$90,149 million at the end of 2023[17]. - The total liabilities increased to HK$73,214 million from HK$70,049 million as of December 31, 2023[73]. - The net assets as of June 30, 2024, were HK$16,454 million, slightly up from HK$16,344 million at the end of 2023[73]. - The insurance contract liabilities amounted to HK$66,931 million as of June 30, 2024, compared to HK$63,577 million as of December 31, 2023, showing an increase of 5.9%[92]. Investment and Financial Management - The investment income for the insurance division is monitored through a detailed asset allocation strategy[75]. - Interest income for the six months ended June 30, 2024, was HK$1,458 million, an increase from HK$1,309 million in 2023, representing a growth of 11.4%[79]. - The net finance expenses from insurance contracts increased by 49% to HK$1,629 million compared to HK$1,090 million in the previous year[61]. - The company reported a net impairment loss on financial assets of HK$3,144, a significant decrease from HK$62,254 in the previous year, indicating improved asset quality[184]. Operational Strategies and Market Position - The Group is actively seeking suitable business opportunities to expand revenue sources and enhance shareholder value amid challenges in the insurance industry[11]. - The digitalization and virtualization of the insurance industry present challenges that the Group is addressing to enhance competitiveness[11]. - The company plans to explore new partnerships with fintech companies to enhance its bancassurance distribution channel[31]. - The Group plans to continue focusing on the insurance business and expanding the market size and influence of YF Life in the second half of the year[96]. Employee and Governance - The Group employed 631 full-time employees as of June 30, 2024, an increase from 611 employees as of December 31, 2023[108]. - The Company has adopted share option and share award schemes to recognize employee contributions and enhance operational performance[143]. - The remuneration of Mr. Fang Lin, the CEO, has been adjusted to HK$3,960,000 per annum effective from March 1, 2024[6][169]. - The Company has complied with the applicable code provisions of the Corporate Governance Code during the six months ended June 30, 2024[5][164]. Shareholder Information - As of June 30, 2024, Mr. Yu Feng holds 1,827,641,279 shares of Yunfeng Financial Group Limited, representing 47.25% of the total shareholding[137]. - Massachusetts Mutual Life Insurance Company holds 960,000,000 Shares, representing 24.82% of the total shareholding[156]. - The total number of share options that could be granted under the Share Option Scheme is 386,799,167, representing approximately 10% of the total Shares in issue as of the adoption date on 28 June 2022[144].

Financial Performance - The insurance revenue for the first half of 2024 was HKD 1.378 billion, a 10% increase from HKD 1.257 billion in the same period last year[6]. - The consolidated profit for the first half of 2024 was HKD 376 million, compared to HKD 267 million in the same period last year, representing a 41% increase[9]. - The net profit attributable to equity shareholders for the first half of 2024 was HKD 201 million, up 46% from HKD 138 million in the same period last year[9]. - The basic earnings per share for the first half of 2024 was HKD 0.05, a 25% increase from HKD 0.04 in the same period last year[7]. - The total premium and fee income for the six months ended June 30, 2024, was HKD 5,517 million, a slight increase of 1.5% from HKD 5,436 million in the same period of 2023[15]. - The total first-year premium income for the six months ended June 30, 2024, was HKD 1,362 million, compared to HKD 1,362 million in the same period of 2023[20]. - The total renewal premium income for the same period was HKD 4,655 million, an increase from HKD 3,809 million in 2023[20]. - The company reported a net operating income of HKD 573 million, up 6% from HKD 540 million[29]. - The total investment income for the six months ended June 30, 2024, was HKD 1,458 million, an increase from HKD 1,309 million in the same period of 2023, reflecting a growth of 11.4%[39]. - The company reported a profit for the period of HKD 200,994,000, down from HKD 376,442,000 in the previous period[95]. Assets and Liabilities - The total assets as of June 30, 2024, were HKD 93.268 billion, a 3% increase from HKD 90.149 billion at the end of 2023[7]. - The total liabilities increased to HKD 73,214 million as of June 30, 2024, from HKD 70,049 million as of December 31, 2023, reflecting a rise of 3.1%[33]. - The insurance contract liabilities amounted to HKD 66,931 million as of June 30, 2024, compared to HKD 63,577 million as of December 31, 2023, indicating an increase of 5.3%[41]. - The total assets revaluation reserve was HKD 1,575,000, while the fair value reserve (non-recyclable) was HKD (22,233,000) as of June 30, 2024[95]. - The total liabilities reported were HKD (76,856,658) as of June 30, 2024, compared to HKD (73,744,074) as of December 31, 2023, showing an increase of about 4.3%[146]. Equity and Shareholder Information - The total equity as of June 30, 2024, was HKD 16.328 billion, showing no significant change from HKD 16.405 billion at the end of 2023[7]. - The company did not declare an interim dividend for the first half of 2024, which is not applicable[7]. - Major shareholder Yu Feng holds 1,827,641,279 shares, representing 47.25% of the total shares[76]. - Massachusetts Mutual Life Insurance Company owns 960,000,000 shares, which is 24.82% of the total shares[76]. - The company has no treasury shares as of June 30, 2024, in compliance with the relevant company regulations[79]. Business Strategy and Market Conditions - The group is actively seeking suitable business opportunities to broaden revenue sources and enhance shareholder value amid market challenges[6]. - The overall economic growth in Hong Kong was supported by various measures from the central government, despite geopolitical tensions and uncertainties in interest rates[6]. - The company aims to expand its distribution channels through brokers and agents, as well as explore partnerships with fintech companies[13]. - The company plans to focus on expanding the market scale and influence of its insurance business in the second half of 2024[48]. Employee and Workforce Information - The company had approximately 2,999 exclusive agents in Hong Kong and Macau as of June 30, 2024, a decrease from 3,050 agents as of December 31, 2023[13]. - The company reported 538 employees in the insurance division, an increase from 518 employees as of December 31, 2023[13]. - The number of employees in Hong Kong increased to 501 as of June 30, 2024, from 478 as of December 31, 2023, indicating a growth in workforce[45]. - The group employed 631 full-time employees as of June 30, 2024, an increase from 611 employees as of December 31, 2023[53]. Risk Management - The group manages insurance risk through prudent pricing guidelines, reinsurance, and monitoring emerging trends[106]. - The group has established an underwriting committee to oversee and evaluate insurance risk policies and procedures[106]. - The group manages liquidity risk by setting a minimum level of liquid funds available for claim payments and policy surrenders[109]. - Interest rate risk is controlled through asset-liability matching techniques, considering the cash flow characteristics of assets and liabilities[110]. - Currency risk is primarily associated with non-USD denominated policies, but most policies are USD-denominated, minimizing the overall currency risk[111]. Investment and Fair Value Measurements - The fair value of financial assets measured at fair value through profit or loss includes private credit funds valued at HKD 207,655,000 and listed equity valued at HKD 508,896,000[117]. - The fair value of debt securities is reported at HKD 2,352,897,000, with a total of HKD 18,270,806,000 for the period ending June 30, 2024[118]. - The company primarily uses market or income approaches to determine estimated fair value, maximizing observable inputs and minimizing unobservable inputs[118]. - The fair value of financial liabilities primarily depends on the fair value of fund investments and credit-linked debt as major investments in merged funds[123]. Regulatory Compliance - The company actively monitors compliance with regulatory requirements to mitigate reputational and compliance risks[156]. - The risk-based capital regime for the Hong Kong insurance industry will be officially implemented on July 1, 2024[60]. - The group has no significant impact from the adoption of revised Hong Kong Financial Reporting Standards during the accounting period[104].

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].