Core Viewpoint - The recent weakness of the US dollar is driven by fundamental changes rather than coordinated agreements like the "Mar-a-Lago Agreement" [1][8] - Asian currencies, particularly the New Taiwan Dollar, are experiencing significant volatility, reflecting broader trends in global currency markets [3][9] Group 1: Currency Movements - The New Taiwan Dollar surged 9% against the US dollar in the first two trading days, reaching a three-year high, but fell over 3% on the sixth day due to increased demand for dollars from importers [3][4] - Despite the recent decline, the New Taiwan Dollar has appreciated over 8% against the US dollar this year [3] - The volatility of Asian currencies is currently more pronounced than during the Asian financial crisis, with analysts noting that the New Taiwan Dollar is particularly sensitive to external pressures [3][4] Group 2: Global Fund Reallocation - A significant reallocation of global funds is underway, with a shift away from the US dollar as Asian currencies gain traction [5][6] - The demand for the US dollar is decreasing among Asian central banks, indicating a potential long-term trend of diversifying away from dollar-denominated assets [5][6] - The recent movements in Asian currencies, including the New Taiwan Dollar, serve as a warning signal for the diminishing support for the US dollar in the region [5][6] Group 3: Economic Policies and Trade Relations - The "Mar-a-Lago Agreement" concept, aimed at depreciating the dollar to enhance US export competitiveness, has reignited discussions about currency valuation in the context of trade imbalances [4][5] - Concerns over US trade policies and potential tariffs are influencing investor sentiment, leading to a reduction in exposure to US assets [6][8] - The expectation of a weakening US dollar is prompting global investors to seek opportunities in Asian markets, particularly in currencies like the Korean Won and the Singapore Dollar [8][9]

Financial Performance - The company reported a significant increase in net profit attributable to shareholders of HKD 647.1 million, up 86.6% from the previous fiscal year[7]. - Insurance revenue grew by 34.0% year-on-year, reaching HKD 3,291.5 million, benefiting from the 65th anniversary of the company[5]. - The operating performance of the insurance segment improved by 70.5%, totaling HKD 369.8 million[5]. - The company achieved a remarkable 125.9% increase in realized gains from investments, amounting to HKD 55.2 million[5]. - Total assets increased by 8.6% to HKD 16,333.6 million, while total liabilities also rose by 8.6% to HKD 4,655.6 million[5]. - Basic and diluted earnings per share rose by 87.4% to HKD 69.7[5]. - The company's net profit attributable to shareholders for the year ended December 31, 2024, was HKD 647 million, an increase of 86.6% compared to the previous year[17]. - Earnings per share for 2024 was HKD 0.697, reflecting an increase of 87.4% year-on-year[18]. - The total dividend per share for the year was HKD 0.145, which is a 61.1% increase compared to the previous year[18]. Insurance Business Performance - The insurance business recorded a profit of HKD 501 million, representing a 106.9% increase year-on-year, driven by strong performance in reinsurance and insurance operations[25]. - Insurance revenue increased by 34.0% compared to 2023, despite geopolitical challenges and economic uncertainties[25]. - The insurance services segment achieved a significant growth of 40.7% compared to the previous year, with optimistic prospects for core business in 2025[26]. Investment Strategy and Market Outlook - The company maintains a cautious and moderately optimistic outlook for 2025, focusing on blue-chip stocks and strategic asset allocation[8]. - The geopolitical tensions and economic conditions are expected to influence market dynamics, with the company adapting its investment strategies accordingly[8]. - The investment strategy focused on developed markets, particularly the US, Japan, and Europe, with a strategic reallocation to Hong Kong and mainland China in the second half of the year, resulting in strong market performance[30]. Corporate Governance and Compliance - The board is committed to maintaining high standards of corporate governance and has complied with all applicable provisions of the Corporate Governance Code for the year ending December 31, 2024, except for a deviation regarding the separation of roles of the chairman and CEO[138]. - The company has established mechanisms to ensure independent viewpoints are obtained, including independent non-executive directors chairing key committees[149]. - The company has policies and guidelines in place to ensure compliance with corporate governance standards and legal regulations[145]. - The company has appointed two compliance officers to oversee compliance functions and report regularly to relevant committees[188]. Environmental, Social, and Governance (ESG) Initiatives - The group has adopted a new baseline year of 2019 for environmental, social, and governance performance assessments to ensure more meaningful comparisons[50]. - The board regularly evaluates environmental, social, and governance (ESG) performance and identifies improvement opportunities to create sustainable value for stakeholders[52]. - A dedicated ESG working committee has been established to guide the company's ESG development and ensure compliance with the latest ESG codes[52]. - The company aims to strengthen its role as a responsible corporate citizen by implementing effective ESG practices and ensuring compliance with regulations[53]. Employee and Workforce Management - The total number of employees as of December 31, 2024, is 374, an increase from 352 employees as of December 31, 2023[45]. - The employee distribution by employment type shows a decrease of 3.4% in full-time employees at Asia Financial, while Asia Insurance saw an increase of 8.2% in full-time employees[70]. - The company emphasizes equal employment opportunities and adheres to all relevant anti-discrimination laws in Hong Kong[68]. - The company has implemented a succession plan to address the aging workforce and ensure talent retention[63]. Risk Management - The company has adopted a risk management policy covering various risks including credit risk, cash flow risk, interest rate risk, and compliance risk[185]. - The risk committee reviews the effectiveness of the risk management system at least annually, including all significant risks and resources allocated to risk functions[186]. - The company’s management is tasked with daily operations and risk identification, ensuring appropriate operational policies are implemented[184]. Community Engagement and Social Responsibility - The total amount donated and sponsored by the company to local and overseas non-profit organizations in 2024 was approximately HKD 7.077 million, an increase of 1% compared to the previous year[124]. - The company aims to conduct at least one corporate social responsibility-themed activity each quarter to enhance social impact and internal engagement[135]. - The company’s volunteer service participation statistics showed a total of 65 participants across its group in 2024[128].

Financial Performance - The total insurance revenue for the year ended December 31, 2024, was HKD 3,291,506,000, representing a 33.8% increase from HKD 2,456,378,000 in 2023[4] - The net insurance service expenses increased to HKD 2,461,250,000, up 25.2% from HKD 1,966,780,000 in the previous year[4] - The profit before tax for the year was HKD 754,334,000, which is a 74.8% increase compared to HKD 431,240,000 in 2023[5] - The net profit for the year was HKD 647,069,000, reflecting an 86.5% increase from HKD 346,753,000 in the prior year[5] - Basic and diluted earnings per share increased to HKD 0.697, up from HKD 0.372 in 2023, marking an increase of 87.2%[5] - Total revenue for 2024 reached HKD 3,713,909,000, a 34.5% increase from HKD 2,777,324,000 in 2023[11] - Profit before tax for 2024 was HKD 754,334,000, up from HKD 431,240,000 in 2023, representing a 74.9% increase[16] - Net profit for the year 2024 was HKD 647,069,000, compared to HKD 346,753,000 in 2023, indicating an increase of 86.5%[21] - The comprehensive income for the year totaled HKD 1,042,625,000, compared to a loss of HKD 53,816,000 in the previous year[6] Assets and Liabilities - Total assets as of December 31, 2024, amounted to HKD 6,333,555,000, a significant increase from HKD 5,035,394,000 in 2023[7] - The total equity attributable to shareholders was HKD 10,748,846,000, compared to HKD 9,677,999,000 in the previous year, indicating an increase of 11.0%[7] - The total liabilities increased to HKD 4,655,556,000 from HKD 4,286,548,000, representing an increase of 8.6%[7] - The company maintained a strong cash and bank balance of HKD 2.522 billion as of December 31, 2024[34] Dividends - The company declared a final dividend of HKD 83,219,000, up from HKD 46,453,000 in 2023, reflecting a 79.2% increase[7] - The company plans to declare a final dividend of HKD 0.09 per share for 2024, up from HKD 0.05 per share in 2023[20] - The total dividend per share for the year was HKD 0.145, which is a 61.1% increase from the previous year[32] - The board proposed a final dividend of HKD 0.09 per share, up from HKD 0.05 in 2023, resulting in a total annual dividend of HKD 0.145 per share for 2024, compared to HKD 0.09 in 2023[60] Insurance Operations - The company reported a significant increase in insurance revenue, with over 90% derived from operations in Hong Kong, Macau, and mainland China[13] - Insurance revenue saw a notable increase of 34.0% year-on-year, attributed to the 65th anniversary of Asia Insurance[24] - The insurance business recorded a profit of HKD 501 million, up 106.9% year-on-year, driven by strong performance in reinsurance and insurance operations[39] - The insurance services performance grew significantly by 40.7% year-on-year, with optimistic prospects for core business in 2025[40] - The insurance business is expected to continue growing, leveraging opportunities from the "Guangdong-Hong Kong-Macao Greater Bay Area" initiative[43] Investments - Investment income from stock trading grew by 142.6% year-on-year, contributing to overall performance[24] - The investment strategy focuses on developed markets, particularly the US, Japan, and Europe, with a strategic reallocation to Hong Kong and mainland China in the second half of the year[45] - The company holds a 5% stake in China Life Insurance Co., which ranks 7th in the global insurance industry according to the Fortune Global 100[44] - The company has a 4.7% stake in Bangkok Dusit Medical Services, which serves over 1.1 million patients annually from more than 190 countries[46] - The property development investment in Shanghai represents 3.9% of total assets, with a flagship project in Jiading District showing strong sales performance[48] Employee and Operational Insights - Employee benefits expenses for 2024 totaled HKD 240,862,000, compared to HKD 203,494,000 in 2023, reflecting an 18.4% increase[17] - The total number of employees increased to 374 as of December 31, 2024, compared to 352 in the previous year[58] - The company is focused on diversifying its insurance products, including health, life, and property insurance, while enhancing operational efficiency through technology investments[40] Corporate Governance and Outlook - The company emphasizes compliance with legal regulations and has allocated sufficient resources to mitigate related risks, believing that compliance risks are low[52] - The company aims to maintain strong relationships with stakeholders, including employees, customers, and investors, recognizing their impact on performance and value[54] - The company is focused on diversifying its customer base to avoid over-reliance on a few core customers, which is crucial for maintaining underwriting profitability[56] - The company believes that the risks associated with relying on key personnel are manageable, supported by effective training and reward programs[55] - The company maintains a cautious and moderately optimistic outlook for 2025, considering geopolitical tensions and economic conditions[25] - The Hong Kong economy is expected to grow moderately amid challenges, with government measures aimed at stimulating the economy[27] Share Repurchase - The company repurchased and canceled 4,312,000 shares at a total cost of HKD 16,293,000, with a premium of HKD 12,153,000 deducted from retained earnings[23] - The company repurchased a total of 4,412,000 shares at a total cost of approximately HKD 16,265,000 during the fiscal year ending December 31, 2024[62] - The highest purchase price for repurchased shares was HKD 3.95, while the lowest was HKD 3.30, with the majority of repurchases occurring in November 2024[62] Meetings and Reports - The company will hold its annual general meeting on May 28, 2025, with a notice to be sent out around April 17, 2025[59] - The annual report for 2024 will be published on or around April 17, 2025, for shareholders to review[67] - The audit committee has met with the auditors, Ernst & Young, to review and agree on the group's performance for the year ending December 31, 2024[66]

Financial Performance - Asia Financial Holdings recorded a profit attributable to shareholders of HKD 361.4 million for the first half of 2024, representing a robust growth of 20.6% compared to the first half of 2023[7]. - The company's net profit attributable to shareholders for the six months ended June 30, 2024, was HKD 361.4 million, representing a 20.6% increase compared to the previous year[23]. - Earnings per share for the same period was HKD 0.389, up 21.2% year-on-year[28]. - The interim dividend declared is HKD 0.055 per share, which is a 37.5% increase from HKD 0.040 in the previous year[24]. - The group reported a pre-tax profit of HKD 405.7 million for the six months ended June 30, 2024, compared to HKD 338.7 million in the same period last year[28]. - The consolidated profit for the six months ended June 30, 2024, was HKD 361,387, up from HKD 299,724 in the same period of 2023, indicating an increase of approximately 21%[40]. Investment Performance - The group's investment performance outperformed major benchmark indices due to strategic adjustments, with increased holdings in developed markets like the US, Japan, and Europe[7]. - The investment portfolio generated stable returns, with a strategic shift towards developed markets and some emerging markets, enhancing flexibility to navigate market changes[14]. - The fair value of the group's significant stock investments as of June 30, 2024, included HKD 1,962 million in Kwan Ming Hospital, accounting for 13.3% of total assets[18]. - The group recorded unrealized gains of HKD 108.1 million from investments for the six months ended June 30, 2024, compared to HKD 34.8 million in the previous year[27]. Insurance Business - The insurance business is expected to achieve another year of solid growth despite a challenging economic environment and intense market competition[10]. - In the first half of 2024, Asia Insurance recorded a profit of HKD 249.2 million, a decrease of 2.7% compared to the same period in 2023[11]. - Despite a generally weak local market, Asia Insurance achieved a robust growth of 31.9% in insurance revenue during the first half of 2024[11]. - The group reported insurance revenue of HKD 1,642.4 million for the six months ended June 30, 2024, compared to HKD 1,244.4 million in the same period last year[27]. - General insurance contracts account for 99.7% of the group's total insurance revenue, with risks related to claims amounts and timing uncertainties[77]. Economic Outlook - The global economic growth forecast for 2024 is expected to remain stable at 3.2%, with China projected at 4.6%, Hong Kong at 2.9%, and the US at 2.7%[8]. - The global economic environment remains complex, with ongoing geopolitical tensions and the impact of tightening monetary policies[7]. - The Hang Seng Index increased by 3.9% and the Hang Seng China Enterprises Index rose by 9.8% in the first half of 2024, driven by government stimulus measures in China[8]. Strategic Plans - The company plans to increase investments in developed and developing markets in Asia, including India, to diversify geopolitical risks and capture opportunities in high-growth sectors like AI and cybersecurity[10]. - The management emphasizes maintaining a diversified investment portfolio to mitigate volatility and prioritize shareholder value[10]. - The company is committed to adapting its strategies in response to economic and social changes, leveraging demographic shifts for sustained growth[10]. Shareholder Information - The company’s total assets as of June 30, 2024, amounted to HKD 14,791,443,000, a decrease from HKD 15,035,394,000 as of December 31, 2023[30]. - The equity attributable to shareholders decreased to HKD 10,510,792,000 from HKD 10,748,846,000, reflecting a decline of approximately 2.2%[30]. - The company’s retained earnings increased to HKD 6,265,680,000, reflecting a growth from the previous period[31]. - The company’s reserves for proposed dividends were reported at HKD 51,038,000, compared to HKD 46,453,000 in the previous year, indicating an increase of approximately 10.5%[31]. Risk Management - The company has established policies and procedures to identify, assess, monitor, and control various risks associated with its business[70]. - The company’s credit risk is managed by considering collateral and long-term business relationships with counterparties[72]. - The liquidity risk is managed through regular cash flow monitoring and the establishment of liquidity management policies[73]. - The group faces interest rate risk from floating rate instruments affecting cash flow and fixed rate instruments impacting fair value[75]. - The group currently has no foreign exchange hedging policy but monitors foreign exchange conditions and may consider hedging for significant risks[76]. Corporate Governance - The company has adhered to the Corporate Governance Code as per the Hong Kong Stock Exchange rules, with the exception of a deviation regarding the separation of roles between the Chairman and the CEO[96]. - The Board believes that the deviation from the governance code does not compromise the balance of power and authority within the company[96]. - The Board consists of experienced and high-quality individuals, ensuring effective governance and decision-making processes[96]. - Important decisions require Board approval, which includes both executive and non-executive directors to balance the power of the Chairman and President[96].

Financial Performance - For the six months ended June 30, 2024, the company reported a profit of HKD 361,387,000, an increase of 20.6% compared to HKD 299,724,000 for the same period in 2023[4] - Total revenue from insurance services was HKD 1,642,356,000, up from HKD 1,244,434,000 in the previous year, reflecting a growth of 32.0%[3] - The company's operating expenses increased to HKD 339,193,000 from HKD 303,700,000, representing an increase of 11.6% year-over-year[4] - The basic and diluted earnings per share rose to HKD 0.389 from HKD 0.321, marking a growth of 21.2%[4] - The total profit before tax for the group was HKD 405,704 for the six months ended June 30, 2024, compared to HKD 338,706 for the same period in 2023, indicating an increase of 19.7%[11] - The group reported a net profit of HKD 299,724 for the six months ended June 30, 2024, compared to HKD 361,387 for the same period in 2023, reflecting a decrease of 17.0%[11] Assets and Liabilities - The total assets of the company as of June 30, 2024, were HKD 14,791,443,000, compared to HKD 15,035,394,000 at the end of 2023, indicating a slight decrease of 1.6%[6] - The total assets of the group as of June 30, 2024, amounted to HKD 14,791,443, up from HKD 13,650,660 as of December 31, 2023, showing a growth of 8.4%[12] - The company's total liabilities decreased slightly to HKD 4,280,651,000 from HKD 4,286,548,000, a reduction of 0.1%[6] - The total liabilities of the group were HKD 4,280,651 as of June 30, 2024, compared to HKD 4,286,548 as of December 31, 2023, indicating a slight decrease of 0.1%[12] - The company has no significant contingent liabilities as of June 30, 2024, indicating a stable financial position[38] Dividends and Share Repurchase - The company declared an interim dividend of HKD 51,038,000, up from HKD 37,220,000, which is an increase of 37.0%[4] - The interim dividend proposed is HKD 0.055 per share, up 37.5% from HKD 0.040 in 2023[18] - The company repurchased and canceled 1,182,000 shares during the reporting period, reducing the total issued shares to 928,114,000[20] - The company repurchased a total of 1,022,000 ordinary shares at a total cost of approximately HKD 3,493,000 during the six months ended June 30, 2024[40] - Following the buyback, the issued share capital of the company was reduced accordingly, resulting in a total of 927,956,000 shares outstanding as of the announcement date[43] Investment Performance - The net profit from investments increased to HKD 108,084,000 from HKD 34,840,000, showing a significant rise of 210.0%[3] - The total realized gains from investments amounted to HKD 22.3 million for the first half of 2024, compared to HKD 4.9 million in the same period last year[15] - The company reported a net unrealized gain on financial assets at fair value through profit or loss of HKD 108.1 million, significantly higher than HKD 34.8 million in the previous year[15] - The investment portfolio generated stable returns in the first half of 2024, benefiting from strong performance across various asset classes, including value stocks and investment-grade fixed income[30] - The strategic investment in Bangkok's Karmel Hospital, which represents 4.7% of the company's holdings, saw its stock price increase by 11.3% in Thai Baht and 3.7% in Hong Kong Dollars during the first half of 2024[31] Operational Developments - The company successfully migrated to a new digital platform in Macau during the first half of the year, reflecting its commitment to improving operational efficiency[28] - The total number of employees increased to 363 as of June 30, 2024, from 352 as of December 31, 2023, reflecting growth in operations[39] - The company is committed to continuous investment in employee training and development, actively recruiting high-quality talent to enhance expertise and diverse perspectives[29] Market Outlook and Strategy - The company remains optimistic about the outlook for the second half of 2024, despite facing complex challenges in the global financial market[22] - The company aims to leverage operational flexibility and a diversified business model to navigate the changing environment[23] - The company plans to increase investment opportunities in developed and developing markets in Asia, such as India, to diversify geopolitical risks and capture high-growth sectors like AI and cybersecurity[26] - The company aims to expand its service offerings in insurance, retirement planning, and healthcare, focusing on Hong Kong, Macau, and mainland China[26] - The global economic growth forecast for 2024 is expected to remain stable at 3.2%, with China projected to grow at 4.6%[24] Compliance and Governance - The company has complied with the Corporate Governance Code, except for a deviation regarding the separation of roles between the Chairman and the CEO[44] - The company’s audit committee reviewed the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2024, and recommended approval by the board[45]

Financial Performance - The company reported a significant increase in profit attributable to shareholders, reaching HKD 346.8 million, a growth of 181.5% compared to 2022[7]. - Insurance revenue for the year was HKD 2,456.4 million, representing a 19.0% increase from HKD 2,063.5 million in 2022[6]. - The company experienced a 27.0% decline in insurance operating performance, with a profit of HKD 216.8 million compared to HKD 296.8 million in the previous year[6]. - Basic and diluted earnings per share rose to HKD 37.2, marking an increase of 184.0% from HKD 13.1 in the previous year[6]. - The company reported a 16.9% decrease in dividend income, totaling HKD 173.7 million compared to HKD 209.0 million in 2022[6]. - Earnings per share (EPS) for 2023 was HKD 0.372, reflecting a growth of 184.0% year-on-year[12]. - The total dividend per share for the year is HKD 0.90, which is an increase of 80.0% compared to the previous year[12]. - The total revenue for Asia Financial Group in 2023 reached HKD 2.832 billion, representing a 35.8% increase compared to 2022 and a 254% increase from the baseline year of 2009[68]. - The profit for the year was HKD 346,753,000, compared to HKD 123,198,000 in the previous year, representing a significant increase of 181.5%[165]. Assets and Liabilities - The total assets as of December 31 amounted to HKD 15,035.4 million, a 2.0% increase from HKD 14,734.7 million in 2022[6]. - The company’s total liabilities increased by 11.6% to HKD 4,286.6 million from HKD 3,839.4 million in 2022[6]. - The largest customer accounted for 21% of total revenue, while the top five customers collectively represented 34%[166]. - As of December 31, 2023, the company's distributable cash reserves amounted to HKD 3,227,682,000[164]. - The company's issued share capital decreased due to the cancellation of repurchased shares, resulting in a total of 929,062,000 shares outstanding[163]. Business Strategy and Outlook - The company anticipates continued growth in its insurance business despite economic challenges, supported by improved operational efficiency and a diverse product range[9]. - The company plans to expand its distribution network and enhance product offerings to meet changing market demands[9]. - The company is optimistic about the core insurance business outlook for 2024, expecting continued growth[16]. - The company has strengthened partnerships in the insurance and banking sectors and expanded distribution channels, including online platforms[16]. - The company is focused on expanding its market presence and enhancing its product offerings through strategic partnerships and technological advancements[186]. Investments and Joint Ventures - The company has established two joint ventures with Pan Hua Holdings Group, one in life insurance brokerage and the other in insurtech, holding 40% stakes in each[17]. - The investment in China Life Insurance Company accounts for 14.4% of the group's total assets, with a fair value of HKD 2,170 million and an unrealized loss of HKD 580 million[22]. - The company’s investment in Bangkok Dusit Medical Services increased by 5.6% in HKD terms, with a fair value of HKD 1,893 million, contributing to a realized gain of HKD 101 million[22]. - The company holds a 4.7% stake in Bangkok Dusit Medical Services, which has shown resilience and growth due to its international patient services[19]. Employee and Workforce Management - The total number of employees as of December 31, 2023, is 352, an increase from 329 employees as of December 31, 2022[28]. - The employee turnover rate for Asia Financial Group is 9.0%, which is below the average turnover rate of 21% in Hong Kong for 2023[57]. - The average training hours per employee for Asia Financial Group in 2023 is 17.52 hours, which represents a 19.2% increase from 2022[62]. - The company provides comprehensive medical and retirement benefits to all employees, along with training and onboarding programs[28]. - The company promotes work-life balance by offering paid leave, public holidays, and additional conditional leave[48]. Environmental, Social, and Governance (ESG) Initiatives - The report on environmental, social, and governance (ESG) performance is prepared in accordance with the Hong Kong Stock Exchange's guidelines, ensuring compliance with relevant standards[30]. - The company has identified five significant ESG issues and is actively addressing them, including enhancing cybersecurity measures to protect customer data[36]. - The company continues to upgrade its IT infrastructure to improve operational efficiency and security while achieving ESG objectives[36]. - In 2023, the company signed the Hong Kong Insurance Industry Climate Charter, demonstrating its commitment to addressing climate change risks and enhancing its climate risk analysis capabilities[39]. - The company aims to achieve carbon neutrality by 2050, aligning with Hong Kong's climate action blueprint[65]. Corporate Governance - The company has complied with all applicable provisions of the Corporate Governance Code for the year ending December 31, 2023, except for a deviation regarding the separation of the roles of Chairman and CEO[102]. - The board consists of eight members, including three executive directors, two non-executive directors, and three independent non-executive directors, ensuring a balance of expertise and experience[105]. - The company is committed to maintaining high standards of corporate governance to enhance investor confidence and protect the interests of stakeholders[102]. - The board has adopted a diversity policy, considering various factors such as gender, age, and professional experience in the appointment of directors[120]. - The company has established mechanisms to ensure board independence, including independent non-executive directors chairing all committees[112]. Risk Management - The company has adopted a risk management policy that covers the group's risk appetite and management framework, including credit risk, cash flow risk, interest rate risk, foreign exchange risk, and operational risk[143]. - The risk committee reviews the effectiveness of the group's risk management system at least once a year, including all significant risks and resources allocated to risk functions[144]. - The company’s internal control systems were assessed for effectiveness, covering financial, operational, and compliance monitoring[136]. - The board confirmed that there were no significant deficiencies in the risk management and internal control systems for the year ending December 31, 2023[145]. Shareholder Engagement - The company maintains effective communication with shareholders through a shareholder communication policy, ensuring timely and accessible information[149]. - The company held its annual general meeting electronically on May 19, 2023, allowing shareholders to vote and ask questions online[150]. - Shareholders holding at least 10% of the paid-up capital can request a special general meeting within 21 days of the request[151]. - The company ensures compliance with public float requirements as per listing rules throughout the fiscal year 2023[155].

来源：博鳌亚洲论坛 3月27日上午，在博鳌亚洲论坛2024年年会举办的"深化亚洲金融合作"分论坛上，香港金融管理局总裁 余伟文在谈及如何进一步完善亚洲金融安全网时表示，可以通过进一步增强体系的韧性，通过宏观经济 政策以确保经济基本面做到位。同时，在金融体系中必须有足够的缓冲，如足够的外汇储备、银行体系 的高流动性和资本等，需要建设强大的亚洲债券市场。 香港金融管理局总裁余伟文 余伟文提出了三个增强金融体系韧性的关键措施：一是通过宏观经济政策确保经济基本面稳定；二是保 证金融体系中有足够的缓冲，如外汇储备、高流动性和资本；三是拥有一体化的政策框架，包括利率、 货币政策、外汇政策和资本流动政策等。 他强调建设资本市场，特别是债券市场的重要性。"亚洲债券市场是非常好的项目，亚洲各经济体的债 券市场规模正在不断扩大，使用本币发债的比例也在增加。"于伟文表示，亚洲地区本土机构投资者团 体的扩大，这对于防止资本外流具有重要作用。 余伟文还谈到了《清迈倡议》以及亚洲区域内贸易和投资的增长势头。他认为，提升亚洲经济体之间互 联互通的重要性，包括快速支付系统、二维码扫描支付以及央行数字货币的使用。 在谈到央行数字货币时，余伟文 ...

Financial Performance - The total profit for the year ended December 31, 2023, was HKD 346,753,000, a significant increase from HKD 123,198,000 in 2022, representing a growth of approximately 181%[5] - The insurance revenue for the year was HKD 2,456,378,000, compared to HKD 2,063,515,000 in 2022, marking an increase of about 19%[2] - The operating profit before tax for the year was HKD 431,240,000, up from HKD 175,114,000 in the previous year, reflecting a growth of approximately 146%[4] - The company reported a basic and diluted earnings per share of HKD 0.372 for the year, compared to HKD 0.131 in 2022, indicating a year-over-year increase of about 184%[3] - The group reported a total profit for the year of HKD 346,753, reflecting an increase from HKD 123,198 in the previous year[19] - The profit before tax for the year 2023 was HKD 431,240, compared to HKD 175,114 in 2022, indicating a significant increase[23] - The company reported a profit attributable to shareholders of HKD 346,753,000 for 2023, a significant increase of 181.5% compared to HKD 123,198,000 in 2022[30] - Earnings per share (EPS) reached HKD 0.372, reflecting a growth of 184.0% compared to the previous year[35] Assets and Liabilities - The total assets as of December 31, 2023, amounted to HKD 15,035,394,000, compared to HKD 14,734,713,000 in 2022, showing an increase of approximately 2%[7] - The total liabilities increased to HKD 4,286,548,000 from HKD 3,839,415,000 in the previous year, representing a rise of about 12%[7] - The total assets for the insurance segment as of December 31, 2023, were HKD 7,473,608, while total liabilities were HKD 3,854,290[20] - The total liabilities for insurance contracts were reported at HKD 4,499,512, with a significant adjustment of HKD 1,279,292[16] Dividends - The company declared a proposed final dividend of HKD 46,453,000, compared to HKD 32,759,000 in 2022, which is an increase of approximately 42%[7] - The interim dividend proposed is HKD 0.04 per share, compared to HKD 0.015 per share in 2022, totaling HKD 37,220,000 versus HKD 14,070,000 in the previous year[26] - The final dividend proposed is HKD 0.05 per share, an increase from HKD 0.035 per share in 2022, amounting to HKD 46,453,000 compared to HKD 32,759,000 in 2022[26] - The total dividend per share for the year is HKD 0.09, which is an increase of 80.0%[35] Investment Performance - The net unrealized gains from investments for the year were HKD 59,940,000, compared to losses of HKD 67,468,000 in 2022, indicating a turnaround in investment performance[2] - The investment portfolio benefited from returns on stocks, bonds, deposits, and alternative investments, with positive returns from stock trading in 2023[42] - The company is strategically investing in U.S., Japanese, and European markets, focusing on sectors like artificial intelligence, consumer staples, and healthcare[42] - The company holds a 5% stake in China Life Insurance Company, which maintains a strong financial position due to its extensive office network[41] - The company has a 4.7% stake in Bangkok's Bangkok Hospital, which saw its stock price increase by 4.7% in Thai Baht and 5.6% in HKD in 2023[43] Regulatory and Compliance - The company adopted new and revised HKFRSs, including HKFRS 17 for insurance contracts, which may impact future financial reporting[8] - The group has applied the comprehensive retrospective approach for the transition to HKFRS 17, ensuring consistency in financial reporting[11] - The company has implemented measures to ensure compliance with legal regulations, minimizing the risk of violations[47] - The company has adhered to the Corporate Governance Code as per the Hong Kong Stock Exchange, with the exception of the separation of roles between the Chairman and the CEO[61] Employee and Operational Insights - The group’s employee benefits expenses totaled HKD 203,494 in 2023, up from HKD 177,169 in 2022, indicating increased labor costs[23] - The total number of employees as of December 31, 2023, is 352, an increase from 329 in 2022, reflecting a growth of approximately 7%[53] - The company has implemented comprehensive medical and retirement benefits for all employees, alongside various training and onboarding programs[53] - The company has taken measures to broaden its customer base to mitigate risks associated with reliance on a few core customers[51] Strategic Outlook - The company maintains a cautiously optimistic outlook for 2024, anticipating moderate global economic growth despite tightening monetary policies and geopolitical tensions[30] - The company plans to focus on developing existing insurance business channels to expand into new business areas for sustainable growth[30] - The management remains optimistic about the insurance business, expecting another record growth year despite economic challenges[33] - The insurance services segment recorded a significant growth of 25.6% compared to last year, with optimistic prospects for core insurance business in Asia for 2024[39] Shareholder Engagement - The company aims to enhance shareholder value through its operational and investment activities, emphasizing the importance of maintaining good relationships with stakeholders[52] - The annual general meeting is scheduled for June 4, 2024, with the notice to shareholders expected to be sent out around April 22, 2024[54] - The company repurchased a total of 7,408,000 shares at a total cost of approximately HKD 25,063,000 during the year, which has been funded entirely from retained earnings[58] - The highest repurchase price per share during the year was HKD 3.55, while the lowest was HKD 3.12, indicating a range of approximately 13.8%[59]

Financial Performance - The company recorded a profit attributable to shareholders of HKD 299.7 million for the first half of 2023, representing a robust increase of 494.0% compared to the same period in 2022[8]. - The company reported a total comprehensive income of HKD 136.00 million for the period, compared to a loss of HKD 159.47 million in the previous year[34]. - The company's profit attributable to shareholders for the six months ended June 30, 2023, was HKD 299.97 million, representing a 494.0% increase compared to the previous year[26]. - Earnings per share for the same period was HKD 0.321, up 494.4% year-on-year[26]. - The interim dividend declared was HKD 0.04 per share, an increase of 166.7% from HKD 0.015 in the previous year[27]. - The operating profit before tax for the period was HKD 338.71 million, significantly up from HKD 84.30 million in the previous year[30]. - The company reported a total revenue of HKD 10,423,754,000 for the six months ended June 30, 2023, compared to HKD 10,792,066,000 in the same period last year, reflecting a decrease of approximately 3.4%[37]. - The net profit for the period was HKD 50,458,000, compared to HKD 299,724,000 for the same period in 2022, indicating a significant decrease in profitability[59]. Insurance Business - The insurance service performance showed satisfactory results, contributing significantly to the overall positive performance of the group[8]. - Asia Insurance recorded a profit of HKD 256.2 million in the first half of 2023, an increase of 109.5% compared to the same period in 2022[13]. - Insurance revenue for Asia Insurance grew by 21.5% year-on-year in the first half of 2023, reflecting strong performance in medical, life, and property insurance sectors[13]. - Total insurance revenue for the six months ended June 30, 2023, was HKD 1,244.43 million, compared to HKD 1,023.94 million in the same period last year[29]. - The total insurance revenue was reported to be over 90% derived from operations in Hong Kong, Macau, and mainland China, highlighting the company's regional focus[55]. Economic Outlook - The global economic growth forecast for 2023 is projected to decline to 2.8%, down from 3.4% in the previous year, with Hong Kong's GDP growth expected at 3.5%[9]. - The company remains optimistic about the outlook for the second half of 2023, anticipating a continued upward trend in the global economy despite ongoing volatility[11]. - The company reported a significant improvement in the Hong Kong economy in the first half of the year, driven by a strong recovery in inbound tourism and domestic demand[9]. Strategic Initiatives - The company aims to achieve record growth for the sixth consecutive year in its insurance business, focusing on expanding distribution channels and improving operational efficiency[11]. - The company plans to continue developing services in insurance, retirement protection, healthcare, and real estate, with a focus on Hong Kong, Macau, and mainland China[11]. - The company emphasizes the importance of enhancing distribution capabilities and expanding product offerings to better meet customer needs[11]. - The company will maintain a conservative long-term strategy while monitoring market conditions and seizing suitable opportunities for growth[8]. Financial Position - The group maintained a cash and bank balance of HKD 2.634 billion as of June 30, 2023, compared to HKD 2.728 billion at the end of 2022[21]. - The group has no bank loans as of June 30, 2023, and maintains a strong liquidity position with no net current liabilities[21]. - The total assets as of June 30, 2023, amounted to HKD 14,708,954, a slight decrease from HKD 14,734,713 as of December 31, 2022[35]. - The company's equity attributable to shareholders increased to HKD 10,979,962 from HKD 10,895,298 year-over-year[35]. - The total liabilities decreased to HKD 3,728,992 from HKD 3,839,415, indicating a reduction of about 2.9%[35]. Shareholder Actions - The company repurchased 5,866,000 shares at a total cost of HKD 19,899,000 during the period, with 5,726,000 shares subsequently cancelled[69]. - The company’s directors believe that the share repurchase is in the best interest of the company and its shareholders, potentially enhancing net asset value per share and/or earnings per share[106]. - The company declared an interim dividend of HKD 0.04 per share for the six months ended June 30, 2023, up from HKD 0.015 per share in 2022, representing a 166.7% increase[58]. Risk Management - The company reported a credit risk management strategy that includes assessing guarantees and long-term business relationships to mitigate potential defaults[86]. - The liquidity risk management policy involves regular monitoring of cash flow and financial instruments' maturity dates to ensure obligations can be met[87]. - The group faces interest rate risk from floating rate instruments affecting cash flow and fixed rate instruments impacting fair value[89]. - The group has not implemented a foreign exchange hedging policy but monitors foreign exchange conditions and may consider hedging for significant risks[90]. - Operational risks are managed through proper documentation of procedures and regular training to minimize human error[93].

Financial Performance - The company reported an operating profit of HKD 338,706,000 for the six months ended June 30, 2023, compared to HKD 84,298,000 for the same period in 2022, representing a significant increase [4]. - The net profit attributable to shareholders for the period was HKD 299,724,000, up from HKD 50,458,000 in the previous year, indicating a growth of approximately 493% [4]. - The company reported total comprehensive income of HKD 136,002,000 for the six months ended June 30, 2023, compared to a loss of HKD 159,472,000 in the same period of 2022 [5]. - Total revenue for the six months ended June 30, 2023, was HKD 1,375,443,000, an increase from HKD 1,003,268,000 for the same period in 2022 [17]. - The net profit for the period was HKD 299,724,000, significantly higher than the restated profit of HKD 50,458,000 for the same period in 2022, indicating a substantial increase [25]. - The company reported a profit attributable to shareholders of HKD 299.7 million for the first half of 2023, an increase of 494.0% compared to the same period in 2022 [28]. - Earnings per share reached HKD 0.321, reflecting a growth of 494.4% year-on-year [28]. - The insurance segment recorded a profit of HKD 256.2 million, a 109.5% increase from the same period last year [32]. Assets and Liabilities - The total assets of the company as of June 30, 2023, amounted to HKD 14,708,954,000, compared to HKD 14,734,713,000 at the end of 2022, showing a slight decrease [6]. - The total liabilities as of June 30, 2023, were HKD 3,728,992,000, compared to HKD 3,839,415,000 as of December 31, 2022 [18]. - The company’s cash and bank balances stood at HKD 2,634,609,000 as of June 30, 2023, down from HKD 2,728,885,000 at the end of 2022 [6]. - The company’s equity attributable to shareholders increased to HKD 10,979,962,000 as of June 30, 2023, from HKD 10,895,298,000 at the end of 2022 [6]. - The total liabilities for insurance contracts were adjusted from HKD 4,499,512 thousand to HKD 3,220,220 thousand due to the adoption of new accounting standards [12]. Dividends - The company declared an interim dividend of HKD 37,220,000, which translates to an interim dividend per share of 4.0 HK cents, compared to 1.5 HK cents in the previous year [4]. - The board declared an interim dividend of HKD 0.04 per ordinary share for the six months ended June 30, 2023, compared to HKD 0.015 in 2022 [51]. - The company declared an interim dividend of HKD 0.04 per share, up 166.7% from the previous year [28]. Insurance Revenue - The company’s insurance revenue for the period was HKD 1,244,434,000, compared to HKD 1,023,936,000 in the previous year, reflecting a growth of approximately 21.5% [3]. - The insurance segment generated revenue of HKD 1,244,434,000 from external customers, compared to HKD 1,023,936,000 in the previous year, reflecting a growth of approximately 21.5% [17]. - Insurance revenue grew by 21.5% year-on-year, demonstrating strong performance in medical, life, and property insurance sectors [32]. Investments - The company’s investment income for the period included realized gains of HKD 4,855,000 and unrealized gains of HKD 34,840,000, contributing to a total investment income of HKD 371,033,000 [3]. - The investment portfolio recorded realized and unrealized profits in the first half of 2023, with stable earnings from joint ventures and associates, including significant contributions from China Life Insurance Company, which holds a 5% stake in the company [34]. - The stock trading investment portfolio saw returns increase in the first half of 2023, driven by high-yield equity holdings and fixed-income investments, with a focus on maintaining a diversified portfolio across various asset classes [35]. Share Repurchase - The company repurchased 5,866,000 shares at a total cost of HKD 19.9 million during the reporting period [26]. - During the six months ended June 30, 2023, a subsidiary repurchased 5,866,000 ordinary shares for a total consideration of approximately HKD 20.011 million, all funded from retained earnings [44]. - The total number of shares repurchased during the reporting period was 5,866,000, with the highest purchase price being HKD 3.50 and the lowest HKD 3.24 [45]. - In July 2023, the company repurchased an additional 98,000 shares at a total cost of HKD 331,000 (excluding fees) [47]. Corporate Governance and Compliance - The company has complied with the Corporate Governance Code, except for a deviation regarding the separation of the roles of Chairman and CEO [49]. - The company’s audit committee reviewed the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2023, and recommended approval to the board [50]. Future Outlook - The company plans to maintain a conservative long-term strategy while monitoring market conditions for potential opportunities [28]. - The management remains optimistic about the insurance business outlook despite economic challenges and competitive market conditions [31]. - The company aims to continue expanding its distribution channels and enhancing product offerings to meet customer needs [31]. - The company invested in technology improvements, cybersecurity, and a new online insurance trading platform to enhance service for clients in Hong Kong and Macau, maintaining a strong position in the Asian insurance market with a positive outlook for the core underwriting business in the second half of 2023 [33]. Employee and Operational Metrics - The total number of employees increased to 338 as of June 30, 2023, reflecting the company's commitment to performance-based compensation and employee development [43]. - As of June 30, 2023, the company had cash and bank balances of HKD 2.634 billion, with no bank loans and a stable liquidity position to meet operational needs [40]. - The company has no significant contingent liabilities as of June 30, 2023, indicating a strong financial position [42].