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].

Financial Performance - Revenue for 2022 was HKD 2,085.2 million, an increase of 8.8% compared to HKD 1,916.4 million in 2021[7] - Underwriting profit rose to HKD 182.5 million, up 7.2% from HKD 170.2 million in the previous year[7] - The company reported a significant decline in profit attributable to shareholders, which fell by 70.5% to HKD 199.9 million from HKD 677.6 million[7] - The company's profit attributable to shareholders was HKD 199.9 million, a decrease of 70.5% compared to the previous year[13] - Earnings per share were HKD 0.213, down 70.4% year-on-year[13] - The total dividend per share for the year was HKD 0.50, a reduction of 65.5%[14] - The group reported a revenue of HKD 2,085,174,000 for the year ended December 31, 2022, representing an increase from HKD 1,916,355,000 in 2021[174] - The profit for the year was HKD 199,911,000, a significant decrease from HKD 677,471,000 in the previous year[174] Assets and Liabilities - Total assets increased by 1.3% to HKD 15,640.8 million, while total liabilities rose by 2.6% to HKD 5,148.1 million[7] - The group's total assets amounted to HKD 15.64 billion, reflecting a 1.3% increase[15] - The total assets of the group were valued at HKD 15,640,828,000, with total liabilities of HKD 5,148,062,000[174] Investment Strategy - The company plans to maintain a cautious investment strategy in light of global economic uncertainties and inflation pressures[11] - The focus for future investments will be on sectors related to public welfare, such as insurance, retirement protection, healthcare, and real estate[11] - The investment portfolio experienced realized and unrealized losses due to market downturns, but stable dividend income from long-term strategic investments was maintained[19] - The company maintained a cautious investment strategy to navigate the difficult economic environment in 2022, focusing on protecting employee and customer health through various measures[25] - The investment amount for 2022 was HKD 24.1 million, falling short of the HKD 50 million target due to market volatility and a cautious investment strategy[104] Employee and Workforce - The total number of employees as of December 31, 2022, was 329, an increase from 314 in the previous year, with compensation based on performance and industry standards[31] - The employee distribution by employment type shows 322 full-time and 7 part-time employees, with a 5.8% increase in Asia Insurance's workforce[55] - The gender distribution indicates that women make up 62.9% of the total workforce, while men account for 37.1%[57] - The employee turnover rate for Asia Financial is 19.3%, while Asia Insurance has a lower rate of 10.2%, and the group average is 12.1%[60] - The COVID-19 vaccination rate among employees is 98.2% for the group, with 100% for Asia Financial and 97.8% for Asia Insurance[65] - The company provides competitive compensation packages, including basic salary, year-end bonuses, and additional benefits such as medical and life insurance[51] - The company encourages work-life balance by offering paid leave, public holidays, and additional conditional leave for special occasions[52] Corporate Governance - The board plays a crucial role in overseeing the management of environmental, social, and governance (ESG) strategies and performance, ensuring alignment with global standards[47] - 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 stakeholder interests[113] - The board has established multiple committees, including the executive committee, remuneration committee, nomination committee, compliance committee, audit committee, and risk committee[130] - The company has a formal process for the selection, nomination, and appointment of independent non-executive directors[119] - The company has adopted a dividend policy that includes principles for dividend distribution, considering the group's performance and liquidity[156] Environmental and Social Responsibility - The company aims to integrate sustainable practices into all aspects of its operations as part of its corporate social responsibility strategy[44] - The company aims to support Hong Kong's goal of achieving carbon neutrality by 2050 and has been actively reducing greenhouse gas emissions since 2009[73] - Greenhouse gas emissions decreased from 975 tons in 2009 to 764.72 tons in 2022, representing a reduction of 21.6%[78] - The company has received the "Caring Company" logo from the Hong Kong Council of Social Service for 20 consecutive years, recognizing its commitment to community service[44] - The group donated approximately HKD 6.564 million to local and overseas non-profit organizations, a decrease of 61% compared to the previous year due to the impact of COVID-19 fundraising activities[100] Risk Management - The company has established a risk committee to assist in overseeing the effectiveness of the group's risk management system, with the Chief Risk Officer responsible for reviewing risk management status[150] - The internal audit department conducts ongoing assessments and independent reviews of the group's risk management procedures and internal control systems[150] - The board has confirmed that the group's risk management and internal control systems are effective and sufficient, in compliance with the Corporate Governance Code[151] Shareholder Engagement - The company emphasizes the importance of shareholder rights and provides channels for shareholders to propose resolutions at general meetings[159] - The company maintains effective communication with shareholders through a shareholder communication policy, which was last reviewed in March 2023 and confirmed to be effective[157] - The company held its last annual general meeting on May 20, 2022, where all resolutions were passed by shareholder voting, with results available on the company's and the stock exchange's websites[157]

Financial Performance - Total revenue for the year ended December 31, 2022, was HKD 2,085,174, an increase of 8.8% from HKD 1,916,355 in 2021[2] - Net insurance premium income for the year was HKD 1,278,019, up from HKD 1,135,747 in the previous year, reflecting a growth of 12.5%[2] - The underwriting profit for the year was HKD 182,453, compared to HKD 170,238 in 2021, indicating an increase of 7.2%[3] - Profit attributable to shareholders for the year was HKD 199,911, a significant decrease of 70.5% from HKD 677,471 in 2021[3] - Basic and diluted earnings per share for the year were HKD 0.213, down from HKD 0.719 in the previous year[3] - Total comprehensive income for the year was HKD 188,276, compared to a loss of HKD 545,378 in 2021[4] - The company reported a net loss from investments of HKD 101,477, contrasting with a gain of HKD 40,694 in the previous year[3] - The company recognized a decrease in dividend income to HKD 208,964 from HKD 292,311, a decline of 28.5%[3] - The group’s profit before tax for 2022 was HKD 199,911,000, a decrease from HKD 677,618,000 in 2021[25] - The net profit for the year was HKD 199,911,000, showing a decrease from the previous year's profit[15] - The group recorded a net profit attributable to shareholders of HKD 199.9 million for the year ended December 31, 2022, a decrease of 70.5% compared to the previous year[39] Assets and Liabilities - Total assets as of December 31, 2022, amounted to HKD 15,640,828, a decrease from HKD 16,013,170 in 2021[5] - The company's equity attributable to shareholders was HKD 10,492,766, compared to HKD 11,096,991 in the previous year, reflecting a decline of approximately 5.5%[5] - Cash and bank balances decreased to HKD 2,728,885 from HKD 2,800,240, representing a reduction of about 2.5%[5] - The total liabilities increased to HKD 5,148,062 from HKD 4,861,298, indicating a rise of approximately 5.9%[5] - The insurance contract liabilities rose to HKD 4,499,512, up from HKD 3,935,104, marking an increase of around 14.3%[5] - The equity total as of December 31, 2022, was HKD 10,492,766, down from HKD 11,151,872 in 2021, reflecting a decrease of about 5.9%[5] - The investment properties decreased to HKD 243,100 from HKD 264,100, a decline of approximately 8.0%[5] - The deferred tax liabilities increased to HKD 378,408,000, up from HKD 373,816,000 in the previous year[12] Dividends and Share Repurchase - The company reported a proposed final dividend of HKD 32,759, significantly lower than HKD 65,970 in the previous year[5] - Proposed final dividend of HKD 0.035 per share, down from HKD 0.105 in 2021, resulting in a total annual dividend of HKD 0.050 per share for 2022, compared to HKD 0.145 in 2021[57] - The company repurchased and canceled 2.68 million shares at a total cost of HKD 9.41 million during the reporting period[31] - The company repurchased a total of 2,798,000 ordinary shares for approximately HKD 9,387,000 during the year ended December 31, 2022[60] - An additional 486,000 shares were repurchased post-year-end for approximately HKD 1,691,000 in January 2023[62] Operational Efficiency - The company's operating expenses decreased to HKD 149,604 from HKD 172,319, a reduction of 13.1%[3] - Total employee benefits expenses decreased to HKD 177,169,000 in 2022 from HKD 193,811,000 in 2021, reflecting a reduction of approximately 8.6%[19] - The group maintained a cautious investment strategy in response to economic challenges and market volatility, which helped navigate the difficulties of 2022[50] Market and Economic Environment - Over 90% of the company's revenue and performance originated from operations in Hong Kong, Macau, and mainland China[17] - The overall economic environment in 2022 was challenging, with global GDP growth slowing to 3.4% from 5.9% in 2021[35] Future Outlook and Strategy - The company plans to declare an interim dividend of HKD 0.015 per share for 2022, down from HKD 0.04 per share in 2021[24] - The group is focusing on sectors related to people's livelihoods, such as insurance, retirement protection, healthcare, and real estate, particularly in Hong Kong and Greater China[37] - The group anticipates potential opportunities arising from the "Greater Bay Area" planning by the central government, which may enhance market growth[43] - The group plans to commence construction on a new 60,000 square meter mixed-use development project in the Qingpu District in the first half of 2023, with government approval already obtained[48] Shareholder Engagement - The group is set to hold its annual general meeting on May 19, 2023, with notifications to be sent to shareholders around April 18, 2023[56] - The annual results for the year ended December 31, 2022, were reviewed and agreed upon with the auditors, Ernst & Young[65] - The annual report will be distributed to shareholders around April 18, 2023[65]

Financial Performance - The company recorded a profit attributable to shareholders of HKD 29.8 million for the first half of 2022, a decrease of 90.8% compared to the same period in 2021, primarily due to a lower market value of the investment portfolio and reduced contributions from joint ventures and associates [7]. - Asia Insurance recorded a profit attributable to shareholders of HKD 116 million in the first half of 2022, a decrease of 41.0% compared to the same period in 2021 [11]. - The company's profit attributable to shareholders for the six months ended June 30, 2022, was HKD 29.8 million, a decrease of 90.8% compared to the same period last year [24]. - Earnings per share for the same period was HKD 0.032, down 90.6% year-on-year [24]. - The interim dividend declared was HKD 0.015 per share, a reduction of 62.5% from HKD 0.040 in the previous year [24]. - Total revenue for the six months ended June 30, 2022, was HKD 1,143.9 million, an increase of 4.9% from HKD 1,090.3 million in the same period last year [28]. - The pre-tax profit for the six months ended June 30, 2022, was HKD 49.8 million, a significant decrease from HKD 348.5 million in the same period last year [30]. - The total comprehensive income for the period was a loss of HKD 258.8 million, compared to a loss of HKD 459.2 million in the previous year [31]. Insurance Business Performance - The core insurance business showed stable growth, with underwriting profits slightly offsetting the overall decline in contributions from investments [7]. - The insurance business remains robust due to a strong distribution network and appropriate market positioning, with plans to expand the product range to meet customer needs [10]. - Despite the pandemic's impact, Asia Insurance's revenue increased by 5.0% year-on-year in the first half of 2022, reflecting strong service and customer trust [11]. - Underwriting profit rose by 44.9% compared to the same period in 2021, maintaining a healthy trend in the local insurance industry [11]. - The company will focus on sectors related to people's livelihoods, such as insurance, retirement protection, healthcare, and real estate, particularly in Hong Kong and Greater China [10]. - Asia Insurance is expanding its product range and enhancing operational systems to adapt to new customer demands and market conditions [11]. Economic Environment - The global GDP growth forecast for 2022 has been downgraded to 2.9% from 5.7% in 2021, impacted by supply chain disruptions and geopolitical conflicts [8]. - The unemployment rate in Hong Kong surged to 5.4% as of April 2022, with a 4.0% year-on-year decline in GDP for the first quarter [8]. - The company maintains a cautious optimism regarding its business outlook for the second half of 2022, despite potential economic turbulence from the pandemic and geopolitical risks [10]. Investment Strategy - The company plans to continue a prudent and flexible core investment strategy to seek long-term growth for shareholders [10]. - The company aims to leverage its traditional advantages in professional talent, customer base, and affiliate networks to benefit from long-term economic and social development trends [10]. - The company anticipates opportunities arising from the Greater Bay Area initiative and an increased focus on health insurance due to the pandemic [11]. Financial Position and Liquidity - As of June 30, 2022, the group held cash and cash equivalents of HKD 2.676 billion, down from HKD 2.873 billion at the end of 2021 [19]. - The group has no bank loans as of June 30, 2022, and maintains a strong liquidity position with no net current liabilities [19]. - The company's equity attributable to shareholders was HKD 10,063,818,000, down from HKD 10,423,754,000 at the end of 2021, reflecting a decline of 3.5% [32]. - Cash and cash equivalents decreased to HKD 2,676,909,000 from HKD 2,873,685,000, representing a decline of 6.8% [32]. - The total liabilities increased slightly to HKD 5,037,417,000 from HKD 5,015,351,000, indicating a marginal rise of 0.4% [32]. - The company reported a proposed dividend of HKD 14,070,000, significantly lower than HKD 98,623,000 proposed in the previous period [32]. Shareholder and Governance - The company has adopted revised HKFRSs and HKASs, which are expected to have no significant impact on its financial position or performance [40][41][42]. - The company plans to enhance shareholder value through share repurchases, which may improve net asset value per share and/or earnings per share [110]. - The board of directors' remuneration was revised, with the chairman's annual fee increased from HKD 90,000 to HKD 100,000 [111]. - The company has adhered to the Corporate Governance Code, with a noted deviation regarding the separation of the roles of chairman and CEO [113]. - The board believes that combining the roles of chairman and CEO under a single individual will provide stable and consistent leadership [113]. Risk Management - The company has established policies and procedures to identify, assess, monitor, and control various risks associated with its business, including credit risk, liquidity risk, and capital management risk [87]. - The company has no significant concentration of credit risk due to a broad customer base across various industries, ensuring diversified exposure [89]. - The group faces interest rate risk from floating rate instruments affecting cash flow and fixed rate instruments impacting fair value [93]. - The group currently has no foreign exchange hedging policy but monitors foreign exchange conditions and may consider hedging for significant risks [94]. - The group employs a diversified insurance portfolio to mitigate risk volatility, ensuring a mix of risk types and levels of insured benefits [95].