格隆汇8月27日丨保诚(02378.HK)发布公告，2025年8月26日耗资296.1万英镑回购30.26万股。 ...

Financial Performance and Key Metrics - The company achieved double-digit growth across key financial metrics, with new business profit and adjusted operating profit per share both growing by 12% [6][13] - Gross operating free surplus generation increased by 14%, and dividends per share rose by 13% [6][14] - The return on embedded value improved to 15%, with net operating free surplus generation up by 20% [13][14] Business Line Performance - The Hong Kong market saw a 16% growth in new business profit, while Indonesia experienced a remarkable 34% growth [10][12] - The agency channel contributed 55% to new business profit growth, with active agents in Hong Kong up by 11% and productivity per active agent increasing by 4% [26][29] - The company is focusing on quality recruitment and productivity improvements in the agency business, particularly in Mainland China and ASEAN markets [26][41] Market Performance - The company reported strong performance across its core markets, with a notable increase in new business profit in both Hong Kong and Indonesia [10][12] - The agency strategy is being enhanced through targeted recruitment and training, with a focus on high-quality growth [11][41] Company Strategy and Industry Competition - The company is halfway through its strategic transformation initiated in August 2023, focusing on value creation and operational effectiveness [8][9] - Investments of $400 million have been made in technology and capabilities to drive growth and improve customer engagement [9][10] - The company aims to return over $5 billion to shareholders between 2024 and 2027, reflecting confidence in its capital generation and strategic progress [8][16] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in achieving 2027 financial objectives, citing strong performance in new business and effective management of in-force books [18][41] - The macro environment remains volatile, but the company is well-positioned due to its multi-channel and multi-market franchise [10][12] - Regulatory changes in Mainland China are expected to enhance agent retention and income stability, aligning with the company's focus on quality recruitment [26][28] Other Important Information - The company has settled the dividend claim in Malaysia, which is expected to positively impact future operations [6][64] - The potential IPO of the asset management business in India is under regulatory review, with updates to be provided in due course [4][8] Q&A Session Summary Question: Outlook on agency business in Mainland China and Hong Kong - Management highlighted a strong focus on quality recruitment in Mainland China, with active agents up by 6% and a change management program in place [26][28] - In Hong Kong, agency new business value growth remains solid, with a good balance between agency and bank assurance [29][100] Question: Capital management framework and future buybacks - The capital management update reflects confidence in the business model, with a focus on sustainable returns and regular reviews of excess capital for potential buybacks [31][34] Question: Key drivers of confidence in achieving 2027 objectives - Management cited strong performance metrics, quality business focus, and strategic investments as key drivers of confidence [40][41] Question: Margin improvement potential - Management sees opportunities for margin improvement through repricing, operating leverage, and improved health contributions [44][56] Question: Variances and historical levels - Management expects to return to historic positive levels of variances by 2027, driven by improved claims experience and cost containment [62][63] Question: Exits in Africa and Malaysian dividend issue - The company is focused on deploying capital in markets with growth potential, with ongoing evaluations of its presence in Africa [63][64] Question: New business appetite and product margins - Demand for US dollar-denominated products remains strong, with no significant impact from geopolitical factors [71][72]

Financial Data and Key Metrics Changes - The company achieved double-digit growth across key financial metrics, with new business profit and adjusted operating profit per share both growing by 12% [5][12] - Gross operating free surplus generation increased by 14%, and dividends per share rose by 13% [5][12] - The return on embedded value improved to 15%, with net operating free surplus generation up by 20% [12][15] Business Line Data and Key Metrics Changes - The agency business remains a primary acquisition channel, contributing to 55% of new business profit growth [23] - New business profit in Hong Kong grew by 16%, while Indonesia saw a remarkable 34% growth [8] - The NBP margin expanded by two percentage points to 38% compared to the previous year [16] Market Data and Key Metrics Changes - The Hong Kong market showed strong performance with a 15% growth rate in the first half, while the second quarter saw an increase to around 20% [91][92] - The company reported a 45% increase in new agency recruits in Mainland China, indicating strong growth potential despite regulatory changes [20][23] Company Strategy and Development Direction - The company is halfway through its strategic transformation launched in August 2023, focusing on high-quality new business and operational effectiveness [6][11] - Investments of $400 million have been made in technology and capabilities to enhance customer engagement and operational efficiency [7] - The company aims to return over $5 billion to shareholders between 2024 and 2027, with additional returns expected from the potential IPO of the asset management business in India [6][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2027 financial objectives, citing strong momentum and a focus on quality business [11][17] - The macro environment remains volatile, but the company is well-positioned due to its multichannel and multimarket franchise [8] - Management highlighted the importance of addressing underperformance in certain markets, particularly Malaysia and Vietnam, while capitalizing on growth opportunities in others [37][38] Other Important Information - The company has settled the dividend claim in Malaysia, which is expected to enhance shareholder returns [5][6] - The capital management update reflects a shift to a total return orientation, with a focus on sustainable cash returns [12][14] Q&A Session Summary Question: Outlook on Mainland China agency business - Management noted a strong focus on quality recruitment, with active agents up by 6% and a change management program in place to improve performance [23][24] Question: Capital management framework and future buybacks - The CFO explained that the capital management update reflects confidence in the business model, with a focus on sustainable annual net capital generation [28][30] Question: Key drivers of confidence in achieving 2027 objectives - Management cited a strong balance between agency and bank assurance, with specific change management programs in place to address underperformance in certain markets [36][37] Question: Margin improvement potential - The CFO highlighted opportunities for margin improvement through repricing, operating leverage, and improved health contributions [39][52] Question: Active agents and productivity metrics - Management acknowledged a 7% year-on-year decline in active agents but projected a growth rate of 7% to 10% for 2026 and 2027 [80][81] Question: Timing of remaining investment in capabilities - Management indicated that an additional $100 million to $120 million is expected to be invested by the end of the year, with further investments planned for 2026 [78][79] Question: Impact of regulatory changes on Hong Kong business - Management confirmed that the regulatory changes have not significantly impacted demand, with robust product margins maintained [92][98]

智通财经APP讯，保诚(02378)发布公告，于2025年8月26日斥资296.1万英镑回购30.26万股。 ...

FF305 公司名稱： Prudential plc 保誠有限公司* (* 僅供識別) 呈交日期： 2025年8月27日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | | 是 | | | 證券代號 (如上市) | 02378 | 說明 | 普通股每股0.05英鎊 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | ...

港股點評 2025年8月27日9:30 a.m 恒指跌 304 點，滬指跌 15 點，標普 500 升 26 點 港股隨外圍偏軟，恒指低開 115 點，早市跌幅曾收窄至 10 點一度低見 25,819 點，尾市跌幅擴大，以全日低位 25,524 點收市，跌 304 點或 1.2%；國指跌 99 點 或 1.1%，收 9,148 點；恒生科技指數跌 42 點或 0.7%，收 5,782 點。大市全日成 交總額 3,178.71 億元。 人民銀行 26 日公開市場開展 4,058 億元人民幣七天期逆回購操作，操作利率持 平於 1.4%。有 5,803 億元逆回購到期，單日淨回籠 1,745 億元。人民幣兌美元中 間價下調 27 點至 7.1188。A 股三大指數低開後回穩。上證綜合指數高見 3888 點，收市報 3868 點，跌 15 點，跌幅 0.39%。深證成份指數高見 12561 點，創逾 3 年高位，收市報 12473 點，升 32 點，升幅 0.26%。創業板指數報 2742 點，跌 20 點，跌幅 0.76%。 英偉達(NVDA.US) 即將公布的季度業績，同時消化美國總統特朗普撤換聯儲 局理事庫克的 ...

保诚发布了截至2025年6月30日的六个月中期业绩。报告显示，按传统内含价值基准计算的新业务利润 增长了12%，达到12.60亿美元。经调整税前经营溢利增长了6%，为16.44亿美元；经调整税后经营溢利 增长了7%，为13.66亿美元。每股盈利(以经调整经营溢利为基础)为49.3美分，增长了12%。 执行总裁Anil Wadhwani对上半年业绩表示满意，指出关键指标均实现了双位数增长，符合公司此前提 出的指引。他提到公司已达到资本产生的转折点，能够更新资本管理计划并增加股东回报。公司对下半 年度及未来持续增长充满信心。 ...

Financial Performance - The company achieved double-digit growth across key financial metrics, with new business profit increasing by 12% to $1.3 billion and operating profit after tax per share growing by 12% [3][28][29] - Gross operating free surplus generation grew by 14%, marking an inflection point in capital generation [4][29] - The dividend per share increased by 13% to 7.71¢, with a commitment to greater than 10% annual growth from 2025 to 2027 [4][29][31] Business Lines Performance - New business profit in Hong Kong rose by 16%, driven by growth in both agency and bank assurance channels [9][32] - Indonesia saw exceptional growth with new business profit up 34%, while Malaysia experienced a decline due to lower agency contributions [11][32][33] - The health business reported a 13% increase in new business profit, supported by innovative product development [15][35] Market Performance - The company reported strong growth in key markets, with 13 out of 19 life markets showing new business profit growth [32] - In Singapore, new business profit grew by 5%, while Vietnam faced challenges impacting performance [11][12][32] - The agency channel contributed 55% of new business profit, highlighting its importance in the distribution model [17][19] Strategic Direction and Industry Competition - The company is focused on high-quality sustainable growth and enhancing shareholder returns through a disciplined capital allocation framework [2][5] - Investments in technology and capabilities are aimed at improving customer engagement and operational effectiveness [21][22] - The strategic focus includes strengthening the agency force and expanding bank assurance partnerships [7][9][18] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 guidance and 2027 objectives, despite ongoing market volatility [2][26] - The long-term growth fundamentals in Asia and Africa are seen as significant opportunities for the company [24][56] - The company is committed to writing high-quality new business, particularly in health and protection sectors [23][54] Other Important Information - The company has initiated a $2 billion share buyback program, with $850 million completed as of August 18 [4][5] - A potential IPO of the Indian asset management business could provide additional capital returns to shareholders [6][31][53] - The company has invested $400 million in modernizing technology and capabilities since 2023 [20][21] Q&A Session Summary Question: What are the growth expectations for the company in the coming years? - The company is confident in achieving double-digit growth in capital generation beyond 2027, supported by strong positioning in growth markets [49][56] Question: How is the company addressing challenges in specific markets? - The company has clear plans to rebuild momentum in Malaysia and Vietnam, focusing on improving agency performance and market strategies [20][32]

Financial Performance - The company achieved double-digit growth across key financial metrics, with new business profit increasing by 12% to $1.3 billion and operating profit after tax per share growing by 12% [3][28][29] - Gross operating free surplus generation rose by 14%, marking a significant inflection point in capital generation [4][29] - The dividend per share increased by 13% to 7.71¢, reflecting strong financial performance and commitment to shareholder returns [4][29] Business Lines Performance - New business profit in Hong Kong rose by 16%, driven by growth in both agency and bank assurance channels [9][32] - Indonesia saw exceptional growth with new business profit up 34%, benefiting from a strong agency and bank assurance performance [11][32] - The health segment reported a 13% increase in new business profit and earned premiums, with over 300,000 new health customers acquired [15][32] Market Performance - In Malaysia, bank assurance performed strongly, but agency contributions were lower, leading to an overall decline in new business profit [33] - Across growth segments, new business profit was up 11%, driven by strong performances in Taiwan, Thailand, and African markets, partially offset by Vietnam [12][32] - The company remains optimistic about its Mainland China business, focusing on quality growth and effective risk management [10][32] Strategic Direction and Industry Competition - The company is focused on high-quality sustainable growth and enhancing shareholder returns through a revised capital allocation framework [5][26] - Strategic priorities include strengthening distribution capabilities, particularly in agency and bank assurance, and enhancing customer engagement [7][24] - The company is well-positioned to capture growth opportunities in high-growth markets such as Greater China, ASEAN, India, and Africa [2][24] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 guidance and 2027 objectives, emphasizing disciplined execution of strategy [3][25] - The company is committed to returning over $5 billion to shareholders between 2024 and 2027, reflecting strong capital generation [5][55] - Management highlighted the importance of quality new business and effective management of in-force products to drive future growth [23][55] Other Important Information - The company has invested $400 million in modernizing technology and capabilities since launching its five-year strategy in 2023 [20][21] - The agency force remains a key strength, contributing 55% of new business profit, with ongoing efforts to enhance recruitment and training [16][18] - The company is leveraging AI and digital platforms to improve productivity and customer engagement [19][22] Q&A Session Summary Question: What are the expectations for new business profit growth in the second half of the year? - Management expects growth to normalize in the second half due to strong prior year comparators, particularly in Indonesia [11][32] Question: How is the company addressing challenges in Malaysia and Vietnam? - The company has clear plans to rebuild momentum and strengthen its position in both markets, focusing on agency performance improvements [20][32] Question: What is the outlook for the Mainland China business? - Management is optimistic about the Mainland China business, prioritizing quality growth and effective risk management [10][32]

Core Insights - Prudential (02378.HK) reported a 12% increase in new business profit to $1.26 billion for the first half of 2025, based on traditional embedded value [1] - Operating free surplus from effective insurance and asset management increased by 14% to $1.56 billion [1] - Adjusted pre-tax operating profit rose by 6% to $1.644 billion, while adjusted post-tax operating profit increased by 7% to $1.366 billion [1] Financial Performance - Adjusted operating profit per share was $0.493, reflecting a 12% increase [1] - The group's traditional embedded value equity stood at $35 billion, equivalent to $13.54 per share [1] - Free surplus ratio decreased to 221% from 234% as of December 31, 2024, with regulatory shareholder surplus exceeding $16.2 billion, representing a coverage ratio of 267% [1] Shareholder Returns - The company repurchased 72 million shares for $711 million, with plans to complete the current buyback program by year-end [2] - The first interim dividend increased by 13% to $0.0771 per share, compared to $0.0684 per share in 2024 [2] - The capital management update indicates a shift to total return-oriented capital flow, with expected annual ordinary share dividend growth of over 10% from 2025 to 2027 [2] Management Commentary - CEO Anil Wadhwani expressed satisfaction with the strong performance in the first half of 2025, noting double-digit growth in key metrics [2] - The company has reached a turning point in capital generation, allowing for an updated capital management plan and enhanced shareholder returns [2] - The company is confident in sustaining growth momentum into the second half of the year and beyond, aiming for financial targets by 2027 [2]