在 中国太平 CHINA TAIPING 201 Annual Report 股份代碼 Stock Code: HK 00966 與您共 您分擔風險 E Manage Your Risks Enjoy Taiping Service A INFORERS Contents 目錄 Corporate Information 公司資料 4 Simplified Ownership Structure 簡明公司架構 6 Chairman's Statement 董事長致辭 8 Management Review and Analysis 管理層回顧和分析 16 Independent Actuaries Report on Review of Embedded Value Information 關於內含價值信息的獨立精算師審閱報告 62 Embedded Value 內含價值 64 Biographical Details of Directors, Senior Management and Company Secretary 董事、高級管理層及公司秘書之履歷 74 Report of the Director ...

Financial Performance - Total premiums written and policy fees for the six months ended June 30, 2019, were HKD 138,923,130, an increase from HKD 130,088,369 in the same period of 2018[12]. - Net earned premiums and policy fees amounted to HKD 129,507,331, compared to HKD 122,465,269 in the previous year, reflecting a growth of approximately 5.4%[12]. - Total income for the period reached HKD 147,623,526, compared to HKD 138,058,439 in the prior year, indicating an increase of approximately 6.5%[12]. - Profit before taxation was HKD 8,925,934, down from HKD 9,954,038, reflecting a decrease of about 10.3%[12]. - Profit after taxation rose to HKD 9,082,716, compared to HKD 6,876,221 in the same period last year, marking an increase of approximately 32.3%[12]. - Earnings per share attributable to the owners of the Company were HKD 1.841, compared to HKD 1.414 in the previous year, representing a growth of about 30.2%[12]. - Total comprehensive income for the period was $14,551,926, significantly higher than $2,729,371 in the prior year, indicating a substantial increase in overall profitability[14]. - Profit attributable to owners of the Company for the six months ended June 30, 2019, was HK$6,744,218,000, compared to HK$5,209,106,000 for the same period in 2018, representing an increase of approximately 29.5%[137]. Investment Income - Net investment income increased to HKD 14,995,902, up from HKD 12,416,130, representing a growth of about 20.9% year-over-year[12]. - Total net investment income for the six months ended June 30, 2019, was HKD 14,995,902,000[69]. - Interest income from debt securities held-to-maturity amounted to HKD 5,275,582,000, while available-for-sale debt securities generated HKD 1,518,833,000[69]. - Net rental income receivable from investment properties was HKD 403,486,000[69]. - The company reported a net unrealised investment loss of HKD 907,944,000, primarily from available-for-sale debt securities and investment funds[73]. - Total dividend income from equity securities was HKD 558,573,000, with available-for-sale equity securities contributing HKD 558,573,000[69]. Assets and Liabilities - The company's total assets reached $832,917,980 as of June 30, 2019, compared to $752,101,333 at the end of 2018, representing a growth of approximately 10.7%[17]. - Life insurance contract liabilities rose to $507,374,376, up from $433,102,249 at the end of 2018, marking an increase of about 17.2%[17]. - Net assets attributable to owners of the Company increased to $93,913,308 from $80,395,781 at the end of 2018, reflecting a growth of around 16.7%[19]. - The total equity attributable to owners of the Company was $93,913,308, an increase from $80,395,781 at the end of 2018, indicating a strong capital position[19]. - The company reported a significant increase in insurance debtors to $19,013,008 as of June 30, 2019, compared to $11,916,295 at the end of 2018, reflecting a growth of approximately 59.2%[17]. Expenses - Administrative and other expenses rose to HKD 16,869,083, compared to HKD 14,468,827, indicating an increase of about 16.6%[12]. - The total benefits, losses, and expenses amounted to HKD 137,683,084, which includes significant payouts and operational costs[67]. - Claims and claim adjustment expenses totaled $18,379,724 for the six months ended June 30, 2019, compared to $17,479,905 in the same period of 2018, marking an increase of about 5.1%[115]. - Net commission and handling fee expenses amounted to $14,233,736 for the first half of 2019, compared to $13,401,472 in the same period of 2018, representing an increase of approximately 6.2%[119]. Regulatory Compliance and Accounting Standards - The financial statements were prepared in accordance with the applicable disclosure requirements of the Listing Rules and HKAS 34, ensuring compliance with regulatory standards[36]. - The company has adopted new accounting standards effective from 1 January 2019, including HKFRS 16 on leases, which may impact future financial reporting[42]. - The Group did not restate comparatives for the 2018 reporting period when adopting HKFRS 16[46]. Market and Strategic Outlook - The company is focusing on expanding its market presence and enhancing its product offerings in the insurance sector[82]. - Future outlook includes strategic initiatives aimed at improving operational efficiency and increasing market share[82]. - Ongoing efforts in mergers and acquisitions are expected to bolster the company's growth trajectory[82]. Dividends - The company did not declare any dividends to shareholders or non-controlling interests during the reporting period[29]. - A final cash dividend of $0.10 per share was proposed, amounting to $359,402,000, consistent with the previous year[132]. - No interim dividend was proposed or paid for the interim period ended June 30, 2019[132].

Financial Performance - The company reported a total premium income of approximately HKD 220 million, reflecting a growth of 12% year-on-year[7]. - Investment income increased to HKD 223 million, representing a 15% increase compared to the previous year[7]. - The profit before taxation reached HKD 233 million, which is a 10% increase from the prior year[7]. - The earnings per share (EPS) for the year was reported at HKD 0.24, up from HKD 0.22 in the previous year, indicating a growth of 9%[7]. - Net profit attributable to shareholders was HK$6.884 billion, reflecting a growth of 12.2% year-over-year[22]. - Total assets increased to HK$752.1 billion, marking a 12.8% rise from the end of the previous year[22]. - The total equity decreased by 1.6% to HK$80.396 billion as of December 31, 2018, from HK$81.721 billion at the beginning of the year[58]. - The total investment income rose by 4.3% to HK$22.583 billion in 2018, compared to HK$21.647 billion in 2017[67]. - The net operating profit for the life insurance business was HK$6,724 million, reflecting a 5.1% increase from HK$6,396 million in 2017[101]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 20% increase in market share over the next three years[14]. - New product launches are expected to contribute an additional HKD 50 million in revenue in the upcoming fiscal year[14]. - A strategic acquisition is in progress, which is anticipated to enhance the company's service offerings and increase customer base by 15%[14]. - China Taiping's development strategy focuses on building a globally competitive internationalized modern financial insurance group[21]. - In 2019, China Taiping will focus on high-quality development, aiming for stable growth and improved profitability through optimized business structure and cost management[37]. - The company plans to implement the "Empowerment Plan" to enhance overall capabilities, including management, technology, resources, and mechanisms[36]. - The company will enhance its main business in insurance, increasing resource allocation across life, property and casualty, pension, and reinsurance sectors[40]. Risk Management and Compliance - China Taiping aims to strengthen risk prevention and control, focusing on major risks such as market, credit, operational, compliance, new business, and liquidity risks[37]. - The company recognizes the complex external environment and aims to adapt proactively to new challenges in the insurance industry[38]. Customer Experience and Product Development - The company will focus on enhancing customer experience through high-quality products and services[37]. - The persistency ratio for individual policies improved to 96.0%, up from 95.8% in the previous year[95]. - Participating insurance accounted for 60.9% of total direct premiums written, amounting to HK$89,211.64 million[120]. - Long-term health insurance premiums increased to HK$28,618.48 million, representing 19.6% of total premiums[120]. Investment and Asset Management - The total investment assets of the Group were HK$595.9 billion, increased by 10.4%[48]. - The Group's asset allocation included 45.5% in debt securities, 10.1% in term deposits, and 16.7% in debt products as of December 31, 2018[70]. - The Group maintained an equity position lower than the industry average to mitigate market risks[62]. - The total management fee income from third-party asset management was HK$1.225 billion, with HK$829 million derived from assets outside the Group, accounting for 67.7% of total fee income[86]. Operational Metrics - The number of individual agents exceeded 500,000, representing a growth of 33.5%, the highest growth rate among major peers[23]. - The number of individual customers increased by 1,689,769 to 11,318,811, while corporate customers decreased by 3 to 855[95]. - The number of individual agents increased by 128,846 to 513,015, enhancing the distribution network[95]. - The number of enterprises in pension funds and schemes rose by 1,501 to 8,962[138]. Dividends and Shareholder Returns - The company aims to maintain a dividend payout ratio of 40% of net profits, ensuring consistent returns to shareholders[7]. - Final dividend proposed remained unchanged at 10 HK cents per share, totaling HK$359.40 million[52].