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友邦保险(01299) - 2024 - 年度财报
01299AIA(01299)2025-04-08 08:48
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Financial Performance - The new business value for 2024 is projected at 5.407billion,reflectingadecreasefrom5.407 billion, reflecting a decrease from 8.606 billion in 2022[18]. - The annualized new premiums for 2024 are reported at 5.219billion,downfrom5.219 billion, down from 8.606 billion in 2022[18]. - The post-tax operating profit for 2024 is estimated at 41.398billion,showinganincreasefrom41.398 billion, showing an increase from 36.859 billion in 2023[20]. - Total weighted premium income for 2024 is expected to reach 71.626billion,comparedto71.626 billion, compared to 71.202 billion in 2023[22]. - The insurance benefits and claims for 2024 are projected to be 21billion[13].−AIAachievedastrongperformancein2024,withkeyfinancialindicatorssuchasprofitablenewbusiness,coreearnings,andcashflowrecordingdouble−digitgrowth[63].−Thecompanyreturned21 billion[13]. - AIA achieved a strong performance in 2024, with key financial indicators such as profitable new business, core earnings, and cash flow recording double-digit growth[63]. - The company returned 6.5 billion to shareholders, including a proposed final dividend increase of 10% to 0.13098pershare[67][69].−Netprofitfor2024was0.13098 per share[67][69]. - Net profit for 2024 was 6.836 billion, an increase of 84% compared to 2023, with basic earnings per share rising by 92% to 61.79 cents[163][165]. - The company’s embedded value equity increased by 13% to 78.104billion,withayear−endembeddedvalueequityof78.104 billion, with a year-end embedded value equity of 71.626 billion after accounting for dividends and share buybacks[67]. - The total embedded value profit for 2024 was 9.087billion,upfrom9.087 billion, up from 5.163 billion in 2023[130]. Shareholder Returns - The company aims to return 75% of annual generated free surplus to shareholders through dividends and share buybacks, following the optimized capital management policy announced in April 2024[33]. - The board proposed an additional final dividend of 1.00pershareandapprovedafurther1.00 per share and approved a further 1.6 billion share buyback, enhancing the total shareholder return to approximately 6%[107]. - The company has returned 18.2billiontoshareholdersthroughdividendsandsharebuybacksfrom2022to2024[117].−Theboardhasproposeda1018.2 billion to shareholders through dividends and share buybacks from 2022 to 2024[117]. - The board has proposed a 10% increase in the final dividend per share to 130.98 HK cents, reflecting a commitment to a sustainable dividend policy[199]. - The company plans to initiate a new round of 1.6 billion share repurchase, aiming to achieve a payout ratio of 75% of the net free surplus generated annually[199]. Business Growth and Expansion - AIA is expanding its presence in mainland China, with regulatory approval to establish branches in four new provinces, reaching approximately 340 million target customers across 14 regions[34]. - New business value in Hong Kong grew by 23% to 1.764billion,drivenbyanincreaseinactiveagentsandproductivity[88].−NewbusinessvalueinChinaincreasedby201.764 billion, driven by an increase in active agents and productivity[88]. - New business value in China increased by 20% to 1.217 billion, reflecting successful strategies to meet the financial protection needs of affluent customers[88]. - New business value in Thailand increased by 15% to a record high of USD 816 million, driven by productivity growth and an increase in active insurance sales agents[89]. - New business value in Singapore grew by 15% to USD 454 million, with strong performance across all distribution channels[90]. - New business value in Malaysia increased by 10% to USD 349 million, supported by strategic partnerships and strong growth in the corporate solutions business[90]. - New business value in other markets grew by 18% to USD 467 million, with all markets in this segment recording growth[91]. Digital and Technological Initiatives - AIA Group has been recognized as the "Digital Insurer of the Year" for four consecutive years by InsuranceAsia News[13]. - The digital submission rate for new business reached 99%, and 82% of all policies were completed through automated underwriting, resulting in a 43% reduction in unit costs from 2020 to 2024[93]. - AIA launched AIA International Wealth in Singapore in April 2024, aimed at providing wealth management services to high-net-worth individuals[34]. Corporate Social Responsibility and ESG - The company has committed to a 1billionscholarshipprogramtosupport100universitystudentsinHongKong,celebratingitsfirstgraduatesin2024[57].−AIA′s"AIAVitality"programhasseenover95millionphysicalactivitiesand1.7millionmindfulnesscoursescompletedbymembersacross12markets[54].−Thecompanyhaspositivelyimpacted496millionpeoplethroughvariousinitiativesaimedatimprovinghealthandpromotingfinancialinclusivity[70].−ThecompanycontinuestoberecognizedforitsESGefforts,rankinginthetopdecileoftheinsuranceindustrybySustainalytics[71].FinancialPositionandCapitalManagement−Thecompanymaintainedastrongfinancialpositionwithfreesurplusgrowingto1 billion scholarship program to support 100 university students in Hong Kong, celebrating its first graduates in 2024[57]. - AIA's "AIA Vitality" program has seen over 95 million physical activities and 1.7 million mindfulness courses completed by members across 12 markets[54]. - The company has positively impacted 496 million people through various initiatives aimed at improving health and promoting financial inclusivity[70]. - The company continues to be recognized for its ESG efforts, ranking in the top decile of the insurance industry by Sustainalytics[71]. Financial Position and Capital Management - The company maintained a strong financial position with free surplus growing to 19.032 billion, and a year-end free surplus of 12.554billionafteraccountingforcapitalreturns[67].−Thecapitalmanagementpolicyincludesatotaldividendofapproximately12.554 billion after accounting for capital returns[67]. - The capital management policy includes a total dividend of approximately 2.4 billion and a 2.3billionsharebuybackfor2025[102].−Thecompany’scapitalratioremainedstrongat2362.3 billion share buyback for 2025[102]. - The company’s capital ratio remained strong at 236% as of December 31, 2024, down from 269% at the end of 2023 due to capital returns to shareholders[119]. - The leverage ratio increased to 13.1% from 12.1% in 2023, primarily due to increased borrowing and reduced equity from capital returned to shareholders[179]. Investment Performance - The total investment return for non-participating and surplus assets increased by 4% to 5.816 billion[156]. - The investment performance net amount after expenses decreased by 1% to 3.303billion,butadjustedforcertainitems,itincreasedby63.303 billion, but adjusted for certain items, it increased by 6%[155]. - The average credit rating of the fixed income investment portfolio remained stable at A, with 2% of the entire bond portfolio rated below investment grade or unrated, valued at approximately 3.4 billion[187].