保诚(02378) - 2022 - 年度财报

Market Focus and Strategy - Prudential plc focuses on Asia and Africa markets with significant savings and protection gaps, driving demand for its products[4] - Prudential plc completed restructuring in 2021 to fully focus on Asia and Africa markets[15] - Prudential's strategy focuses on addressing health, protection, and savings gaps in selected Asian and African markets[18] - Prudential operates in markets with low insurance penetration and significant pension gaps[37] - Prudential focuses on growth opportunities in Mainland China, India, and Southeast Asia[47] - Prudential aims to make health and protection more accessible and affordable, and to promote financial inclusion[47] - Prudential is accelerating the development of digital distribution models and enhancing its digital insurance product portfolio[48] - Prudential aims to achieve long-term double-digit growth in embedded value per share[32] - Prudential aims to deepen its wealth management market share by offering comprehensive financial solutions to high-net-worth and affluent clients[81] Financial Performance - Prudential's adjusted operating profit increased by 8% in 2022[18] - The company declared a total cash dividend of 18.78 cents per share for 2022, a 9% increase from 2021[18] - Prudential's new business profit in 2022 was impacted by COVID-19 and economic challenges[18] - Prudential's adjusted operating profit for 2022 was $1.007 billion, compared to$2.214 billion in 2021[26] - Prudential's operating free surplus increased from $1.564 billion in 2018 to$2.193 billion in 2022[53] - European embedded value rose from $27.4 billion in 2018 to$42.2 billion in 2022[53] - European embedded value reached $42.2 billion in 2022[60] - New business profit amounted to$2.2 billion in 2022[60] - Annual Premium Equivalent (APE) sales increased by 9% to $4.393 billion at constant exchange rates[70] - New business profit decreased by 11$1.8 billion, with a 5% increase outside Hong Kong[70] - Adjusted IFRS operating profit based on long-term investment returns rose by 8% to $3.375 billion[70] - IFRS post-tax profit for 2022 was$1.007 billion, impacted by rising interest rates and stock market declines[70] - Health and protection products contributed 43% of new business profit[70] - Over 30% of new customers came from affluent and high-net-worth segments[70] - More than 50% of policies were health protection plans[70] - The company's operating free surplus generated from insurance and asset management businesses (excluding restructuring costs) was $2.193 billion, an increase of 9$1.374 billion[198] - The free surplus as of December 31, 2022, was $12.229 billion, and excluding distribution rights and other intangible assets, it was$8.39 billion[198] - The cost of investing in new business increased by 10%, in line with the 9% increase in annual premium equivalent sales[198] - The Group's 2022 cash dividend totaled 18.78 cents per share, a 9% increase from 2021[199] - The Board approved a second interim cash dividend for 2022 of 13.04 cents per share, compared to 11.86 cents per share in 2021[199] Digital Transformation and Innovation - Prudential plc launched the AI-driven health app Pulse by Prudential in Asia in 2019[15] - The company continued its digital technology investments to enhance customer experience and distribution efficiency in 2022[18] - Pulse platform is live in 19 markets[43] - Prudential is accelerating the development of digital distribution models and enhancing its digital insurance product portfolio[48] - 79% of new policies in 2022 were automatically underwritten, with 41% issued without human intervention[71] - 64% of claims were submitted electronically, and 31% of all claims were instantly approved through automated adjudication[71] - Pulse platform supports agents and customers across 19 majority-owned markets in Asia and Africa, enhancing digital transformation and reducing IT investments[75] - PRUForce, a digital agent tool on Pulse, is operational in six markets, improving agent efficiency and personalized customer interactions[75] - PRUServices, a digital customer service platform, is live in nine markets, enabling policy management and reducing policy value loss[76] - Prudential partnered with Google Cloud in October 2022 to enhance health and financial protection services using AI and advanced analytics[76] - The company's digital channel achieved a threefold increase in annual premium equivalent sales in 2022 compared to 2021, ranking second in digital market share[129] - Enhanced distribution capabilities through new digital investment and service platforms in Malaysia and Thailand[137] Leadership and Governance - Prudential plc celebrated its 175th anniversary and 100 years of operations in Asia in 2022[13] - The company appointed Anil Wadhwani as CEO in February 2023, bringing over 30 years of experience in Asian financial services[21] - Prudential's board transformed to focus exclusively on Asia and Africa operations in 2022[22] - Two new board members, Arijit Basu and Claudia Suessmuth Dyckerhoff, joined in 2022 and 2023 respectively, bringing expertise in insurance, health, and technology[22] - Prudential celebrated its 100th anniversary of operations in Asia and 175th overall in 2023[18] Sustainability and Responsible Investment - Prudential's investment arm, Eastspring, signed the UN-supported Principles for Responsible Investment in 2022[16] - The company aims to achieve net-zero emissions for assets held by its insurance companies by 2050[53] - Carbon emissions (weighted average carbon intensity) decreased from 386 in 2019 to 219 in 2022[53] - The company aims to reduce weighted average carbon intensity by 25% by 2025[67] - Increased focus on responsible investment, including communication with high-emission companies accounting for 65% of Prudential's asset portfolio's absolute carbon emissions[138] - Launched Japan Sustainable Value Fund and Reksa Dana Indeks ESG IDX Leaders Plus in Indonesia[138] - The weighted average carbon intensity of the investment portfolio has decreased by 43% compared to the 2019 baseline, driven by coal policy and carbon intensity budgeting[148] - The company aims to reduce carbon emissions in shareholder and policyholder asset portfolios by 25% by 2025[147] Regional Performance - Prudential's largest businesses are located in Mainland China, Singapore, Hong Kong, Malaysia, and Indonesia[37] - 50% of Prudential's annual premium equivalent sales and new business profit come from Southeast Asia[29] - Asia's health and protection gap is estimated at $1.8 trillion[30] - Asia contributes 40$805 billion[86] - Prudential's new business profit in China has more than doubled from 2017 to 2022[86] - Prudential's annual premium equivalent sales in China increased by 19% to $884 million in 2022[86] - New business profit in China grew by 15$522 million in 2022[95] - Prudential's new business profit in Hong Kong decreased by 47% to $384 million in 2022[98] - Prudential's market share in Hong Kong increased to 7.4$1,036 million in 2022[92] - Prudential's customer retention rate in Hong Kong exceeds 97%[99] - Prudential obtained a license to open a branch in Macau in January 2023, aiming to capture opportunities in the Greater Bay Area[94] - The company's agency team accounted for over 58% of the Annual Premium Equivalent (APE) sales[101] - Agency channel APE sales increased by 57% in the second half of 2022 compared to the first half[101] - Average premium per policy in the agency channel increased by 17% year-on-year[101] - Agency recruitment in the second half of 2022 rebounded by 45% compared to the first half[101] - In Indonesia, the company's APE sales reached $247 million, with a new business profit of$125 million and a new business margin of 51%[102] - The company holds an 11% market share in the Indonesian life insurance market based on weighted new business premiums[103] - The company's agency channel in Indonesia holds a 28% market share, and it leads the Islamic market with a 32% market share[103] - Overall APE sales in 2022 grew by 2% to $247 million, with a 30$434 million, with a slight decline of 2% excluding the impact of 2021 repricing[110] - New business profit decreased by 27% to $219 million, reflecting lower sales and profit margins[110] - Adjusted operating profit increased by 10$364 million, while IFRS post-tax profit rose by 1% to $252 million[109] - The company holds an 18.9$770 million, with a 3% increase in agency APE sales[115] - New business profit in Singapore decreased by 2% to $510 million, impacted by lower profit margins[116] - The company issued over 396,000 BSN Takaful Sakinah health and protection certificates through its partnership with BSN[111] - The company aims to double the number of Malaysians with Islamic insurance policies by 2026, supported by government incentives[109] - High net worth market annual premium equivalent sales increased by 30$1.611 billion[119] - New business profit in growth markets rose by 13% to $630 million[119] - Adjusted operating profit in growth markets grew by 13$1.057 billion[119] - Vietnam market share increased by 2 percentage points to 15%[120] - Philippines market share reached 17%, leading the market[120] - Taiwan annual premium equivalent market share increased by 1.5 percentage points to 4.4%[120] - ICICI Prudential's annual premium equivalent sales in India increased by 4%, with annuity sales up 56% and protection sales up 23%[123] - Thailand's annual premium equivalent sales grew by 18%, driven by bancassurance sales and easing COVID-19 restrictions[123] - Philippines' annual premium equivalent sales rose by 14% to $182 million, despite interest rate fluctuations impacting new business profit[123] - Vietnam's annual premium equivalent sales surged by 26$221.4 billion in 2022, primarily due to market depreciation and foreign exchange translation losses[130] - Eastspring's adjusted operating profit declined by 17% to $260 million in 2022[130] - The company's bancassurance channel in Vietnam recorded strong growth of 26$12.2 million[60] - The company paid over $9.3 billion to clients for long-term insurance products in the past year[58] Investment and Asset Management - Prudential's Asian asset management company, Eastspring, manages or advises assets worth$221.4 billion[29] - Eastspring Investments manages or advises assets worth $221.4 billion, ranking in the top ten asset management companies in six of its eleven markets[77] - Eastspring's average managed or advised funds decreased by 5$229.4 billion in 2022, reflecting adverse market conditions partially offset by net inflows[77] - External managed funds totaled $91.2 billion, with a decrease of 14$130.2 billion, with a decrease of 15% compared to the previous year[175] - Total managed or advised funds amounted to $221.4 billion, with a decrease of 14$260 million, a decrease of 13% compared to the previous year[175] - The company's investment portfolio excludes assets held by joint ventures and unit-linked funds due to lack of full control over investment strategies[142] - Insurance and asset management businesses generated free surplus of $2.193 billion, a 9$1.374 billion, compared to $1.135 billion at constant exchange rates and$1.179 billion at actual exchange rates in 2021[150] - Adjusted operating profit based on long-term investment returns increased by 8% at constant exchange rates and 4% at actual exchange rates to $3.375 billion[152] - Annual premium equivalent sales grew by 9$4.393 billion in 2022[158] - New business profit decreased by 11% to $2.184 billion in 2022[158] - Markets outside Hong Kong recorded a combined new business profit growth of