保诚(02378) - 2023 - 年度财报

Business Performance and Growth - Prudential's new business profit grew by 45% in 2023, with a target compound annual growth rate (CAGR) of 15-20% from 2022 to 2027[10] - New business profit grew by 45% to $3.125 billion in 2023, exceeding the 37$3.125 billion, showing significant progress towards the 2027 target of $4.4–5.4 billion[48] - Agency channel new business profit grew by 75$2.096 billion, driven by a 67% increase in annual premium equivalent sales and a 37% growth in health and protection products[50] - Bancassurance new business profit decreased by 8% to $793 million, primarily due to challenging market conditions in mainland China and Vietnam[50] - Hong Kong contributed 45$2.893 billion, an 8% increase compared to 2022 on a constant exchange rate basis[50] - The company's estimated shareholder surplus above the prescribed capital requirement was $16.1 billion as of December 31, 2023, with a coverage ratio of 295$2,800[54] - Prudential generated over 4 million sales leads through its digital lead platform PruLeads, with an 8% conversion rate into new sales[54] - The company sold approximately 1 million new policies through bancassurance in 2023, with recurring premium policies contributing over 90% of the Annual Premium Equivalent (APE) sales[55] - Health and protection products from bancassurance partners grew by 26% in APE sales, accounting for over 7% of total APE sales in 2023[55] - Prudential extended its partnership with Vietnam International Bank until 2036, incorporating a market-first enhanced business quality control method[56] - The company integrated former Citibank businesses in four markets through its key strategic partner UOB, gaining access to an additional 2.4 million bank customers[57] - Prudential is developing advanced, market-specific, and sustainable health insurance products, including risk-based pricing models and value-added services[57] - The company is implementing AI-driven underwriting and claims processes to enhance customer experience and combat fraud[57] - Health insurance business recorded new business profit of $330 million in 2023, a 20$237 billion in assets across 11 markets, ranking in the top 10 in six of these markets[71] - The company's distribution platform includes approximately 68,000 monthly active agents and over 200 bank partners, with 10 being strategic partners[71] - The company's customer retention rate has reached 86%, positioning it well to increase lifetime wallet share from existing customers[68] - The company ranks in the top three in 10 out of 14 Asian life insurance markets and in the top five in 6 out of 8 African life insurance markets[69] - The company plans to expand its product range for high-net-worth individuals, including estate and retirement planning, and aims to hire 1,000 additional advisors for its Prudential Financial Advisers (PFA) team by 2024[63] - The company's sales continued to grow in the first two months of 2024, and it is confident in achieving its 2027 financial and strategic goals[66] - The company is implementing organizational changes to enhance skills, improve capabilities, and prioritize value creation across markets[65] - The company is focusing on product innovation to offer personalized financial solutions, including wealth accumulation, protection, inheritance, and retirement planning[62] - The company's effective insurance and asset management business generated $2.74 billion in operating free surplus in 2023, remaining stable compared to 2022[80] - European Embedded Value (EEV) new business profit increased by 45$3.125 billion in 2023, driven by strong growth in Hong Kong and 12 markets with double-digit growth[79] - The company aims for a compound annual growth rate (CAGR) of 15% to 20% in new business profit from 2022 to 2027, focusing on agency, bancassurance, and health products[75] - European Embedded Value (EEV) shareholder equity increased by 7% (at constant exchange rates) to $45.3 billion in 2023, supported by a 45$2.893 billion in 2023, driven by reduced central costs and higher profits from asset management subsidiary Eastspring[82] - The company achieved a 50% reduction in weighted average carbon intensity compared to the 2019 baseline, progressing toward its 2030 target of a 55% reduction[76] - Four business units achieved top-quartile Net Promoter Scores (NPS) in 2023, aligning with the company's goal to reach top-quartile NPS by 2027[74] - The company plans to reinvest cash flows from existing policies into new business, customer expansion, digital-enabled distribution, and health capabilities to drive compound growth[73] - The company's IFRS post-tax profit improved to $1.712 billion in 2023, compared to a loss of$1.005 billion in 2022, due to reduced investment losses from rising interest rates[82] - Adjusted shareholders' equity increased to $37.3 billion, up 6$35.2 billion in 2022, driven by a 7% increase in IFRS shareholders' equity and a 5% increase in contract service margin[83] - New business profit grew 45% to $3.125 billion, driven by strong performance in Hong Kong and a rebound in annual premium equivalent sales post-pandemic[84] - Group European Embedded Value (EEV) operating profit rose 17$4.546 billion, supported by higher new business profit from insurance operations and reduced central costs[85] - The embedded value operating return improved to 10% in 2023, up from 9% in 2022[85] - Embedded value reached $45.3 billion as of December 31, 2023, compared to$42.2 billion on a constant exchange rate basis in 2022[85] - Operating free surplus generated from in-force insurance and asset management businesses was $2.74 billion, remaining stable compared to the previous year[85] - New business investment increased to$(733) million in 2023, up from $(552) million in 2022, reflecting higher annual premium equivalent sales and business mix changes[85] - Health and protection products contributed 40$18 billion increase in shareholders' equity at the transition date[85] - The S&P 500 index rose 24%, while the MSCI Asia ex-Japan index increased 4%, and the Hang Seng Index declined 14% in 2023[84] - Adjusted operating profit under IFRS increased by 8% to $2.893 billion, driven by a 10$1.712 billion in 2023, compared to a loss of $1.005 billion in 2022, primarily due to short-term interest rate fluctuations[86] - Shareholders' equity increased by 7$37.3 billion, with a 5% increase in contract service margin, contributing to a net increase of 9% in contract service margin[86] - The company's capital coverage ratio stood at 295% as of December 31, 2023, with an estimated surplus of $16.1 billion above the prescribed capital requirements[86] - Total dividends for 2023 increased by 9$41 million share buyback in January 2024 to offset dilution from employee and agent share plans and plans further buybacks[87] - Insurance business adjusted operating profit remained stable, with a 36% increase in profit from CITIC-Prudential Life and an 8% increase in Indonesia[88][89] - Asset management business profit increased by 8% to $280 million, contributing to the overall growth in adjusted operating profit[88][89] - The company plans to deploy$1 billion in investments to enhance customer, distribution, health protection, and technology capabilities as part of its updated strategy[86] - The company's leverage ratio remained near the lower end of its target range at 20%, maintaining a strong financial position[86] - Adjusted contract service margin release for 2023 was $2.205 billion, a 3$2.265 billion in 2022, with a release rate of approximately 9.5%, consistent with 2022[90] - Risk adjustment release increased to $218 million in 2023, up 22$179 million in 2022, reflecting stable non-market risk expirations[91] - Experience variance worsened to $(118) million in 2023, compared to$(66) million in 2022, primarily due to increased claims and expenses[91] - Net investment performance decreased to $1.241 billion in 2023, down 4$1.290 billion in 2022, impacted by lower asset values following adverse market movements in 2022[91] - Contractual service margin (CSM) increased by $3.911 billion in 2023, driven by$2.348 billion from profitable new business and $1.563 billion from discount unwinding, exceeding the$2.208 billion released to the income statement[93][94] - CSM growth rate was 5% in 2023, or 9% excluding economic and other variances and exchange rate impacts[94] - Central costs (excluding restructuring and IFRS 17 implementation costs) decreased by 19% in 2023, reflecting targeted headquarters cost reductions and benefits from redeeming a debt instrument[95] - Restructuring costs were $201 million in 2023, down from$293 million in 2022, primarily related to IFRS 17 implementation and regulatory measures[95] - Headquarters expenses totaled $(230) million in 2023, a decrease from$(277) million in 2022[95] - Net investment return and other items improved by $23 million in 2023 due to higher returns from the group treasury amid rising interest rates[95] - Non-operating items for the year included short-term fluctuations in investment returns of -$774 million (2022: -$3.404 billion) and costs related to corporate transactions of$22 million (2022: profit of $55 million)[96] - The adjusted operating profit effective tax rate for 2023 was 15$969 million, slightly lower than the $1.009 billion paid in 2022[98] - The group completed the sale of its remaining interest in Jackson for$273 million in cash, generating a gain of $8 million[101] - Shareholder equity increased from$16.7 billion at the beginning of 2023 to $17.8 billion at the end of the year, reflecting profits earned during the period[100] - New business profit under the European Embedded Value (EEV) basis increased by 43$3.125 billion in 2023[102] - Operating profit from insurance business under EEV basis increased by 8% to $4.904 billion in 2023[102] - The group's EEV shareholder equity increased to$45.25 billion at the end of 2023 from $42.184 billion at the beginning of the year[102] - The effective tax rate for total profit under IFRS was 18$37.346 billion at the end of 2023 from $35.211 billion at the end of 2022[101] - Annual Premium Equivalent (APE) sales increased by 34$5.876 billion, with new business profit rising by 43% to $3.125 billion[103] - The Group's European Embedded Value (EEV) operating profit increased by 17$4.546 billion, driven by a 9% rise in insurance business operating profit and a 10% increase in asset management operating profit[103] - New business profit from insurance operations surged by 45% to $3.125 billion, driven by growth in APE sales, partially offset by a 24$1.779 billion[104] - Non-operating losses decreased significantly to $834 million in 2023 from$7.53 billion in 2022, primarily due to adverse equity market returns in Mainland China and Hong Kong, as well as lower interest rates and narrower credit spreads[104] - The Group's EEV shareholder equity increased to $45.3 billion as of December 31, 2023, up from$42.2 billion in 2022, with $41.5 billion related to insurance operations[104] - Greater China contributed 49$12.859 billion and new business profit at $1.87 billion[106] - The Group aims to achieve a shareholder coverage ratio of over 150$1 billion in core capabilities, including customer, distribution, health, and technology[107] - The Group expects to convert over $9 billion from the in-force business value and required capital into operating free surplus by the end of 2027, based on 2023 EEV assumptions[107] - Group free surplus increased by 3$1.395 billion in 2023, driven by lower central costs and restructuring expenses[110] - Insurance and asset management operating free surplus decreased by 8% to $2.007 billion, reflecting a 33$733 million, in line with a 37% increase in annual premium equivalent sales[109] - Group free surplus at the end of 2023 stood at $12.455 billion, up from$12.229 billion at the beginning of the year[109] - Group regulatory capital surplus above the prescribed capital requirement was $19.0 billion, with a coverage ratio of 197$12.4 billion, with a coverage ratio of 313%[113] - The company expects annual dividend growth of 7% to 9% for 2023 and 2024, with 2023 total cash dividends increasing by 9% to 20.47 cents per share[111] - Effective insurance and asset management operating free surplus remained stable at $2.740 billion, nearly unchanged from the previous year[109] - Central costs and write-offs, including interest on core structural borrowings and corporate expenses, decreased by 14$38.6 billion, with Tier 1 capital resources at $18.3 billion as of December 31, 2023[113] - The company's estimated shareholder group regulatory capital surplus was$16.1 billion as of December 31, 2023, with a