Financial Performance - Adjusted operating profit from continuing operations was $5.31 billion, representing a 20% increase compared to $4.41 billion in 2018[3]. - Operating free surplus from continuing operations was $3.76 billion, up 10% from $3.41 billion in the previous year[3]. - New business profit from continuing operations in life insurance was $4.41 billion, a decrease of 6% from $4.71 billion in 2018[3]. - IFRS post-tax profit from continuing operations was $1.95 billion, down 32% from $2.88 billion in 2018[3]. - Net cash remittances from continuing operations amounted to $1.47 billion, a 3% increase from $1.42 billion in 2018[3]. - Total shareholder equity exceeding the group's minimum capital requirement was $9.5 billion, a decrease of 2% from $9.7 billion in 2018[3]. - The adjusted operating profit based on long-term investment returns for 2019 increased by 20%, reflecting continuous growth and resilience in the Asian business[19]. - The after-tax profit from continuing operations under IFRS for 2019 was $1.953 billion, accounting for Jackson's after-tax loss of $380 million[19]. - The company reported a significant decline in interest rates in 2019, which further decreased in 2020, impacting new business profits and IFRS earnings due to market volatility and the COVID-19 pandemic[21]. - The total cash flow for the holding company was $(2.006) billion, a significant decline from $1.178 billion in the previous year[115]. Dividends and Shareholder Returns - The full-year ordinary dividend was set at 46.26 cents per share, based on the 2019 base of 36.84 cents[4]. - The company has set a new progressive dividend policy for 2020, based on a base of $0.3684 per share from 2019[12]. - The group paid dividends of $1.634 billion in 2019, slightly down from $1.662 billion in 2018[117]. Business Strategy and Market Focus - The company plans to continue focusing on long-term value for customers[9]. - The company aims to broaden its capabilities in structural growth markets, targeting more Asian customers and expanding into Africa, one of the fastest-growing regions globally[12]. - The company is focused on expanding its product range and distribution network to maximize its role in meeting the demand for guaranteed income retirement products in the U.S.[19]. - Prudential plc's strategy focuses on capturing long-term structural opportunities in Asia and Africa, aiming to meet the growing needs of the middle class for protection and investment products[35]. - The company aims to capture the growth potential in Asia, where it is expected that two-thirds of global life insurance growth will come from the region over the next decade, increasing its market share from 32% to 42% by 2029[59]. Customer Engagement and Innovation - The company is committed to improving service and products to enhance customer loyalty, which is a key factor in its financial stability[12]. - The company is focused on digital innovation and expanding financing channels to address the needs of an aging global population[16]. - The company launched a new end-to-end digital health application, Pulse by Prudential, to enhance its service offerings[20]. - The digital health super app, Pulse by Prudential, was launched in eight markets with over 1 million downloads[55]. - The company aims to provide a comprehensive digital customer experience and new value-added solutions through ongoing innovation[19]. Market Expansion and Performance - The company achieved double-digit growth in annual premium equivalent sales in six markets and new business profit in eight markets, highlighting the strength of its diversified business portfolio[19]. - Annual premium equivalent sales in Hong Kong increased by 8%, while new business profit rose by 29%[20]. - In mainland China, annual premium equivalent sales grew by 53%, driving new business profit up by 38%[20]. - In Africa, annual premium equivalent sales surged by 76% to $82 million, up from $47 million in the previous year[20]. - The company expanded its presence in Southeast Asia by establishing a new joint venture in Shaanxi, adding seven cities and 14 sales offices[20]. Risk Management and Regulatory Compliance - The group is currently transitioning to a new regulatory framework under the Hong Kong Insurance Authority, which is expected to be finalized in 2020[170]. - The group has established a comprehensive risk governance framework led by the Group Risk Committee, supported by independent non-executive directors from major subsidiaries[191]. - The group emphasizes the importance of balancing risk with profitability and growth in decision-making processes[191]. - The group continues to monitor regulatory developments at both national and global levels, which will significantly impact its operations, business development, and risk management practices[170]. Community Engagement and Corporate Social Responsibility - The company had 18,125 global employees and engaged in community investment of $2.91 million[7]. - The company continues to actively invest in community projects across multiple markets, contributing to local development[16]. - The company allocated $6.7 million to charitable causes in 2019[10]. - The company has provided additional free coverage and cash benefits to customers diagnosed with COVID-19 across eight Asian markets, including a donation of RMB 15 million to support efforts against the disease[73]. Economic and Market Conditions - The macroeconomic environment remains uncertain, but the core demand for long-term savings and protection products remains strong[19]. - The global economic growth slowed in 2019, driven by a contraction in the manufacturing sector, particularly in the Eurozone, the UK, and parts of Asia[167]. - The ongoing low interest rate environment poses challenges to the capital position and profitability of new business for life insurance companies[198]. - The geopolitical landscape in 2019 was marked by increasing polarization, with significant protests occurring globally, which could undermine social order and test the resilience of businesses and governments[169].
保诚(02378) - 2019 - 年度财报