Financial Performance - For the fiscal year ending December 31, 2024, the insurance revenue was HKD 2.799 billion, an increase of 6.6% compared to HKD 2.625 billion in the previous year[7]. - The consolidated profit for the year was HKD 778 million, up from HKD 713 million in the previous year, representing a growth of 9%[13]. - The profit attributable to equity shareholders increased to HKD 471 million, a 19% rise from HKD 397 million in the previous year[13]. - The net operating profit for the year was HKD 1.134 billion, reflecting a 14% increase from HKD 991 million in the previous year[8]. - Total assets as of December 31, 2024, amounted to HKD 96.042 billion, a 7% increase from HKD 90.149 billion in the previous year[9]. - The total equity attributable to owners increased to HKD 16.168 billion, a slight rise of 1% from HKD 16.045 billion in the previous year[9]. - The basic earnings per share for the year was HKD 0.12, representing a 20% increase from HKD 0.10 in the previous year[8]. - The net operating profit from the insurance segment was HKD 1.167 billion, up 13% from HKD 1.036 billion in the previous year[13]. - The company's profit for the year 2024 was HKD 778 million, an increase of 9.1% compared to HKD 713 million in 2023[15]. - Total premium and fee income for 2024 reached HKD 12,383 million, representing a 4% growth from HKD 11,923 million in 2023[22]. Insurance Segment Performance - The insurance business's embedded value as of December 31, 2024, was HKD 210.89 billion, up from HKD 207.18 billion in 2023, reflecting a 1.3% increase[27]. - The number of effective individual policyholders increased to over 537,000 in 2024, compared to 536,000 in 2023[18]. - The company launched four flagship insurance products in 2024, including a flexible savings plan and a critical illness protection series[17]. - The total premium income from Hong Kong was HKD 9,343 million (75% of total), while Macau contributed HKD 3,040 million (25%) in 2024[24]. - The adjusted net worth of the insurance business was HKD 16,939 million in 2024, a significant increase of 68% from HKD 10,108 million in 2023[28]. - The new business value for the insurance segment for the year ended December 31, 2024, was HKD 685 million, down from HKD 1,009 million last year, primarily due to changes in the product mix[29]. - The annualized new premiums for 2024 were HKD 2,736 million, remaining stable compared to last year, with a notable 28.3% growth in the agency channel compared to 2023[29]. - Insurance revenue for 2024 was HKD 2,801 million, an increase of 7% from HKD 2,627 million in 2023[33]. Investment and Assets - Investment returns rose by 18% to HKD 3,706 million, up from HKD 3,133 million in the previous year[33]. - Total assets for the insurance segment reached HKD 92,064 million as of December 31, 2024, compared to HKD 86,393 million in 2023[42]. - The total liabilities for the insurance segment increased to HKD 76,226 million from HKD 70,049 million in the previous year[42]. - The total managed assets for the insurance business amounted to HKD 883.79 billion as of December 31, 2024, compared to HKD 843.84 billion in 2023[43]. Risk Management - The group is actively managing strategic risks associated with integrating insurance into its financial services ecosystem[58]. - The group has identified various insurance risks, including product design risk and claims risk, and has implemented measures to mitigate these[59]. - The risk management function identified, monitored, and reported various risks, implementing corresponding risk mitigation measures throughout the year[142]. - Regulatory risks are closely monitored, with the company actively engaging with market regulators to adapt to changes in the regulatory environment[158]. - The company utilizes reinsurance to alleviate underwriting risks associated with mortality and morbidity assumptions[159]. Corporate Governance - The company maintains a high standard of corporate governance to attract and retain talented management, promote accountability, and meet shareholder expectations[114]. - The board consists of at least three independent non-executive directors, ensuring independent judgment and consideration of all shareholders' interests[117]. - The company has adopted a code of conduct for securities trading by directors, confirming compliance with the standard code throughout the year[115]. - The company has complied with the applicable corporate governance code provisions, with one exception explained in the report[114]. - The independent non-executive directors have confirmed their independence as per the listing rules, ensuring no significant interests in the group[117]. Shareholder Information - The company has no established dividend payout ratio, with dividends subject to board approval based on performance and financial conditions[151]. - The board of directors does not recommend the payment of a final dividend for the year 2023, resulting in no dividend distribution[170]. - The company has established a process for shareholders to submit inquiries to the board through the company secretary[150]. - The company encourages shareholder attendance at annual general meetings, with key members of the board present to address business-related questions[151].
云锋金融(00376) - 2024 - 年度业绩