Financial Performance - Adjusted operating profit for 2024 reached $3,129 million, an 8% increase from $2,893 million in 2023[11] - Adjusted post-tax operating profit rose to $2,582 million, reflecting a 5% growth compared to $2,449 million in the previous year[11] - The total shareholder return for the fiscal year 2024 is projected to be $1.4 billion, including $785 million from share buybacks and $618 million in dividends[97] - The total profit attributable to shareholders for the year was $2.285 billion, compared to $1.701 billion in 2023, reflecting a significant increase[173] - The total profit from segments was $3.216 billion, a 5% increase from $3.060 billion in 2023[151] Sales and Business Growth - Annual premium equivalent sales amounted to $6,202 million, marking a 6% increase from $5,876 million in 2023[12] - New business profit (European Embedded Value) was $3,078 million, a slight decrease of 2% from $3,125 million in 2023[12] - New business profit increased by 11%, aligning with the guidance range of 9% to 13%[30] - The annual premium equivalent sales from new customers increased by 13% in 2024, reflecting the company's commitment to enhancing customer relationships[101] - New business profit from bancassurance increased by 31% to $872 million, primarily driven by sales growth and positive product mix effects[93] Market Position and Strategy - The company ranks among the top three in ten Asian life insurance markets and three African life insurance markets[24] - The company aims for a compound annual growth rate of 15% to 20% in new business profit from 2022 to 2027, targeting at least $4.4 billion in operating free surplus by 2027[24] - The total market growth potential over the next decade is estimated at approximately $1 trillion[24] - The company is focused on operational transformation to create sustainable long-term shareholder value amid complex geopolitical challenges[30] - The company aims to transition from a product-centric to a customer-centric model, focusing on sustainable growth platforms in Asia and Africa[50] Capital Management - The group’s leverage ratio decreased to 13%, down from 14% in 2023[13] - The total shareholder equity under IFRS was $17,492 million, a decrease of 2% from $17,823 million in 2023[13] - A $2 billion share buyback program has been announced, with $785 million completed by the end of 2024, and the remaining portion expected to be completed by the end of 2025, ahead of the original plan[33] - The estimated excess shareholder surplus over the group's specified capital requirements was $15.9 billion as of December 31, 2024, with a coverage ratio of 280%[144] - The company plans to maintain a free surplus ratio between 175% and 200%, with a current ratio of 234% as of December 31, 2024[145] Customer Engagement and Technology - The company is committed to enhancing customer experience through technology-driven distribution and transforming its health business model[45] - The PRUServices digital self-service platform doubled its registered users within a year of launch in Malaysia, enhancing customer convenience and experience[73] - The introduction of AI chatbots in Singapore and the Philippines improved lead verification, with 98% of leads verified by chatbots being adopted by agents for follow-up actions[109] - The company aims to achieve the first quartile in customer net promoter score by 2024, reflecting its commitment to customer experience[130] - Approximately 96% of new business policies are submitted electronically, with 78% using electronic payment methods[100] Operational Efficiency - The effective insurance and asset management business generated operating free surplus of $2,642 million, down 4% from $2,740 million in the previous year[13] - The company has saved over $30 million annually in Indonesia through strategic partnerships in its health business[83] - Significant operational changes have been implemented in key markets, including premium repricing and centralized renegotiation of supplier contracts[114] - Central costs decreased by 9% in 2024, reflecting ongoing control of headquarters and financial costs, with total headquarters expenses amounting to $237 million[160] - The automation rate for claims processing has doubled, significantly improving accuracy through collaboration with Google Cloud[118] Dividend and Shareholder Returns - The board approved a second interim cash dividend of $0.1629 per share for 2024, reflecting a 13% increase from the previous year's total dividend of $0.2047 per share[33] - The total dividend for 2024 is set at $0.2313 per share, a 13% increase from $0.2047 per share in 2023, with a second interim dividend of $0.1629 per share, up 15% from $0.1421 per share in 2023[145] - A $2 billion excess capital return plan through share buybacks is expected to be completed by the end of 2025, accelerated from the original 2026 timeline[97] - The company’s share repurchase amounted to $878 million during the year, indicating a strong commitment to returning capital to shareholders[173] - The company plans to increase operating free surplus by over 10% in 2025, with a corresponding increase in dividends of at least 10%[119]
保诚(02378) - 2024 - 年度财报