Bei Jing Shang Bao·2025-03-24 14:13Core Insights - China Taiping Insurance Holdings Company Limited reported significant growth in its financial performance for the year 2024, with a net profit increase of 36.2% and a total investment income surge of 98.2% [1][4]. Financial Performance - The company achieved insurance service revenue of HKD 111.3 billion, a year-on-year increase of 3.5% [1]. - Net profit reached HKD 8.432 billion, reflecting a 36.2% growth compared to the previous year [1]. - The board proposed a final dividend of HKD 0.35 per share for the year ending December 31, 2024 [1]. Investment Performance - Total investment income rose to HKD 66.543 billion, marking a substantial increase of 98.2% year-on-year, primarily due to a turnaround from previous capital losses to gains [4]. - The net investment yield was reported at 3.46%, while the total investment yield increased by 1.91 percentage points to 4.57% [4]. - The company emphasized its focus on high-dividend strategies, achieving a comprehensive investment return of 27.66% in Hong Kong stocks, outperforming the Hang Seng Index by 4.73 percentage points [4]. Life Insurance Business - Taiping Life Insurance's new business value reached RMB 13.216 billion, a historic high with a year-on-year growth of 94.2% [6]. - The new business value margin improved by 16.6 percentage points to 32.5% [6]. - The overall premium income for Taiping Life increased by 4.5% to HKD 195.867 billion [6]. Property and Casualty Insurance - Taiping Property and Casualty Insurance reported a net profit of HKD 0.804 billion, a staggering increase of 831% year-on-year, attributed to a low base from the previous year [7]. - The combined cost ratio for Taiping Property and Casualty was optimized to 98.1%, a 0.3 percentage point improvement [7]. - Insurance service revenue from auto insurance grew by 2.8%, while non-auto insurance revenue increased by 4.8% [7]. Elderly Care Ecosystem - The "Insurance + Medical Care and Elderly Care" ecosystem is being continuously developed, with five self-operated elderly care communities now in operation [8]. - The personal pension business under Taiping Pension achieved premium income of RMB 261 million, a growth of 88.2% [8]. - The company is integrating resources across medical, elderly care, and investment sectors to enhance service quality and explore new revenue streams [8].