CHINA TAIPING(00966) Sou Hu Cai Jing·2025-03-26 03:30Core Insights - China Taiping's total assets exceeded HKD 1.7 trillion by the end of 2024, marking a 14.9% increase from the previous year [6] - The company reported an insurance service revenue of HKD 111.27 billion for 2024, reflecting a year-on-year growth of 3.5% [2] - Net profit reached HKD 12.8 billion, representing a 24.5% increase compared to 2023 [3] Financial Performance - Insurance service revenue for 2024 was HKD 111.27 billion, up 3.5% from HKD 107.49 billion in 2023 [2] - Insurance service expenses increased slightly by 0.2% to HKD 86.43 billion [2] - The insurance service performance showed a significant increase of 18.8%, reaching HKD 22.02 billion [2] - Net investment performance surged to HKD 58.31 billion, a substantial improvement from a loss of HKD 1.84 billion in 2023 [2] - Profit before tax rose by 89.8% to HKD 22.13 billion [2] - Earnings attributable to shareholders increased by 36.2% to HKD 8.43 billion [2][3] Business Segments - Life insurance profit exceeded HKD 10 billion, growing by 11.6% [5] - Domestic property insurance profit skyrocketed by 831.0% to HKD 804.31 million [5] - Reinsurance profit increased by 187.5% to HKD 957.37 million [5] - Asset management business reported a profit of HKD 539.37 million, a significant turnaround from a loss in the previous year [5] Leadership Changes - Chairman Wang Sidong resigned due to age, effective December 18, 2024, with Yin Zhaojun appointed as the new chairman [6][7] - Yin Zhaojun, who will turn 60 in July 2025, has extensive experience in the banking sector and holds multiple leadership roles within the company [7]