中国太平2024年股东应占溢利同比增长36.2%

Core Insights - China Taiping reported a 3.5% year-on-year increase in insurance service revenue for 2024, reaching HKD 111.3 billion, while shareholder profit rose by 36.2% to HKD 8.432 billion [1] - Total assets exceeded HKD 1.7 trillion by the end of 2024, marking a 14.9% growth compared to the end of 2023 [1] - The board proposed a final dividend of HKD 0.35 per share for the year ending December 31, 2024 [1] Life Insurance Segment - The life insurance service revenue grew by 5.9% year-on-year, with performance metrics increasing by 19.9% [2] - Domestic life insurance service revenue increased by 4.6%, while performance metrics rose by 23.5% [2] - New business value for Taiping Life reached CNY 13.216 billion, a significant increase of 94.2%, with a new business value rate of 32.5%, up by 16.6 percentage points [2] - The bancassurance channel saw a rapid growth in original premium income at 10.7%, while the agency channel grew by 2%, and the group channel declined by 14.1% [2] Property and Casualty Insurance Segment - The property and casualty insurance service revenue was HKD 33.146 billion, reflecting a 2.3% year-on-year increase, while post-tax profit surged by 831% to HKD 0.804 billion [3] - The combined cost ratio improved to 98.1%, a decrease of 0.3 percentage points [3] - Original premium income for property and casualty insurance reached HKD 34.297 billion, up by 2.7% [3] - The auto insurance service revenue grew by 2.8%, with a renewal rate increase of 1.9%, while non-auto insurance service revenue rose by 4.8% [3] - Taiping's overseas property and casualty insurance business achieved underwriting profitability, with Hong Kong service revenue increasing by 0.9% and a combined cost ratio of 94% [3] - Taiping maintained its leading position in the Macau market with a combined cost ratio of 83.9% and strong underwriting performance [3] - Singapore's property and casualty service revenue grew by 2.6% with a combined cost ratio of 87.8%, while Indonesia's service revenue surged by 34.8% due to rapid growth in Chinese-funded businesses, with a combined cost ratio of 94.7% [3] - The newly established Taiping Luxembourg company began issuing policies in 2024 [3]