Core Insights - Prudential's 2024 financial report shows strong performance with new business profit (NBP) growing by 11% year-on-year to $3.078 billion, and annual premium equivalent (APE) sales reaching $6.202 billion, a 7% increase [1][2] Market Focus - The company has strategically focused on the Asian market, which is becoming a key growth engine for the global insurance industry, driven by aging populations and increasing demand for health and retirement products [2][4] - Southeast Asia presents significant growth potential due to low insurance penetration rates and rapid economic transformation, supported by internet and e-commerce developments [2] Operational Strategy - Prudential's success is attributed to its strategic decisions, including enhancing customer engagement, distribution, and health business development, while optimizing operational efficiency and accelerating digital transformation [2][3] - The company has achieved a leading customer net promoter score across five markets, indicating strong customer satisfaction and loyalty [2] Distribution Performance - The bancassurance segment has shown remarkable growth, with new business profit increasing by 31%, and double-digit growth in 14 markets including Hong Kong and Singapore [3] - The active agent count rose from 63,000 to 67,000, with a 5% increase in per capita new business profit, reflecting improved agent performance [3] Health Business Growth - New business profit in the health segment grew by 11% to $346 million, driven by market performance in Hong Kong, Singapore, and Indonesia, supported by product innovation and pricing strategy adjustments [3] Financial Stability - Prudential's financial position is robust, with a free surplus reserve of $8.6 billion and a free surplus ratio of 234%, indicating strong capital adequacy [6][7] - The transition from using European Embedded Value (EEV) to Traditional Embedded Value (TEV) for assessments is expected to enhance comparability with peers and provide clearer insights into the company's intrinsic value [7] Shareholder Returns - The company has been proactive in share buybacks, completing 52% of its $2 billion buyback plan ahead of schedule, reflecting confidence in its value [7][8] - Prudential's total dividend for 2024 is $0.2313 per share, a 13% increase year-on-year, with total payouts exceeding $600 million, demonstrating a commitment to shareholder value [8] Future Outlook - Prudential's strategic foresight and execution capabilities position it well to capitalize on increasing insurance penetration in Asia and growing demand for health and wealth management services [10]
保诚(2378.HK)2024年财报：新业务利润再上新台阶，回购+分红释放长期价值信号