2023年年报点评：保费维持高增，利润由亏转盈

Investment Rating - The report maintains a "Buy" rating for the company with a current price of HKD 12.5 [2] Core Insights - The company achieved a significant turnaround in profitability, reporting a net profit of HKD 4.08 billion in 2023, compared to a loss of HKD 1.11 billion in 2022 [4][5] - Total premium income increased by 24.7% year-on-year to HKD 29.5 billion, driven by growth across all four business segments [5][6] - The company’s investment income improved significantly, with a total investment return rate of 2.7%, up by 2.9 percentage points year-on-year [5] Summary by Sections Revenue Performance - In 2023, the company reported total revenue of HKD 33.54 billion, a year-on-year increase of 44.2% [4] - Insurance service revenue reached HKD 27.54 billion, growing by 24.1% year-on-year [4] Profitability - The company turned a profit with a net profit of HKD 4.08 billion in 2023, compared to a loss of HKD 1.11 billion in 2022 [5] - The underwriting profit for the domestic segment was HKD 1.31 billion, reflecting a year-on-year increase of 1.7% [4] Investment Performance - The net investment return rate was 2.2%, down by 1.1 percentage points year-on-year, while the total investment return rate was 2.7%, up by 2.9 percentage points [5] - The domestic insurance segment's total investment income turned positive, reaching HKD 720 million, compared to a loss of HKD 380 million in 2022 [5] Premium Growth - Total premium income was HKD 29.5 billion, with the first half of 2023 showing a growth of 37.5% and the second half at 14.5% [5] - The health segment generated HKD 9.81 billion in premium income, up 9.2% year-on-year, while the digital life segment saw a 41.6% increase to HKD 12.56 billion [6] Self-operated Channels - The self-operated channels contributed HKD 7.61 billion in premium income, a year-on-year increase of 31.0%, accounting for 25.8% of total premiums [7] Research and Development - R&D investment decreased by 11.4% year-on-year to HKD 1.19 billion, representing 4.0% of total premiums [7] - Revenue from technology output increased by 40.0% year-on-year to HKD 830 million [7] Future Outlook - The company is expected to maintain its growth trajectory, with projected net profits of HKD 1.1 billion, HKD 1.3 billion, and HKD 1.5 billion for 2024, 2025, and 2026 respectively [7]