2024-03-20 17:19Financial Data and Key Metrics Changes - Sales for the full year 2023 reached $5.9 billion, an increase of 37% year-on-year [6] - New business profits amounted to $3.1 billion, up 45% [6] - IFRS earnings were reported at $2.9 billion, reflecting an 8% year-on-year growth [6] Business Line Data and Key Metrics Changes - In Hong Kong, there was a strong rebound post-border reopening, with market share gains in both domestic and Mainland Chinese visitor segments [7] - The agency business in China grew by 25%, indicating a positive transition in product mix [8] - ASEAN markets showed strong performances, particularly in Malaysia and Indonesia, with Indonesia achieving four consecutive quarters of new business profit growth [8] Market Data and Key Metrics Changes - Hong Kong's GDP growth is projected at 3% to 3.5%, supporting optimistic growth prospects [16] - In China, the GDP is expected to grow at 5%, indicating a shift towards a more sustainable, consumption-led economy [19] - ASEAN countries contribute to 43% of the company's embedded value, highlighting significant growth potential in the region [32] Company Strategy and Development Direction - The company aims for 15% to 20% growth in new business profit by 2027, with a focus on organic, profitable growth and expanding distribution partnerships [9][10] - A strategic pivot in China towards a balanced product mix is expected to enhance growth prospects [20] - The company is actively seeking bank partnerships in ASEAN to complement existing distribution channels [32][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving financial objectives and noted measurable progress in strategy execution [9] - The demand for long-term savings and protection in China remains strong, despite challenges in the bancassurance segment [19] - The company is optimistic about the growth prospects in Hong Kong and ASEAN, with plans to expand market share [16][32] Other Important Information - The company has invested significantly in enhancing agency productivity and customer experience through technology and strategic talent sourcing [51] - Health business revenue grew by 20% in 2023, with plans to double by 2027 [54] Q&A Session Summary Question: Insights on Hong Kong and China performance - Management highlighted strong market share growth in Hong Kong and expressed optimism about the growth prospects in China, particularly in agency business [15][19] Question: Addressing low interest rates in China - Management discussed proactive measures taken to adjust product mix and pricing in response to the low interest rate environment [27] Question: Outlook for ASEAN markets - Management emphasized strong market positions in ASEAN and plans to expand distribution partnerships to drive growth [31][32] Question: Cash remittance and investment plans - Management indicated a cash remittance ratio of around 70% going forward and outlined plans for the remaining $900 million investment [62] Question: Health business growth strategy - Management detailed plans to manage health as a standalone business and target new value propositions to address health protection gaps [54][56]