超强"外脑"蔡强开启职业生涯新阶段。 4月7日晚间，中国太平洋保险（集团）股份有限公司（以下简称"中国太保"）发布公告称，因工作变动原因，蔡 强已向公司董事会提交辞呈，辞去公司非执行董事以及董事会战略与投资决策及ESG委员会委员职务。蔡强的辞 任自4月6日起生效。记者注意到，英国保诚集团近日宣布，将委任蔡强为区域执行总裁，负责马来西亚、印尼及 越南市场和代理人销售事务。该委任于4月7日生效。 公开资料显示，蔡强出生于1967年7月，是一名保险"老将"。1991年毕业于西安交大，随后远渡重洋，进入法国安 盛保险集团（美国公司），从个险营销员一路做到地区总监。2003年，蔡强出任法国安盛保险集团（香港公司） 个险总经理，2007年升任该公司首席执行官。 曾是太保转型"舵手"，辞职未获致谢 2009年，蔡强加入友邦保险有限公司（简称"友邦保险"）担任友邦中国首席执行官，全面负责友邦保险在中国市 场的寿险业务。在任期间，蔡强先后制定了两个五年计划，积极推动友邦中国渠道转型，五年时间内带领友邦中 国的新业务价值增长了三倍，成为友邦中国营销员体系改革的功臣。 记者观察发现，在中国太保寿险三年的时间里，蔡强作为"长航行动" ...

3月20日，保诚发布2024年全年财报。回顾这一年，国际形势复杂多变，市场竞争激烈，而这份成绩单 仍相当有"含金量"。 财报显示，新业务利润(NBP)在2023年强劲增长的基础上，仍实现11%的同比增长，达30.78亿美元。若 计算利率及其他经济变动的影响，新业务利润大致持平。而TEV（传统内含价值）新业务利润也实现 11%同比增速。另外，年度保费等值销售额(APE)达到62.02亿美元，同比增长7%。 作为衡量保险公司成长潜力的关键指标，反映保诚的经营韧性，更凸显出公司战略执行的有效性。以 2024年财报为依据，保诚做对了什么？ 核心指标全面增长，科技创新赋能业务拓展 首先，公司选对了市场 – 亚洲。长期来看，亚洲正成为全球保险业增长的重要引擎，保诚的成长潜力十 足。 在人口老龄化的趋势下，健康和养老产业迎来快速发展，香港市场因为其独特的优势，保险有望持续爆 发离岸资产配置需求。 而在东南亚市场，除了新加坡市场相对成熟，印尼等其他国家保险渗透率均较低，提升潜力巨大。加上 互联网、电商推动经济强劲发展，东南亚各国的经济都在快速转型，相应保险市场呈现多元化趋势，规 模不断扩容。 而在经营层面上，保诚能够持续斩获 ...

AI基金中信保诚国企红利量化股票A（020768）披露2024年年报，2024年基金利润117.95万元，加权平均基金份额本期利润0.0623元。报告期内，基金净值 增长率为8.3%，截至2024年末，基金规模为817.56万元。 该基金属于标准股票型基金。截至4月3日，单位净值为1.078元。基金经理是HAN YILING和黄稚，目前共同管理5只基金。其中，截至4月3日，中信保诚中 证TMT指数(LOF)A近一年复权单位净值增长率最高，达27.41%；中信保诚沪深300指数(LOF)A最低，为6.83%。 基金管理人在年报中表示，无风险利率下行背景下，红利类资产配置价值显现。上市公司分红监管不断强化，政策鼓励上市公司增加分红频次、优化分红节 奏、合理提高分红比例，红利类资产有望成为长期资金重视的配置方向。因此，经营稳定、有持续分红能力的国有企业的投资价值值得长期关注。 截至4月3日，中信保诚国企红利量化股票A近三个月复权单位净值增长率为2.39%，位于同类可比基金77/100；近半年复权单位净值增长率为-1.98%，位于同 类可比基金65/100；近一年复权单位净值增长率为7.65%，位于同类可比基金53/ ...

该基金属于偏债混合型基金。截至4月3日，单位净值为1.06元。基金经理是杨立春、提云涛和柳红亮，目前共同管理3只基金近一年均为正收益。其中，截 至4月3日，中信保诚至选混合A近一年复权单位净值增长率最高，达5.75%；中信保诚至瑞混合A最低，为4.12%。 基金管理人在年报中表示，展望 2025 年，我们认为，美国经济因为关税等影响通胀可能上行，经济可能降温；欧洲经济仍可能相对偏弱。国内经济，预 期"两新（大规模设备更新和消费品以旧换新）"积极政策进一步推进，货币政策也将更积极。在积极政策推动下，经济信心将进一步恢复，经济将逐步转向 稳健运行。预期消费继续修复，基建或有所改善，先进制造也可能有更多机会，同时地产在积极政策下也可能有所好转。 AI基金中信保诚瑞丰6个月混合A（019349）披露2024年年报，2024年基金利润153.78万元，加权平均基金份额本期利润0.0479元。报告期内，基金净值增长 率为6.05%，截至2024年末，基金规模为127.25万元。 截至4月3日，中信保诚瑞丰6个月混合A近三个月复权单位净值增长率为0.07%，位于同类可比基金549/670；近半年复权单位净值增长率为0.72 ...

Core Viewpoint - The company announces the addition of a new D-class fund share for the CITIC Prudential High-Quality Pure Bond Fund, effective April 1, 2025, along with adjustments to subscription and redemption arrangements and modifications to the fund contract and custody agreement [1][14]. Group 1: Addition of D-Class Fund Shares - The D-class fund shares will be introduced with a separate fund code (023688) and will have an initial net asset value based on the A-class fund shares on the same day [1][14]. - Investors will have the option to choose from various fund codes corresponding to A, B, C, I, or D class shares during subscription [1][14]. - The management and custody fees will remain the same across A, B, C, I, and D class shares [2][15]. Group 2: Subscription and Redemption Fee Structure - The subscription fees for A, I, and D class shares will be borne by investors and will not be included in the fund assets, primarily used for marketing and sales expenses [2][15]. - Redemption fees will be charged to investors redeeming their shares, with specific conditions for those holding shares for less than 7 days and those holding for longer periods [3][16]. Group 3: Adjustments to Fund Operations - The clearing time for subscription, redemption, and conversion will change from "T+2 days" to an "agreed clearing date" [8][20]. - The fund contract and custody agreement will be revised to ensure compliance with legal regulations and to reflect the addition of D-class shares and changes in operational arrangements [9][21]. - The modifications will not adversely affect the rights of existing fund shareholders and do not require a meeting of fund shareholders [9][21].

Core Insights - The company reported a new business profit increase of 11% to $3.078 billion for the year ending December 31, 2024 [1] - Adjusted pre-tax operating profit rose by 10% to $3.129 billion, while adjusted post-tax operating profit increased by 7% to $2.582 billion [1] - The company’s free surplus ratio stands at 234%, exceeding the group’s capital requirements [2] Group 1 - New business profit increased by 11% to $3.078 billion, with traditional embedded value new business profit also rising by 11% [1] - Operating free surplus from insurance and asset management was $2.642 billion, slightly down from $2.706 billion in 2023, aligning with the company's expectations for free surplus generation from 2022 to 2027 [1] - The group’s European embedded value equity was $44.2 billion, down from $45.3 billion in 2023, equivalent to $16.64 per share [1] Group 2 - The company has completed $1.045 billion of its $2 billion share buyback program announced in June 2024, with expectations to complete the program by the end of 2025 [2] - The total dividend for 2024 is $0.2313 per share, reflecting a 13% increase, with the second interim dividend set at $0.1629 per share [2] - Total shareholder return for 2024, including share buybacks, is projected to be $1.4 billion [2]

Financial Performance - New business profit increased by 11% to $3.078 billion, with traditional embedded value new business profit also growing by 11%[7] - Adjusted profit before tax rose by 10% to $3.129 billion, while adjusted profit after tax increased by 7% to $2.582 billion[7] - Total dividend for 2024 increased by 13% to $0.2313 per share, with total shareholder return for the year amounting to $1.4 billion[7] - Adjusted operating profit for 2024 reached $3,129 million, an 8% increase year-on-year, while adjusted net operating profit after tax was $2,582 million, reflecting a 5% growth[14] - The group’s adjusted post-tax operating profit for 2024 was $2.582 billion, a 7% increase from 2023[40] - The total profit from insurance business is $3.419 billion, showing a 6% growth compared to the previous year[86] - The group’s total adjusted after-tax operating profit is $2.582 billion, a 5% increase from $2.449 billion in the previous year[84] - The total adjusted contract service margin as of December 31, 2024, was $19.2 billion, leading to an adjusted total equity of $36.7 billion, equivalent to $13.79 per share[76] Shareholder Returns - The company plans to complete a $2 billion share buyback program by the end of 2025, ahead of the original schedule[7] - A $2 billion share buyback program was announced, with $785 million already returned to shareholders by December 31, 2024[68] - The total shareholder return for 2024 included dividends of $552 million and share buybacks of $785 million[109] - The estimated excess shareholder surplus over the group's capital requirements was $15.9 billion as of December 31, 2024, with a coverage ratio of 280%[41] Operational Efficiency - The company aims to enhance operational efficiency and meet customer needs through improved claims management and modernized IT infrastructure[6] - The company plans to complete the deployment of its digital service platform PRUServices across seven business units by the end of Q1 2025[9] - The company has enhanced the functionality and consistency of its digital service platform PRUServices, with deployment expected to be completed by the end of Q1 2025 across seven business units[37] - The company aims to increase new business profit from the bank insurance channel by 1.5 to 2 times by 2027, leveraging over 200 banking partners[53] Market Growth and Strategy - The Asian and African markets show clear long-term growth trends, creating significant opportunities for the company[6] - New business profit in banking and insurance increased by 31%, with health and protection products contributing 8% to annual premium equivalent sales[9] - The company is evaluating the potential listing of ICICI Prudential Asset Management Company Limited, which may involve a partial divestment of its stake[7] - The company has established a new partnership with Indonesia's largest Islamic bank, BSI, to expand its distribution network[37] Customer Engagement and Satisfaction - The company achieved a customer net promoter score in the top quartile across five markets, indicating high customer satisfaction[9] - Customer retention rate improved by 1 percentage point to 87% in 2024, with five business units reaching the first quartile in customer net promoter scores[44] - The company launched a health protection plan tailored for mainland Chinese travelers in July 2024, providing comprehensive lifelong coverage through partnerships with over 1,500 healthcare providers in mainland China[60] Risk Management - The company warns of various risks and uncertainties that may affect future financial performance, including geopolitical tensions and regulatory changes[28] - The group faces market risks from interest rates, equity prices, property prices, credit spreads, and currency fluctuations, with a moderate inflation risk primarily from rising medical supply costs[200] - The group maintains capital requirements to ensure sufficient capital above internal and regulatory economic capital requirements, aiming for an ideal credit rating[199] - The group has established procedures for employees to report unethical behavior and violations anonymously[187] Investment and Capital Management - The company plans to invest approximately $1 billion in core capabilities, focusing on customer, distribution, health business, and technology areas[107] - The group anticipates achieving a compound annual growth rate of 15% to 20% in new business profit from 2022 to 2027, with a target operating free surplus of at least $4.4 billion by 2027[74] - The company aims for a risk-adjusted internal rate of return exceeding 25% on new business investments, with a payback period of less than four years[105] Regional Performance - New business profit from health operations reached $346 million in 2024, marking an 11% increase[58] - The new business profit for Hong Kong in 2024 was $1.438 billion, reflecting a 2% increase from $1.411 billion in 2023[127] - In Indonesia, annualized premium equivalent sales decreased by 5% to $262 million, while new business profit increased by 2% to $145 million[133] - In Singapore, annual premium equivalent sales for 2024 reached $870 million, an 11% increase from $787 million in 2023[153] Technology and Innovation - Investment in technology has improved the detection and recovery rates of fraud, waste, and abuse, with a pilot program in Malaysia and Singapore showing a doubling of claims processing automation rates[62] - The company plans to replicate the AI chatbot capabilities, which validated 98% of leads in the Philippines, to Hong Kong, Malaysia, and Vietnam by 2025[54] Corporate Governance - The board expresses confidence in the group's strategy and plans to review investments in new business opportunities and capabilities[113] - The group has established a self-risk and solvency assessment process to identify, measure, manage, and report risks, ensuring capital adequacy at all times[188]

Core Viewpoint - The recent appointment of Chang Ge as Vice Chairman of CITIC Prudential Asset Management signifies a strategic leadership change within the company, following his prior roles in CITIC Prudential Life Insurance and various positions in the financial sector [1][2]. Group 1: Company Governance - CITIC Prudential Asset Management has updated its governance information, confirming Chang Ge's new role as Vice Chairman [1]. - The financial regulatory authority approved Chang Ge's qualifications for the board position on October 23 [1]. - Chang Ge was previously appointed as General Manager of CITIC Prudential Life Insurance on June 21, with subsequent approval from the financial regulatory authority [1]. Group 2: Professional Background - Chang Ge holds a senior economist title and has a PhD in Finance from the Chinese Academy of Social Sciences, along with a postdoctoral degree in Applied Economics [1][2]. - His extensive career includes leadership roles at major financial institutions, such as China Agricultural Bank and CITIC Bank, where he managed various departments [2]. - Chang Ge has participated in advanced training programs and has published research in notable financial publications, contributing to several significant reports and books [2].

Core Viewpoint - The article discusses the resilience and investment strategy of small-cap stocks, highlighting the success of the fund manager Jiang Feng from China CITIC Prudential Multi-Strategy Mixed Fund (LOF) despite the initial downturn in small-cap stocks earlier this year [1][6]. Group 1: Investment Strategy - Jiang Feng emphasizes a contrarian investment approach, suggesting that maintaining faith in a well-researched investment philosophy can yield long-term benefits [1][5]. - The PB-ROE model is a key evaluation tool for assessing stock value, where a low PB indicates potential for recovery as market conditions improve [3][4]. - Jiang Feng's dynamic management of stock positions involves increasing allocations during market downturns to capitalize on lower valuations, while being cautious during bullish phases [4][6]. Group 2: Market Conditions - The recent performance of small-cap stocks is attributed to their low valuations following earlier declines, combined with supportive government policies that have stimulated market growth [6]. - The small-cap index has shown significant recovery since September 24, driven by favorable market conditions and increased interest in mergers and acquisitions involving smaller companies [6]. Group 3: Historical Context - Jiang Feng's interest in small-cap stocks began during his academic studies, influenced by the Fama-French three-factor model, which posits that small-cap stocks generally offer higher average returns [1][2]. - Historical data indicates that the micro-cap index has experienced substantial growth over the past decade, reinforcing the effectiveness of a contrarian investment strategy [1][5].

Group 1 - China CITIC Financial Holdings and Prudential Group will each inject an additional RMB 1.25 billion into CITIC Prudential Life Insurance, increasing its registered capital from RMB 4.86 billion to RMB 7.36 billion [1] - The total capital contribution from CITIC Financial Holdings and Prudential Group will be RMB 3.68 billion each, maintaining their respective 50% ownership stakes in the company [1] - The previous capital increase was approved by the National Financial Regulatory Administration in February, raising the registered capital from RMB 2.36 billion to RMB 4.86 billion within less than a year [1] Group 2 - The third-quarter solvency report indicates that CITIC Prudential Life achieved a net profit of RMB 240 million, with solvency adequacy ratios of 211.47% and 112.50%, reflecting increases of 38.3 and 25.9 percentage points respectively [2] - Insurance business revenue reached RMB 23.782 billion, showing slight growth compared to the same period in 2023, while total assets grew by 8.6% to RMB 260 billion by the end of September 2024 [2] - The company is focusing on optimizing its business structure and enhancing channel development, with a shift towards long-term and high-value products, resulting in a 22% year-on-year increase in new business value [3] Group 3 - The company aims to align with the new national policies promoting specialized and characteristic development for small and medium-sized insurance companies, contributing to high-quality growth in the insurance sector [3] - The increase in the proportion of participating and health insurance products reflects the company's strategic shift in product layout [3]