PRU-保诚(02378) - 2024 - 中期业绩

Financial Performance - New business profit reached $1.468 billion, with an 8% (6%) increase excluding interest rate and other economic impacts[3] - Adjusted operating profit increased by 9% (6%) to$ 1.544 billion[3] - First interim dividend per share increased by 9% to 6.84 cents (2023: 6.26 cents)[3] - Share buyback program of $2 billion initiated, with$ 192 million used to repurchase 22 million shares as of August 22, 2024[3] - European Embedded Value (EEV) shareholder equity per share stood at 1,575 cents (December 31, 2023: 1,643 cents)[3] - Free surplus ratio was 232% (December 31, 2023: 242%), with a regulatory capital surplus of $15.2 billion, representing a coverage ratio of 282% (December 31, 2023: 295%)[3] - Prudential aims for a 15% to 20% compound annual growth rate in new business profit from 2022 to 2027[4] - Bank insurance new business profit grew by 28% in H1 2024, excluding interest rate and other economic impacts, with strong performance in Hong Kong, Malaysia, Singapore, Taiwan, and Thailand[5] - Prudential expects new business profit growth in 2024 to align with the annual growth rate required to achieve its 2022-2027 targets[6] - EEV shareholder equity totaled$ 43.3 billion as of June 30, 2024 (December 31, 2023: $45.3 billion)[7] - Prudential's 2024 first half new business profit calculated using economic indicators as of June 30, 2023, and average exchange rates for the first six months of 2024, excluding economic impacts and changes[8] - Prudential aims for a 15% to 20% compound annual growth rate in new business profit from 2022 to 2027[14] - Prudential targets double-digit compound annual growth in operating free surplus from in-force insurance and asset management businesses by 2027[14] - Full-year new business profit for 2023 increased by 45% (47% excluding interest rate and other economic impacts), reflecting strong performance[15] - Annual Premium Equivalent (APE) sales for the first half of 2024 increased by 6% to$ 3.111 billion, with new business profit (excluding economic impacts) rising by 8%[15] - New business profit for the first half of 2024 increased by 1% to $1.468 billion when including economic impacts[15] - Bancassurance new business profit increased by 20% to$ 465 million in the first half of 2024, driven by APE sales growth in Taiwan, Hong Kong, and Singapore[17] - Adjusted IFRS operating profit for the first half of 2024 was $1.544 billion, a 9% increase compared to 2023[18] - IFRS post-tax profit for the first half of 2024 was$ 182 million, reflecting growth in operating profit offset by short-term market volatility driven by regional interest rate changes[18] - The company's shareholder surplus as of June 30, 2024, is estimated at $15.2 billion, with a coverage ratio of 282%[19] - A$ 2 billion share buyback program was announced, with the first $700 million to be completed by December 27, 2024[19] - The free surplus ratio as of June 30, 2024, is 232%, above the target range of 175%-200%[19] - Adjusted operating profit rose 6% to$ 1.544 billion in H1 2024 compared to H1 2023[49] - The company maintains its 2027 target of achieving $4.4 billion in operating free surplus from in-force insurance and asset management business[46] - Adjusted operating profit increased by 9% to$ 1.544 billion, driven by a 6% increase in long-term insurance business profit and an 8% increase in asset management business profit[50] - Earnings per share based on adjusted operating profit (after tax and non-controlling interests) was 43.8 cents, compared to 44.1 cents in 2023[51] - Risk adjustment release increased by 20% to $128 million, reflecting the expiration of non-market risks during the period[52] - Experience variance improved significantly to$ (30) million from $(92) million in 2023, primarily due to better claims and expense management[53] - Net investment performance increased by 5% to$ 641 million, driven by long-term returns on equity and capital assets[53] - Contractual service margin (CSM) grew by $1.213 billion due to profitable new business, contributing to a total CSM increase of$ 2.031 billion[56] - CSM release to the income statement was $(1.097) billion, reflecting the gradual recognition of profits from insurance contracts[56] - The company's CSM growth rate was 4% excluding economic variances and currency impacts, demonstrating strong future profit potential[56] - Central costs (excluding restructuring and IFRS 17 implementation costs) decreased by 11% in the first half of 2024, reflecting ongoing control of headquarters costs and financial costs, with increased investment income from the group treasury balance[57] - Restructuring costs amounted to$ 98 million in the first half of 2024, reflecting costs to enhance back-office efficiency and improve operational models, partially offset by declining IFRS 17 implementation costs[57] - Non-operating items included a short-term investment return volatility loss of $1.081 billion in 2024, primarily due to interest rate declines in mainland China and rate increases in Singapore and Hong Kong[58] - The effective tax rate on adjusted operating profit was 18% in the first half of 2024, up from 15% in 2023, due to the recognition of a deferred tax asset related to past UK tax losses in 2023[59] - Group IFRS shareholders' equity decreased to$ 16.171 billion as of June 30, 2024, from $17.823 billion at the end of 2023, mainly due to dividend payments, share buybacks, and exchange rate fluctuations[60] - Adjusted IFRS shareholders' equity stood at$ 34.682 billion as of June 30, 2024, down from $37.346 billion at the end of 2023, reflecting declines in both IFRS shareholders' equity and contract service margins[61] - New business profit in Europe was$ 1.468 billion in the first half of 2024, a 1% decrease year-over-year, while profit from in-force business increased by 21% to $1.018 billion[62] - Europe embedded value shareholders' equity decreased to$ 43.286 billion as of June 30, 2024, from $45.250 billion at the end of 2023, with a return on embedded value of 11%[63] - Group's European Embedded Value operating profit increased by 9% to$ 2.296 billion, driven by an 8% increase in insurance business operating profit and a 9% increase in asset management business operating profit, partially offset by an 8% increase in other net expenses[64] - Insurance business operating profit rose to $2.486 billion, with effective business profit increasing by 22% to$ 1.018 billion, driven by expected returns and changes in operating assumptions and experience variances[64] - Non-operating losses amounted to $(1.196) billion, primarily due to declining future investment returns caused by rising interest rates in most markets and falling interest rates in China[64] - European Embedded Value shareholders' equity decreased to$ 43.3 billion as of June 30, 2024, compared to $45.3 billion at the end of 2023[64] - Prudential's Greater China operations contributed 51% of the group's total earned gross premiums and 63% of new business profit in the first half of 2024[66] - The company achieved a new business profit margin of 47% in the first half of 2024, with total new business profit of$ 1.468 billion[65] - Prudential plans to invest approximately $1 billion in core capabilities, focusing on customer, distribution, health, and technology areas[67] - The company aims to maintain a free surplus ratio between 175% and 200%, with capital returned to shareholders if the ratio exceeds the operational range[68] - Group free surplus decreased by 4% to$ 1.351 billion for effective insurance and asset management businesses, reflecting initial investments and transformation phases[70] - New business investment costs decreased by 9% to $368 million, with insurance and asset management operating free surplus (excluding restructuring costs) at$ 983 million, down 2% from 2023[71] - Group operating free surplus net decreased by 6% to $651 million after accounting for central costs and IFRS 17 implementation costs[71] - Free surplus at the end of June 2024 was$ 11.589 billion, down from $12.455 billion at the beginning of the year, with a free surplus ratio of 232% (down 19 percentage points from 2023)[71] - The company expects dividend growth to align with operating free surplus growth, with a projected annual dividend increase of 7% to 9% for 2024[72] - The first interim dividend for 2024 was approved at 6.84 cents per share, up from 6.26 cents per share in 2023[72] - The company continues to explore dividend reinvestment plans and share buybacks to manage dilution effects[72] - The group's capital adequacy is determined under the Hong Kong Insurance Authority's regulatory framework, with significant participating business in Hong Kong, Singapore, and Malaysia[73] - Group capital resources totaled$ 38.9 billion, with shareholders' capital at $23.5 billion and policyholders' capital at$ 15.4 billion as of June 30, 2024[74] - Shareholders' regulatory capital surplus above prescribed requirements was $15.2 billion, with a coverage ratio of 282% as of June 30, 2024[74] - Group regulatory capital surplus above prescribed requirements was$ 18.7 billion, with a coverage ratio of 192% as of June 30, 2024[74] - Moody's total leverage ratio under the revised interpretation was 14% as of June 30, 2024, compared to 20% under the previous benchmark[75] - Shareholder-funded business had total borrowings of $3.9 billion as of June 30, 2024, with central cash resources of$ 4.0 billion[76] - The company plans to complete a $2 billion share buyback by mid-2026, utilizing central cash resources[76] - Prudential plc issued$ 660 million in commercial paper as of June 30, 2024, down from $699 million as of December 31, 2023[78] - Unutilized committed financing totaled$ 1.6 billion as of June 30, 2024, with no outstanding amounts drawn[78] - Central cash outflows were $415 million in the first half of 2024, compared to$ 355 million in the same period of 2023[79] - Central cash resources increased to $3.97 billion as of June 30, 2024, up 20% from$ 3.31 billion as of June 30, 2023[79] - Corporate cash outflows for expenses increased to $233 million in 2024 from$ 155 million in 2023, reflecting timing differences in cash receipts from operating subsidiaries[80] - The company utilized $60 million in cash for share repurchases in the first half of 2024, with a total of$ 700 million planned for the year under a $2 billion share buyback program[80] - China mainland (CITIC-Prudential Life) annual premium equivalent sales decreased by 15% to$ 324 million in H1 2024, while health and protection sales grew by 30% year-over-year[83][84] - CITIC-Prudential Life's new business profit declined by 30% to $115 million in H1 2024, with new business margin decreasing by 8 percentage points to 35%[83] - Adjusted operating profit for CITIC-Prudential Life increased by 25% to$ 197 million in H1 2024, driven by asset base expansion and reduced losses from "onerous" contracts[84] - Hong Kong annual premium equivalent sales decreased by 7% to $955 million in H1 2024, while new business profit margin improved by 3 percentage points to 68%[85] - Hong Kong's new business profit declined by 3% to$ 651 million in H1 2024, with adjusted operating profit decreasing by 9% to $504 million[85] - The company's IFRS post-tax loss for CITIC-Prudential Life widened to$ 573 million in H1 2024 from $342 million in the same period last year, primarily due to interest rate impacts[84] - Hong Kong's IFRS post-tax profit decreased by 39% to$ 326 million in H1 2024, reflecting challenging market conditions[85] - The company remains focused on managing its financial position to maintain sufficient resources for business continuity and liquidity needs[80] - Hong Kong business annual premium equivalent sales for the first half of 2024 were $955 million, slightly lower than the$ 1.029 billion in the same period last year, with over 80% of sales generated through agency and bancassurance channels[86] - Local business in Hong Kong grew by 13% year-on-year in the first half of 2024, partially offsetting the decline in sales from mainland Chinese visitors[86] - Agency sales in Hong Kong decreased by 20% year-on-year, primarily due to the mainland Chinese visitor segment, while the average monthly active agents increased by 19%[86] - Bancassurance channel annual premium equivalent sales in Hong Kong grew by 34% in the first half of 2024, with health and protection sales more than doubling year-on-year[86] - New business profit in Hong Kong for the first half of 2024 increased by 9% to $651 million, driven by an 11 percentage point increase in profit margin to 76%[87] - Indonesia's annual premium equivalent sales decreased by 25% to$ 107 million in the first half of 2024, with agency sales declining by 43%[88] - Indonesia's bancassurance annual premium equivalent sales grew by 33% in the first half of 2024, with new business profit margin increasing by 10 percentage points[89] - Malaysia's annual premium equivalent sales increased by 3% to $191 million in the first half of 2024, with a 10% growth at constant exchange rates[91] - Malaysia's new business profit decreased by 5% to$ 69 million in the first half of 2024, with a 3 percentage point decline in new business profit margin[91] - Malaysia's annual premium equivalent (APE) sales increased by 10% in the first half of 2024, driven by growth in the bancassurance channel[92] - Malaysia's bancassurance channel recorded a 14% growth in APE and a 23% increase in new business profit in the first half of 2024[92] - Singapore's APE sales grew by 17% to $450 million in the first half of 2024, with new business profit increasing by 14% to$ 226 million[94] - Singapore's adjusted operating profit increased by 28% to $343 million in the first half of 2024[94] - Growth markets and other regions saw a 30% increase in APE sales to$ 1.084 billion in the first half of 2024, with new business profit rising by 21% to $360 million[96] - Growth markets and other regions' adjusted operating profit was$ 362 million in the first half of 2024, reflecting strong new business growth in Taiwan[97] - Malaysia's Islamic insurance and takaful business maintained market leadership in the first half of 2024[92] - Singapore's agency channel APE sales grew by 18% in the first half of 2024, driven by increased agent recruitment and productivity[95] - Malaysia's medical market faced challenges due to double-digit medical inflation, prompting the company to implement more frequent repricing and develop innovative health solutions[92] - Singapore's bancassurance APE sales grew by 15% in the first half of 2024, supported by investment-linked products and longer-term payment plans[95] - Thailand's annual premium equivalent (APE) sales increased by 23%, driven by the launch of new products, including a global index-linked product that offers capital protection and equity investment[98] - Vietnam's APE sales declined by 33% due to market disruptions and regulatory changes, with agency channel sales down 22% and bancassurance sales down 59%[99] - Philippines' market share stood at 14%, leading the market, despite a 21% decline in APE sales, with a focus on improving new business quality and an 8-percentage-point increase in profit margin[100] - India's APE sales grew by 17% in the first half of 2024, driven by diversified growth across channels and product categories, despite a high base effect from 2023[101] - Taiwan's APE sales surged by 75% in the first half of 2024, driven by strong demand for participating products and expansion of bancassurance partnerships[103] - Africa's APE sales grew by 16% year-on-year in the first half of 2024, with double-digit growth in both agency and bancassurance channels[104] - Eastspring's total funds under management reached $247.4 billion, a 9% increase year-on-year, with adjusted operating profit up 6% to$ 155 million[106] - 42% of Eastspring's managed funds outperformed their benchmarks over one year, and 45% outperformed over three years, with strong performance in fixed income and equity strategies[107] - Eastspring won 41 industry awards in the first half of 2024, including 19 Lipper Fund Awards and 8 Asia Asset Management Best of the Best Awards[107] - External managed funds increased to $103.6 billion, up 17% year-over-year[113] - Internal managed funds grew to$ 109.8 billion, a 2% increase year-over-year[113] - Total managed or advised funds reached $247.4 billion, up 9% year-over-year[113] - External net inflows totaled$ 2.887 billion, a 55% increase year-over-year[113] - Adjusted operating profit rose to $155 million, up 6% year-over-year[113] - IPAMC's direct customer base grew by 500,000 to 3.6 million in H1 2024[111] - IPAMC launched four new alternative