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友邦保险(01299) - 2024 - 年度财报
01299AIA(01299)2025-04-08 08:48

Financial Performance - The new business value for 2024 is projected at $5.407 billion, reflecting a decrease from $8.606 billion in 2022[18]. - The annualized new premiums for 2024 are reported at $5.219 billion, down from $8.606 billion in 2022[18]. - The post-tax operating profit for 2024 is estimated at $41.398 billion, showing an increase from $36.859 billion in 2023[20]. - Total weighted premium income for 2024 is expected to reach $71.626 billion, compared to $71.202 billion in 2023[22]. - The insurance benefits and claims for 2024 are projected to be $21 billion[13]. - AIA achieved a strong performance in 2024, with key financial indicators such as profitable new business, core earnings, and cash flow recording double-digit growth[63]. - The company returned $6.5 billion to shareholders, including a proposed final dividend increase of 10% to $0.13098 per share[67][69]. - Net profit for 2024 was $6.836 billion, an increase of 84% compared to 2023, with basic earnings per share rising by 92% to 61.79 cents[163][165]. - The company’s embedded value equity increased by 13% to $78.104 billion, with a year-end embedded value equity of $71.626 billion after accounting for dividends and share buybacks[67]. - The total embedded value profit for 2024 was $9.087 billion, up from $5.163 billion in 2023[130]. Shareholder Returns - The company aims to return 75% of annual generated free surplus to shareholders through dividends and share buybacks, following the optimized capital management policy announced in April 2024[33]. - The board proposed an additional final dividend of $1.00 per share and approved a further $1.6 billion share buyback, enhancing the total shareholder return to approximately 6%[107]. - The company has returned $18.2 billion to shareholders through dividends and share buybacks from 2022 to 2024[117]. - The board has proposed a 10% increase in the final dividend per share to 130.98 HK cents, reflecting a commitment to a sustainable dividend policy[199]. - The company plans to initiate a new round of $1.6 billion share repurchase, aiming to achieve a payout ratio of 75% of the net free surplus generated annually[199]. Business Growth and Expansion - AIA is expanding its presence in mainland China, with regulatory approval to establish branches in four new provinces, reaching approximately 340 million target customers across 14 regions[34]. - New business value in Hong Kong grew by 23% to $1.764 billion, driven by an increase in active agents and productivity[88]. - New business value in China increased by 20% to $1.217 billion, reflecting successful strategies to meet the financial protection needs of affluent customers[88]. - New business value in Thailand increased by 15% to a record high of USD 816 million, driven by productivity growth and an increase in active insurance sales agents[89]. - New business value in Singapore grew by 15% to USD 454 million, with strong performance across all distribution channels[90]. - New business value in Malaysia increased by 10% to USD 349 million, supported by strategic partnerships and strong growth in the corporate solutions business[90]. - New business value in other markets grew by 18% to USD 467 million, with all markets in this segment recording growth[91]. Digital and Technological Initiatives - AIA Group has been recognized as the "Digital Insurer of the Year" for four consecutive years by InsuranceAsia News[13]. - The digital submission rate for new business reached 99%, and 82% of all policies were completed through automated underwriting, resulting in a 43% reduction in unit costs from 2020 to 2024[93]. - AIA launched AIA International Wealth in Singapore in April 2024, aimed at providing wealth management services to high-net-worth individuals[34]. Corporate Social Responsibility and ESG - The company has committed to a $1 billion scholarship program to support 100 university students in Hong Kong, celebrating its first graduates in 2024[57]. - AIA's "AIA Vitality" program has seen over 95 million physical activities and 1.7 million mindfulness courses completed by members across 12 markets[54]. - The company has positively impacted 496 million people through various initiatives aimed at improving health and promoting financial inclusivity[70]. - The company continues to be recognized for its ESG efforts, ranking in the top decile of the insurance industry by Sustainalytics[71]. Financial Position and Capital Management - The company maintained a strong financial position with free surplus growing to $19.032 billion, and a year-end free surplus of $12.554 billion after accounting for capital returns[67]. - The capital management policy includes a total dividend of approximately $2.4 billion and a $2.3 billion share buyback for 2025[102]. - The company’s capital ratio remained strong at 236% as of December 31, 2024, down from 269% at the end of 2023 due to capital returns to shareholders[119]. - The leverage ratio increased to 13.1% from 12.1% in 2023, primarily due to increased borrowing and reduced equity from capital returned to shareholders[179]. Investment Performance - The total investment return for non-participating and surplus assets increased by 4% to $5.816 billion[156]. - The investment performance net amount after expenses decreased by 1% to $3.303 billion, but adjusted for certain items, it increased by 6%[155]. - The average credit rating of the fixed income investment portfolio remained stable at A, with 2% of the entire bond portfolio rated below investment grade or unrated, valued at approximately $3.4 billion[187].