China Taiping Insurance Holdings Company (966) H2 2024 earnings summary

Executive summary

• Achieved record financial performance in 2024, with profit attributable to shareholders up 36.2% to HK$8.43 billion and total assets exceeding HK$1.7 trillion, up 14.9% from 2023 year-end.

• Insurance revenue rose 3.5% to HK$111.3 billion, and insurance service results increased 18.8% to HK$22.02 billion, driven by strong life insurance and investment results.

• Embedded value per share before economic assumptions adjustment increased 12.9% to HK$63.78, and group embedded value rose 12.8% to HK$307.0 billion.

• All 9 KPIs for serving national strategies and the real economy met or exceeded annual targets, with 4 KPIs showing double-digit growth.

• Advanced digital, green, and cross-border initiatives, and maintained industry-leading persistency ratios.

Financial highlights

• Profit attributable to owners: HK$8.43 billion, up 36.2% year-over-year; basic EPS: HK$2.068, up 16.7%.

• Insurance revenue: HK$111.3 billion, up 3.5% year-over-year; insurance service results: HK$22.02 billion, up 18.8%.

• Net investment results rebounded to HK$5.83 billion from a loss last year; profit after tax up 24.5% to HK$12.80 billion.

• Total assets: HK$1,734.3 billion, up 14.9%; total equity: HK$122.41 billion, down 7.7%.

• Final dividend proposed: 35 HK cents per share (2023: 30 HK cents).

Outlook and guidance

• 2025 is the final year of the 14th Five-Year Plan; focus remains on high-quality development, risk control, and supporting national strategies.

• Life insurance to optimize liability structure, promote participating products, and enhance risk management.

• Property & casualty to prioritize profitability, optimize business structure, and expand green and tech insurance.

• Reinsurance to strengthen global market position, digital transformation, and innovation.

• Investment strategy emphasizes long-term, value, and responsible investment, with diversified asset allocation.