Prudential PLC (PUK) 2024 Q2 法說會逐字稿

Good morning, and welcome to the Prudential half year results 2024 live Q&A session. My name is Adam, and I will be your operator today. (Operator Instructions)

早安，歡迎來到保誠集團 2024 年半年度業績現場問答環節。我叫 Adam，今天我將成為您的接線生。（操作員說明）

I will now hand the floor to Patrick Bowes, Chief of Investor Relations to begin. So Patrick, please go ahead when you're ready.

我現在請投資者關係主管 Patrick Bowes 開始發言。所以派崔克，請在你準備好後繼續。

Thank you, Adam, and good morning, good afternoon, everyone. Thank you for joining us. I'm delighted. I'm joined by our CFO and CEO. And I'll pass over to Anil to give us some opening remarks.

謝謝亞當，大家早安，下午好。感謝您加入我們。我很高興。我們的財務長和執行長也加入了我的行列。我將請阿尼爾為我們做一些開場白。

Thank you, Patrick. Good morning, and good evening, everyone. A very warm welcome to our results call. I'm Anil Wadhwani, CEO of Prudential plc, and I'm delighted to provide you with an update on our first half 2024 results.

謝謝你，派崔克。大家早安，晚上好。非常熱烈地歡迎我們的結果電話會議。我是保誠集團執行長阿尼爾·瓦德瓦尼 (Anil Wadhwani)，我很高興為您提供 2024 年上半年業績的最新資訊。

Building on last year's exceptional growth of 47%, our new business profit for the first half grew by 8% to $1.5 billion, excluding economic effects. This growth was both high quality as well as well diversified. We improved our new business profit margin through product and repricing actions and reported an encouraging 9% growth in operating profits, supported by our large and growing in-force portfolio.

在去年 47% 的驚人成長的基礎上，我們上半年的新業務利潤成長了 8%，達到 15 億美元（不包括經濟影響）。這種增長既高品質又多元化。我們透過產品和重新定價行動提高了新業務的利潤率，在我們龐大且不斷增長的有效投資組合的支持下，營業利潤增長了 9%，令人鼓舞。

Our gross operating free surplus generation was very much in line with what we had expected. We continue to focus on cash returns to shareholders following the $2 billion buyback program, which we launched in June. We are pleased to announce our first interim dividend for 2024 and of $188 million, up 9%, which aligns with our dividend policy and previous guidance.

我們的營運自由剩餘發電總量與我們的預期非常一致。繼 6 月推出 20 億美元回購計畫後，我們持續關注股東的現金回報。我們很高興宣布 2024 年首次中期股息，金額為 1.88 億美元，成長 9%，這符合我們的股息政策和先前的指導。

We are one year into our five-year strategy, and we are seeing encouraging early results from our capability investments as well as disciplined management of financial and operational performance. Let me start by sharing a few illustrations of where we are seeing operational improvements.

我們的五年策略已經實施一年了，我們看到我們的能力投資以及對財務和營運績效的嚴格管理取得了令人鼓舞的早期成果。首先讓我分享一些我們看到的營運改善的例子。

Starting with customer. We successfully launched our enhanced customer digital platform PruServices, building in self-service capabilities and other enhancements. We have seen improved customer registrations and satisfaction and now plan to deploy this in nine markets over the next 12 months.

從客戶開始。我們成功推出了增強型客戶數位平台 PruServices，建構了自助服務功能和其他增強功能。我們已經看到客戶註冊量和滿意度有所提高，現在計劃在未來 12 個月內將其部署到九個市場。

We have focused on driving quality agency through strategic recruitment training and lead generation, empowered by our agency digital platform PruForce, which has now a 90% adoption rate amongst our active agents. Going forward, one of our primary focus will be to encourage and drive greater module usage with our agents. Our bancassurance business continues to provide us the balance in our channel mix. We are encouraged by the momentum in the first half and are focused on driving further increases in our share of health and protection mix.

在我們的代理商數位平台 PruForce 的支援下，我們專注於透過策略招募培訓和潛在客戶開發來推動優質代理商的發展，目前該平台在我們的活躍代理商中的採用率為 90%。展望未來，我們的主要重點之一將是鼓勵和推動我們的代理商更廣泛地使用模組。我們的銀行保險業務繼續為我們的通路組合提供平衡。我們對上半年的勢頭感到鼓舞，並致力於進一步增加我們的健康和保護組合份額。

In health, we have implemented a new operating model to improve the quality of our front and back book. We have launched new propositions while undertaking disciplined regularly pricing and claims management. And while we are seeing progress across our pillars and enablers, at the same time, I believe we are more effectively identifying issues and taking hard decisions where they are required to ensure we are generating high-quality, sustainable growth that will convert into operating free surplus over a period of time.

在健康方面，我們實施了新的營運模式，以提高我們的正面和背面的品質。我們推出了新的主張，同時進行嚴格的定期定價和索賠管理。雖然我們在支柱和推動因素方面取得了進展，但與此同時，我相信我們正在更有效地識別問題並在需要時做出艱難的決定，以確保我們實現高品質、可持續的成長，並將其轉化為自由營運一段時間內的盈餘。

In Malaysia, we were surprised and deeply disappointed with the Federal Court decision to overturn to previous judgments in our favor at the High Court and Code of appeal. We have now received the seal order and are evaluating our options. You will appreciate we cannot say more at this stage.

在馬來西亞，我們對聯邦法院決定推翻高等法院先前對我們有利的判決和上訴法感到驚訝和深感失望。我們現已收到密封訂單並正在評估我們的選擇。您會明白我們現階段不能說更多。

For the full year 2024, we continue to expect new business profit growth at a rate consistent with the trajectory needed to meet our 2027 new business profit objective. Our confidence is supported by several key factors. Firstly, we delivered 8% growth in new business profit in the first half of 2024 on the top of 47% achieved in 2023 while increasing our margins.

對於 2024 年全年，我們繼續預期新業務利潤成長速度與實現 2027 年新業務利潤目標所需的軌跡一致。我們的信心得到幾個關鍵因素的支持。首先，我們在 2023 年實現 47% 的基礎上，在 2024 年上半年實現了 8% 的新業務利潤增長，同時提高了利潤率。

Second, we have seen pickup in sales momentum in June and coming into the start of the second half as the base effects of the first half of 2023 competitors start to ease. And third, the momentum is broad-based and diversified across markets as well as across our two channels of agency and bancassurance. Looking further ahead, we remain confident in achieving our 2027 strategic and financial objectives given the encouraging early results from our capability build and the actions we are taking to drive high-quality sustainable growth and cash generation.

其次，隨著 2023 年上半年競爭對手的基數效應開始緩解，我們看到 6 月的銷售動能回升，並進入下半年。第三，整個市場以及我們的代理商和銀行保險兩個管道的勢頭基礎廣泛且多元化。展望未來，鑑於我們的能力建設取得了令人鼓舞的早期成果，以及我們為推動高品質永續成長和現金生成所採取的行動，我們對實現 2027 年策略和財務目標仍然充滿信心。

Joining me on the call is Ben Bulmer, our CFO; Lilian Ng who is responsible for Greater China; Dennis Tan who looks after Singapore, Vietnam, and Thailand; Solmaz Altin who looks after our other ASEAN markets alongside India and Africa; and Bill Maldonado who is our CEO for Eastspring.

與我一起參加電話會議的是我們的財務長 Ben Bulmer； Lilian Ng，負責大中華區； Dennis Tan 負責新加坡、越南和泰國； Solmaz Altin 負責我們的其他東協市場以及印度和非洲市場；比爾·馬爾多納多（Bill Maldonado）是瀚亞集團的執行長。

I would also like to take this opportunity to thank Lillian Ng, given her decision to retire. Lillian has been a veteran of the insurance industry and within Prudential with significant personal contribution for building our Asia franchise to what it is today. Lilian has played a pivotal role in building our multi-distribution platform and champion transformative growth strategies into our businesses.

鑑於 Lillian Ng 決定退休，我還要藉此機會向她表示感謝。Lillian 是保險業和保誠內部的資深人士，為將我們的亞洲特許經營業務發展到今天的水平做出了重大個人貢獻。Lilian 在建立我們的多分銷平台和倡導業務轉型成長策略方面發揮了關鍵作用。

In October, we will welcome Angel Ng to Prudential to lead Greater China, Wealth and Customer. Angel's operational experience in managing businesses and relationships in Greater China, plus her knowledge of distribution and wealth will be strong additions to our leadership team. Additionally, I also look forward to onboarding our new Chief Agency Officer next month. Pankaj Banerjee is returning to Prudential and will be reporting to Solmaz to drive our agency strategy forward.

10月，我們將歡迎Angel Ng加入保誠集團，領導大中華區、財富和客戶業務。Angel 在管理大中華區業務和關係方面的營運經驗，加上她對分銷和財富的了解，將為我們的領導團隊帶來強有力的補充。此外，我還期待下個月就任我們的新首席代理官。Pankaj Banerjee 將返回保誠集團，並將向 Solmaz 匯報，以推動我們的代理商策略向前發展。

On that note, I'll now hand it over to our CFO, Ben Bulmer, for his comments. Ben?

關於這一點，我現在將其交給我們的財務長 Ben Bulmer，徵求他的意見。本？

Thanks, Anil, and hello, everyone. Look, there are, of course, the usual slides, transcripts, and videos covering details of the results on our website. So I'm just going to limit my comments to the following three points.

謝謝阿尼爾，大家好。看，當然，我們網站上有常見的幻燈片、文字記錄和視頻，涵蓋了結果的詳細資訊。因此，我的評論僅限於以下三點。

Firstly, as I've said before, continuing to grow profitable, high-quality, new business is key to our 2022 to 2027 NBP objective and our 2027 gross operating free surplus objective. The other building blocks of our gross OFSG objective include our asset management profits and the elimination of adverse operating variances.

首先，正如我之前所說，持續成長獲利、高品質的新業務是我們 2022 年至 2027 年 NBP 目標和 2027 年總營運自由盈餘目標的關鍵。我們的 OFSG 總目標的其他組成部分包括我們的資產管理利潤和消除不利的營運差異。

We have made material progress over the first half. In particular, I'd like to flag the contribution of new business added in the first half of 2024 to the level of expected OFSG in 2027, and that's up 12% ahead of the 6% growth in new sales. Now those jaws will accelerate as we move through the remainder of the year as the full effect of the pricing actions taken only at the beginning of the second quarter start to emerge.

上半年我們取得了實質進展。我特別想指出的是，2024 年上半年新增業務對 2027 年 OFSG 預期水準的貢獻，比新銷售額成長 6% 成長了 12%。現在，隨著今年剩餘時間的推移，這些問題將會加速，因為僅在第二季初採取的定價行動的全部效果才開始顯現。

I expect our actions to increase the rate of OFSG in relation to APE added in 2024 to be far more comparable to 2022 levels. These new business pricing actions, coupled with our ongoing efforts to return to positive net variances, growth in asset management, and our ambitions for agency and health, of course, give us continued confidence in reaching our 2027 objectives.

我預計我們將採取行動，提高 2024 年 OFSG 相對於 APE 增加的比率，使其與 2022 年的水平更具可比性。當然，這些新的業務定價行動，加上我們為恢復正淨差異所做的持續努力、資產管理的成長以及我們對代理商和健康的雄心，讓我們對實現 2027 年目標充滿信心。

Secondly, our balance sheet remains in very good shape with a robust capital position and sufficient flexibility. We've continued to deploy capital in line with the high return allocation priorities we've set out, investing in high-quality new business, enhancing our capabilities. And as Anil mentioned, at the end of June, announcing a $2 billion share buyback.

其次，我們的資產負債表狀況良好，資本狀況穩健，彈性充足。我們繼續按照我們設定的高回報配置優先順序配置資本，投資優質新業務，並增強我們的能力。正如阿尼爾所提到的，6 月底，宣布了 20 億美元的股票回購。

To date, we've invested $230 million in our $1 billion program to enhance our capabilities. Over time, these investments will drive improved consistency of execution, increase productivity, improve customer experience, and increased operational efficiency, all of which aim to accelerate sustainable value creation.

迄今為止，我們已在 10 億美元計劃中投資了 2.3 億美元，以增強我們的能力。隨著時間的推移，這些投資將提高執行的一致性、提高生產力、改善客戶體驗並提高營運效率，所有這些都旨在加速永續價值創造。

Finally, as I mentioned in March, having completed the IFRS 17 project, we've been actively considering converting to traditional embedded value or TEV. We will do so from our first-quarter 2025 business update. And I believe that the move to TEV will enhance the transparency of underlying growth trends and allow greater comparability with our Asia peers. This is, of course, an accounting change. It doesn't affect the economics or actual cash flows earned by the business and is substantially about discounting.

最後，正如我在 3 月提到的，在完成 IFRS 17 專案後，我們一直在積極考慮轉換為傳統的內含價值或 TEV。我們將從 2025 年第一季業務更新中開始這樣做。我相信，轉向 TEV 將提高潛在成長趨勢的透明度，並提高與亞洲同行的可比性。當然，這是會計變更。它不會影響企業賺取的經濟或實際現金流，並且實質上與折現有關。

Consequently, of course, it goes to follow. There's no change in business strategy. Definitions of free surplus, capital management or our dividend policy. There is also no change to our NBP growth objective, which remains a compound growth of 15% to 20% between 2022 and 2027. On a TEV basis, the implied 2027 NBP objective range is $3.4 billion to $4.2 billion. Finally, our 2027 capital generation objective of gross OFSG of above $4.4 billion is unchanged.

結果，當然，它會隨之而來。經營策略沒有改變。自由盈餘、資本管理或我們的股利政策的定義。我們的 NBP 成長目標也沒有改變，仍是 2022 年至 2027 年複合成長 15% 至 20%。以 TEV 為基礎，隱含的 2027 年 NBP 目標範圍為 34 億美元至 42 億美元。最後，我們的 2027 年 OFSG 資本產生總額超過 44 億美元的目標保持不變。

Back to you, Patrick, to run the proceeding.

派崔克，回到你來主持訴訟。

Thank you, Ben. Thank you, Anil. Okay, Adam, over to you to run the Q&A session.

謝謝你，本。謝謝你，阿尼爾。好的，Adam，問答環節交給你了。

(Operator Instructions) Kailesh Mistry, HSBC.

（操作員指示）Kailesh Mistry，匯豐銀行。

Hi, good morning. Good afternoon, everyone. Thank you for taking my questions. A couple of questions and then a couple of clarifications. I guess first thing is on Mainland China. I think there's a comment in the release that said that you saw growth second-quarter '24 over second-quarter '23. Could you just provide a little bit color on the level of growth of new business as well as which distribution channels and products?

嗨，早安。大家下午好。感謝您回答我的問題。幾個問題，然後進行一些澄清。我想首先是在中國大陸。我認為新聞稿中有一條評論說，您看到 24 年第二季度比 23 年第二季度有所增長。您能否簡單介紹一下新業務的成長水準以及哪些分銷管道和產品？

Secondly, just on Hong Kong, on the MCV business. Just a little bit more color on the movement in the MCV new business. I appreciate it was down 15%, but I think some of this was average cape sizes being down at least I think of around 15%. So is that the main driver? And also, how does the product mix compare with the second half of last year? And are there any signs going into the second half of '24 of the trends continuing, if that makes sense.

其次，就香港而言，關於MCV業務。MCV 新業務的動向稍微多了一點色彩。我很欣賞它下降了 15%，但我認為其中一些是因為平均海角尺寸至少下降了 15% 左右。那麼這是主要驅動力嗎？另外，產品結構與去年下半年相比如何？進入 24 世紀下半年，是否有任何跡象表明這種趨勢將持續下去（如果有道理的話）。

And then just two clarifications. On the new business outlook for 2024, is that ambition excluding economics or after economic effects? And on slide 23, on Ben's comments, should we assume new business OFSG as a proportion of APE at 4.3% going forward? Or do you expect to increase it from 4.3% going forward? Thank you.

然後只是兩個澄清。關於2024年的新商業前景，這項雄心壯志是排除經濟因素還是排除經濟影響之後的？在投影片 23 上，根據 Ben 的評論，我們是否應該假設新業務 OFSG 在 APE 中所佔的比例為 4.3%？或者您預計未來會從 4.3% 增加嗎？謝謝。

Thanks, Kailesh, and good to hear from you. So let me kick it off with Mainland China. I will then go to MCV, and then I'll have Ben offer his comments on both the ambition on the ex-economic basis, as well as your last question around the 4.3% ratio.

謝謝凱萊什，很高興收到你的來信。讓我先從中國大陸開始。然後我將前往 MCV，然後我將請 Ben 就前經濟基礎上的雄心壯誌以及您關於 4.3% 比率的最後一個問題發表評論。

So let me start with CPL first. So the way we saw the CPL business last year basically inform the decisions to drive a different product mix. And as I mentioned on several of the previous calls that we made certain pre-emptive actions, or we took some pre-emptive actions in to drive a different product mix. And as we closed out last year, got into the first half of this year, Kailesh, we did see the product mix shift. We saw greater longer-term savings, greater power, as well as greater health and protection.

那麼讓我先從 CPL 開始。因此，我們去年對 CPL 業務的看法基本上為推動不同產品組合的決策提供了基礎。正如我在之前的幾次電話會議中提到的，我們採取了某些先發製人的行動，或者我們採取了一些先發製人的行動來推動不同的產品組合。當我們去年結束時，進入今年上半年，凱萊什，我們確實看到了產品結構的轉變。我們看到了更多的長期儲蓄、更大的電力以及更好的健康和保護。

Now on account of the base impact of the first half of '23 versus '24, we had anticipated that the growth coming into this year in China Mainland will be tough. But as we've turned into the second half of the year, we are seeing growth return back to our China Mainland business.

現在考慮到23年和24年上半年的基數影響，我們預計今年中國大陸的成長將會很艱難。但隨著進入下半年，我們看到中國大陸業務恢復成長。

And I do want to emphasize that the steps that we have taken on account of driving a different product mix is now yielding a significant margin improvement both in agency as well as in our bancassurance business. So we remain cautiously optimistic, both on the emphasis that we are driving on quality, but also ensuring that we are driving productivity improvements, both with our banker channel partners as well as with our agency.

我確實想強調，我們為推動不同產品組合而採取的步驟現在正在使代理商和銀行保險業務的利潤率顯著提高。因此，我們保持謹慎樂觀，既強調我們推動質量，又確保我們與銀行家通路合作夥伴以及我們的代理商一起推動生產力的提高。

To your second question on MCV. So you're right. And again, I would like you to go back to when the border is open between Hong Kong and Chinese Mainland.

關於 MCV 的第二個問題。所以你是對的。我再次希望你們回到香港和中國大陸之間邊境開放的時候。

And we did see a surge of pent-up demand and specifically coming through in the months of March, April, and May where we saw the ticket size improve quite significantly. It started to normalize at around about the 18,000 levels in the -- USD18,000 levels, I must clarify, in the second half of last year. And as we transition, Kailesh, to this year, that ticket size has very much held up.

我們確實看到了被壓抑的需求激增，特別是在三月、四月和五月，我們看到門票規模顯著改善。我必須澄清，去年下半年，它開始在 18,000 美元左右的水平正常化。Kailesh，隨著我們過渡到今年，門票規模已經非常穩定。

The way we are seeing the momentum in MCV is the traffic is now stabilizing at about $2.6 million to $2.7 million. And if you look at the number of products or a number of cases that are sold to customers, they are roughly about 10 for every 1,000. So I think the opportunity for us is to be able to drive greater penetration while we see the ticket sizes in MCV stabilizing.

我們看到 MCV 的發展勢頭是流量目前穩定在 260 萬至 270 萬美元左右。如果你看一下銷售給客戶的產品數量或箱數，大約每 1000 件就有 10 件。因此，我認為，當我們看到 MCV 的門票規模穩定時，我們的機會是能夠推動更大的滲透率。

I also would want to emphasize that when we speak to our MCV customers, the demand for the Hong Kong health infrastructure as well as the products that we offer in Hong Kong continues to remain undiminished. And that gives us the confidence to be able to drive growth in the MCV segment as we go through 2024.

我還想強調，當我們與 MCV 客戶交談時，對香港醫療基礎設施以及我們在香港提供的產品的需求仍然沒有減少。這讓我們有信心在 2024 年推動 MCV 領域的成長。

In terms of the next two questions, I will turn to Ben both on the ex-economics and the 4.3%.

至於接下來的兩個問題，我將向 Ben 詢問前經濟學和 4.3% 的問題。

Yes. Hi, Kailesh. So briefly in terms of outlook, yes, absolutely, it's on an ex-economics basis. On your question that refers to slide 23, look pleased with the pricing and product actions we've taken in the first half of the year. So as I mentioned in my opening, that was around about the beginning of 2Q. So the 12% growth rate I referenced in '22 will accelerate as we move through the year.

是的。嗨，凱萊什。簡而言之，就前景而言，是的，絕對是，這是基於前經濟學的基礎上的。關於您提到投影片 23 的問題，您對我們在今年上半年採取的定價和產品行動感到滿意。正如我在開場白中提到的，那是在第二季初左右。因此，我在 22 年提到的 12% 的成長率將隨著這一年的推移而加速。

Look, we -- I am determined to drive capital generation velocity across the business, be that through mix, through pricing, through scale benefits. So we will continue to look at opportunities to increase the number. I think for '24, we're going to get to a broadly comparable level of 2022, but by no means rest on those laurels.

看，我決心透過組合、定價和規模效益來推動整個企業的資本產生速度。因此，我們將繼續尋找增加數量的機會。我認為，到 24 年，我們將達到 2022 年大致可比的水平，但絕不滿足於這些榮譽。

Thank you.

謝謝。

Adam, next question.

亞當，下一個問題。

Larissa Van Deventer, Barclays.

拉里薩·範·德文特，巴克萊銀行。

Thank you, very much and good morning. Three quick ones, if I may. The first one, can you provide some split on health and protection versus savings. You made comments in your presentation, but can you give us more color on the split, both in new business sales and new business profit and how you expect that to evolve?

非常感謝，早安。如果可以的話，三個快點。第一個，您能否在健康和保障與儲蓄方面提供一些分歧。您在演講中發表了評論，但是您能否給我們更多關於新業務銷售和新業務利潤方面的劃分的信息，以及您預計這種情況將如何發展？

The second one, could you please give us an update on the spend on the USD1 billion? How far you are? And how we should think about that being deployed and for the rest of this year?

第二個問題，能否介紹一下這10億美元的支出狀況？你有多遠？我們該如何考慮今年剩餘時間的部署？

And third question, you recently published a China regulator return. Can you help us understand how you think about capital requirements in China and how capital that business may be in the coming year, please? Thank you.

第三個問題，您最近發布了一份中國監管機構的報告。您能否幫助我們了解您對中國資本要求的看法以及該業務明年的資本狀況如何？謝謝。

Thank you for your questions. Let me start, firstly, to address the $1 billion question. And then I will flip to Ben to talk about the health and protection mix specifically and the improvements that we are seeing there, and we will also address then the China question.

謝謝您的提問。首先讓我來解決 10 億美元的問題。然後我將轉向本，具體談論健康和保護組合以及我們在那裡看到的改進，然後我們還將解決中國問題。

In terms of the $1 billion spend, as of date, we have spent $230 million. So we had indicated last year that our spend was in the region of $130 million. So we've added about $100 million to that. As we go through the second half of the year, our expectation is that we would invest another about $150 million to $200 million.

就10億美元的支出而言，截至目前，我們已經花費了2.3億美元。因此，我們去年曾表示，我們的支出約為 1.3 億美元。因此我們為此增加了約 1 億美元。下半年，我們預計將再投資約 1.5 億至 2 億美元。

And as we transition to 2025, the expectation is that the investment will range roughly in the region of about $250 million to $300 million. I think what is equally important is that we are focused on accelerating the execution of the growth drivers. And what I mean by that is investing in the quality of our agency through strategic recruitment program by generating greater activity for our agents, as well as reskilling our agents to drive greater share of health and protection.

當我們過渡到 2025 年時，預計投資將大致在 2.5 億至 3 億美元左右。我認為同樣重要的是我們要著力加快動能落地。我的意思是，透過策略招募計畫投資於我們機構的質量，為我們的代理人創造更多的活動，並對我們的代理人進行重新培訓，以推動更大的健康和保護份額。

We already are seeing some great momentum on bancassurance and something that we intend to build. We continue to believe that it provides us the balance between bancassurance and agency something that we like. We've already stood up the health vertical, taking a number of initiatives around new propositions, repricing, use of technology to cut fraud waste and abuse. And again, some good progress done there.

我們已經看到了銀行保險的一些巨大勢頭以及我們打算建立的東西。我們仍然相信它為我們提供了銀行保險和代理商之間的平衡，這是我們喜歡的。我們已經在健康垂直領域站穩了腳跟，圍繞著新主張、重新定價、使用技術來減少欺詐浪費和濫用採取了一系列舉措。再次，那裡取得了一些良好的進展。

And on customers, again, delighted with the progress that we made in launching our enhanced customer digital platform. So the early progress seems solid. And again, our focus is to continue to accelerate and replicate some of the best practices that we are getting across the markets of Asia and Africa.

對於客戶，我們再次對我們在推出增強型客戶數位平台方面取得的進展感到高興。所以早期的進展似乎是堅實的。同樣，我們的重點是繼續加速和複製我們在亞洲和非洲市場上獲得的一些最佳實踐。

I'm going to now turn to Ben for the health and protection mix as well as the capital question.

我現在要向本詢問健康和保護組合以及資本問題。

So health and protection NBP was $545 million. So that grew 7% year-on-year. And just to give you a sense in terms of APE mix stood at around 22%, in line with prior year. Demand for H&P remains strong. We actually had 14 of our markets record H&P, EPE and NBP growth.

因此，健康和保護 NBP 為 5.45 億美元。較去年同期成長 7%。只是為了讓您了解 APE 組合的比例約為 22%，與去年持平。對 H&P 的需求依然強勁。事實上，我們有 14 個市場的 H&P、EPE 和 NBP 實現了創紀錄的成長。

So I hope that gives you a sense of the mix. I think what I'd add to that is, historically, I'm cognizant that mix has been a lot higher. I think there's opportunity for us as a group to increase this as we accelerate towards our 2027 objectives.

所以我希望這能讓你對混合有所了解。我想我要補充的是，從歷史上看，我認識到混合程度要高得多。我認為，隨著我們加速實現 2027 年目標，我們作為一個團隊有機會增加這一點。

And as you know, health is one of our important pillars. So as we do that, that should give a tailwind not only to margins but also to capital generation. In terms of your question on China, and I think this was around the reductions in CPL solvency. So we saw rate reductions in China in the first half of the year. The China business consequently has a lower FER and a lower RDR.

如您所知，健康是我們的重要支柱之一。因此，當我們這樣做時，這不僅會促進利潤率，還會促進資本產生。至於你關於中國的問題，我認為這是關於 CPL 償付能力下降的問題。因此，我們在今年上半年看到了中國的利率下調。因此，中國業務的 FER 和 RDR 較低。

And ultimately, the effect of that has been to reduce the net assets of the business. But subsequently, also the amount of future profits that can be counted as surplus into its solvency calculation. As you'd expect, the business is looking at actions to improve that solvency ratio on top of all of the activity around repricing and product mix shifts that it's been taking is also looking at bonus management and asset-related actions, all of which will take some time to effect.

最終，其影響是減少了企業的淨資產。但隨後，未來利潤的金額也可以計入其償付能力計算中的盈餘。正如您所期望的那樣，除了圍繞重新定價和產品組合轉變的所有活動之外，該公司還在考慮採取行動來提高償付能力比率，同時也在考慮獎金管理和資產相關行動，所有這些都將需要一些時間才能生效。

So consequently, it's likely later this year, we'll make another injection into the business. That possibility was always allowed for within our capital management plans. So no change to the group's broader capital management plans. I think stepping back, China is a very important market for us. We like the growth potential of the market, the economics of the new business we're writing, and momentum is coming back for us. So both us and our partners are very much aligned in our support for the business through the cycle.

因此，今年晚些時候，我們可能會再次向該業務注入資金。我們的資本管理計劃始終允許這種可能性。因此，該集團更廣泛的資本管理計劃並沒有改變。我認為退一步講，中國對我們來說是一個非常重要的市場。我們喜歡市場的成長潛力，我們正在撰寫的新業務的經濟性，而且我們的勢頭正在恢復。因此，我們和我們的合作夥伴在整個週期對業務的支援方面非常一致。

Thank you very much.

非常感謝。

Okay, Larissa. Okay, Adam, should we get the next question, please?

好的，拉里薩。好的，亞當，我們應該問下一個問題嗎？

Farooq Hanif, JPMorgan.

法魯克·哈尼夫，摩根大通。

Thank you very much. I got three questions. Starting with slide 22, which shows the new business generation to your point that you target. It looks like in 2026, I know you're not trying to show the numbers in the chart, but it looks like in 2025 so more than doubling the contribution in 2020, I think at 2024. Firstly, is that widened is not going to depend on you introducing new products?

非常感謝。我有三個問題。從幻燈片 22 開始，它顯示了您所瞄準的新一代業務。看起來是在 2026 年，我知道你並不想在圖表中顯示數字，但看起來在 2025 年，所以我認為 2024 年，2020 年的貢獻將增加一倍以上。首先，擴大範圍是否不取決於您推出新產品？

Second question on traditional and better value. How will you deal with yield curve movements? I'm guessing the risk discount rate will be quite stable, but how often will you look to change over a function within that?

第二個問題關於傳統和更好的價值。您將如何因應殖利率曲線變動？我猜風險貼現率會相當穩定，但是您多久會考慮更改其中的功能？

And the third question is really around the health proposition. Can you give us an example of what is different in this proposition that you're trying to introduce versus what you already do, maybe with some examples? And how close are you to thinking about launching health, for example, in new markets such as India? Thanks so much.

第三個問題其實是圍繞著健康主張的。您能否為我們舉個例子，說明您試圖介紹的這個提議與您已經做的提議有何不同，也許可以舉一些例子？您距離考慮在印度等新市場推出健康產品還有多遠？非常感謝。

Thanks for the question, Farooq, and good to hear from you. Let me start with the third question first on health, and I'm going to ask Solmaz who leads our health business to provide just comment, and then we'll go to the slide 22 question and the TEV, if that's all right with you.

感謝您提出問題，Farooq，很高興收到您的來信。讓我先從健康的第三個問題開始，我將請領導我們健康業務的 Solmaz 提供公正的評論，然後我們將轉到幻燈片 22 問題和 TEV，如果您同意的話。

So you're absolutely right. We called out health as one of our key pillars as we think about driving the 15% to 20% new business profit growth, but equally important, converting that and accelerating that growth to cash. We have now successfully stood up our health vertical. We have a new CEO who has deep experience in health. And there are a number of initiatives that are on flight.

所以你是完全正確的。當我們考慮推動 15% 至 20% 的新業務利潤成長時，我們將健康視為我們的關鍵支柱之一，但同樣重要的是，將其轉化為現金並加速成長。我們現在已經成功地建立了健康垂直領域。我們有一位在健康領域擁有豐富經驗的新執行長。還有許多措施正在實施中。

And I alluded to that in my in my previous answer. So firstly, we are launching new value propositions across markets of Hong Kong, Indonesia and Malaysia. We've now introduced disciplined repricing both in Indonesia and Malaysia. In addition to the disciplines that we already had in markets like Singapore and Hong Kong, and we are getting a lot more effective by cutting a fraud waste and abuse with the use of technology and really doubling down on claims management as you would expect.

我在之前的回答中提到了這一點。首先，我們在香港、印尼和馬來西亞市場推出新的價值主張。我們現在在印尼和馬來西亞引入了嚴格的重新定價。除了我們在新加坡和香港等市場已經制定的紀律外，我們還通過使用技術來減少欺詐浪費和濫用，並真正如您所期望的那樣加倍加強索賠管理，從而變得更加有效。

I'm just going to stop there and turn to Solmaz who may have some additional comments to offer.

我就到此為止，然後轉向 Solmaz，他可能還有一些額外的意見要提供。

Yes. Thank you, Anil, and thanks for the question. It is indeed that we are doing health differently than before and also differently than some of our peers. And you ask, for example, let me give you one example from Indonesia.

是的。謝謝你，阿尼爾，也謝謝你的提問。事實上，我們在健康方面的做法與以前不同，也與我們的一些同行不同。例如，如果你問，讓我舉一個來自印尼的例子。

It's important to note that in Indonesia, the medical inflation from half year '23 to half year '24 was 30%. That's way above the multiple of the normal consumer inflation. And this is nothing that is urgent to only us. So the whole industry is reeling from the very high unexpected medical inflation on the back of post COVID and other matters. So we are meeting the market as a first one to introduce annual repricing in our medical book.

值得注意的是，在印度尼西亞，2023年半年至24年半年的醫療通膨率為30%。這遠高於正常消費者通膨的倍數。這對我們來說並不是什麼緊急的事。因此，整個產業都受到新冠疫情和其他事件導致的意外高醫療通膨的影響。因此，我們作為第一個在我們的醫學書籍中引入年度重新定價的公司來迎接市場。

For example, on top of that, we're introducing new propositions, as Anil mentioned, that have features like claims-based pricing. So we are going to manage that in order to reduce the blow to customers that are not claiming as much as those who are claiming more. So we are going to reprice according to the claims behavior.

例如，最重要的是，正如阿尼爾所提到的那樣，我們正在引入新的主張，這些主張具有基於索賠的定價等功能。因此，我們將對此進行管理，以減少對索賠金額低於索賠金額較高的客戶的打擊。因此，我們將根據索賠行為重新定價。

This is fine work. And we are -- the second example are also introducing a Malaysia co-pay products, where customers can soften the increase in premium that we are going to, again, do annually in a repricing fashion, by choosing co-pay options that we're introducing in the market.

這是很好的工作。我們 - 第二個例子還推出了馬來西亞自付額產品，客戶可以透過選擇我們的自付額選項來減輕保費的增加，我們將再次以重新定價的方式每年進行。

So what we can say is we are seeing early success of that, which is exemplified, for example, by an increase of the health NBP margin by positive double digits half year '24 to half year '23. On your question, India, we continue to be very interested in the Asahi opportunity in India. We have seen over the last five years, 25% CAGR growth in the health insurance space, and we are continuing to evaluate organic opportunities to intend to that market.

因此，我們可以說的是，我們正在看到這方面的早期成功，例如，健康 NBP 利潤率在 2024 年半年至 23 年半年實現了兩位數的正成長。關於你的問題，印度，我們仍然對朝日在印度的機會非常感興趣。過去五年，我們看到健康保險領域的複合年增長率為 25%，我們正在繼續評估進入該市場的有機機會。

Yes, I just wanted to be clear, Farooq, we are not going to go the inorganic route if we were to pursue that opportunity in India. And we have concluded that we will pursue that on an organic basis. And again, Solmaz and team are actively working on the same.

是的，我只是想澄清，法魯克，如果我們要在印度尋求這個機會，我們就不會走無機路線。我們得出的結論是，我們將在有機的基礎上追求這一目標。Solmaz 和團隊再次積極致力於這一目標。

I'm going to now turn to Ben to specifically to your question on slide 22 and on the TEV RDR.

我現在將請 Ben 專門回答您在幻燈片 22 和 TEV RDR 上提出的問題。

Thanks, Farooq. So why don't I start with TEV. So the -- we used to derive the long-term risk-free rate, a building block approach across cash rates, inflation, term premium, and so on. This is entirely consistent with our assumptions we applied for IFRS reporting. So as well trodden in terms of process governance and audit review. Essentially, there's a trend up from current rate towards long term, and that's a three-year half-life application in essence.

謝謝，法魯克。那我為什麼不從 TEV 開始呢？因此，我們過去常常推導長期無風險利率，這是一種涵蓋現金利率、通貨膨脹、期限溢價等的建構方法。這與我們應用於 IFRS 報告的假設完全一致。在流程治理和稽核審查方面也是如此。本質上，存在著從當前速率向長期上升的趨勢，這本質上是三年半衰期的應用。

Your question on slide 22 -- I'm sorry, maybe I should say on the RDRs, yes, you're right. I think we expect broad stability in RDR. And obviously, you've got the risk-free elements in that. But stepping back for these -- looking across our countries typically cover our ERPs and additional margins for risk by country. But yes, I'd expect stability there.

你在幻燈片 22 上提出的問題——抱歉，也許我應該就 RDR 說，是的，你是對的。我認為我們預計 RDR 將保持廣泛穩定。顯然，你已經獲得了無風險的元素。但退一步來說，縱觀我們的國家，通常涵蓋我們的 ERP 和按國家劃分的額外風險利潤。但是，是的，我希望那裡穩定。

On slide 22, broadly doubling contribution. No, we're not reliant on introducing lots of new products that we don't already have on the shelf today. Clearly driving health and protection product mix is exactly what we'll be looking to do and continuing look at our cash flows from all of our products vis-a-vis accelerating capital generation and coming back to the capital velocity point I made earlier.

在投影片 22 上，貢獻大致翻倍。不，我們並不依賴推出許多目前貨架上還沒有的新產品。顯然，推動健康和保護產品組合正是我們想要做的，並繼續關注我們所有產品的現金流，以加快資本產生並回到我之前提出的資本速度點。

Okay. Thanks, Farooq. Adam, should we go to the next caller, please?

好的。謝謝，法魯克。Adam，我們應該去接下一個來電者嗎？

Andrew Crean, Autonomous.

安德魯克林，自治。

Good morning and well done for transferring over to TEV. I had three questions, two of them are fairly numeric. So the first one is, could you give us the APE and new business profits for Hong Kong MCV business rather than trying to guess all these things?

早上好，轉移到 TEV 幹得好。我有三個問題，其中兩個是相當數字的。第一個問題是，您能否給我們香港 MCV 業務的 APE 和新業務利潤，而不是試圖猜測所有這些事情？

Secondly, in China, where I see the margin has gone from 43% in the first half to 36% and then 35% in the first half of this year, could you give us the split ideally of sales and new business profits of the banca channel versus the agency channel and whether you anticipate 35% being a good run rate moving forward to margin?

其次，在中國，我看到利潤率從上半年的43％上升到今年上半年的36％，然後是35％，您能否給我們提供理想的銀行銷售額和新業務利潤的分配情況？與代理商通路的比較，以及您是否預計35% 的運行率會提高利潤率？

And then thirdly, this comment you have about momentum in June being good and building into the second half, I suppose clarification here. You said to Kailesh's question that that was ex-economic basis. But we do need to forecast these things on the current economic basis. Could you say whether you see there is momentum on the reported new business profits? And whether the momentum is really because profits fell off a cliff in the second half of last year as opposed to there being growth second half on first half of this year?

第三，您對六月勢頭良好並進入下半年的評論，我想在這裡澄清一下。你對凱萊什的問題說，那是前經濟基礎。但我們確實需要在目前的經濟基礎上預測這些事情。您能否說您是否認為報告的新業務利潤有動力？是否真的是因為去年下半年獲利大幅下滑，而不是今年上半年獲利成長？

Thanks for your questions, Andrew. So let me start with the third one first because that's relatively straightforward. When I when we mentioned about June, we were talking specifically about sales, yes, you're right that our focus is always in terms of creating value, new business profit and equally ensuring that, that's converting on an accelerated pace on -- in terms of cash.

謝謝你的提問，安德魯。讓我先從第三個開始，因為它相對簡單。當我提到 6 月時，我們專門討論了銷售，是的，你說得對，我們的重點始終是創造價值、新的業務利潤，並同樣確保這​​一點正在加速轉化——在現金條件。

So I just wanted to clarify that. And our targets, again, just to reiterate what Ben said earlier, has always been on ex economic basis. I will now go to your second question on China. So China, again, the margins have improved both across bancassurance and agency. And we don't see that much difference in terms of margins on an ex-economics basis when it comes to agency and bancassurance in China, partly on account of the steps that we have taken to drive a different product mix, but partly also because of the regulatory changes with regards to the bancassurance channel, last year.

所以我只是想澄清這一點。再次重申本之前所說的，我們的目標始終是基於經濟因素。我現在回答你關於中國的第二個問題。因此，中國的銀行保險和代理機構的利潤率再次提高。當談到中國的代理保險和銀行保險時，我們並沒有看到在扣除經濟因素後的利潤率方面存在太大差異，部分原因是我們為推動不同的產品組合而採取的措施，但部分原因還在於去年有關銀行保險管道的監理變化。

And as I mentioned earlier that as we transition into 2024, we saw higher mix of power, higher mix of health and protection, and higher mix of longer-term savings, which were the key catalysts to the margin improvements that we witnessed on banca and something that we would expect to continue in the second half of this year.

正如我之前提到的，隨著我們過渡到2024 年，我們看到了更高的電力組合、更高的健康和保護組合以及更高的長期儲蓄組合，這些是我們在銀行和銀行看到的利潤率改善的關鍵催化劑。

In terms of Hong Kong, our new business sales was USD955 million. And MCV was 540 out of that, and the balance was domestic. So I hope I've answered your questions, Andrew.

在香港方面，我們的新業務銷售額為9.55億美元。和MCV其中 540 美元，其餘為國內費用。所以我希望我已經回答了你的問題，安德魯。

Well, just actually going back on that. The new business profits on MCV business in Hong Kong. And when in China, you say you have improving margins in both banca and agency. I can't see how that's possible if the actual overall Chinese margin went from 43% to 35%.

好吧，實際上只是回到這一點。新業務的獲利來自於香港的MCV業務。在中國，您說銀行和代理商的利潤率都在提高。如果中國的實際整體利潤率從 43% 上升到 35%，我不明白這怎麼可能。

Maybe I can help, Andrew. Hi, it's Ben. So on a reported NBP basis, so economics, MCV NBP was 384 out of 651. The margin expansion in China that was Anil was referring to was on an ex-economics basis and driven really through shifts in product mix.

也許我可以幫忙，安德魯。嗨，我是本。因此，根據報告的 NBP，從經濟學角度來看，MCV NBP 為 651 中的 384。阿尼爾所指的中國利潤率擴張是在排除經濟因素的基礎上進行的，並且實際上是透過產品結構的轉變來推動的。

On the agency side, we had a higher mix of whole of life protection and CI products. So our ex-economics margin actually expanded 8 points to around 64%. On the banca side, there was a bit of a margin tailwind from the reduction in commissions that happened last year, but also, again, the benefit of mix shifts and some pricing actions that have been taken. So our banca margins there, again, ex-economics expand 18 points to 61%. Our reported margins are down overall, Andrew, and that's really driven by lower rates and the fact that there's a lot of savings business.

在代理商方面，我們有更高的終身壽險和CI產品組合。因此，我們的前經濟利潤率實際上擴大了 8 個百分點，達到 64% 左右。在銀行方面，去年佣金的減少帶來了一些利潤順風，但同樣也受益於組合轉變和已採取的一些定價行動。因此，我們的銀行利潤率（扣除經濟因素後）再次擴大 18 個百分點，達到 61%。安德魯，我們報告的利潤率總體下降，這實際上是由較低的利率和大量儲蓄業務這一事實推動的。

Okay, I'll pick that up.

好的，我會把它接起來。

Thanks.

謝謝。

Thank you. Next question, Adam, please.

謝謝。下一個問題，亞當，請。

Andrew Sinclair, Bank of America.

安德魯·辛克萊，美國銀行。

Thank you very much. And I heartily agree, well done from the TEV. It's been much demanded by the investor base. A few from me, please. First on agency count, it looks like active agency count. So pretty big drops in Indonesia, and Malaysia, and Philippines, but better in Hong Kong and Singapore though. Can you just give us a little bit more color on just active agency count and where -- what's caused that drop? And where should we eventually see that returning to growth?

非常感謝。我衷心同意，TEV 做得很好。投資者群體對此有很大的需求。請我提供一些。首先在機構數量上，看起來像是活躍的機構數量。印尼、馬來西亞和菲律賓的跌幅相當大，但香港和新加坡的跌幅較好。您能給我們更多關於活躍機構數量的信息嗎？我們最終應該在哪裡看到經濟恢復成長？

The second thing was it feels like there's been a few questions on this guidance for 2024. We do just see Q3 on Q3 and Q4 and Q4 as now being clean growth quarters. We shouldn't be thinking that there's too much noise in the numbers. It's just clean growth from here.

第二件事是，2024 年的指導方針似乎存在一些問題。我們確實認為第三季、第四季和第四季現在是乾淨的成長季度。我們不應該認為數字中有太多噪音。從這裡開始就是乾淨的成長。

And third was just on the health and protection and savings growth. I was probably a little bit surprised that there was more savings growth year-on-year in H1, 9% growth in savings versus only 7% for protection. I probably thought that there was maybe a better one-off in savings component last year. Just can you give a little bit more color on that. And in particular, just how that's varied from market to market? Thank you very much.

第三是關於健康、保護和儲蓄成長。我可能有點驚訝的是，上半年儲蓄年增率多，儲蓄成長了 9%，而保障僅成長了 7%。我可能認為去年的儲蓄部分可能有更好的一次性。你能否對此多加一點色彩。特別是，不同市場的情況有何不同？非常感謝。

Thanks, Andy. Let me take those questions. I'll start with agency, and I'll also offer some comments from Ben and others if they would like to supplement.

謝謝，安迪。讓我回答這些問題。我將從代理商開始，如果 Ben 和其他人願意補充的話，我也會提供一些評論。

So on agency. Clearly, agency is the lifeblood of our company, contributed to 60% of new business profit growth. We were pleased with the fact that our recruits, our new recruits improved by 5%. We were on an average on a monthly basis, recruiting about 12,300 agents. But I think the more important factor there is the focus on quality and the focus on helping agents improve their activity and productivity.

所以關於代理。顯然，代理是我們公司的命脈，貢獻了60%的新業務利潤成長。我們很高興我們的新員工進步了 5%。我們平均每月招募約 12,300 名代理商。但我認為更重要的因素是對品質的關注以及對幫助代理商提高活動和生產力的關注。

And three things that we are focused on. One is, as I said, the quality of new recruits. So just to illustrate that point, we have launched PruVenture's program, which is a strategic quality recruitment program across our different markets. We were able to hire 2,300 agents under that program. And what we are observing is that the productivity coming out of these agents is 6x the regular agent.

我們重點關註三件事。一是，正如我所說，新員工的素質。因此，為了說明這一點，我們啟動了 PruVenture 計劃，這是一個跨不同市場的策略性優質招聘計劃。根據該計劃，我們能夠僱用 2,300 名代理商。我們觀察到，這些代理的工作效率是常規代理的 6 倍。

So something that we are very keen to expand and launch in all markets.

因此，我們非常渴望在所有市場上擴展和推出。

The second one is reskilling our agents. And again, you can see that crystallized in the health and protection mix something, again, we are very keen to grow. And the third is specifically helping our agents get a lot more productive a lot more sooner. And that is where the 2 million leads that we generated in the first half were quite effective.

第二個是對我們的代理商進行重新培訓。再一次，你可以看到健康和保護混合在一起的結晶，我們再次非常渴望成長。第三是專門幫助我們的座席更快提高工作效率。這就是我們上半年產生的 200 萬條銷售線索非常有效的地方。

And actually, we saw a 1% implement in conversions, which really fed the volumes that we saw coming from specifically the Roke agents. Having said which, the impact that we are seeing to your point is not equal. So we are seeing active agents improve in Hong Kong and Singapore.

事實上，我們看到轉換率實現了 1%，這確實滿足了我們看到的來自 Roke 代理的銷售。話雖如此，我們所看到的影響與你的觀點並不相同。因此，我們看到香港和新加坡的活躍代理商有所改善。

But we also realize that we have more work to do in markets specifically like Indonesia, and Philippines. And that, to my mind, the way we see is an opportunity as we go through 2024 second half into 2025. To your second point on Q3 versus Q3 and Q4 versus Q4, you're right.

但我們也意​​識到，我們在印尼和菲律賓等市場還有更多工作要做。在我看來，從 2024 年下半年到 2025 年，我們看到的是一個機會。關於 Q3 與 Q3 和 Q4 與 Q4 的第二點，你是對的。

The base effects have now pretty much abated. So you would probably get a much cleaner version of the competitors versus last year. And again, as I said, given the momentum that we saw as we closed out the first half and in the early part of second half, we are encouraged in terms of the growth prospects for the second half of this year. To your last question on health and protection and savings and the surprise element on savings, listen, we are still seeing the demand come through.

基礎效應現在已經大大減弱。因此，與去年相比，您可能會得到競爭對手的更乾淨的版本。正如我所說，鑑於我們在上半年結束和下半年初期看到的勢頭，我們對今年下半年的成長前景感到鼓舞。關於你關於健康、保護和儲蓄的最後一個問題，以及關於儲蓄的令人驚訝的因素，聽著，我們仍然看到需求的出現。

And if you go back to last year, one of the key drivers of that was the growth that we saw, both in MCV and domestic in Hong Kong. And to my mind, that has only continued into 2024 first half. So we are encouraged to see that growth. But we're also seeing that growth, for example, in markets like Singapore.

如果你回顧去年，我們看到的主要驅動力之一是 MCV 和香港國內的成長。在我看來，這種情況只會持續到 2024 年上半年。因此，我們很高興看到這種增長。但我們也看到了這種成長，例如在新加坡等市場。

Singapore had a solid first half. And a lot of that growth came on the back of the demand that we are seeing in the savings product. I'm just going to stop and see if Ben or any of the business heads had any further comments to add?

新加坡上半場表現出色。這種成長很大程度上來自於我們在儲蓄產品中看到的需求。我只是想停下來看看 Ben 或任何業務負責人是否還有任何進一步的意見要補充？

I think the only thing I'd add, Andy, is that the pricing actions I referenced earlier were largely on the savings side. So you see that benefit coming through. we've had strong contributions from a number of savings markets, including Taiwan, for example, in the results.

安迪，我想我唯一要補充的是，我之前提到的定價行為主要是為了節省開支。所以你會看到這種好處正在顯現。我們的結果得到了包括台灣在內的許多儲蓄市場的大力貢獻。

I think net-net, there's an opportunity for us on both the agency side and the health and protection side to really drive that channel and that line of business, and that's exactly what our investment in capability programs designed to do. So we'll be really focused on that. And we'll see consequentially margin benefits coming through over time.

我認為網絡，我們在機構方面以及健康和保護方面都有機會真正推動該管道和業務線，而這正是我們對能力計劃投資的目的。所以我們會非常關注這一點。隨著時間的推移，我們將看到隨之而來的利潤效益。

Okay. Can I just be really reading to ask one final question. I'm sure this. But can you give us a bit more numbers on what you mean by your full year guidance? I mean lots of people since asking this question. What do you actually imply by on track to meet your type 7 targets for FY24?

好的。我真的可以透過閱讀來問最後一個問題嗎？我確信這一點。但您能否提供我們更多有關全年指導的數字？我的意思是自從問這個問題以來很多人。您所說的預計將實現 2024 財年的 7 類目標實際上意味著什麼？

So kind of, again, as you know, getting into this year, we were coming into this year with -- on the back of what we thought was an exceptionally strong 2023, and we grew our new business profit, 47%. And I just want to go back and talk about the 15% to 20% growth, which is the ranges that we had said.

所以，正如你所知，進入今年，我們進入今年——在我們認為異常強勁的 2023 年的背景下，我們的新業務利潤增長了 47%。我只想回過頭來談談 15% 到 20% 的成長，這就是我們所說的範圍。

That we will -- we are aspiring to, if not exceeding that by 2027. And if you were to do the math of that, that comes broadly to about 9% to 13% on new business profit. I do want to qualify that we are not necessarily going to stick to that range. But to the extent that we can exceed it; we absolutely will try and exceed it.

我們將會－我們渴望在 2027 年之前實現這一目標（如果不超過的話）。如果你計算一下，新業務利潤大致約為 9% 至 13%。我確實想證明我們不一定會堅持這個範圍。但只要我們能夠超越它；我們絕對會嘗試並超越它。

Okay. Right. Adam, should we go to next question, please? Adam, you can take the next question, please.

好的。正確的。Adam，我們可以進入下一個問題嗎？Adam，請你回答下一個問題。

Michael Chang, CGS International.

Michael Chang，CGS 國際。

All right. Thanks for giving me the opportunity to ask questions.

好的。感謝您給我提問的機會。

Michael, thanks for that.

邁克爾，謝謝你。

I just want to congratulate management on this solid set of results. Just want to ask some more detail about some of the key Asian markets. So Singapore was impressive 15% year-on-year for the new business profit growth. If I take a look at one of your peers, Singapore as also as standout market. And it seems that one of the big opportunities over there is selling into a more high net worth customer base and power business also offshore customers.

我只想祝賀管理層取得如此紮實的成果。只是想詢問有關一些主要亞洲市場的更多詳細資訊。因此，新加坡的新業務利潤年增了 15%，令人印象深刻。如果我看一下你們的同行，新加坡也是一個出色的市場。那裡的巨大機會之一似乎是向更高淨值客戶群和電力業務以及離岸客戶銷售。

So how do you see the opportunity in terms of trapping of your customers in Singapore? And how important is that driving the growth? Secondly, within Hong Kong, it's quite clear, I think, on the results, just MCV because the non-NBP portion was up 35% year-on-year, and one clear trend within Hong Kong is the increased talent schemes you want. So increased operation would you present an opportunity, I think, for insurance. How important has that been driving your non-MCV growth rate?

那麼您如何看待新加坡吸引客戶的機會呢？這對推動成長有多重要？其次，在香港，我認為從結果來看，很明顯，只有 MCV，因為非 NBP 部分同比增長了 35%，而香港的一個明顯趨勢是你想要的人才計劃的增加。我認為，增加營運會為保險帶來機會。這對於推動您的非 MCV 成長率有多重要？

And maybe just lastly, I'm not sure what I missed it, but some of your insurance have mentioned the impact of this implementation of global minimum tax and how it's not really expected to have a material impact on growth targets. Would it be fair to say that you are still very confident in your growth target that you mentioned for new business profits, for example, even with the implementation of this global minimum tax regime. Thanks a lot.

也許最後，我不確定我錯過了什麼，但你們的一些保險提到了實施全球最低稅收的影響，以及它實際上不會對成長目標產生實質影響。可以公平地說，即使實施了全球最低稅收制度，您仍然對您提到的新業務利潤成長目標非常有信心。多謝。

Thanks, Michael, and to hear from you again. So let me start with Singapore Yes. I mean the growth was impressive. We were very happy with the rebound that we saw at the back half of 2023, which continued into first half. And again, no surprises there. We have a quality franchise given the strength that we have both across agency and our two significant bank partners, Standard Chartered and UOB.

謝謝邁克爾，再次收到你的來信。那麼讓我從新加坡開始吧 是的。我的意思是成長令人印象深刻。我們對 2023 年下半年看到的反彈感到非常高興，這種反彈一直持續到上半年。再說一遍，這並不奇怪。鑑於我們跨機構以及渣打銀行和大華銀行這兩個重要銀行合作夥伴的實力，我們擁有優質的特許經營權。

And Michael, I also want to go back to the point that we have been emphasizing. Given that Singapore is a global international hub, there is a natural attraction of emerging affluent and affluent clients to house themselves in Singapore. And towards that, we had launched a Prudential Financial Advisory, which now I'm pleased to say we have greater than 800 financial advisers, partly on account of the graduation that we've done from the agency channel. But a lot of them are new to Prudential and have joined the Prudential Financial Advisory. What we see on an ongoing basis is that the demand on legacy planning, on retirement, on wealth accumulation, on health is very much intact in Singapore.

邁克爾，我還想回到我們一直強調的一點。鑑於新加坡是一個全球國際中心，新興富裕階層和富裕客戶在新加坡定居有著天然的吸引力。為此，我們推出了保德信財務諮詢服務，現在我很高興地說我們擁有超過 800 名財務顧問，部分原因是我們已經從代理商管道畢業。但他們中的許多人都是保德信的新手，已經加入了保德信金融顧問公司。我們持續看到的是，新加坡對遺產規劃、退休、財富累積和健康的需求完好無損。

And I'm just going to stop there and see if, Dennis, you had any further comments to add in terms of the way we are building our business there.

丹尼斯，我只想停下來看看您是否對我們在那裡開展業務的方式有任何進一步的評論要補充。

Thanks very much, Anil. And nice to hear from you, Michael. In terms of your question on offshore, that is one of the key area of focus that we have been building in terms of serving the clients for typically affluent or high net worth in nature, and this comes primarily through our bancassurance channel.

非常感謝，阿尼爾。很高興收到你的來信，麥可。就您關於離岸的問題而言，這是我們為通常富裕或高淨值客戶提供服務的重點關注領域之一，這主要來自我們的銀行保險管道。

So in specifically, within our bancassurance business in Singapore, already 1/3, more than 33% of our business comes from the offshore segment. And this segment has been growing quite strongly in the recent years, on the average, close to almost 20% annual growth, again targeting on high net worth and affluent clients based on the bank's segmentation.

具體來說，我們在新加坡的銀行保險業務已經有1/3，超過33%的業務來自離岸業務。近年來，這一細分市場成長相當強勁，平均年增長率接近 20%，再次基於銀行的細分，瞄準高淨值和富裕客戶。

And secondly, which is what Anil mentioned earlier, which is the formation of our new distribution capability through PFA, Prudential Financial Advisers. And again, this is really one year in the making already now by having the more than 810 growing distribution force. Their primary focus is to target on, again, affluent and high net worth individuals. And we are beginning to also see the average ticket sizes for these bookings being larger than the typical agency force. So I think these bode well for us, and we are definitely counting on this to be the growth engine going forward.

其次，就是先前Anil提到的，就是透過PFA（Prudential Financial Advisers）形成我們新的經銷能力。再說一次，這實際上已經是一年內的事了，我們已經擁有超過 810 名不斷增長的分銷隊伍。他們的主要關注點仍然是針對富裕和高淨值人士。我們也開始看到這些預訂的平均門票金額大於典型的代理商力量。所以我認為這對我們來說是個好兆頭，我們肯定指望這成為未來的成長引擎。

Thanks, Dennis. Michael, going to your second question on non MCV. You're absolutely right. The domestic business did increase. And again, if you would recall, I've been emphatic about the fact that we need to grow our domestic business to complement the strength that we have on MCV, and that's exactly what we have done.

謝謝，丹尼斯。Michael，請回答關於非 MCV 的第二個問題。你是絕對正確的。國內業務確實有所成長。再說一次，如果您還記得的話，我一直強調這樣一個事實，即我們需要發展我們的國內業務，以補充我們在 MCV 上的實力，而這正是我們所做的。

Lillian and team have done a phenomenal job to improve the underlying quality of the Hong Kong business. So our new recruits, as you rightly pointed out, appointed are already at 2,600 at the half year stage mark as compared to 4,000. Our active agent count is up 19%. Our health and protection sales in Hong Kong was up 4%. And the good news is that the Hong Kong persistency continues to be quite high. And that, again, is in excess of 90%, which qualifies or underscores or underpins the quality of business that we have Hong Kong.

Lillian 和團隊在提高香港業務的基本品質方面做了出色的工作。因此，正如您正確指出的那樣，我們的新聘人員在半年階段已達到 2,600 人，而這一數字為 4,000 人。我們的活躍代理數量增加了 19%。我們在香港的健康和防護產品銷售額成長了 4%。好消息是，香港的持續性仍然很高。這再次超過了 90%，證明或強調或鞏固了香港的業務品質。

You're also right in pointing out that the talent program is helping. We have -- the government has already received 300,000 applications as part of the top-tier talent program, out of which they have approved 180,000. Given on account a multitude of factors that we are seeing in Hong Kong, we continue to remain optimistic about the way we would like to grow our distribution channel for the remaining of this year.

您指出人才計畫正在發揮作用，這也是正確的。作為頂尖人才計畫的一部分，政府已經收到了 30 萬份申請，其中已經批准了 18 萬份。考慮到我們在香港看到的多種因素，我們對今年剩餘時間內擴大分銷管道的方式仍然保持樂觀。

I'm just going to stop and go to Ben on your global minimum tax question.

我要停下來向本詢問您的全球最低稅問題。

es, Michael, the short answer is no, no change in targets to 2027 as a result of BEPs. As you know, Hong Kong, Malaysia, Singapore adopts minimum -- the OECD minimum tax rates effective next year. I'll give further guidance at our full year results. We're still assessing the impact. The top-up tax calculations are quite complex.

是的，邁克爾，簡短的回答是否定的，2027 年的目標不會因為 BEP 而改變。如您所知，香港、馬來西亞、新加坡均採用明年生效的經合組織最低稅率。我將對我們的全年業績提供進一步的指導。我們仍在評估影響。補充稅的計算相當複雜。

Well, what I would say though is just because effective tax rates might be below the 15%, it doesn't automatically follow that a top-up will be payable because the rules are jurisdictional and we have service entities in a number of territories, including Hong Kong where effective tax rates are lower. So no change to targets. And continued confidence in our ability to hit those targets on top of the strong growth we posted last year, the recent momentum pick up. The actions we talked about to drive new business mix and pricing, and candidly, are aimed to drive up agency mix and health.

嗯，我想說的是，雖然有效稅率可能低於 15%，但並不自動意味著需要充值，因為規則是有管轄權的，而且我們在許多地區都有服務實體，包括有效稅率較低的香港。所以目標沒有改變。除了去年的強勁成長以及最近的勢頭回升之外，我們對實現這些目標的能力仍然充滿信心。坦白說，我們談到的推動新業務組合和定價的行動旨在推動機構組合和健康發展。

Okay, thank you. We're close on time, but I think we've got a few -- squeeze a few more in. Adam, over to you for couple more.

好的，謝謝。我們已經接近時間了，但我想我們還有一些——再擠一些。亞當，接下來再跟你講更多。

Nasib Ahmed, UBS.

納西布·艾哈邁德，瑞銀集團。

Hi. Thanks for taking my questions. So firstly, on the new plan, it's been more than 12 months and focusing on the strategic aspect of it. When I look at things like NPS scores, active agents and DRPs, you're lagging behind your closest peer.

你好。感謝您回答我的問題。首先，關於新計劃，已經過去了 12 個多月，並且重點關注其戰略方面。當我查看 NPS 分數、活躍代理和 DRP 等指標時，您發現您落後於最接近的同行。

I know you've been in the job for more than 12 months. Looking back, what actually went wrong? Why is Pru large behind on these metrics? And to your point on you've been becoming more efficient at identifying issues? Are there any issues that you've identified? Can you put more flex on the bones on how you're going to improve these strategic metrics and targets that you've set yourself?

我知道您入職超過 12 個月了。回過頭來看，到底哪裡出了問題？為什麼 Pru 在這些指標上遠遠落後？就您而言，您在發現問題方面變得更有效率了？您是否發現了任何問題？您能否更靈活地考慮如何改善自己設定的這些策略指標和目標？

Secondly, on China, coming back to the question on CPL solvency. Ben, you mentioned there's a capital injection coming, but your peers have been using other tools like debt raises changing the asset -- the way the assets are measured from held to maturity to AFS? Are those tools not available to CPL? Is that the reason why you're doing a couple?

其次，關於中國，回到CPL償付能力問題。Ben，你提到即將進行注資，但你的同行一直在使用其他工具，例如債務籌集來改變資產——資產從持有到到期到 AFS 的衡量方式？CPL 無法使用這些工具嗎？這就是你們當情侶的原因嗎？

And then finally, on China. Again, there's a pricing interest rate change coming through. I remember last time, there was one CPL, was a first mover. Is there going to be a similar move by CPL where you're going to be moving ahead of the market on that pricing intersection as well? Thank you.

最後，關於中國。定價利率再次改變。我記得上次有一個CPL，是先行者。CPL 是否會採取類似的舉措，讓您在定價交叉點上也領先市場？謝謝。

Thanks for your question. Let me start with agents and our overall performance and one year into the strategy, my assessment. And then I'll go to Ben on your second and third question on solvency and the pricing changes.

謝謝你的提問。讓我從代理商和我們的整體表現以及實施該策略一年來的評估開始。然後我將向本詢問有關償付能力和定價變化的第二和第三個問題。

On the overall business, the way I see it is that we announced our strategy, and we were entering this year on the back of an exceptionally strong year. 247% growth overall on new business profit. And within that, Hong Kong grew 267%, which was 3 times the growth rate of some of our peers.

就整體業務而言，我的看法是我們宣布了我們的策略，並且我們是在異常強勁的一年的背景下進入今年的。新業務利潤整體成長 247%。其中，香港成長了 267%，是一些同業成長率的 3 倍。

And I think as we entered this year, we were quite cognizant that when we go through the first half of 2024, we will have a a strong comparative or first half to deal with. And the way I'm thinking about this is as we've gone into 2024, we have focused on the key growth drivers of our business, which is customer, agency and bancassurance, and standing up the health vertical.

我認為，當我們進入今年時，我們非常清楚，當我們度過 2024 年上半年時，我們將面臨一個強有力的比較或上半年。我的想法是，進入 2024 年，我們將重點放在業務的關鍵成長驅動力上，即客戶、代理商和銀行保險，以及健康垂直領域。

Specifically, on agency, I feel the progress has been quite solid. We are recruiting about 12,300 new recruits. Our emphasis has been on quality, has been on helping our agents to generate more activity and reskilling our agents at the same time, both in light of the regulatory changes, but also the emphasis that we are employing to drive health and protection.

具體來說，在代理商方面，我覺得進展還是比較紮實的。我們正在招募約 12,300 名新員工。我們的重點一直是質量，一直是幫助我們的代理商開展更多活動，同時重新培訓我們的代理商，既考慮到監管變化，也重視我們推動健康和保護的重點。

And I'll be the first to admit that the impact has not been equal. It has been quite visible in markets like Hong Kong and Singapore. But in other markets, like Indonesia and Philippines as well as Vietnam, we need to do more work.

我會是第一個承認影響力並不相同的人。它在香港和新加坡等市場非常明顯。但在其他市場，例如印尼、菲律賓以及越南，我們需要做更多的工作。

To your point on being able to identifying issue, yes, I mean, I can give you a couple of examples of that. We did mention about the fact that we would like to drive a different product mix in China. And we took some decisive actions in terms of repricing well ahead on a pre-emptive basis in the market, and you're starting to see some of those hard measures yield results.

對於您關於能夠識別問題的觀點，是的，我的意思是，我可以給您幾個例子。我們確實提到我們希望在中國推動不同的產品組合。我們在市場上先發制人地提前重新定價方面採取了一些果斷行動，並且您開始看到其中一些硬性措施產生了效果。

The second good example, and again Solmaz mentioned about, is that we are witnessing high levels of inflation on medical. And as a consequence of that, we were the first in the market to go and reprice, which I think is absolutely the step in the right direction. And I think that is where the responsiveness. And taking some of the best practices that we have and replicating them at speed and scale is something that we collectively are focused on. So those were a couple of examples that I wanted to share.

索爾馬茲再次提到的第二個好例子是，我們正在目睹醫療領域的高通膨。因此，我們是市場上第一個進行重新定價的公司，我認為這絕對是朝著正確方向邁出的一步。我認為這就是響應能力的所在。採用我們擁有的一些最佳實踐並以速度和規模複製它們是我們共同關注的事情。這些是我想分享的幾個例子。

I'm going to go to Ben on China as well as probably go to Lillian on some of the pricing changes.

我將向 Ben 詢問有關中國的問題，也可能向 Lillian 詢問一些價格變化的問題。

Yes. Thanks, Anil. Hi, Nasib. So you're absolutely right. There are management actions that the business is looking at. On its in-force book, it's actively doing capital planning now. There's possibilities around taking on a bit more duration. They're looking at reclassifying some of the accounting treatment on certain assets. So for example, maturity to IFRS.

是的。謝謝，阿尼爾。嗨，納西布。所以你是完全正確的。企業正在考慮採取一些管理行動。在其有效書中，它現在正在積極進行資本規劃。延長持續時間是有可能的。他們正在考慮對某些資產的一些會計處理進行重新分類。例如，國際財務報告準則的成熟度。

I'm very cognizant that debt and the perpetual debt route has been open to others. There are some criteria around that that need to be satisfied. But frankly, I need to see the result of this work, and of course, where rates move to, which is why I flagged that I think it's likely that we'll make an injection. I'm conscious it will take the business some time to conclude the results of all of the work that it's undertaking.

我非常清楚債務和永久債務途徑已經向其他人開放。需要滿足一些標準。但坦白說，我需要看到這項工作的結果，當然，還有利率走向，這就是為什麼我指出我認為我們可能會注入。我意識到企業需要一些時間才能得出他們正在進行的所有工作的結果。

Thanks, Ben. I'm just going to move to the second question on pricing. Lillian, if you want to take that?

謝謝，本。我將轉向關於定價的第二個問題。莉蓮，你願意接受嗎？

Yes. Thank you. Thank you, Anil, and thank you for that question. I think as you mentioned, CPL is always a first mover. Actually, even before the regulation came out on the change, we already repriced our products in line with the new pricing rate. So we'll be able to launch as soon as the effective date becomes in September 1 and October 1.

是的。謝謝。謝謝你，阿尼爾，也謝謝你提出這個問題。我認為正如您所提到的，CPL 始終是先行者。事實上，早在新規則出台之前，我們就已經按照新的定價標準重新定價了我們的產品。因此，一旦生效日期為 9 月 1 日和 10 月 1 日，我們就能啟動。

And then, if I may, I want to address the MDRT questions. Actually, we are very pleased with our MDRT numbers. We have over 90,000 registered MDRT numbers growing at 30%, which is the highest amount of the multinational. At the same time, we have more than 1,000 MDRTs in five markets. Thank you.

然後，如果可以的話，我想解決 MDRT 問題。事實上，我們對 MDRT 數字非常滿意。我們的 MDRT 註冊人數超過 90,000，成長率為 30%，是跨國公司中最高的。同時，我們在五個市場擁有超過 1,000 名 MDRT。謝謝。

Okay, thank you.

好的，謝謝。

I'm conscious we're (multiple speakers). I think we can squeeze in rapid fire three more as long as you just keep it to restricted list.

我意識到我們是（多個發言者）。我認為只要你將其保留在限制列表中，我們就可以再加入速射三項。

Dom, do you want to go first?

多姆，你想先走嗎？

Hello, folks. I'll try to keep it really quick. Firstly, thank you for the new disclosures on the gross OFSG, so page 22 and 23. Can I just ask you to give a bit of sense of what's happening to the whole curve of free surplus and margins from new business? So a 12% increase, you tag on slide 22. That's the 27 emergence for the vintage. Some of that will be that 27% is closer now. So is the curve, the whole new business going up 12%? Or was it a bit less?

大家好。我會盡力保持速度很快。首先，感謝您對 OFSG 總額的新揭露，即第 22 和 23 頁。我能否請您介紹一下新業務的自由盈餘和利潤率的整個曲線發生了什麼？因此，您在投影片 22 上標記了 12% 的成長。這是該年份的第 27 次出現。其中一些是現在 27% 更接近了。那麼整個新業務的曲線是否成長了 12%？還是少了一點？

And then a clarification also on 22, which, by the way, the slide is super helpful. But I noticed there's variances in the chart. There's small positive. Should we read anything into that? Are you expecting positive variances? Or are you just saying that they're there and they're part of the metric?

然後還在 22 號上進行了澄清，順便說一句，幻燈片非常有幫助。但我注意到圖表中存在差異。有小的正面作用。我們應該對此進行解讀嗎？您期待正面的差異嗎？或者您只是說它們就在那裡並且它們是指標的一部分？

And then final question, just on the move to TEV. You say this shouldn't change strategy. At the same time, I'm mindful or I would have thought that if you cascade the methodology through your target setting or your incentives through the business that, A, the higher discount rate would make shorter duration products more attractive; and B, less of a differentiation between products should tilt further savings products. Would you agree with that? Or would you prospect on that? Thank you.

最後一個問題是關於轉向 TEV 的問題。你說這不應該改變策略。同時，我注意到或我會認為，如果你透過你的目標設定或你的業務激勵來級聯該方法，A，較高的折扣率將使較短期限的產品更具吸引力； B、產品間差異化較小，應進一步向儲蓄產品傾斜。你同意嗎？或者你會對此進行展望嗎？謝謝。

Thanks, Dom. I think it's probably better for Ben to take these questions. Ben, do you want to address?

謝謝，多姆。我認為本回答這些問題可能會更好。本，你想發表演說嗎？

Yes. Hi, Dom, thanks for the question. So yes, as I mentioned, that 12%, you're right, is the 2027 contribution. That accelerates as we move through the year because of the timing of the pricing actions.

是的。嗨，多姆，謝謝你的提問。所以，是的，正如我所提到的，12%，你是對的，是 2027 年的貢獻。由於定價行動的時機，隨著時間的推移，這種情況會加速。

Does it just give an uplift to 2027? No, there's an improvement in the intervening years. And in terms of the benefit to holdco, again, I'd stick to my rule of thumb of 70% of OFSG coming up to holdco in the near term. I'm conscious that I'm over that this year and last year, and that's because I don't want to leave capital in the businesses that doesn't necessarily have an obvious application in the near term.

它只會為 2027 年帶來提振嗎？不，這幾年有改善。就控股公司的利益而言，我再次堅持我的經驗法則，即近期內將 70% 的 OFSG 轉為控股公司。我意識到今年和去年我已經結束了，那是因為我不想將資本留在短期內不一定有明顯應用的業務中。

I think on your point on TEV, I mean, you're right that there will be, I guess, increased purely the RDR change and increased attractiveness on shorter duration. I mean we use a broad pricing framework. It's not simply a TEV lens. Ultimately, we're looking at the economics of the product, the IRRs, the paybacks.

我認為關於 TEV 的觀點，我的意思是，您是對的，我想，純粹的 RDR 變化會增加，並且在較短的持續時間內增加吸引力。我的意思是我們使用廣泛的定價框架。它不僅僅是一個 TEV 鏡頭。最終，我們關注的是產品的經濟性、IRR 和回報。

So there's a far broader framework in place, and I'm not expecting if you're inferring a shift to savings and shorter duration. Our strategy is absolutely about driving health and protection and then health business because we like the economics of it.

因此，已經有了一個更廣泛的框架，我不認為你會推斷出向儲蓄和更短期限的轉變。我們的策略絕對是推動健康和保護，然後是健康業務，因為我們喜歡它的經濟效益。

I think there was just one on the variance and the page on --

我認為差異和頁面上只有一個--

Oh, yeah, variances, thank you. So positive, Dom. I want to be back at positive variances. We'll get there by 2027. We're doing a lot of work around that, not least of which has been repricing.

哦，是的，差異，謝謝。如此積極，多姆。我想回到正面的差異。我們將在 2027 年實現這一目標。我們正在圍繞這個問題做很多工作，其中最重要的是重新定價。

On the medical book, as you know, we set up a provision full year '23. We've released a bit of that into this set of results. So you see a positive claims variance. But the business is actively repricing now across its major medical markets.

如您所知，在醫學書籍上，我們設定了 23 年全年的規定。我們在這組結果中發布了其中的一些內容。因此，您會看到索賠差異為正。但該公司目前正在其主要醫療市場積極重新定價。

On the expense side of things, we're seeing scale coming back into the business. We lost some scale through COVID. We're seeing that now coming back through growth. So in-force premiums are now growing strongly, up 9%. So it was greater expense allowables.

在費用方面，我們看到業務規模重新回歸。由於新冠疫情，我們失去了一些規模。我們現在看到這種情況正在透過成長而恢復。因此，有效保費目前正在強勁成長，成長了 9%。因此，允許的費用更大。

More work to do on the expense side, both tactically and strategically. Strategically, that comes back to our target operating model. But also, the investments we're making in our larger scale platform and moving away from our federated approach candidly.

在費用方面還有更多的工作要做，無論是戰術上還是戰略上。從策略上講，這又回到了我們的目標營運模式。而且，我們正在對更大規模的平台進行投資，並坦率地放棄我們的聯合方法。

Thanks, Ben. Adam, I think just last couple -- I think next one, please.

謝謝，本。亞當，我想是最後一對──我想請下一對。

Thomas Wang, Goldman Sachs.

湯瑪斯·王，高盛。

Thank you. I'll try to be quick. So a couple of questions. One on net profit negative -- the short-term negative short-term investment values. Can we just get a sense of how much is the equity market driven? How much is more related to rate movements?

謝謝。我會盡力快點。有幾個問題。一是淨利為負－短期投資價值為負。我們能否了解股市的驅動力有多大？與利率變動有多少關係？

And then secondly, on Hong Kong, I see that OpEx down 9%. Can you just give a little bit more color because some of the explanation given, I think I don't expect the business mix have changed that much over a 12-month period. So just wondering what's happening there. Thank you.

其次，在香港，我看到營運支出下降了 9%。您能否提供更多信息，因為給出的一些解釋是，我認為業務組合在 12 個月內不會發生太大變化。所以只是想知道那裡發生了什麼事。謝謝。

Hi, Thomas. So I'll start with Hong Kong, if I can. Yes. Look, on the IFRS results, we saw a lower release from the CSM in this period. That was, frankly, was from unlocking of the CSM as a result of rates up.

嗨，托馬斯。如果可以的話，我將從香港開始。是的。看，在 IFRS 結果中，我們看到這段期間 CSM 的釋放量較低。坦白說，這是由於利率上升而解鎖 CSM。

We saw that in the first half and the back half of last year. There's also a slightly lower amortization rate because we've got more whole of life sales -- but I think stepping back, as you can imagine on that business, we've got good structural growth in the CSM.

我們在去年上半年和下半年都看到了這一點。攤銷率也略低，因為我們有更多的終身銷售額——但我認為退一步來說，正如你可以想像的那樣，我們的 CSM 取得了良好的結構性增長。

In terms of non-op items, actually, equity returns were good in the period. They've been strong. So the short-term flux you're seeing is mainly as a result of rate movements. And in particular, as you know, we write a lot of US dollar-denominated business. So it's the effect of higher rates at half year. Where we sit today, of course, that's all effectively reversed.

就非經營項目而言，實際上，該期間的股本回報率不錯。他們一直很堅強。因此，您看到的短期變化主要是利率變動的結果。特別是，如您所知，我們撰寫了大量以美元計價的業務。所以這是半年利率上升的影響。當然，我們今天所處的位置，這一切實際上都顛倒了。

Finally, I think we've got one more please, Adam.

最後，我想我們還有一個，亞當。

William Hawkins, KBW.

威廉·霍金斯，KBW。

Hello. Thank you. First question, please. Your free surplus ratio, do you have any more insight into how required capital should change over time? It's interesting that it's just been flat through the first half of this year? And is that a metric that should be adjusted when you move to traditional embedded value? Or is that part of the equation unchanged, i.e, new methodology?

你好。謝謝。第一個問題，請。您的自由盈餘比率，您對所需資本應如何隨時間變化有更多了解嗎？有趣的是，今年上半年一直持平？當您轉向傳統的內含價值時，這個指標是否應該調整？還是等式的這一部分沒有改變，即新的方法？

And then secondly, please, your outlook for new bancassurance relationships and inorganic growth. I mean it's really interesting that we've not talked about at all on this call. Is all this just timing for how the world works? Or do you think your priorities are shifting between inorganic and organic growth?

其次，請談談您對新的銀行保險關係和無機成長的展望。我的意思是，我們在這次電話會議上根本沒有討論過這一點，這真的很有趣。這一切只是世界運轉的時機嗎？或者您認為您的優先事項正在無機成長和有機成長之間轉變？

Thanks, William. Let me take the second question first, and I'll have Ben talk about the free surplus ratio. So our emphasis right at the outset in terms of capital deployment was organic followed by capability build, which is where the $1 billion investments we've spoken about. And to the extent that we can find opportunistic areas of expanding our distribution, we absolutely will pursue them.

謝謝，威廉。我先回答第二個問題，我會讓Ben談談自由盈餘比率。因此，我們從一開始就強調資本部署是有機的，其次是能力建設，這就是我們談到的 10 億美元投資的重點。只要我們能夠找到擴大分銷的機會領域，我們絕對會追求它們。

I've, again, been quite emphatic about the fact that ASEAN provides us that opportunity. and we are in active conversations. So you're absolutely right, some of this is purely timing. But I do want to emphasize two points. One is these are going to be in-country bancassurance deals. And secondly, for all deals, we will be putting the returns hurdle to ensure that we are being very disciplined in the way we are deploying shareholder capital.

我再次強調東協為我們提供了這樣的機會。我們正在進行積極的對話。所以你說得完全正確，其中一些純粹是時機問題。但我確實想強調兩點。一是這些將是國內銀行保險交易。其次，對於所有交易，我們都會設置回報障礙，以確保我們在部署股東資本的方式上非常自律。

I'm going to turn to Ben to answer the final question.

我將請本回答最後一個問題。

Thanks. Hi, William. So yes, when we think about modeling out the free surplus ratio, I think it's important to be conscious of both the growth in regulatory capital as renewal premiums, new business bills, but also the $1 billion investment in capabilities. And as I've said before, I'm expecting to operate at the upper end of the range we've been given, or I've given, allowing for the buyback and the current dividend policy.

謝謝。嗨，威廉。所以，是的，當我們考慮對自由盈餘比率進行建模時，我認為重要的是要意識到監管資本的增長（如續保費、新業務賬單）以及 10 億美元的能力投資。正如我之前所說，考慮到回購和目前的股利政策，我預計將在我們已經給出的範圍的上限或我已經給出的範圍的上限進行操作。

In terms of modeling required capital, it's really difficult to give a broad-brush rule of thumb. That's because we operate under many different regimes. In 2023, from memory, we were up about 10%. I'd expect low double-digit growth going forward through to 2027. On your question on TEV, no change to required [count].

就所需資本建模而言，很難給出粗略的經驗法則。那是因為我們在許多不同的製度下運作。據我記憶，2023 年我們成長了約 10%。我預計到 2027 年將出現兩位數的低成長。關於您關於 TEV 的問題，無需更改[數數]。

Okay. Thanks, Adam. I'm just going to pass back to CEO to close off the call.

好的。謝謝，亞當。我將轉回執行長以結束通話。

Thanks, Patrick. And again, thank you, everyone, for your questions. As always, quite a robust engagement and truly enjoyed it. I'm sure we will have opportunities on the back of this to interact, and we'd be happy to clarify and engage on questions that you might have.

謝謝，派崔克。再次感謝大家提出的問題。一如既往，我們的參與度非常高，並且非常享受。我確信我們將有機會互動，我們很樂意澄清並解決您可能提出的問題。

I do want to close by saying that one year on into the strategy, I continue to be very impressed by the strength and the breadth of our organization. And I firmly believe that Prudential is a great franchise that has not yet realized its full potential. Looking further ahead, we remain confident in achieving our 2027 objectives, given the encouraging results that we are seeing from our capability build, as well as the relentless focus that we are employing on driving sustainable quality value growth, but at the same time, doubling down our focus to convert that value into cash.

最後我想說的是，在實施該策略一年後，我們組織的實力和廣度仍然給我留下了深刻的印象。我堅信保德信是一家偉大的特許經營公司，但尚未充分發揮其潛力。展望未來，鑑於我們在能力建設中看到的令人鼓舞的成果，以及我們對推動可持續品質價值成長的不懈關注，我們仍然對實現 2027 年目標充滿信心，但同時，我們專注於將價值轉化為現金。

Do feel free to reach out to Patrick and the IR team. We look forward to sharing our nine-month business update in November. Thank you all for joining us this morning, this evening.

請隨時聯繫 Patrick 和 IR 團隊。我們期待在 11 月分享我們九個月的業務更新。感謝大家今天早上和今晚加入我們。

Okay. Thanks, Adam, you can close the call now.

好的。謝謝，亞當，您現在可以結束通話了。