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Anil Wadhwani - Chief Executive Officer, Executive Director
Anil Wadhwani - Chief Executive Officer, Executive Director
Hello, I'm Anil Wadhwani, CEO of Prudential. Thank you for joining me today. I'm delighted to share our full-year 2024 results and update you on the progress of our strategy announced 18 months ago.
大家好，我是 Prudential 執行長 Anil Wadhwani。感謝您今天與我一起參加。我很高興與大家分享我們 2024 年全年業績，並向您通報我們 18 個月前宣布的策略的進展。
We have continued our focus of building and transforming Prudential to realize its full potential and deliver best-in-class experiences to our customers. Our strategy is being executed swiftly and effectively with an unwavering commitment to driving long-term, sustainable value for all our stakeholders
我們繼續致力於建立和改造保誠，以充分發揮其潛力並為我們的客戶提供一流的體驗。我們的策略正在迅速有效地執行，我們堅定不移地致力於為所有利害關係人創造長期、可持續的價值
Against the backdrop of a rapidly changing geopolitical environment, the markets we operate in continue to be some of the fastest growing in the world. Markets like China, India, Indonesia, and Malaysia are likely to grow GDP by around 5% or more in 2025.
在快速變化的地緣政治環境背景下，我們經營的市場仍然是全球成長最快的市場之一。中國、印度、印尼和馬來西亞等市場的 GDP 到 2025 年可能會成長 5% 左右或更高。
For many consumers, ensuring sufficient retirement savings and securing adequate protection against rising costs, particularly in healthcare, remain top priorities for themselves and their families. This is amplifying the demand for insurance products that offer greater financial security and protection.
對於許多消費者來說，確保有足夠的退休儲蓄和獲得足夠的保障以應對成本上漲（尤其是醫療保健方面），仍然是他們自己和家人的首要任務。這增加了對提供更高財務安全和保護的保險產品的需求。
To that end, we are optimistic about the growth opportunities in our markets, especially as the market sales growth returns to double digit levels seen before COVID. AI is bringing its own set of opportunities to the Insurance sector in the way customers and agents interact.
為此，我們對市場的成長機會持樂觀態度，尤其是當市場銷售成長恢復到 COVID 之前的兩位數水準時。人工智慧在客戶和代理商互動的方式上為保險業帶來了一系列機會。
It will also have material implications for health businesses and for policy underwriting, servicing, and claims cost management. We expect to see these trends continue into 2025, and we are factoring them in as we develop solutions to meet the growing needs of our customers.
這也將對健康業務以及保單承保、服務和索賠成本管理產生重大影響。我們預計這些趨勢將持續到 2025 年，我們在開發解決方案以滿足客戶日益增長的需求時將這些趨勢考慮在內。
Our five-year strategy announced in August 2023 is addressing previous underinvestment in the businesses and building enduring capabilities that drive sustainable performance. At all times, we take a disciplined approach, focusing on investments that will create value for our stakeholders. It is clear to me that we are seeing signs of improvement in productivity and operational effectiveness as a result of these investments.
我們在 2023 年 8 月宣布的五年策略旨在解決先前對業務的投資不足問題，並建立推動永續績效的持久能力。我們始終採取嚴謹的態度，專注於為利害關係人創造價值的投資。我很清楚地看到，由於這些投資，我們看到了生產力和營運效率提高的跡象。
The full year results published today show how these improvements are translating into value. Our new business profit was up 11% to $3.1 billion in line with our guidance. Over the past two years, we have achieved a compounded annual rate of growth of 21% in new business profit. We also generated, as expected, $2.6 billion in free surplus last year.
今天公佈的全年業績顯示了這些改進如何轉化為價值。我們的新業務利潤成長 11%，達到 31 億美元，符合我們的預期。過去兩年，我們的新業務利潤實現了21%的年複合成長率。正如預期的那樣，去年我們還創造了 26 億美元的自由盈餘。
Given the progress in our performance, we are firmly on track to meet our 2027 strategic and financial objectives. We have a clear path to delivering the growth in new business profit of 15% to 20% and generating at least $4.4 billion in free surplus that we set out in our strategy.
鑑於我們業績的進步，我們有望穩步實現 2027 年策略和財務目標。我們有明確的途徑來實現新業務利潤成長 15% 至 20%，並產生至少 44 億美元的自由盈餘，正如我們在策略中設定的那樣。
2025 is expected to be the inflection point for growth in our free surplus. Importantly, our strong capital position underpinned by the improving quality of our capital generation continues to give us the financial flexibility to invest in new business growth and strategic initiatives while delivering strong shareholder returns.
預計2025年將成為我們自由盈餘成長的轉捩點。重要的是，我們強大的資本狀況以及不斷提高的資本產生品質繼續為我們帶來財務靈活性，讓我們能夠投資於新的業務成長和策略計劃，同時為股東帶來豐厚的回報。
Creating shareholder value is a key imperative for us, and for 2024, we have announced just over $600 million of dividends, which on a per-share basis is up 13%. This is alongside the near $800 million we return to shareholders through a share buyback. We are accelerating the pace of our current $2 billion program to complete it by the end of 2025, well ahead of our original mid-2026 schedule.
創造股東價值對我們來說至關重要，對於 2024 年，我們宣布的股息將略高於 6 億美元，每股股息將上漲 13%。除此之外，我們也透過股票回購向股東返還了近 8 億美元。我們正在加快目前 20 億美元計劃的步伐，爭取在 2025 年底前完成該計劃，這將遠遠提前於我們原定的 2026 年中期計劃。
In February, we announced that we are evaluating a potential listing of the Indian Asset Management business involving a partial divestment of our shares. This is subject to approvals and market conditions. We intend to return the net proceeds to our shareholders.
今年 2 月，我們宣布正在評估印度資產管理業務上市的可能性，其中涉及部分股份的剝離。這取決於批准和市場條件。我們打算將淨收益返還給股東。
These initiatives underscore our disciplined capital management and our focus on improving shareholder returns. Alongside new business profit and free surplus generation. I was particularly pleased that we delivered operating profit after tax of $2.6 billion representing an 8% increase per share.
這些舉措強調了我們嚴格的資本管理和對提高股東回報的關注。伴隨著新業務利潤和免費盈餘的產生。我特別高興的是，我們實現了稅後營業利潤 26 億美元，每股成長 8%。
As we look towards 2025, we have introduced further guidance on our key performance matrix. We are targeting double digit growth in new business profit, operating profit per share, and operating free surplus generation.
展望 2025 年，我們對關鍵績效矩陣引入了進一步的指導。我們的目標是新業務利潤、每股營業利潤和營業自由盈餘產生量實現兩位數成長。
We also expect an increase in dividend per share of more than 10%. Our dividend policy remains unchanged, with future growth in dividends expected to be in line with net free surplus generation.
我們也預期每股股息將增加 10% 以上。我們的股息政策保持不變，預計未來股息的成長將與淨自由盈餘的產生保持一致。
Our confidence in meeting these growth ambitions is driven by our relentless focus on improving the cash signature profiles of our new business we are riding, managing our in-force by improving our operational delivery and our customers' satisfaction levels, and improving our variances through better management of claims and expenses.
我們對實現這些成長目標充滿信心，因為我們堅持不懈地致力於改善我們正在進行的新業務的現金特徵，透過改善我們的營運交付和客戶滿意度來管理我們的現有員工，並透過更好地管理索賠和費用來改善我們的差異。
Prudential's footprint and capabilities uniquely position us to leverage the strong structural demand drivers across our markets. These drivers include the demographic shift to longer life spans and older populations, for example, 28% of China's population will be over the age of 60 by 2040.
保誠的足跡和能力使我們能夠利用整個市場強大的結構性需求驅動力。這些驅動因素包括人口壽命延長和老化，例如，到 2040 年，中國 28% 的人口將超過 60 歲。
Rising wealth creation, particularly in Asia, now accounts for approximately 30% of global wealth. The significant gap between customers' protection needs and their insurance coverage estimated at $119 trillion in Asia. These are all leading to greater demand for both life and health insurance, as well as investment-linked products.
財富創造不斷增長，尤其是在亞洲，目前約佔全球財富的 30%。亞洲客戶的保障需求與保險覆蓋範圍之間存在巨大差距，預計差距達 119 兆美元。這些都導致對人壽保險和健康保險以及投資相關產品的需求增加。
Given these structural demand drivers, the total addressable market for gross written premiums is expected to more than double over the next decade. I believe we are very well positioned to capture this opportunity.
鑑於這些結構性需求驅動因素，預計未來十年毛承保保費總目標市場將成長一倍以上。我相信我們已準備好抓住這個機會。
COVID had indeed a profound impact on Asia. The good news is that Asian insurance markets have recovered back to their pre-covid growth rates, which are well above those of the rest of the world.
新冠疫情確實對亞洲產生了深遠的影響。好消息是，亞洲保險市場已恢復到疫情前的成長率，遠高於世界其他地區的成長率。
We are seeing economic integration and increasing intra-Asian trade flows. These positive trends are increasingly becoming important drivers of region-wide economic growth. Our multi-channel, multimarket franchise includes top three positions in 13 of our Asian and African life markets, positioning us strongly to succeed in this attractive industry.
我們看到經濟整合和亞洲內部貿易流動不斷增加。這些積極趨勢正日益成為整個地區經濟成長的重要動力。我們的多通路、多市場特許經營權在亞洲和非洲的 13 個人壽保險市場中佔據前三名的位置，這為我們在這個極具吸引力的行業中取得成功奠定了堅實的基礎。
Our distribution powerhouse includes 65,000 active agents and more than 200 bank partners, allowing us to provide engaging personalized financial solutions and exceptional service to a wide range of customers. We are a trusted household brand in many of our markets with long-lasting relationships and the confidence of 18 million customers to whom we bring deep expertise and capabilities in form by years of experience. Our in-house and integrated Asset Management business, Eastspring, is a large and leading pan-Asian player with $258 billion of funds under management.
我們的經銷中心包括 65,000 名活躍代理商和 200 多家銀行合作夥伴，使我們能夠為廣大客戶提供引人入勝的個人化金融解決方案和卓越的服務。我們是許多市場中值得信賴的家喻戶曉的品牌，擁有 1800 萬客戶的長期合作關係和信心，我們透過多年的經驗為這些客戶帶來了深厚的專業知識和能力。我們的內部綜合資產管理業務 Eastspring 是一家大型領先的汎亞企業，管理著 2,580 億美元的資金。
Since announcing our strategy in 2023, we substantially reset our focus on customer distribution and health. We have been building and modernizing our capabilities through targeted investments, including digitizing and harmonizing our core operations and infrastructure. These investments are transforming our ways of working across all aspects of our businesses, and I am pleased with the results that they are delivering.
自 2023 年宣布我們的策略以來，我們大幅調整了對客戶分佈和健康的關注重點。我們一直在透過有針對性的投資來建立和現代化我們的能力，包括數位化和協調我們的核心業務和基礎設施。這些投資正在改變我們業務各個方面的工作方式，我對它們帶來的成果感到滿意。
We believe during 2025 and into 2026, we will further evolve our capabilities to a level that will position us strongly for accelerated growth. I want to share with you some examples of what we have done and the operational benefits we are already seeing.
我們相信，在 2025 年到 2026 年期間，我們的能力將進一步提升到足以讓我們為加速成長做好準備的程度。我想與大家分享一些我們已經做過的事情的例子以及我們已經看到的營運效益。
To achieve our new business profit and free surplus objectives, our actions and decision making are based on three core operational imperatives. Firstly, we are committed to writing high quality new business. Our focus is on Health and Protection and longer-term products that deliver higher cash signatures.
為了實現我們的新業務利潤和自由盈餘目標，我們的行動和決策基於三個核心營運要務。首先，我們致力於開創高品質的新業務。我們的重點是健康和保護以及提供更高現金簽名的長期產品。
Notably, the 2027 cash signature of the new business cohort written in 2024 was up 36%. We are enhancing sales and productivity within our Agency force and achieving a better rate of penetration of Health and Protection products through our bank assurance partnerships.
值得注意的是，2024 年簽約的新企業群體的 2027 年現金簽名增加了 36%。我們正在提高代理商的銷售額和生產力，並透過銀行擔保合作夥伴關係提高健康和防護產品的滲透率。
Second, we are more effectively managing our in-force, enhancing our efficiency and customer experience. This includes disciplinary pricing of our product portfolio, improving our customer net promoter score, and digitizing our core operations. Our net promoter scores are in the top quartile in five markets, and all 10 markets now are within the top two quartiles.
其次，我們更有效管理現有員工，提高效率和客戶體驗。這包括對我們的產品組合進行嚴格的定價、提高我們的客戶淨推薦值以及數位化我們的核心業務。我們的淨推薦值在五個市場中處於前四分之一，現在所有十個市場都處於前兩個四分位數內。
Third, we are focused on improving our variances by implementing better health claims management, improving persistency, and modernizing our IT infrastructure to capture economies of scale. Our net negative variances improved from $383 million to $299 million.
第三，我們致力於透過實施更好的健康索賠管理、提高持久性以及現代化我們的 IT 基礎設施來實現規模經濟，從而改善我們的差異。我們的淨負差異從 3.83 億美元改善至 2.99 億美元。
As part of our investment program, we have invested over $300 million in enhancing our capabilities to accelerate growth and value creation. Approximately half has been invested in Distribution and one quarter each in Customer and Health.
作為我們投資計劃的一部分，我們已投資超過 3 億美元來增強我們加速成長和創造價值的能力。其中約一半投資於分銷領域，四分之一投資於客戶領域和健康領域。
Let me start with Agency. Our Agency business aims to address the savings and protection needs of our customers while generating high quality, profitable new business growth.
讓我先從代理商說起。我們的代理業務旨在滿足客戶的儲蓄和保護需求，同時創造高品質、有利可圖的新業務成長。
We are focused on building momentum in our Agency channel by enhancing agent quality, activation, and productivity across all our markets. Our performance improved during the year with new business profit growth rising from negative 5% in the first half to positive 4% in the second, as we lapped a strong first half competitor due to the Hong Kong border re-opening in 2023. Active agent count increased to 67,000 in the second half, up from 63,000 in the first, and we see opportunities in several markets to improve this further.
我們致力於透過提高所有市場的代理商品質、活躍度和生產力來增強代理通路的發展動能。由於香港邊境於 2023 年重新開放，我們在上半年擊敗了強勁的競爭對手，我們的業績在年內有所改善，新業務利潤增長從上半年的負 5% 上升至下半年的正 4%。下半年活躍代理商數量從上半年的 63,000 人增加到 67,000 人，而且我們在多個市場看到了進一步改善這一狀況的機會。
The most impactful actions we are taking include, firstly, recruiting quality agents, which is central to our efforts. It saw new agent recruitment grow by 9%. An important driver of quality recruits is our PRUVenture career development program, with sales by PRUVenture agents up 34% year-on-year.
我們正在採取的最有影響力的行動包括：首先，招募優質代理商，這是我們工作的核心。新代理商招募量增加了 9%。我們的 PRUVenture 職涯發展計畫是招募優質人才的重要驅動力，PRUVenture 代理商的銷售額年增 34%。
Second, partnering with the MDRT network to roll out bespoke industry-leading training and sales recognition programs to continuously develop and benefit all our agents. We are the second largest MDRT force globally.
其次，與 MDRT 網路合作推出客製化的行業領先培訓和銷售認可計劃，以不斷發展和造福我們的所有代理商。我們是全球第二大 MDRT 力量。
Third, enterprise-wide, we have invested in technology to enhance agent experience and boost their productivity. New business profit per active agent grew 5% and is 1.6 times higher than 2022. We are working hard to significantly increase agent activation and are confident that our initiatives will help us surpass 80,000 active agents by 2027.
第三，在整個企業範圍內，我們投資科技來增強代理商的體驗並提高他們的工作效率。每位活躍代理商的新業務利潤成長了 5%，比 2022 年高出 1.6 倍。我們正在努力大幅提高代理商的活躍度，並相信到 2027 年，我們的舉措將幫助我們超過 80,000 名活躍代理商。
Now turning to Bancassurance, new business profit increased by 31% to just under $1 billion. Performance during the year was broad-based with 14 markets achieving double digit growth.
現在轉向銀保，新業務利潤成長了 31%，達到近 10 億美元。本年度業績表現廣泛，14 個市場均達到兩位數成長。
We have cultivated longstanding strategic relationships with key banking partners that support this robust performance. Our expertise and focus on sales training, together with providing a wide range of products that cater to different customer needs, altogether help enhance customer experience.
我們與主要銀行合作夥伴建立了長期的策略關係，為這一強勁的業績提供了支持。我們的專業知識和對銷售培訓的關注，加上提供滿足不同客戶需求的廣泛產品，共同協助提升客戶體驗。
As a result, we have improved traction in sales with 32% increase in sales of Health and Protection products. New business strategic alliances such as with the Bank Syariah Indonesia, along with the deepening of the existing partnerships are expanding our offerings to more people across Asia and Africa, further building our momentum.
結果，我們的銷售動能得到改善，健康和防護產品的銷售額成長了 32%。與印尼伊斯蘭教銀行等建立的新業務策略聯盟以及現有合作夥伴關係的深化，正在擴大我們向亞洲和非洲更多民眾提供的服務，進一步增強我們的發展勢頭。
Now, turning to our Health business, new business repricing initiatives and innovative products have combined to deliver 11% growth in new business profit. The second half of the year saw good momentum compared to the first, driven primarily by Hong Kong, Singapore, and Indonesia.
現在，談到我們的健康業務，新業務重新定價措施和創新產品相結合，帶來了新業務利潤 11% 的成長。與上半年相比，下半年發展勢頭良好，主要受香港、新加坡和印尼的推動。
Our investments are beginning to show results through better sales enablement tools for our agents, product innovation, claims cost management, and the reduction of fraud, waste, and abuse. Deepening our expertise and capabilities as part of our strategy has given us first-mover advantage on repricing.
我們的投資開始顯現成效，為我們的代理商提供更好的銷售支援工具、產品創新、索賠成本管理，並減少詐欺、浪費和濫用。作為我們策略的一部分，深化我們的專業知識和能力使我們在重新定價方面擁有先發優勢。
We are also better placed to manage the medical inflation in our markets. For example, in Indonesia, initiatives to drive claims cost efficiency have led to an analyzed claim savings of more than $30 million. We believe the investments we are making in our business puts us on track to achieve our 2027 new business profit target.
我們也能夠更好地管理我們市場上的醫療通膨。例如，在印度尼西亞，提高索賠成本效率的措施已導致索賠節省超過 3000 萬美元。我們相信，我們在業務上進行的投資將使我們有望實現 2027 年新業務利潤目標。
Next, our customers. We have seen progress in our customer relationship net promoter score with five businesses now in top quartile, and three more businesses moving up one quartile. All our businesses are now in the top two quartiles.
接下來是我們的客戶。我們的客戶關係淨推薦值有所提高，目前有五家企業進入前四分位，另有三家企業上升了四分位。我們所有的業務現在都位於前兩個四分位數。
Focusing on net promoter scores is absolutely critical to driving customer retention, which improved by 1 percentage point last year to 87%. This in turn, provides further opportunities to us for cross-selling and driving repeat sales. We look forward to taking this momentum through 2025 and beyond.
專注於淨推薦值對於提高客戶保留率至關重要，去年客戶保留率提高了 1 個百分點，達到 87%。這反過來又為我們提供了交叉銷售和推動重複銷售的更多機會。我們期待著將這一勢頭延續到 2025 年及以後。
Moving on to our markets. Look at our key markets in closer detail, we have achieved broad-based growth in new business profit with 18 of our 22 life markets showing year-on-year increases. In Hong Kong and Taiwan, we delivered quality growth, leveraging our diverse distribution channels.
繼續走向我們的市場。仔細觀察我們的主要市場，我們的新業務利潤實現了全面增長，其中 22 個壽險市場中有 18 個實現了同比增長。在香港和台灣，我們利用多樣化的分銷管道實現了優質的成長。
Our key market of Hong Kong grew strongly, with new business profit up 15%. In Mainland China, our strategy in response to the changes in regulatory and macroeconomic environment is progressing well. A more balanced product mix resulted in higher margins and 7% growth in new business profit.
我們的主要市場香港成長強勁，新業務利潤成長15%。在中國大陸，我們應對監管和宏觀經濟環境變化的策略進展順利。更均衡的產品組合帶來了更高的利潤率和7%的新業務利潤成長。
We are focused on quality new business in long-term savings, including pension business and Health and Protection. Risk management remains prudent, and our solvency ratios have improved.
我們專注於長期儲蓄領域的優質新業務，包括退休金業務和健康與保障業務。風險管理依然審慎，償付能力充足率有所提升。
ASEAN markets are gaining momentum as the post-COVID recovery continues with strong performances in many of our markets. For example, in Singapore, our key market, new business profit was up 12%.
隨著新冠疫情后經濟持續復甦，東協市場正在獲得發展動力，我們的許多市場都表現強勁。例如，在我們的主要市場新加坡，新業務利潤成長了12%。
In Indonesia, the 7% growth in new business profit for the full year reflects a marked recovery during the second half of last year, driven by Agency and Health. Medical repricing, and new products are gaining traction. The onboarding of our new Syariah bancassurance partner, Bank Syariah Indonesia, is progressing well with products launching during the first half of 2025.
在印度尼西亞，全年新業務利潤成長 7%，反映出去年下半年在代理商和健康業務的推動下出現了明顯復甦。藥品重新定價和新產品正在獲得關注。我們的新伊斯蘭銀行保險夥伴印尼伊斯蘭銀行的加入工作進展順利，產品將於 2025 年上半年推出。
In Malaysia we are addressing challenges in our Agency distribution caused by healthy pricing and the associated disruption to customer engagement. Revitalizing this channel is a high priority, and we are placing greater focus on next generation agents and developing our agent leaders. Bancassurance performed very well through effective collaboration with our key strategic bank partners.
在馬來西亞，我們正在解決因健康定價以及隨之而來的客戶參與中斷而導致的代理分銷挑戰。振興這項管道是當務之急，我們更重視下一代代理商和培養代理商領導者。透過與主要策略銀行合作夥伴的有效合作，銀保業務表現非常出色。
Customer sentiment in Vietnam remains challenged. However, we are working closely with the regulators to help restore industry confidence. Despite the tough market, we continue to focus on building a quality business and enhancing our capabilities for our Vietnamese customers. Our actions have helped us remain a top three player.
越南的消費者情緒仍然受到挑戰。不過，我們正在與監管機構密切合作，幫助恢復產業信心。儘管市場競爭激烈，我們仍將繼續致力於打造優質業務，並增強我們為越南客戶提供服務的能力。我們的行動幫助我們維持了前三名的地位。
In India, we hold strong competitive positions in Life Insurance and Asset Management. We are focusing our efforts on repositioning our life products, broadening their distribution and growing our Agency network.
在印度，我們在人壽保險和資產管理領域擁有強大的競爭地位。我們正致力於重新定位我們的生活產品，擴大其分銷範圍並擴大我們的代理商網絡。
Africa is benefiting from a multi-channel model, and we are focusing our capital on markets where we see significant structural demand and have the strongest competitive advantage. Asset management is a key part of our long-term strategy. We have $258 billion in funds under management, with retail inflows last year of just under $9 billion.
非洲正受益於多通路模式，我們將資本集中在我們看到巨大結構性需求和最強競爭優勢的市場。資產管理是我們長期策略的重要組成部分。我們管理的資金總額為 2,580 億美元，去年零售資金流入略低於 90 億美元。
Our footprint in Asia is unrivaled with 400 investment professionals across 11 markets. With a 10% increase in operating profit last year, this business delivers a high return on equity and is a key cash generator for the group. Over the long-term, success in asset management is value-add through investment performance.
我們在亞洲的業務範圍無與倫比，在 11 個市場擁有 400 名投資專業人士。該業務去年的營業利潤成長了 10%，實現了高股本回報率，是集團的主要現金來源。從長遠來看，資產管理的成功是透過投資績效來增值的。
To achieve this, we continue to invest in highly skilled talent across Asia. Our team has worked diligently to improve our investment performance with 61% of our funds under management now outperforming the important three-year benchmark.
為了實現這一目標，我們將繼續在亞洲各地投資高技能人才。我們的團隊努力提高投資業績，目前我們管理的 61% 的基金業績超過了重要的三年基準。
By combining our insurance and asset management capabilities, we see significant opportunities for creating new bespoke propositions to meet our customers' wealth needs. As I said earlier, Prudential is uniquely positioned as an integrated Life and Asset Management business to capitalize on the long-term growth trends across Asia and Africa. These trends are reasserting themselves post COVID.
透過結合我們的保險和資產管理能力，我們看到了創造新的客製化方案以滿足客戶財富需求的重大機會。正如我之前所說，保誠作為一家綜合性人壽和資產管理企業，擁有獨特的優勢，可以利用亞洲和非洲的長期成長趨勢。這些趨勢在新冠疫情之後再次顯現。
We are relentlessly executing our strategy, seizing structural growth opportunities across our markets, and investing to accelerate our value creation. We have made significant progress so far and I am excited about how much more we can achieve.
我們正在堅持不懈地執行我們的策略，抓住我們市場中的結構性成長機會，並進行投資以加速我們的價值創造。到目前為止，我們已經取得了重大進展，我對我們能夠取得的更多成就感到興奮。
Our commitment to creating value by capturing economies of scale, improving operational efficiency, and reducing variances stems from our relentless focus on writing quality new business and enhancing our profitability. By making disciplined capital allocation decisions and applying our capital management framework, we are delivering accelerated returns to our shareholders.
我們致力於透過實現規模經濟、提高營運效率和減少差異來創造價值，這源於我們堅持不懈地專注於開展高品質的新業務並提高獲利能力。透過制定嚴謹的資本配置決策並應用我們的資本管理框架，我們正在為股東帶來加速回報。
Dividend per share is up 13%, and our current $2 billion share buyback program will complete this year. 2025 is expected to be the inflection point of growth in our free surplus, and our proforma free surplus ratio is at 204%, just above the upper end of our guided range.
每股股息上漲 13%，我們目前的 20 億美元股票回購計畫將於今年完成。預計 2025 年將成為我們自由盈餘成長的轉折點，我們的預測自由盈餘比率為 204%，略高於我們指導範圍的上限。
We intend to update you on our capital management plans at our half year results in August. Additionally, we continue to evaluate an IPO of our India Asset Management Company, intending to partially divest our shares and return those proceeds to our shareholders.
我們計劃在八月的半年業績中向您通報我們的資本管理計劃。此外，我們繼續評估印度資產管理公司的首次公開發行 (IPO)，打算部分剝離我們的股份並將收益返還給我們的股東。
Value creation and total shareholder returns are key imperatives for the management team and an ongoing area of focus for us. We are firmly on track to achieve our 2022 to 2027 objectives of 15% to 20% compound annual growth in new business profit and $4.4 billion gross operating free surplus generation in 2027.
創造價值和股東總回報是管理團隊的關鍵任務，也是我們持續關注的領域。我們正穩步實現 2022 年至 2027 年的目標，即新業務利潤年複合成長率達到 15% 至 20%，2027 年總營業自由盈餘達 44 億美元。
Finally, I would like to express my sincere gratitude to our people, to our agents, and to our partners for their dedication and focus in 2024 and onward into 2025. Thank you.
最後，我要向我們的員工、代理商和合作夥伴表達誠摯的感謝，感謝他們在 2024 年以及 2025 年的奉獻和專注。謝謝。
Benjamin Bulmer - Chief Financial Officer
Benjamin Bulmer - Chief Financial Officer
Hi, I'm Ben Bulmer, CFO of Prudential. We're 18 months into the execution of our five-year strategy to build our capabilities, enhance our operating performance, and accelerate value creation. Our progress to date is increasingly being reflected in our financial outcomes and outlook. For ease of comparability, I will refer to all growth rates on a constant exchange rate basis and in respect of EEV new business profits, on an ex-economics basis.
大家好，我是保誠集團財務長 Ben Bulmer。我們的五年策略實施已經進行了 18 個月，旨在增強我們的能力、提高我們的營運績效並加速價值創造。我們迄今為止的進展越來越多地反映在我們的財務成果和前景中。為了方便比較，我將參考以固定匯率為基礎的所有成長率以及以非經濟為基礎的 EEV 新業務利潤成長率。
Our full year results for 2024 show how these improvements are beginning to translate into value, with new business profits up 11% in line with our guidance. Over the past two years, we've achieved a new business profits compound annual growth rate on a TEV basis of 21%.
我們 2024 年全年業績顯示，這些改善開始轉化為價值，新業務利潤成長 11%，符合我們的預期。過去兩年，我們實現了以TEV為基礎的新業務利潤複合年增長率21%。
IFRS operating profit after tax or OPAT per share was up 8% on a consistent basis, and our underlying contractual service margin or CSM grew at 9%. The CSM acts as a store of unearned profit, a key driver of future earnings growth.
IFRS 稅後營業利潤或每股 OPAT 持續成長 8%，我們的基礎合約服務利潤率或 CSM 成長 9%。合約服務經理充當未賺取利潤的儲存，是未來獲利成長的關鍵驅動力。
Gross operating free surplus generation or gross OFSG was down 2% over the year, in line with the trajectory we set out. We remain focused on quality growth and improving new business cash signatures and margins. In 2024, this was supported by repricing flagship products in our key markets.
總營運自由盈餘發電量或總 OFSG 年比下降了 2%，與我們設定的軌跡一致。我們仍然專注於高品質成長以及提高新業務現金簽名和利潤率。2024 年，我們透過重新定價主要市場的旗艦產品實現了這一目標。
The Board has approved a dividend of $23.13 per share, equivalent to annual growth of 13%. This reflects growth in the dollar value of the full year dividend and the benefit of a lower share count.
董事會已批准每股 23.13 美元的股息，相當於年增長率 13%。這反映了全年股息的美元價值的增長以及較低股數帶來的好處。
We remain focused on driving shareholder value and allocating our capital with discipline. Our ongoing $2 billion dollar buyback announced in June has been accelerated to complete by the end of 2025. Our proforma free surplus ratio is 204%, just above the upper end of our guided range.
我們始終致力於提高股東價值並嚴格分配資本。我們在 6 月宣布的 20 億美元回購計畫已加速至 2025 年底完成。我們的預測自由盈餘比率為 204%，略高於我們指導範圍的上限。
We remain very confident that 2025 is the inflection in the trajectory of our capital generation. We intend to update you on our capital management plans at our half year results in August. Additionally, we continue to evaluate an IPO for our India Asset Management Company, intending to partially divest our shares and return net proceeds to shareholders.
我們仍然非常有信心，2025 年是我們資本創造軌跡的轉捩點。我們計劃在八月的半年業績中向您通報我們的資本管理計劃。此外，我們繼續評估印度資產管理公司的首次公開發行 (IPO)，打算部分剝離我們的股份並將淨收益返還給股東。
For the 2025 year as a whole, we expect to deliver double digit growth in NBP, gross OFSG, operating EPS and dividend per share. In summary, our progress made and actions taken in 2024 reinforce our confidence in achieving our 2027 financial objectives.
就 2025 年全年而言，我們預計 NBP、總 OFSG、每股營運收益和每股股息將實現兩位數成長。總而言之，我們在 2024 年的進展和採取的行動增強了我們實現 2027 年財務目標的信心。
This slide summarizes our diverse sources of new business profits and OPAT generation across our pan-Asian franchise. All but one of our life segments reported NBP growth, and at a market level, 18 out of 22 life markets increased NBP.
這張投影片總結了我們汎亞特許經營業務中各種新業務利潤來源和 OPAT 生成情況。除一個以外的所有壽險細分市場均報告了 NBP 成長，從市場層面來看，22 個壽險市場中有 18 個市場 NBP 有所增加。
NBP growth on a TEV basis was also 11%. This geographic diversification is also clear on the right-hand side of this chart showing the segmental split of our IFRS operating profits after tax, with Indonesia and Singapore delivering a notably strong operating performance.
NBP 以 TEV 為基礎的成長率也達到了 11%。這張圖表右側也清楚顯示了我們的地理多樣化，顯示了我們按照國際財務報告準則計算的稅後營業利潤的分部分佈，其中印尼和新加坡的營業業績表現尤為強勁。
Our NBP performance was driven by our two key channels: Agency and Bancassurance. Agency accounting for 62% of our NBP generation, was flat year-on-year, albeit with improving momentum. In the second half of the year, NBP was up 4% as Hong Kong and Indonesia in particular, returned to positive growth.
我們的 NBP 績效由兩個關鍵管道推動：代理商通路和銀保通路。代理商占我們 NBP 發電量的 62%，儘管勢頭有所改善，但與去年同期持平。下半年，由於香港和印尼市場恢復正成長，NBP 股價上漲 4%。
Agency margins improved 2 percentage points over the year, primarily driven by pricing actions in a number of markets. As Anil explained in his presentation, further delivery of our transformation program will drive further growth in Agency and Health and Protection sales, providing additional growth in NBP and capital generation.
代理商利潤率較前一年提高了 2 個百分點，主要原因是多個市場的定價措施。正如阿尼爾在演講中所解釋的那樣，進一步實施我們的轉型計劃將推動代理和健康與保護銷售的進一步增長，從而為 NBP 和資本創造提供額外的增長。
Our Bancassurance channel, which represented 28% of NBP, registered new business profit growth of 31%. We continue to make good progress in lifting the proportion of high margin Health and Protection business within the Bancassurance sales mix, increasing this by a further 1 percentage point year-on-year to 8%.
我們的銀保通路佔 NBP 的 28%，新業務獲利成長 31%。我們在提升銀保銷售組合中高利潤率的健康和保障業務的比例方面繼續取得良好進展，與去年同期相比進一步增加了 1 個百分點，達到 8%。
This higher Health and Protection sales weighting and product repricing supported a 4 percentage point improvement in Bancassurance margins. As a reminder, these margins are stated net of associated distribution costs.
更高的健康和保護銷售權重和產品重新定價支持銀保利潤率提高 4 個百分點。提醒一下，這些利潤是扣除相關經銷成本後的淨額。
Investing capital in high quality business with attractive returns and short payback periods is at the heart of our strategy to grow long-term shareholder value. Over 40% of our NBP relates to Health and Protection business.
將資本投資於具有可觀回報和較短回報期的高品質業務是我們提高長期股東價值的策略核心。我們的 NBP 中有超過 40% 與健康和防護業務有關。
These are our highest value products per unit of new sales, with a margin of 15% on a present value of new business premiums or PVNBP basis. Health and Protection, or H&P also has an earlier cash emergence signature than long-term savings products.
這些是我們每單位新銷售額價值最高的產品，以新業務保費或 PVNBP 的現值為基礎，利潤率為 15%。健康與保護（H&P）也比長期儲蓄產品有更早的現金出現特徵。
These two features together explain our focus on lifting H&P share within our sales channels. As shown in the pie chart, our portfolio is well balanced across H&P and savings products.
這兩個特點共同解釋了我們專注於提升銷售通路內 H&P 份額。如圓餅圖所示，我們的投資組合在健康與保費產品和儲蓄產品之間保持了良好的平衡。
Moving to the central chart, we saw a 2-percentage point improvement in NBP margin, driven by pricing actions and a higher weight of H&P business. New business continues to be written at highly attractive IRRs of over 25%.
轉到中間圖表，我們看到 NBP 利潤率提高了 2 個百分點，這得益於定價行動和 H&P 業務權重的增加。新業務繼續以超過 25% 的極具吸引力的內部收益率開展。
Finally, this improvement in new business pricing is also reflected in the improved new business cash flow signature, shown in the chart on the right. The OFSG contribution to our 2027 target year from 2024 new business is up 36% compared to that in 2023, ahead of the 7% growth in sales. I will return to this topic shortly.
最後，新業務定價的改善也反映在新業務現金流量特徵的改善中，如右圖所示。2024 年新業務對 OFSG 2027 年目標年的貢獻較 2023 年成長 36%，高於銷售額 7% 的成長。我很快就會回到這個主題。
Turning to our markets, Hong Kong's new business profit grew 15%. The new business margin was 70%, up 7 percentage points. Both Agency and Bancassurance channels saw margin improvement, reflecting our continued focus on driving quality distribution and value creation.
回顧我們的市場，香港的新業務利潤成長了15%。新業務利潤率為70%，上升7個百分點。代理商和銀保通路的利潤率均有所提高，反映出我們持續致力於推動優質分銷和價值創造。
We saw improved sequential momentum over the year across the domestic and Mainland China Visitor segments, with overall second half NBP up 28%. Agency return to growth in H2, with new business profit up 4% year-on-year, supported by strong recruitment momentum and improved productivity.
我們看到國內和中國大陸遊客群體的環比增長勢頭較去年同期有所改善，下半年整體 NBP 增長了 28%。受強勁招聘勢頭和生產效率提高的推動，代理機構下半年恢復成長，新業務利潤年增 4%。
Our Bancassurance channels saw significant growth, with new business profit up 54%, driven by an increase in sales and positive product mix effects. The proportion of Health and Protection product sales has grown from 5% in 2022 to 18% in 2024.
我們的銀保通路實現了顯著成長，受銷售額成長和正面的產品組合效應推動，新業務利潤成長 54%。健康和防護產品銷售額的比例從 2022 年的 5% 成長到 2024 年的 18%。
In Mainland China, our joint venture delivered new business profit growth of 7%, driven by improved product mix, expanding new business margins, 9 percentage points. We continue to actively rebalance the product portfolio to drive profitability, sustainability, and manage risk. In 2024, we have pivoted towards higher margin Health and Protection products, and doubled sales of our participating products, resulting in improved channel margins.
在中國大陸，我們的合資企業的新業務利潤成長了 7%，這得益於產品組合的改善，新業務利潤率提高了 9 個百分點。我們繼續積極地重新平衡產品組合，以提高獲利能力、永續性並管理風險。2024年，我們轉向利潤率更高的健康和防護產品，並將參與產品的銷售翻了一番，從而提高了通路利潤率。
Moving to ASEAN, starting with Singapore, new business profits grew 12% with double digit growth from both Agency and Bancassurance channels. In Malaysia, NBP was down 4% in 2024, as sales growth was offset by lower margins, given a shift in channel mix towards Bancassurance.
轉向東協，從新加坡開始，新業務利潤成長了 12%，代理商和銀保通路均實現了兩位數的成長。在馬來西亞，由於通路組合向銀保轉變，銷售額成長被利潤率下降所抵消，NBP 在 2024 年的銷售額下降了 4%。
And finally, in Indonesia, our 2024 NBP grew 7%, driven by an acceleration in Agency channel growth in the second half of the year, supported by a number of actions, including re-pricing. Over 2024 as a whole, Agency NBP grew 5% and Agency productivity increased by 21%. Additionally, as Anil mentioned, we signed a new bancassurance partnership with BSI.
最後，在印度尼西亞，我們的 2024 年 NBP 成長了 7%，這得益於下半年代理通路成長的加速，以及包括重新定價在內的一系列舉措的支持。2024 年全年，機構 NBP 成長 5%，機構生產力成長 21%。此外，正如 Anil 所提到的，我們與 BSI 簽署了新的銀保合作夥伴關係。
Our Growth Market segment delivered another solid performance with broad-based sales growth of 16% and NBP growth of 7%. In India, our joint venture, ICICI Pru Life, grew sales by 20%. In Taiwan, we continued to broaden the distribution of our very successful par product suite.
我們的成長市場部門再次取得穩健表現，全面銷售額成長 16%，NBP 成長 7%。在印度，我們的合資企業 ICICI Pru Life 的銷售額成長了 20%。在台灣，我們繼續擴大我們非常成功的 par 產品套件的分銷。
In Thailand, sales were up 27%, driven by new product launches and the new CIMB bancassurance partnership. And finally, Africa delivered another year of strong growth across all of our markets there. We're also pleased to acquire full ownership of Prudential Zenith Life in Nigeria.
在泰國，受新產品發布和新的聯昌國際銀保合作的推動，銷售額增長了 27%。最後，非洲所有市場又實現了強勁成長。我們也很高興收購尼日利亞 Prudential Zenith Life 的全部所有權。
Asset management is an important value creator and key differentiator for Prudential. Eastspring reported a 9% increase in total funds under management to $258 billion. This growth reflects favorable market movements and strong net inflows from both third parties and the group's life business.
資產管理是保誠的重要價值創造者及關鍵差異化因素。Eastspring 報告稱其管理的資金總額增加了 9%，達到 2,580 億美元。這一成長反映了良好的市場走勢以及來自第三方和集團人壽業務的強勁淨流入。
Third-party net inflows increased to $6.5 billion, driven by net inflows into higher margin retail funds and internal net inflows from Prudential's Life business, which more than doubled to $5.2 billion.
第三方淨流入增至 65 億美元，主要原因是流入利潤率較高的零售基金的淨流入以及保誠人壽業務的內部淨流入，後者增長了一倍多，達到 52 億美元。
Investment performance improved substantially with 61% of funds under management outperforming benchmark on a three-year basis, a notable improvement from 50% in 2023. Overall, Eastspring's adjusted operating profit was up 10%, broadly in line with the growth in average funds under management.
投資績效大幅提升，61% 的管理基金三年表現優於基準，較 2023 年的 50% 有顯著提升。整體而言，瀚亞投資的調整後營業利潤成長了 10%，與平均管理基金的成長率基本一致。
Finally, bringing the value section of my presentation together and for the last time on an EEV basis, operating profit was up 7%, reflecting a higher expected return from in-forced business growth and higher asset management profits. Together this supported an operating RoEV of 12%.
最後，將我簡報中的價值部分匯總起來，並最後一次以 EEV 為基礎，營業利潤增長了 7%，反映了強制業務增長帶來的更高預期回報和更高的資產管理利潤。總體而言，這支援了 12% 的營運 RoEV。
Our stock of EEV reduced by 2% year on year, allowing for the return of $1.4 billion in ordinary dividend and share buybacks, the Malaysia court judgment resulting in the crystallization of a related non-controlling interest, and the economic impact from adverse US and Mainland Chinese interest rate movements. This brought us to a closing EEV per share of $16.36.
我們的 EEV 庫存年減了 2%，其中包括 14 億美元的普通股息和股票回購、馬來西亞法院判決導致相關非控制權益的實現，以及美國和中國大陸利率變動不利帶來的經濟影響。這使得我們的每股 EEV 收盤價達到 16.36 美元。
As announced at our half year results, our embedded value reporting switches to a traditional embedded value, or TEV basis, starting with our first quarter 2025 business performance update. This will improve comparability and reporting stability, providing better visibility of underlying growth trends.
正如我們在半年業績中所宣布的那樣，從 2025 年第一季業務績效更新開始，我們的內含價值報告將轉為傳統內含價值或 TEV 基礎。這將提高可比性和報告穩定性，從而更好地了解潛在的成長趨勢。
The key change moving to TEV is a higher risk discount rate, up 2% to 8.1% at year-end, comparable on a country weighted basis to our peers. The higher discount rate also reflects 50 bps reduction to the long-term interest rate assumption applied to our Mainland China business.
轉向 TEV 的關鍵變化是更高的風險折現率，年底上漲 2% 至 8.1%，按國家加權計算與我們的同行相當。更高的折現率也反映了適用於我們中國大陸業務的長期利率假設降低了 50 個基點。
As I said previously, this is despite our considerable weighting of UK style with profit business, which has relatively limited risk to the shareholder, as well as conservatively set equity risk premium. A segmental view of the 2024 TEV NBP and margins is summarized in the middle chart, and we've published detailed TEV disclosures following the format of our EEV report, along with high-level quarterly data to help you with updating your models.
正如我之前所說，儘管我們相當重視英國風格的獲利業務，但這種業務對股東的風險相對較小，並且股權風險溢價設定也較為保守。中間圖表總結了 2024 年 TEV NBP 和利潤率的分段視圖，並且我們按照 EEV 報告的格式發布了詳細的 TEV 披露，以及高級季度數據，以幫助您更新模型。
Looking forwards, these margins provide a good reference for 2025. In Hong Kong, I expect these margins to remain broadly stable, while in Mainland China, margins may reduce moderately as sales of savings products continue to shift towards participating products. Over the medium-term, we see potential to continue to improve our margins as we execute our strategy.
展望未來，這些利潤為2025年提供了良好的參考。在香港，我預計這些利潤率將保持大致穩定，而在中國大陸，隨著儲蓄產品的銷售繼續轉向參與產品，利潤率可能會適度下降。從中期來看，隨著我們策略的實施，我們看到了繼續提高利潤率的潛力。
Finally, while TEV results in a lower points embedded value, the return or RoEV, is 2 percentage points higher than under EEV at 14%. I expect this return to improve by several percentage points as we progress towards our 2027 financial objectives by growing profitable new business, improving variances, increasing asset management earnings, and managing capital with discipline.
最後，雖然 TEV 導致點數嵌入價值較低，但回報率或 RoEV 比 EEV 下的 14% 高出 2 個百分點。我預計，隨著我們透過發展獲利性新業務、改善差異、增加資產管理收益和嚴格管理資本，逐步實現 2027 年財務目標，這一回報率將提高幾個百分點。
To reiterate, our financial objectives in terms of 15% to 20% NBP growth over 2022 to 2027 and 2027 gross OFSG of at least $4.4 billion remain unchanged. The dollar value of the NBP objective is re-based to a TEV basis with an implied 2027 NBP of between $3.4 billion and $4.2 billion.
重申一下，我們的財務目標保持不變，即 2022 年至 2027 年 NBP 成長 15% 至 20%，2027 年 OFSG 總值至少達到 44 億美元。NBP 目標的美元價值重新基於 TEV 基礎，隱含的 2027 年 NBP 介於 34 億美元至 42 億美元之間。
Turning to earnings on an IFRS 17 basis, the CSM acts as a store of future profit within the IFRS 17 accounting framework. Growth in the CSM is the key driver of growth in insurance profit over time.
轉向 IFRS 17 基礎上的收益，CSM 在 IFRS 17 會計框架內充當未來利潤的儲存。合約服務成本的成長是保險利潤長期成長的關鍵驅動力。
Structural growth in the CSM comprising new business additions, normalized unwind, and net of the release to the income statement was $2 billion, an increase of 9%. This is again at the top end of the 6% to 9% guidance range we set out in parallel to our 2022 to 2027 NBP growth objective. Economic variances reflect similar drivers to those under EEV, particularly the net negative impact of higher US rates. The CSM release rate remains stable year-on-year at 9.5%.
CSM 的結構性成長包括新增業務、正常化平倉以及損益表的淨額，為 20 億美元，成長 9%。這再次達到了我們與 2022 年至 2027 年 NBP 成長目標同時設定的 6% 至 9% 指導範圍的最高端。經濟差異反映了與 EEV 類似的驅動因素，特別是美國利率上升帶來的淨負面影響。CSM釋放率較去年同期維持穩定，為9.5%。
Our insurance result was up 7%, driven by a 7% increase in the CSM release, more than offsetting a lower net investment result. The net investment result reflects the long-term return on assets backing shareholders' equity of the Life business and on Spread business.
我們的保險業績成長了 7%，這得益於 CSM 釋放量增加了 7%，足以抵銷淨投資績效的下降。淨投資結果反映了壽險業務和利差業務股東權益的長期資產回報。
The overall investment result was reduced as a result of lower levels of owned funds held at a business unit level, and various portfolio actions taken within the Mainland China business at the beginning of the second half of the year. Including the Asset Management result, overall segment profit was up 7%.
由於業務單位層級持有的自有資金較少，且下半年開始針對中國大陸業務採取了多項投資組合行動，導致整體投資績效下降。包括資產管理績效在內，整體部門利潤成長了 7%。
Corporate expenditure, interest payments, and restructuring costs were stable over the year as guided, contributing to a pre-tax operating profit up 10%. Looking ahead, we will continue to contain the level of central expenditure. I expect 2025 restructuring costs to reduce to around $170 million, with 2026 expenditure falling to a double digit million level.
企業支出、利息支付和重組成本全年保持穩定，符合預期，推動稅前營業利潤成長 10%。展望未來，我們將繼續控制中央支出水準。我預計 2025 年重組成本將減少至約 1.7 億美元，2026 年支出將降至數千萬美元。
The operating tax rate increased to 17%, reflecting the absence of a favorable one-time effect in 2023. I expect the operating tax rate to remain broadly stable at 2024 levels following the introduction of global minimum tax rates.
營業稅率上升至 17%，反映出 2023 年沒有產生有利的一次性影響。我預計，在全球最低稅率出台後，營業稅率將基本保持穩定在 2024 年的水平。
Finally, OPAT grew 7% to $2.6 billion. Looking forward, we expect growth in operating EPS per share of at least 10%, driven by underlying CSM growth, asset management momentum, continued containment of central costs, and the tailwind of a reduced share count.
最終，OPAT 成長 7%，達到 26 億美元。展望未來，我們預計每股營運每股收益將成長至少 10%，這得益於基礎 CSM 成長、資產管理勢頭、中央成本的持續控制以及股份數量減少的順風。
The disciplined allocation of capital is at the core of our strategy to accelerate value. In short, we've executed as we said we would, and the 2024 delivery outcomes reflect this.
嚴格的資本配置是我們加速價值策略的核心。簡而言之，我們已經按照我們所說的執行了，2024 年的交付結果也反映了這一點。
We maintain a very strong regulatory capital position with a 280% shareholder cover ratio. Our free surplus ratio is 234%. Both measures are down slightly over the year as excess capital is returned to shareholders. On a proforma basis, allowing for the $2 billion buyback completion, the payment of the 2024 second interim dividend and recognition of the BSI partnership, the free surplus ratio is 204%.
我們的監管資本狀況非常強勁，股東覆蓋率高達 280%。我們的自由盈餘比率是234%。由於多餘的資本返還給股東，這兩項指標較去年同期均略有下降。根據預測，考慮到完成 20 億美元的回購、支付 2024 年第二次中期股息以及確認 BSI 合作夥伴關係，自由盈餘率為 204%。
I know the Mainland China capital position is of particular focus. As I mentioned in August, the business is taking significant actions on strategic asset allocation and on adapting distribution to the new product mix. We also maintain our rolling group level hedge position in respect of local interest rates. We do not envisage any further capital injections in 2025.
我知道中國大陸的資本狀況尤其受到關注。正如我在八月提到的，該企業正在採取重大行動，採取策略性資產配置和調整分銷以適應新的產品組合。我們也針對當地利率維持集團層級的滾動對沖部位。我們預計 2025 年不會再注入任何資本。
Given the group wide growth opportunity ahead of us, investing in profitable new business and attractive returns is a key driver of growth in future shareholder value. We continue to invest in our capability enhancement program with about $175 million of spend in 2024, taking us to $300 million in total deployed so far.
鑑於我們面臨的整個集團的成長機會，投資於有利可圖的新業務和可觀的回報是未來股東價值成長的關鍵驅動力。我們將繼續投資於我們的能力提升計劃，2024 年的支出約為 1.75 億美元，迄今為止總部署金額達 3 億美元。
Our dividend policy remains unchanged and linked to group net operating free surplus generation, which is calculated after investment in new business. As I mentioned, overall DPS growth of 13% reflects growth in the dollar value of the full year dividend, and the benefit of a lower share count. We will also continue with our script dividend alternative in Hong Kong shares.
我們的股利政策保持不變，與集團淨營業自由盈餘產生掛鉤，該盈餘是在投資新業務後計算的。正如我所提到的，13% 的整體 DPS 成長反映了全年股息的美元價值的成長，以及較低股票數量的好處。我們也將繼續在香港股票中推行腳本股息替代方案。
Any capital deployment to strengthen our franchise continues to be judged against returns to shareholders. In this context, we announced the return of $2 billion of capital and committed to evaluate an IPO of ICICI AMC and intend to return net proceeds to shareholders. Buybacks will continue to take place on the London line.
任何為加強我們的特許經營權而進行的資本部署仍將以股東回報為依據進行判斷。在此背景下，我們宣布返還 20 億美元資本，並承諾評估 ICICI AMC 的 IPO，並打算將淨收益返還給股東。倫敦鐵路線上的回購活動將持續進行。
Our capital generation trajectory remains firmly in line with the path we set out in August 2023. As shown on the left-hand chart, we expected essentially flat capital generation over 2022 to 2024, and then an inflection point in 2025, with strong growth to our 2027 objective of at least $4.4 billion.
我們的資本生成軌跡與我們在 2023 年 8 月制定的路徑保持一致。如左圖所示，我們預計 2022 年至 2024 年資本創造基本持平，然後在 2025 年出現拐點，強勁增長至 2027 年至少 44 億美元的目標。
In-force life capital generation is driven by the release or transfer of future capital generation, built up over many years of new business, emerging or monetizing as free surplus. The profile of our free surplus generation over 2022 to 2024 reflects lower new sales over the COVID period, leading to lower additions to future capital generation, coupled with adverse operating effects, and our capability investment program, both leading to negative variances.
現行生命資本生成是由未來資本產生的釋放或轉移所驅動的，這些資本是經過多年的新業務累積而形成的，以免費盈餘的形式出現或貨幣化。2022 年至 2024 年期間我們的自由盈餘生成情況反映了 COVID 期間新銷售額的下降，導致未來資本產生的增加減少，再加上不利的營運影響和我們的能力投資計劃，這兩者都導致了負面差異。
This is why our in-force capital generation measure, gross OFSG was as expected, down 2% in 2024. Based on the business already on our books at the end of 2024, we have a very clear view of the level of expected capital generation in 2025.
這就是為什麼我們的有效資本產生指標 OFSG 總額如預期般在 2024 年下降了 2%。根據 2024 年底我們已經完成的業務，我們對 2025 年預期的資本產生水準有非常清晰的認識。
The table on the right shows the components of gross OFSG. The transfer from in-force monetization, the investment return on free surplus stock, operating variances, and our asset management result. The key driver is in-force capital generation.
右表顯示了總 OFSG 的組成部分。有效貨幣化轉移、自由剩餘股票的投資回報、營運差異、我們的資產管理結果。關鍵驅動因素是有效資本產生。
In 2025, we expect a transfer of $2.7 billion, 13% higher than the 2024 level. The highly predictable nature of this expected transfer is demonstrated by the similar dollar amount between the expected and actual transfer in 2023 and 2024, shown in the first two rows. Coupled with our focus on improving operating variances and the momentum of our Asset Management business, we are confident of double digit growth in gross-free surplus generation in 2025.
到 2025 年，我們預計轉移金額將達到 27 億美元，比 2024 年的水準高出 13%。前兩行顯示的 2023 年和 2024 年預期轉移金額與實際轉移金額相似，證明了預期轉移具有高度可預測性。加上我們專注於改善營運差異和資產管理業務的發展勢頭，我們有信心在 2025 年實現總自由盈餘產生兩位數的成長。
Looking forward, this chart shows why we have high confidence in the path to our 2027 gross OFSG objective of at least $4.4 billion. Based solely on the Life business we have already written today, we expect to deliver OFSG of $2.6 billion in 2027, shown in the bar on the left. The box in red shows the pattern of additions to OFSG from Life Business we expect to write in 2025 and 2026.
展望未來，這張圖表顯示了我們為何對實現 2027 年至少 44 億美元的 OFSG 總目標充滿信心。僅根據我們今天已經寫過的人壽業務，我們預計 2027 年將實現 26 億美元的 OFSG，如左側欄所示。紅色框顯示了我們預計在 2025 年和 2026 年從人壽業務中寫入 OFSG 的增加模式。
In line with our targets, we expect to continue to grow our NBP, which will translate to higher OFSG contribution from each cohort. Assuming growth in line with our targets, new business written in 2025 and 2026 would contribute at least $0.3 billion and above $0.4 billion, respectively.
按照我們的目標，我們預計將繼續增加我們的 NBP，這將轉化為每個群體更高的 OFSG 貢獻。假設成長符合我們的目標，2025 年和 2026 年的新業務將分別貢獻至少 3 億美元和 4 億美元以上。
In addition, we expect the level of capital emergence from Life new business to continue to improve. This reflects the benefit of pricing actions taken in 2024, which contributed to the 36% improvement in the new business contribution to 2027 OFSG I mentioned earlier, together with improvements in channel, product, and country mix.
此外，我們預期人壽新業務的資本湧現水準將持續提高。這反映了 2024 年採取的定價行動的好處，這些行動促使我之前提到的 2027 年 OFSG 新業務貢獻提高了 36%，同時通路、產品和國家組合也得到了改善。
On top of the higher Life contributions to OFSG in 2027, you need to add the asset management result and return on free surplus. We expect this to grow from the combined 2024 outcome.
除了 2027 年人壽對 OFSG 的更高貢獻之外，您還需要添加資產管理結果和自由盈餘回報。我們預計這一數字將比 2024 年的綜合結果有所增長。
This, with a return to positive variances, including the completion of our strategic investment program, would add a further $1 billion to our OFSG in 2027. Together these drivers support our confidence in reaching gross of at least $4.4 billion in 2027.
加上恢復正向差異（包括我們策略投資計畫的完成），到 2027 年，我們的 OFSG 將再增加 10 億美元。這些驅動因素共同支撐了我們對 2027 年總收入至少達到 44 億美元的信心。
Just to give you an idea on the sensitivity, assume the franchise simply repeats 2024 levels of new business in 2025 and 2026, i.e., it doesn't grow. Similarly, assume only the 2024 level contributions from return on free surplus and asset management and a return to neutral variances. In this instance, we would deliver nearly $4 billion of gross OFSG in 2027.
只是為了讓您了解敏感度，假設特許經營權在 2025 年和 2026 年只是重複 2024 年的新業務水平，即它沒有增長。同樣，僅假設2024年的水平貢獻來自自由盈餘和資產管理的回報以及中性差異的回報。在這種情況下，我們將在 2027 年提供近 40 億美元的 OFSG 總值。
Managing our in-force business is a critical part of our strategy. We have work to do. Nevertheless, I'm pleased to report an improving trend, as illustrated by the red bars in the left-hand chart.
管理現有業務是我們策略的關鍵部分。我們有工作要做。儘管如此，我很高興地報告一個改善的趨勢，如左側圖表中的紅色條所示。
While variances are still negative, the net operating performance is improving through a focus on underwriting and re-pricing and increasing operating leverage, as we seek to contain costs and rebuild scale whilst through COVID. Our aim is to continue to improve this trend such that the business reverts to its historical record of generating steady positive variances by 2027 at the latest, again supporting the delivery of our 2027 OFSG objective.
儘管差異仍然為負，但透過專注於承保和重新定價以及提高營運槓桿，淨營運表現正在改善，因為我們尋求在 COVID 期間控製成本並重建規模。我們的目標是繼續改善這一趨勢，使業務最遲在 2027 年恢復到產生穩定正向差異的歷史記錄，再次支持實現我們的 2027 年 OFSG 目標。
In terms of our capability investment, we booked the cost as a negative operating variance. These came to $133 million in 2023 and $175 million in 2024. As these investments mature, these will contribute to additional operating leverage.
就我們的能力投資而言，我們將成本記為負營運差異。2023 年這數字將達到 1.33 億美元，2024 年將達到 1.75 億美元。隨著這些投資的成熟，它們將帶來額外的營運槓桿。
Over time, growth in capital generation drives growth in free cash flow to the holding company. In 2024, OFSG from our Life and Asset Management business, net of investment in new business, was $1.9 billion. Remittances from the business were $1.4 billion, a conversion ratio of about 70%, consistent with the level I've previously indicated.
隨著時間的推移，資本創造的成長推動控股公司的自由現金流的成長。2024 年，我們的人壽和資產管理業務的 OFSG（扣除新業務投資）為 19 億美元。企業匯款金額為14億美元，轉換率約為70%，與我先前指出的水平一致。
Our holding company cash movements are shown on the right-hand chart. Remittances received cover net holding company costs of $0.2 billion and recurring cash payments of centrally funded bancassurance distribution agreements, the costs of which are reflected in new business profits. Net of these amounts, holding company free cash flow was $0.9 billion.
我們的控股公司現金變動顯示在右側圖表上。收到的匯款涵蓋了 2 億美元的淨控股公司成本和中央資助的銀保分銷協議的經常性現金支付，其成本反映在新業務利潤中。扣除這些金額後，控股公司自由現金流為 9 億美元。
The remaining items are cash outflows of ordinary dividend payments of $0.6 billion, the existing buyback program, and $0.2 billion, which includes net investments in new bancassurance distribution opportunities, including BSI in Indonesia. Clearly, our cash generation capacity and the flexibility this brings will build as we progress towards our 2027 capital generation objective.
其餘項目包括 6 億美元的普通股息支付現金流出、現有的回購計畫以及 2 億美元，其中包括對新的銀保分銷機會（包括印尼的 BSI）的淨投資。顯然，隨著我們朝著 2027 年資本創造目標邁進，我們的現金創造能力及其帶來的靈活性將會增強。
We remain committed to the disciplined management of capital. Capital in excess of our free surplus operating range will be returned to shareholders. We have already accelerated the $2 billion buyback and expect to complete this by the end of this year, rather than in 2026.
我們始終致力於嚴謹的資本管理。超出我們自由盈餘營運範圍的資本將回饋給股東。我們已經加快了 20 億美元的回購計劃，預計將在今年年底完成，而不是 2026 年。
Allowing for that, the payment of the 2024 second interim dividend, and the effect of the BSI transaction, our proforma free surplus ratio was 204% at end 2024. This ratio will now build through 2025 given growth in capital generation.
考慮到這一點、2024 年第二次中期股息的支付以及 BSI 交易的影響，我們 2024 年底的預測自由盈餘比率為 204%。隨著資本創造的成長，這一比例將持續到 2025 年。
We will update you on our capital management plans in August this year. In addition, we are evaluating an IPO of India AMC and intend to return net proceeds to shareholders.
我們將在今年8月向您通報我們的資本管理計畫。此外，我們正在評估印度資產管理公司 (AMC) 的 IPO，並打算將淨收益返還給股東。
In closing, our broad-based NBP growth of 11% was in line with the guidance we provided. 2022 to date, we have grown NBP 21% compound on a TEV basis.
最後，我們廣泛的 NBP 成長率為 11%，與我們提供的指導一致。 2022 年至今，我們已按 TEV 基礎成長了 21% 的 NBP 化合物。
In 2024, our new business cash signature has materially improved. Our OPAT per share was up 8% on a consistent basis. We remain focused on allocating our capital with discipline. And believe our actions demonstrate this.
2024年，我們的新業務現金簽章有了實質的改善。我們的每股 OPAT 持續上漲 8%。我們仍然注重有紀律地分配資本。並相信我們的行動證明了這一點。
For the 2025 year as a whole, we expect to deliver growth of above 10% in NBP, gross OFSG, operating EPS, and dividend per share. Finally, we remain confident of achieving our 2027 financial objectives.
就 2025 年全年而言，我們預計 NBP、總 OFSG、每股營運收益和每股股息將成長 10% 以上。最後，我們仍有信心實現 2027 年的財務目標。