China's Taiping (00966) rose nearly 6% after the results. As of press release, it rose 5.26% to HK$6.81, with a turnover of HK$22.471 million.
The Zhitong Finance App learned that China's Taiping (00966) rose nearly 6% after the results. As of press release, it had risen 5.26% to HK$6.81, with a turnover of HK$22.471 million.
According to the news, China Taiping announced its 2023 results. Under the new standards, the Group's total assets exceeded HK$1.5 trillion, up 14.2% year on year; investment assets under management were nearly HK$2.5 trillion; insurance service performance was HK$18.531 billion, up 3.24% year on year; and shareholders should account for profit of HK$6.190 billion, up 44.1% year on year. Basic profit per share is HK$1.495, with a recommended final interest of HK30 cents per share.
The China Merchants Securities Non-Bank analyst team commented that the company's 2023 performance greatly exceeded market expectations. The bank pointed out that the life insurance business, as the core of China Taiping, accounts for 92% of net operating profit. The new business value (NBV) of the life insurance business reached 8.515 billion yuan, an increase of 27.8% over the previous year. This growth trend was outstanding among peers. China Merchants Securities emphasized that a good start in 2024 is progressing smoothly, and the 24Q1NBV growth rate is expected to exceed 100%.
CICC believes that although the impact of the new standard change is complex and difficult to compare with peers, Taiping's annual net profit increased 44% year-on-year to HK$6.19 billion, still exceeding the bank's and market expectations. Furthermore, the company announced a year-on-year increase of 15% to HK$0.3 in dividend per share in '23, with a dividend ratio of about 20%. The dividend rate corresponding to the current stock price (2023a) is about 4.6%.