Q4 2024 Cathay Financial Holding Co Ltd Earnings Call Transcript
Key Points
- Cathay Financial Holding Co Ltd (TPE:2882) achieved a gross net income of TWD111 billion in 2024, more than double the figures in 2023, marking the second highest profit in its history.
- Cathay United Bank reported a 32% year-on-year growth in annual earnings, with robust loan growth and benign asset quality.
- Cathay Life's annualized premium and value of new business grew 22% and 30% year-on-year, respectively, maintaining a solid capital position.
- Cathay SITE, the asset management subsidiary, delivered record high annual earnings in 2024, with AUM reaching TWD2.24 trillion.
- Cathay Financial Holding Co Ltd (TPE:2882) has been elected in the DJSI Index for 10 consecutive years and received the highest MSCI ESG AAA rating, showcasing its commitment to sustainability.
- The hedging cost was 1.56% due to weaker Asian currencies against the Taiwan dollar, impacting the effectiveness of proxy hedging.
- Cash dividend income for Cathay Life decreased year-on-year as the company adjusted its portfolio amid favorable equity markets.
- The company faces volatility in its equity investments, which could impact the other comprehensive income (OCI) and dividend distributions.
- Cathay Financial Holding Co Ltd (TPE:2882) anticipates a one-off manageable impact on book value due to the adoption of IFRS 17 and ICS.
- The company's recurring yield slightly decreased by 2 basis points, reflecting lower cash dividend income from capital gain realization.
Welcome, everyone, to Cathay Financial Holding Company's fourth quarter 2024 Conference Call. (Operator Instructions) Now I would like to introduce Mr. CK Lee, CEO of Cathay Financial Holding Company. Mr. Lee, please begin.
Okay. Thank you. Good afternoon and good morning to those in Europe. Welcome to Cathay Financial Holdings 2024 fourth-quarter analyst meeting. I am CK Lee. Today, I will host the meeting. Thank you for joining us. In the beginning, I would like to introduce the senior managers who are with us today. We have Ms. Grace Chen, CFO of Cathay Financial Holdings; Ms. Sophia Cheng, Chief Investment Officer of Cathay Financial Holdings; Mr. Abel Lin, Managing Senior EVP of Cathay Life; Mr. Kevin Hu, Senior VP of Cathay United Bank.
Before we begin the presentation, I'd like to share some key highlights. Last year, we delivered strong financial results with the gross net income reached TWD111 billion, more than double the figures in 2023, marking the second highest profit in
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