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11 hours ago
9
GuruFocus News
Fri, May 16, 2025, 6:00 AM 3 min read
Release Date: May 15, 2025
For the implicit transcript of the net call, delight notation to the full net telephone transcript.
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Group adjusted nett for 2024 exceeded forecasts, reaching a grounds precocious of CNY141.5 billion.
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Dividend per stock for FY25 was revised up to CNY124, marking the 11th consecutive fiscal twelvemonth of dividend increase.
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Sales results of caller policies for each 3 beingness security companies exceeded plans.
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Value of caller concern accrued by CNY166.1 billion.
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The radical MCEV amounted to 4 trillion and CNY181.3 billion, indicating beardown fiscal health.
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Surrender and lapse rates person risen successful Taiyo and TDF, indicating imaginable lawsuit retention issues.
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Capital gains decreased astatine Dido Life owed to losses connected enslaved income arsenic portion of a currency travel matching strategy.
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Higher operating expenses are expected owed to accrued idiosyncratic costs and IT strategy investments.
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The institution faces challenges with precocious surrender rates, peculiarly successful the bancassurance channel.
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Interest complaint hikes airs a risk, with imaginable antagonistic impacts connected embedded worth and surrender trends.
Q: How does T&D Holdings program to negociate involvement complaint risks fixed the rising involvement complaint environment? A: Despite the rising involvement rates, T&D Holdings volition proceed to acquisition ultra-long bonds astatine Dao Life, readying to bargain astir CNY200 billion. The institution is intimately monitoring the hazard associated with higher involvement rates and plans to set its strategy accordingly to trim involvement complaint risk. (Respondent: Unidentified_1)
Q: What interaction has the surrender inclination had connected the company's embedded worth (EV), and however is T&D Holdings addressing profitability challenges astatine Tao Life? A: The alteration successful surrender assumptions impacted EV by astir 16 cardinal yen for Tao Life and 57 cardinal yen for Dido Life. To code profitability challenges astatine Tao Life, the institution plans to reappraisal concern yields, heighten underwriting capabilities, and amended income and selling activities. (Respondent: Unidentified_1)
Q: How is T&D Holdings managing the surrender hazard associated with caller products sold done the slope assurance channel? A: For caller products, the institution assumes a little surrender hazard compared to older policies. The caller merchandise plan does not promote surrender successful the sixth year, and the institution is considering attaching a Market Value Adjustment (MVA) to further negociate this risk. (Respondent: Unidentified_2)
Q: What are the reasons down the expected simplification successful involvement and dividend income for Dido Life successful the caller fiscal year? A: The simplification is owed to a beardown alternate concern income successful the erstwhile fiscal year, which is not expected to repeat. The institution plans to amended superior gains by continuing to divest strategically held stocks. (Respondent: Unidentified_1)
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