Q2 2024 Cathay Financial Holding Co Ltd Earnings Call Transcript
Key Points
- Cathay Financial Holding Co Ltd (TPE:2882) reported strong core business momentum with first half earnings reaching TWD71.7 billion, the second best in its history.
- Cathay United Bank achieved record-high earnings for the first half with a 15% year-on-year growth, driven by robust loan growth and a 33% increase in net fee income.
- Cathay Life's value-driven product strategy led to a 12% growth in annualized premium and a 21% increase in the value of new business year-on-year.
- The company's asset management subsidiary, Cathay SITE, achieved record-high earnings with AUM reaching TWD1.9 trillion.
- Cathay Financial Holding Co Ltd (TPE:2882) continues to broaden its sustainable impact, hosting significant summits on sustainable finance and climate change, and joining global networks for impact investing.
- Cathay Life's first year premium (FYP) declined year-on-year due to a high base of investment-linked products from regulatory changes in July 2023.
- The cost of liability for Cathay Life increased slightly quarter-on-quarter due to declared rate increases for USD denominated interest-sensitive policies.
- Offshore earnings for Cathay United Bank were down to TWD3 billion due to a high year-on-year base from a single case recovery in the first quarter of 2023.
- Cathay Century's gross combined ratio increased due to higher year-on-year gross loss ratio from an earthquake claim payment in April.
- Hedging costs for Cathay Life increased to 1.21% in the first half, driven by the depreciation of the Taiwan dollar and elevated Taiwan dollar and US dollar interest spread.
Welcome everyone to Cathay Financial Holding Company's second quarter 2024 conference call.
(Operator Instructions)
And now I would like to introduce Mr. CK Lee, the CEO of Cathay Financial Holding Company. Mr. Lee, you may begin.
Thank you. Good afternoon and good morning to those in Europe. Welcome to Cathay Financial Holdings 2024 second quarter analyst meeting. I'm CK Lee, CEO of Cathay Financial Holdings. Today, I will host the meeting. Thank you for joining us today.
In the beginning, I would like to introduce the senior managers who are online. Today, we have Mr. Grace Chen, Chief Financial Officer of Cathay Financial Holdings; Ms. Sophia Cheng, Chief Investment Officer of Cathay Financial Holdings; Mr. Abel Lin, Managing Senior EVP of Cathay Life; and Mr. Kevin Hu, Senior EVP of Cathay United Bank.
Before we begin the presentation, I would like to share some highlights with you. I'm pleased to report that so far this year, our core business momentum has remained firm, same in
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
