Q3 2024 Cathay Financial Holding Co Ltd Earnings Call Transcript
Key Points
- Cathay Financial Holding Co Ltd (TPE:2882) reported earnings of TWD103 billion for the first nine months of 2024, marking the second highest in its history.
- Cathay United Bank and Cathay Securities achieved all-time high earnings, surpassing their full-year figures from 2023.
- Cathay Life's annualized premium and value of new business grew by 14% and 20% year-on-year, respectively.
- The company's asset management subsidiary, Cathay SITE, reached a record AUM of TWD2.1 trillion.
- Cathay Financial Holding Co Ltd maintained a robust capital position with an RBC ratio above 350% and an equity-to-asset ratio of 9.6%.
- Cathay Life's total premium decreased by 3% year-on-year, primarily due to regulatory changes affecting investment-linked policies.
- The pre-hedging recurring yield slightly decreased by 2 basis points, reflecting lower cash dividend income.
- Cathay Century's gross combined ratio increased due to higher gross loss ratio from earthquake claim payments.
- The equity-to-asset ratio may slightly decline upon the adoption of IFRS 17, although the adjusted ratio is expected to remain robust.
- Cathay Life's cash dividend income was lower than the previous year due to portfolio adjustments in favorable equity markets.
Welcome, everyone, to Cathay Financial Holding Company's third quarter 2024 conference call. (Operator Instructions) And now I would like to introduce Mr. C.K. Lee, CEO of Cathay Financial Holding Company. Mr. Lee, please begin.
Thank you. Good afternoon and good morning to those in Europe. Welcome to Cathay Financial Holding 2024 third quarter analyst meeting. I am C.K. Lee, CEO of Cathay Financial Holdings. 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, 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; Mr. Kevan Hu, Senior EVP of Cathay United Bank.
Before we begin the presentation, I would like to share some key highlights. Our first nine months earnings reached TWD103 billion, which is the second highest in our history driven by strong and
| 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
