云锋金融年报2024

This annual report, in both English and Chinese versions, is available on the Companys website atwww.yff.com (theCompany Website). Shareholderswho have chosen or have been deemed consented to receive the corporatecommunications of the Company (theCorporate Communications) via the Company Website andwho for any reason have difficulty in receiving or gaining access to the annual report posted on theCompany Website will promptly upon request be sent the annual report in printed form free of charge. Shareholders may at any time change their choice of the means of receipt (either in printed form or viathe Company Website) of Corporate Communications. Shareholders may send their request to receive the annual report in printed form, and/or to change theirchoice of the means of receipt of Corporate Communications by notice in writing to the share registrarof the Company, Computershare Hong Kong Investor Services Limited at 17M Floor, Hopewell Centre,183 Queens Road East, Wanchai, Hong Kong or by sending an email to the share registrar of theCompany at yunfeng.ecom@computershare.com.hk. www.yff.com 18317Myunfeng.ecom@computershare.com.hk Pages Corporate Information2Management Discussion and Analysis4Independent Actuaries Report on Review of Embedded Value Information32Embedded Value34Biographical Details of Directors and Senior Management44Corporate Governance Report49Report of the Directors69Environmental, Social and Governance Report94Independent Auditor’s Report131Consolidated Statement of Profit or Loss140Consolidated Statement of Profit or Loss and Other Comprehensive Income141Consolidated Statement of Financial Position142Consolidated Statement of Changes in Equity144Consolidated Statement of Cash Flows145Notes to the Consolidated Financial Statements147Five Year Financial Summary369Definitions371 Corporate Information BOARD OF DIRECTORS ChairmanMr. Yu Feng(Non-Executive Director) Michael James O’Connor Executive Directors Mr. Huang Xin(Interim Chief Executive Officer) Non-Executive Directors Mr. Michael James O’ConnorMs. Hai Olivia Ou Independent Non-Executive Directors Mr. Qi DaqingMr. Chu Chung Yue, HowardMr. Xiao Feng AUDIT COMMITTEE Mr. Chu Chung Yue, Howard(Chairman)Mr. Qi DaqingMr. Xiao Feng REMUNERATION COMMITTEE Mr. Qi Daqing(Chairman)Mr. Huang XinMr. Chu Chung Yue, HowardMr. Xiao Feng NOMINATION COMMITTEE Mr. Yu Feng(Chairman)Mr. Qi DaqingMr. Chu Chung Yue, Howard AUTHORISED REPRESENTATIVES Mr. Huang XinMr. Chan Man Ko COMPANY SECRETARY Mr. Chan Man Ko AUDITOR KPMGCertified Public AccountantsPublic Interest Entity Auditor registered in accordancewith the Accounting and Financial Reporting CouncilOrdinance BANKERS Bank of CommunicationsChina Construction Bank (Asia)Bank of China (Hong Kong)China Minsheng Banking Corporation LimitedThe Hongkong and Shanghai Banking CorporationLimited REGISTERED AND PRINCIPAL OFFICE Rooms 1803-180618th Floor, YF Life Centre38 Gloucester Road, WanchaiHong Kong 38181803-1806 SHARE REGISTRAR 183171712-1716 Computershare Hong Kong Investor Services LimitedShops 1712-1716,17th Floor, Hopewell Centre,183 Queen’s Road East,Wanchai, Hong Kong www.yff.com WEBSITE www.yff.com STOCK CODE 376 376 Management Discussion and Analysis OVERVIEW D u r i n gt h e Y e a r ,t h e g l o b a l e c o n o m y f a c e dmultiplechallenges,including the growing of tradeprotectionism, the increase of regional tariff barriers,andthe weakening of consumer spending due torising prices. However, with the continued support ofthe central government, Hong Kong has introduced anumber of measures to attract more tourists to HongKongand actively promoted cross-border financialandcommercial activities,and the economy hasachieved moderate growth. In view of the challengesand opportunities facing with the economic outlook,the Group implemented its business plan in an effectivemanner,while actively seeking suitable businessopportunityunder the current market conditionst oe x p a n d s o u r c e o f r e v e n u e a n d e n h a n c e t h eShareholders’ value. TheGroup’s main sources of revenue include lifei n s u r a n c ep r e m i u m i n c o m e a n d o t h e r f i n a n c i a lbusinesses including subscription fees and managementfees for products launched by the Group, platform feesfor distribution of third-parties products and brokeragecommission income etc. There is no material change inthe Group’s core business activities compared to that ofyear 2023. 27.9926.256.6%7.787.134.713.97 For the Year, the Group’s insurance revenue amountedto HK$2,799 million, representing an increase of 6.6%compared to that of HK$2,625 million for year 2023. TheGroup’s consolidated profit amounted to HK$778 millioncompared to that of HK$713 million for the year 2023.The net profit attributable to equity shareholders of theCompany amounted to HK$471 million compared tothat of HK$397 million for the year 2023. The increasein net profit attributable to equity shareholders of theCompany