HARBOUR TYCOONRISKCITY · INSURANCE STRATEGY LAB
YOUR THREE-YEAR VOYAGE
ROUND 01 OF 12Year 1 / Quarter 1
COMPANY CASH$500m
SOLVENCY210%
Healthy
TOTAL NET PROFIT$0m
VICTORIA HARBOURBuild a business. Weather the unexpected.
BOARD 01 · NEW CEO MANDATE

Scale without losing the risk signal

董事會要求你提升新業務轉化，但automation嘅claims效果要幾季後先見。你會點設計underwriting？

EVENT MODEL+0% DEMAND
HONG KONG HQ Drag to explore
Agent30.0%
Bank40.0%
Broker27.3%
Direct2.7%
PROJECT HANDStart at most one this quarterBAU $24m · new $0m · in-flight $0m · reshuffle $0m · retain $0m · left $12m
Once this year · $2m cash drain · does not start a project
Projects under construction0 active · $0m due
IN-FLIGHTCommitted programmes draw before BAU$0m due · leftover $36m

No committed draw this quarter. Full $36m is free for BAU or one new start.

YOUR COMPANY LEDGER

P&L, cash & balance sheet

Run your first quarter to see the actual P&L and cash bridge. Your opening balance sheet is below.

Management balance sheet

Management / treasury perimeter · US$m

Available cash
$500.0m
Restricted capital reserve
$0.0m
Total assets
$500.0m
Overdraft / funding shortfall
$0.0m
Opening shareholder capital
$500.0m
Retained earnings / (loss)
$0.0m
Liabilities + equity
$500.0m

✓ Assets = liabilities + equity

Capital reserve action moves $40m from available cash to restricted assets; it is not a P&L expense or new shareholder funding.

Where is CSM? What is excluded?

CSM $620.0m is a component of insurance-contract liabilities, not cash or equity. It stays in the separate insurance-book model. Policyholder investments, fulfilment cash flows, receivables, payables and tax balances are not modelled here. This is not a complete statutory insurer balance sheet. Negative available cash is shown as a funding shortfall, not an approved borrowing facility.

FINANCIAL COMMAND CENTRE

Annual report & forecast

APE$250.0mNEW SALES
CLAIM RATIO55.0%ON PLAN
NB VALUE$96.0mFUTURE VALUE
CLOSING CSM$620mUNEARNED PROFIT
NET PROFIT$38.0mTHIS QUARTER
SOLVENCY210%STRONG
METRIC · US$m
FY2025 REPORTEDAAA Group
GAME FORECASTRiskCity after Q1
Sales KPI (APE)$9,484$1,000
New business value (VONB)$5,516$384
Insurance service result$6,910$201.6
Net investment result$1,936$25
Operating PAT$7,136$152
Statutory net profit$6,267$91.1
Closing CSM$64,945$620
DOWNSIDE$65.6mAPE −15% · claims +3pts
BASE NET PROFIT$91.1mCurrent strategy run-rate
UPSIDE$107.5mAPE +10% · claims −1pt
REFERENCE

Operating PAT increased, while statutory profit fell because after-tax non-operating items moved to a US$904m drag.

FORECAST LOGIC

APE唔係IFRS revenue。新業務價值先加入CSM；當期盈利只計CSM release、claims variance、投資結果、成本及稅。

CHANNEL MIX樓高隨mix變化
Agent30.0%
Bank40.0%
Broker27.3%
Direct2.7%
CUMULATIVE NET PROFIT$0.0m
PRODUCT MIXProtection 48% · Savings 28% · Medical 42%
Protection35.0%
Savings / wealth40.0%
Medical25.0%
BLENDED VNB MARGIN38.5%