RCRISKCITYINSURANCE STRATEGY LAB
YEAR 1 · Q1
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
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
FINANCIAL COMMAND CENTRE
Annual report & forecast
QUARTER INVESTMENTIn-flight draws the $36m first
$24mof $36m · committed $0m · $12m left
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.
PROJECT HANDStart at most one this quarterBAU $24m · new $0m · in-flight $0m · reshuffle $0m · left $12m
Once this year · $2m cash drain · does not start a project
+3.7% APE+3.2% NB MARGIN-0.4 pts CLAIMS+3.7 TRUST+3.9 EFFICIENCY
METRIC · US$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 LOGICAPE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。
CHOOSE ONE MOVE01 / 12
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%
HONG KONG HQ · DRAG TO ROTATE