太平再保險有限公司 Taiping Reinsurance Co., Ltd....2015/06/28 · 中國銀行香港...

二零一四年年報2014 Annual Report

太平再保險有限公司Taiping Reinsurance Co., Ltd.

Contents目錄

1太平再保險有限公司二零一四年年報

Page(s)

頁

General Information 一般資料 2

Notice of 34th Annual Ordinary General Meeting 第三十四次股東年會通告 5

Chairman’s Statement 董事長報告 6

Financial Highlights 財務摘要 13

Directors' Report 董事會報告書 16

Independent Auditor's Report 獨立核數師報告書 20

Statement of Profit or Loss 損益表 23

Statement of Profit or Loss and

Other Comprehensive Income

損益及其他全面收益表24

Statement of Financial Position 財務狀況表 25

Statement of Changes in Equity 權益變動表 26

Statement of Cash Flows 現金流量表 27

Notes to the Financial Statements 財務報表附註 29

Detailed Revenue Accounts 營業賬明細表 126

Contents 目錄

General Information一般資料

2 Taiping Reinsurance Company Limited Annual Report 2014

董事會

董事長

孟昭億博士

副董事長（女士）

張惠萍

副董事長

劉世宏（二零一五年一月二十日聘任）

董事

劉少文楊亞美陸濟芬*

* 獨立非執行董事

公司秘書

蔡明亮（女士）

資本

實收資本為3,050,000,000港元。

股東

太平再保險有限公司（簡稱：「本公司」或「太平再保險」）為香港聯合交易所有限公司主板上市的中國太平保險控股有限公司（簡稱：「中國太平控股」，股票編號：00966）屬下於英屬維爾京群島註冊成立之全資附屬公司「Effectual Assets Limited」100%所擁有。

BOARD OF DIRECTORS

CHAIRMAN

Meng Zhaoyi Ph. D.

VICE CHAIRWOMAN

Zhang Huiping

VICE CHAIRMAN

Liu Shihong (appointed on 20 January 2015)

DIRECTORS

Lau Siu Mun Sammy

Yang Yamei

Luk Chai Fun*

* Independent Non-executive Director

COMPANY SECRETARY

Choi Ming Leung (Ms)

CAPITAL

Paid-up capital is HK$3,050,000,000.

SHAREHOLDERS

Taiping Reinsurance Company Limited (the “Company” or

“TPRe”) is 100% owned by Effectual Assets Limited, a company

incorporated at British Virgin Islands which is a wholly owned

subsidiary of China Taiping Insurance Holdings Company

Limited (“CTIH”), a company incorporated in Hong Kong and

listed on the Main Board of The Stock Exchange of Hong Kong

Limited (Stock Code: 00966).


General Information (Continued)

一般資料（續）

公司地址

總公司

香港金鐘道95號統一中心29A

電話： (852) 2865 3838

圖文傳真： (852) 2544 9633

電郵： [email protected]

網址： www.tpre.cntaiping.com

北京分公司

中國北京市西城區西直門外大街1號西環廣場T1座寫字樓9層郵編： 100044

電話： (86) 10 8229 0701

圖文傳真： (86) 10 8229 2895

納閩分公司

Level 11 (B), Block 4 Office TowerFinancial Park Labuan ComplexJalan Merdeka87000 FT Labuan, Malaysia

電話： (60) 87 439 661

圖文傳真： (60) 87 439 662

核數師

羅兵咸永道會計師事務所執業會計師

主要往來銀行

中國銀行香港花旗銀行香港，倫敦

COMPANY ADDRESS

Head Office

29A, United Centre, 95 QueenswayAdmiralty, Hong Kong

Telephone : (852) 2865 3838

Facsimile : (852) 2544 9633

E-mail : [email protected]

Website : www.tpre.cntaiping.com

Beijing Branch

9/F Xihuan Plaza T1No. 1 Xizhimenwai StreetXicheng District, Beijing, P.R. China

Postal Code : 100044

Telephone : (86) 10 8229 0701

Facsimile : (86) 10 8229 2895

Labuan Branch

Level 11 (B), Block 4 Office TowerFinancial Park Labuan ComplexJalan Merdeka87000 FT Labuan, Malaysia

Telephone : (60) 87 439 661

Facsimile : (60) 87 439 662

AUDITORS

PricewaterhouseCoopersCertified Public Accountants

PRINCIPAL BANKERS

Bank of China Hong KongCitibank, N.A. Hong Kong, London


General Information (Continued)

一般資料（續）

THE MANAGEMENT BOARD總經理室

Sammy Lau 劉少文General Manager 總經理

Tommy Yiu 姚來文Deputy General Manager副總經理

Liu Shihong 劉世宏Cheif Executive Of�cer行政總裁

Fei Zhizhong 費志忠Deputy General Manager副總經理

Polly Ho (Ms) 何健詠（女士） Deputy General Manager副總經理

Liu Hong (Ms) 劉紅（女士） Deputy General Manager副總經理

Jeremy Zhang 張忠義Deputy General Manager副總經理

MANAGEMENT行政管理 THE BOARD

OF DIRECTORS

董事會

HUMAN RESOURCES & COMPENSATION COMMITTEE人力資源及薪酬委員會

RISK MANAGEMENTCOMMITTEE風險管理委員會

INVESTMENT COMMITTEE投資管理委員會

COMPANY SECRETARY公司秘書

LIFE DEPT.壽險部

BUSINESS DEVELOPMENT DEPT.(NON-LIFE)業務發展部（非壽險）

BUSINESS MANAGEMENT DEPT.(NON-LIFE)業務管理部（非壽險） - Underwriting 核保- Claims & Closings 核賠及賬單

RISK MANAGEMENT & COMPLIANCE DEPT. / CORPORATE PLANNING DEPT.風險管理及合規部／企划部

LABUAN BRANCH納閩分公司

BEIJING BRANCH北京分公司

FINANCE & ACCOUNTS DEPT.財務會計部

HUMAN RESOURCES DEPT.人力資源部

ADMINISTRATION DEPT.行政管理部

INFORMATION TECHNOLOGYDEPT.信息技術部

Notice of 34th Annual Ordinary General Meeting第三十四次股東年會通告


敬啟者：本公司訂於二零一五年六月十八日（星期四）上午九時正在香港金鐘道95號統一中心29A會議室舉行第三十四次股東年會，省覽截至二零一四年十二月三十一日止年度之財務報表、董事會報告及核數師報告，選舉董事，聘請核數師等事宜，敬希　台駕依時出席共策進行。

至於本公司股份將由二零一五年六月十一日起至同年六月十八日止（包括首尾兩天）停止轉名過戶。

統祈查照為荷

此致各股東

承董事會命公司秘書蔡明亮謹啟

香港，二零一五年五月十一日

NOTICE IS HEREBY GIVEN that the 34th Annual Ordinary

General Meeting of the Company will be held at the Conference

Room at 29A, United Centre, 95 Queensway, Admiralty, Hong

Kong on Thursday 18 June 2015 at 9:00 a.m., for the purpose

of receiving and considering the Reports of the Directors and of

the Auditors together with the Financial Statements for the year

ended 31 December 2014, electing Directors and appointing

Auditors.

The Transfer Books of the Company will be closed from 11 June

2015 to 18 June 2015 (both days inclusive) during which period

no transfer of shares will be registered.

By order of the Board

Choi Ming Leung

Company Secretary

Hong Kong, 11 May 2015

Notice of 34th Annual Ordinary General Meeting第三十四次股東年會通告

Chairman’s statement董事長報告


引言

2014年全球經濟緩慢復甦，主要發達經濟體復甦趨勢比較明顯。新興市場增長隨宏觀經濟調整持續放緩，中國經濟轉入「新常態」。再保市場資本充裕，承保能力過剩，加之年內沒有特大保險巨災事故，再保市場持續鬆軟，費率下降。面對複雜多變的嚴峻形勢，太平再保險審時度勢，緊緊圍繞中國太平集團「三年再造」的戰略目標，攻堅克難，奮力拚搏，抓住機遇，取得良好業績，全面完成目標任務。

SYNOPSIS

2014 ( “ the Year” ) wi tnessed a s low recovery of g loba l

economy. While major developed economies were picking up

with relatively strong momentum, emerging markets’ growth

slackened and Chinese economy entered into an era of “new

normal”. As excessive capital flooded in, causing excessive

capacities, and in the absence of mega catastrophes, the

reinsurance market kept softening. Confronted with such

complex, evolving and st i ff market environment, Taiping

Re insu rance Company L im i ted ( “TPRe” ) has focused

on achieving China Taiping Insurance Group’s (“Group”)

“Three Year Rebuilding” initiative, seized the opportunities,

outperformed the market and accomplished our objectives

inspiringly.

Chairman’s statement董事長報告

Meng Zhaoyi Ph.D.孟昭億博士

Chairman董事長


Chairman’s statement (Continued)

董事長報告（續）

二零一四年業績概述

二零一四年太平再保險全面完成集團「三年再造」目標任務，實現總保費收入61.08億港元，總資產127.5億港元，稅後利潤3.88億港元的輝煌成績。二零一四年經營亮點主要有：一是長期壽險業務取得跨越式發展，產險再保業務持續增長，在香港一般再保險市場排名保持第一。二是落實架構調整工作，標誌著公司又一個新里程碑的開始，在公司治理、風險管控、適應市場客戶需要、國際化和多元化發展方面邁向新台階；三是在集團公司的全力支持下，年內獲得貝氏提升公司信用評級至A級，展望穩定。目前，公司一併享有標準普爾、惠譽國際及貝氏給予A評級。

SUMMARY OF 2014 OVERALL RESULTS

In 2014, TPRe achieved gross premium income of HK$6,108

million, net profit after tax of HK$388 million and the total assets

reached HK$12.75 billion. The operational highlights are: 1.

breakthrough in the long-term life reinsurance business and

leading position in Hong Kong’s general reinsurance market

was preserved in view of continued growth in non-life portfolio;

2. management reshuffling, another milestone of reinforced

corporate governance, more vigorous risk management, greater

focus on customer demand, portfolio diversification as well

as internationalisation; 3. with the unwavering support of the

Group, credit and financial strength rating was upgraded to “A”

by A.M.Best with stable outlook during the year. At present,

TPRe enjoys “A” ratings by Fitch, S&P and also A.M. Best.

FINANCIAL STRENGTH RATING財務實力評級

S&P 標準普爾（強）

A. M. Best 貝氏（優異）

Fitch 惠譽國際（強）

RATING 評級

A

AA




關鍵表現指標

主要財務數據及主要表現指標概述如下：

截止十二月三十一日止年度，百萬港元

1 賠付率及費用率均按已滿期保費淨額為基準計算。

2 綜合成本率為賠付率與費用率的總和。

KEY PERFORMANCE INDICATORS

The key financial data and key performance indicators are

summarized below:

For the year ended 31 December, HK$ million

Non-life reinsurance business 非壽險業務2014 2013 Change

二零一四年二零一三年變化

Gross premiums written 毛承保保費 4,007.13 3,693.54 8.5%

Net premiums written 淨承保保費 3,606.53 3,346.63 7.8%

Net earned premiums 已滿期保費淨額 3,490.53 3,238.40 7.8%

Net claims incurred 賠款淨額 (1,895.59) (2,037.45) –7.0%

Underwriting expenses 承保費用 (128.48) (113.22) 13.5%

Net commission expenses 佣金支出淨額 (1,093.98) (973.05) 12.4%

Underwriting profit 承保溢利 372.48 114.68 224.8%

Total investment income 投資收入總額 416.42 375.20 11.0%

Net exchange loss 匯兌虧損 (86.53) (48.87) 77.10%

Other administrative expenses 其他行政費用 (18.93) (14.27) 32.7%

Profit before taxation 除稅前溢利 683.44 426.74 60.2%

Profit after taxation 除稅後溢利 607.17 397.77 52.6%

Retained ratio 自留比率 90.0% 90.6% –0.6 pts點Earned premiums ratio 已滿期保費率 87.1% 87.7% –0.6 pts點Loss ratio 1 賠付率 1 54.3% 63.0% –8.7 pts點Expense ratio 1 費用率 1 35.0% 33.5% +1.5 pts點Combined ratio 2 綜合成本率 2 89.3% 96.5% –7.2 pts點

1 Both the loss ratio and expense ratio are based on net earned premiums.

2 The combined ratio is the sum of the loss ratio and the expense ratio.




關鍵表現指標（續）

主要財務數據及主要表現指標概述如下：（續）


KEY PERFORMANCE INDICATORS (Continued)

The key financial data and key performance indicators are

summarized below: (Continued)


Long term (life)

reinsurance business 長期壽險業務2014 2013 Change


Gross premium written 毛承保保費 2,101.01 43.93 4682.6%

(Loss) Profit before taxation 除稅前（虧損）溢利 (202.29) 7.12 –

(Loss) Profit after taxation 除稅後（虧損）溢利 (219.61) 6.76 –

Overall reinsurance business 綜合再保險業務2014 2013 Change


Gross premium written 毛承保保費 6,108.14 3,737.47 63.4%

Profit after taxation 除稅後溢利 387.56 404.53 –4.2%

2014 2013 Change


Total assets 總資產 12,750.22 10,119.31 26.0%

Total equity 總權益 4,468.27 3,895.07 14.7%




ELABORATION OF THE 2014 RESULTS

TPRe’s gross premium written for the Year increased by 63.4%

to HK$6,108 million from HK$3,737 million in 2014. Despite

the softening underwriting condition in non-life reinsurance

market, TPRe maintained overall premium growth in its core

markets, in particular, Mainland China. During the Year, TPRe

spared no effort to retain its valued clients in Hong Kong and

Macau markets, strengthen efforts to move into untapped

fields in Mainland China market and prudently select clients

and business in Southeast Asia, Europe and America markets.

Meanwhile, TPRe committed to promoting its life reinsurance

business and made significant progress, registering gross

premium income of HK$2,101 million. The expansion of life

portfolio serves to diversify the overall business risks profile

and effectively counter balance its non-life portfolio as well. The

underwriting gain of non-life business for the Year increased

by 224.8% to HK$372 million from HK$115 million and the

combined ratio was 89.3%, 7.2% lower than 2013.

TPRe’s geographic distribution of gross premiums written is

summarized as follows:


2014 % of Total 2013 % of Total

二零一四年佔總額百分比二零一三年佔總額百分比

Hong Kong & Macau 香港及澳門 2,438.22 39.9% 456.13 12.2%

Mainland China

(& Taiwan)

中國大陸

（及台灣） 2,036.20 33.3% 1,752.19 46.9%

Japan 日本 251.82 4.1% 190.80 5.1%

Rest of Asia 亞洲其他地區 683.66 11.2% 697.91 18.7%

Europe 歐洲 480.25 7.9% 431.45 11.5%

Others 其他 217.99 3.6% 208.99 5.6%

6,108.14 100.0% 3,737.47 100.0%

二零一四年業績詳述

太平再保險之毛承保保費由去年的37.37億港元上升63.4%至61.08億港元。儘管非人壽業務市況由於整體再保供應過剩而疲軟，公司得以維持其核心市場業務組合的整體保費收入增長，特別是在中國內地。年內，針對一般保險市場公司全力維護港澳優質客戶和業務，加大力度開拓內地再保市場，精心挑選東南亞及歐美市場的客戶和業務。同時，推動長期壽險再保業務的發展，取得重要進展，保費收入達到21.01億港元。擴充人壽再保險業務有力地平衡和穩定公司整體的業務風險，豐富了公司的業務組合。產險的承保利潤由去年的1.15億港元上升224.8%至3.72億港元，綜合成本率實現89.3%，比上一年降低7.2%。

太平再保險按地區分佈劃分之毛承保保費概述如下：





賠款方面，二零一四年雖然中小型賠案出險較多，但全球沒有發生特大災害事故，公司整體實現承保盈利。2014年度已發生淨賠款為19.91億港元，隨著自留滿期保費增加和早期承保年度的賠款準備金冗余釋放，非壽險業務的自留滿期保費賠付率為54.3%，比去年同期的63%顯著下降。

投資方面，二零一四年公司憑借靈活的資產配置策略，取得較好成績，投資資產同比增加21.56%達到103.30億港元，公司錄得投資收益4.58億港元。資產配置仍以債務證券、債權計劃、現金及銀行存款為主，共佔投資資產約90%，為公司提供恆常穩定的利息收入。在風險可控的前提下，適時擴寬投資領域，加大對股票、基金的投入，提高投資收益。

展望

展望二零一五年，全球再保險市場持續疲軟，兼併加劇，各地保險監管新法規及新規定陸續出台，再保險業依然面臨著嚴峻挑戰。但當前中國經濟發展進入「新常態」，新「國十條」提升保險行業地位，中國再保行業將迎來前所未有的發展機遇。

太平再保險作為中國太平集團旗下唯一專業的再保險公司，同時擁有境內境外業務平台、產險壽險兩塊牌照的中資再保公司，面對快速轉變的市場環境，必須抓住機遇，迎接挑戰。公司將緊緊圍繞集團下一步戰略發展目標，加快拓展財產再保市場以及壽險再保業務發展力度，提高巨災風險管理水準，實現利潤持續增長，繼續為客戶提供安全優質的再保險服務。

In spite of the higher frequency of small and medium-sized

claims, there was no severe catastrophe worldwide in 2014 and

TPRe achieved overall underwriting profit and the net claims

incurred for the Year was HK$1,991 million. Due to the increase

of net premiums earned and release of redundant claims

reserves of previous underwriting years, the loss ratio on net

earned premiums for the Year improved remarkably to 54.3%

from 63% in 2013.

By means of flexible asset allocation strategy, TPRe achieved

favorable result with regard to investment operation for the

Year. The total investable assets increased by 21.56% to

HK$10.33 billion for the Year and a total investment return of

HK$458 million was recorded for the Year. Debt securities, debt

schemes, cash and bank deposits represent a combined total

of approximately 90% of investable assets, generating steady

recurrent interest income. TPRe also enlarged its investment

in equity securities and funds to raise investment return within

tolerable risk limits.

OUTLOOK

Looking ahead into 2015, the flagging global reinsurance

market, coupled with escalating merger and acquisition mania,

numerous new local supervisory rules and regulations impose

mult iple str ingent chal lenge on the reinsurance industry.

However, the Chinese economy has entered into “new

normal” era while the new “Ten National Stimulus Measures”

has heightened the status of the Chinese insurance industry

to a new level, providing enormous opportunit ies for the

development of Chinese reinsurance industry.

Being the sole professional reinsurance company within China

Taiping Insurance Group, with business platforms across the

domestic China and overseas markets, and holding composite

licenses for both life and general reinsurance business, TPRe

shall give full play to its strength as a Chinese state-controlled

reinsurer by responding rapidly to the ever-changing market

and grasping unprecedented opportunities. TPRe would strive

to accelerate the expansion of general and life reinsurance

business while enhancing its catastrophe risk management in a

manner that sustainable profit growth would be ensured whilst

secured and high-quality reinsurance services are delivered.




二零一五年，太平再保險以良好業績全面完成集團定下的任務，迎來了公司的35週年。回顧過去，展望未來，作為中國太平集團的核心成員，本公司將始終堅持集團倡導的「一個客戶，一個太平」的原則，堅持合規合法經營、效益與規模並重，全力打造國際化經營特色，必將以更專業和更具特色的面貌躋身行業先進前列，開創一番新的事業。

致謝

本人謹代表太平再保險董事會，對母公司於二零一四年下半年給予注資3.5億港元，以及二零一五年一季度增資3.5億港元，增強公司實力，提升公司拓展業務的市場競爭力表示衷心的感謝；對劉世宏先生委任公司副董事長兼行政總裁表示歡迎。本人亦對廣大客戶、業務夥伴和朋友一直以來對太平再保險的關心、支持和信任，對過去一年來竭誠盡責的全體員工致以誠摯的感謝。本人堅信，在集團的大力支持下，在公司專業團隊的不懈努力下，太平再保險將肩負起國家在港金融央企的歷史使命，為集團打造「最具特色和潛力的精品保險公司」貢獻力量。

董事長孟昭億

二零一五年五月十一日

2015 marks TPRe’s 35th year anniversary, after having

achieved satisfactory result and the overall goal set by the

Group. As a core member of China Taiping Insurance Group,

TPRe will always adhere to the operational model of “One

Client, One Taiping” advocated by the Group, endeavour its

operation in strict compliance with laws and attach equal

importance to scale and profitability. With a professional team

and unique brand, TPRe will scale for a new height in its pursuit

of international development.

ACKNOWLEGMENT

On behalf of the Board of Directors of TPRe, I would like to

extend my heartfelt gratitude to the parent company for the

timely capital injection of HK$350 million in the second half of

2014 and another HK$350 million in the first quarter of 2015,

which enhanced TPRe’s financial strength and competitiveness.

Also, I would like to welcome Mr. Liu Shihong to join the board

as vice chairman and his appointment as the Chief Executive

Officer to lead the staff and management. Above all, I am

sincerely grateful for the trust and continuous support of

clients, business partners and friends over the years. Finally,

I would hereby express my cordial appreciation to all staff for

their dedication and hard work in 2014. I am convinced that

with strong support from the Group and unremitting efforts

by our staff, TPRe will undoubtedly make its contribution in

“developing the most unique and high-potential boutique

insurance company” for the Group with prominent performance

again this year.

Meng Zhaoyi

Chairman

11 May 2015

Financial Highlights財務摘要


Financial Highlights財務摘要

GROSS PREMIUMS WRITTEN毛承保保費

(in HK$ Million)

（百萬港元計）

DISTRIBUTION OF GROSSPREMIUMS WRITTENBY REGION毛承保保費地區分布

NET PREMIUMS WRITTEN淨承保保費

(in HK$ Million)


SOURCE OF GROSS PREMIUMSWRITTEN毛承保保費來源

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

1211 13 14100908070605

1,25

6

1,54

2

1,68

1

1,83

9

1,77

5

3,43

1

3,43

5

3,73

7

2,65

0

年份

6,10

8

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

14

1,03

8

1,37

7

1,47

0

1,56

9

1,50

9

3,07

4

3,39

0

3,07

3

2,37

2

年份

5,70

7

1211 13100908070605

Asia 亞洲*

Europe 歐洲North America 北美洲Others 其他

* Remarks ：

201488.5%7.9%3.0%0.6%

82.9%11.5%4.5%1.1%

201439.9%33.3%4.1%

11.2%

12.2%46.9%5.1%

18.7%

2013

2013Hong Kong & Macau 香港及澳門

Mainland China (& Taiwan) 中國大陸 (及台灣)

Japan 日本

Rest of Asia 亞洲其他地區

註

2014

2014

93.1%

6.9%

86.5%

13.5%

2013

Others 其他

Related Companies 關連公司

2014


Financial Highlights (Continued)

財務摘要（續）

UNDERWRITING RESULTS (Non-life)承保業績（非壽險）

(in HK$ Million)


PROFIT AFTER TAX除稅後溢利

(in HK$ Million)


INVESTMENT & OTHER INCOME投資及其他收益

(in HK$ Million)


TOTAL ASSETS資產總值

(in HK$ Million)


1

54

97

221

124 121

-200

0

-100

100

(115)

(210)

115

372

200

300

400

05 06 07 08 09 10 11 12 13 14年份

-100

200

0

100

300

400

500

600

69

363

551

79

393 373

05 06 07 08 09 10 11 12 13

(42)

112

405388

年份 14

192

307

532

(67)

326

-100

100

0

324

134

328

400

300

200

500

600

05 06 07 08 09 10 11 12

382

13年份

458

14

0

3,000

6,000

9,000

12,000

15,000

3,99

2

05

4,69

6

06

5,26

6

07

5,30

2

08

5,88

9

09

6,89

8

10

8,13

4

11

8,96

0

12

10,1

19

13

12,750

年份14


Financial Highlights (Continued)

財務摘要（續）

TECHNICAL RESERVES FOR OWN ACCOUNT未決賠款準備及保險責任準備淨額

(in HK$ Million)（百萬港元計）

SHAREHOLDERS’ EQUITY股東權益

(in HK$ Million)（百萬港元計）

COMBINED RATIO (Non-Life)綜合成本率（非壽險）

SHAREHOLDERS’ EQUITY TO NETPREMIUMS WRITTEN RATIO (Non-Life)*股東權益對淨承保保費比率（非壽險）*

Including: Unearned Premium Reserve Insurance Funds包括：未滿期保費準備保除責任準備

Provisions for Outstanding Claims Life Insurance Fund未決賠款準備壽險責任準備

* Shareholders’ equity/Net premiums written股東權益╱淨承保保費

0

4,47

9 5,12

3

5,27

3

2,03

1

2,30

8

2,56

2

2,74

9

2,87

5 3,64

6

1,000

2,000

6,000

7,000

8,000

5,000

4,000

3,000

05 06 07 08 09 10 11 12 13

7,31

0

14年份

0

1,000

5,000

4,000

3,000

2,000

1,39

0 1,86

8 2,16

2

1,98

4 2,41

9

2,67

0 3,05

8

05 06 07 08 09 10 11 12

2,58

1

3,89

5

13

4,46

8

14年份

0.0

40.0

20.0

60.0

80.0

120.0

100.0

12

107.

1

13

96.5

10

99.3

11

105.

9

14

89.3

年份

0%

40%

80%

120%

10 11 12

75.8

%

96.7

%

13

112.

4%

109.

0%

14

116.7%

年份

Directors’ Report董事會報告書


董事會欣然地呈交太平再保險有限公司（本公司）截至二零一四年十二月三十一日止年度的年報及經審核的財務報表。

主要經營地址

本公司為一間於香港註冊成立的公司，其註冊及主要經營地址為香港金鐘道95號統一中心29A。本公司亦透過兩間分公司分別在中國北京及馬來西亞納閩經營業務。

主要業務

本公司的主要業務是承保各類一般再保險業務及兩類長期再保險業務（人壽及年金和退休計劃管理第 III類別）。

業績及分配

本公司截至二零一四年十二月三十一日止年度的業績載於第23頁的損益表內。

已於二零一四年年內宣告派發中期股息，普通股每股6.935港元，總金額為121,362,500

港元。董事會不建議派發截至二零一四年十二月三十一日止年度末期股息。

物業及設備

有關本公司年內物業及設備的變動載於財務報表附註14。

The directors of Taiping Reinsurance Company Limited (the

“Company”) have pleasure in submitting their annual report

together with the audited financial statements for the year

ended 31 December 2014.

PRINCIPAL PLACE OF BUSINESS

The Company is a company incorporated and domiciled in

Hong Kong and has its registered office and principal place

of business at 29A, United Centre, 95 Queensway, Admiralty,

Hong Kong. The Company also operates through its two

branches in Beijing, China and Labuan, Malaysia, respectively.

PRINCIPAL ACTIVITIES

The principal activities of the Company are the underwriting of

all classes of general reinsurance businesses and two classes

of long-term reinsurance businesses (life and annuity, and

retirement scheme management category III).

RESULTS AND APPROPRIATIONS

The results of the Company for the year ended 31 December

2014 are set out in the statement of profit or loss on page 23.

An inter im dividend of HK6.935 per share amounting to

HK$121,362,500 in aggregate was paid to the shareholders

during the year. The directors do not recommend the payment

of a final dividend in respect of the year ended 31 December

2014.

PROPERTY AND EQUIPMENT

Movements in property and equipment of the Company during

the year are set out in note 14 to the financial statements.


Directors’ Report (Continued)

董事會報告書（續）

投資物業

有關本公司年內投資物業的變動載於財務報表附註15。

股本

於二零一四年十二月十二日，本公司發行3,500,000股普通股，每股面值100港元，實收資本增加350,000,000港元以增強股本實力。該普通股以票面值的全數繳足計入，並與本公司現有已發行之普通股享有同等權益。有關本公司年內股本變動的詳情載於財務報表附註28。

董事

本財務年度及截至本報告日期止的董事如下：

孟昭億（董事長）張惠萍（副董事長女士）劉世宏（副董事長）（於二零一五年一月二十日聘任）劉少文楊亞美陸濟芬（獨立非執行董事）

根據本公司的組織章程細則條文第79條，所有董事將於即將召開的股東周年大會告退及膺選連任。

INVESTMENT PROPERTIES

Movements in investment properties of the Company during the

year are set out in note 15 to the financial statements.

SHARE CAPITAL

On 12 December 2014, the Company allocated and issued 3.5

million ordinary shares of HK$100 each, for consideration of

HK$350,000,000 in total to strengthen its capital resources.

Such ordinary shares were credited as fully paid and ranked

pari passu with the existing ordinary shares of the Company.

Details of movements during the year in the share capital of the

Company are set out in note 28 to the financial statements.

DIRECTORS

The directors of the Company during the financial year and up to

the date of this report were:

Meng Zhaoyi (Chairman)

Zhang Huiping (Vice Chairwoman)

Liu Shihong (Vice Chairman)

(appointed on 20 January 2015)

Lau Siu Mun Sammy

Yang Yamei

Luk Chai Fun (Independent Non-executive Director)

In accordance with Article 79 of the Company’s Articles of

Association, all existing directors retire and, being eligible, offer

themselves for re-election at the forthcoming Annual General

Meeting.




董事的股份權益

認股權計劃

根據控股公司中國太平保險控股有限公司（中國太平控股）認股權計劃，賦予本公司某些董事認股權。認股權的變動臚列如下：

附註：

(i) 自二零一四年十一月二十六日中國太平控股供股完成，每股行使價及股份數目已就尚未行使認股權作出調整，並根據認股權計劃之條款，有關詳情載於中國太平控股二零一四年十一月二十五日的公告。

每份認股權賦予持有人認購一股中國太平控股股份的權利。此認股權乃基於以上董事任職於中國太平控股或其附屬公司而賦予。

DIRECTORS’ INTERESTS IN SHARES

Share option scheme

Under the share option scheme of an intermediate holding

company, China Taiping Insurance Holdings Company Limited

(“CTIH”), share options were granted to a director of the

Company. Details of movement of the share options granted are

set out below:

No. of options

outstanding at

the beginning

of the year

No. of options

adjusted

during the year

No. of options

outstanding at

the end

of the year

(note i)於年初未行使的

認股權數目年內調整的認股權數目

於年末未行使的股權數目

（附註1）

Zhang Huiping 張惠萍 267,000 14,098 281,098

Note:

(i) Upon the completion of the rights issue by CTIH on 26 November 2014, the exercise price per share and the number of shares which may be issued in respect of the outstanding share options have been adjusted pursuant to the terms of the share option schemes, details of which were set out in the announcement of CTIH dated 25 November 2014.

Each option gives the holder the right to subscribe for one share

in CTIH. These equity compensation benefits were granted to

the above-mentioned director for his employment either in CTIH

or fellow subsidiaries.




僅基於任職於本公司而賦予董事認股權詳情載於財務報表附註27。

除上述者外，本公司、任何其控股公司、附屬公司或同系附屬公司均沒有在本年度任何時間參與任何安排，致使本公司董事可以透過收購本公司或任何其他法團的股份或債權證而獲益。

董事在合約擁有的重大權益

本公司、任何其控股公司、附屬公司或同系附屬公司於年結時或本年度任何時間，均沒有訂立任何令本公司董事擁有重大權益的重要合約。

核數師

本財務報表由羅兵咸永道會計師事務所審核。羅兵咸永道會計師事務所將告退，並合符資格及願膺選續聘。

承董事會命

董事長孟昭億


Details of options granted to the director for his employment

in the Company are summarised in note 27 to the financial

statements.

Other than as disclosed above, at no time during the year

was the Company, any of its holding companies or fellow

subsidiaries a party to any arrangement to enable the directors

of the Company to acquire benefits by means of the acquisition

of shares in, or debentures of, the Company or any other body

corporate.

DIRECTORS’ INTERESTS IN CONTRACTS OF SIGNIFICANCE

No contracts of significance in relation to the Company’s

business to which the Company, any of its holding companies

or fellow subsidiaries was a party and in which a director of the

Company had a material interest, whether directly or indirectly,

subsisted at the end of the year or at any time during the year.

AUDITOR

T h e f i n a n c i a l s t a t e m e n t s h a v e b e e n a u d i t e d b y

PricewaterhouseCoopers who retire and, being eligible, offer

themselves for re-appointment.

On behalf of the Board

Meng Zhaoyi

Chairman

11 May 2015

Independent Auditor's Report獨立核數師報告書


致太平再保險有限公司股東（於香港註冊成立的有限公司）

本核數師（以下簡稱「我們」）已審核列載於第23至第125頁太平再保險有限公司（「貴公司」）的財務報表，此財務報表包括於二零一四年十二月三十一日的財務狀況表與截至該日止年度的損益表、損益及其他全面收益表、權益變動表和現金流量表，以及主要會計政策概要及其他附註解釋。

董事就財務報表須承擔的責任

董事須負責根據香港會計師公會頒佈的香港財務報告準則及適用於保險公司的香港《公司條例》編製及真實而公平地列報該等財務報表。這包括董事認為必須的相關內部控制，以使財務報表的編製不存在由於欺詐或錯誤而導致的重大錯誤陳述。

TO THE SHAREHOLDERS OF

TAIPING REINSURANCE COMPANY LIMITED

太平再保險有限公司(incorporated in Hong Kong with limited liability)

We have aud i ted the f i nanc ia l s ta tements o f Ta ip ing

Reinsurance Company Limited (the “Company”) set out on

pages 23 to 125, which comprise the statement of financial

position as at 31 December 2014, and the statement of profit

or loss, statement of profit or loss and other comprehensive

income, statement of changes in equity and statement of cash

flows for the year then ended, and a summary of significant

accounting policies and other explanatory information.

DIRECTORS’ RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The d i rectors o f the Company are respons ib le for the

preparation of financial statements that give a true and fair

view in accordance with Hong Kong Financial Report ing

Standards issued by the Hong Kong Institute of Certified Public

Accountants and the Hong Kong Companies Ordinance, and for

such internal control as the directors determine is necessary to

enable the preparation of financial statements that are free from

material misstatement, whether due to fraud or error.


Independent Auditor's Report (Continued)

獨立核數師報告書（續）

核數師的責任

我們的責任是根據我們的審核對該等財務報表作出意見，並根據香港《公司條例》附表11第80條的規定，將此意見僅向　閣下報告而不作其他用途。我們概不就本報告書的內容，對任何其他人士負責或承擔法律責任。

我們已根據香港會計師公會頒佈的香港審計準則進行審核。該等準則要求我們遵守道德規範，並規劃及執行審核，以合理確定此等財務報表是否不存有任何重大錯誤陳述。

審核涉及執行程式以獲取有關財務報表所載金額及披露資料的審核憑證。所選定的程式取決於核數師的判斷，包括評估由於欺詐或錯誤而導致財務報表存有重大錯誤陳述的風險。在評估該等風險時，核數師考慮與該公司編製及真實而公平地列報財務報表相關的內部控制，以設計適當的審核程式，但目的並非對公司內部控制的有效性發表意見。審核亦包括評價董事所採用的會計政策的合適性及所作出的會計估計的合理性，以及評價財務報表的整體列報方式。

我們相信，我們所獲得的審核憑證是充足和適當地為我們的審核意見提供基礎。

AUDITOR’S RESPONSIBILITY

Our responsibility is to express an opinion on these financial

statements based on our audit and to report our opinion solely

to you, as a body, in accordance with section 80 of Schedule

11 of the Hong Kong Companies Ordinance, and for no other

purpose. We do not assume responsibility towards or accept

liability to any other person for the contents of this report.

We conducted our audit in accordance with Hong Kong

Standards on Auditing issued by the Hong Kong Institute of

Certified Public Accountants. Those standards require that

we comply with ethical requirements and plan and perform

the audit to obtain reasonable assurance about whether the

financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit

evidence about the amounts and disclosures in the financial

statements. The procedures selected depend on the auditor’s

judgment, including the assessment of the risks of material

misstatement of the financial statements, whether due to

fraud or error. In making those risk assessments, the auditor

considers internal control relevant to the entity’s preparation

of f inancial statements that give a true and fair v iew in

order to design audit procedures that are appropriate in the

circumstances, but not for the purpose of expressing an opinion

on the effectiveness of the entity’s internal control. An audit also

includes evaluating the appropriateness of accounting policies

used and the reasonableness of accounting estimates made by

the directors, as well as evaluating the overall presentation of

the financial statements.

We believe that the audit evidence we have obtained is sufficient

and appropriate to provide a basis for our audit opinion.


Independent Auditor's Report (Continued)

獨立核數師報告書（續）

意見

我們認為，該等財務報表已根據香港財務報告準則真實而公平地反映貴公司於二零一四年十二月三十一日的事務狀況及截至該日止年度的利潤及現金流量，並已按照香港《公司條例》編製。

羅兵咸永道會計師事務所執業會計師


OPINION

In our opinion, the financial statements give a true and fair

view of the state of the Company’s affairs as at 31 December

2014, and of its profit and cash flows for the year then ended in

accordance with Hong Kong Financial Reporting Standards and

have been properly prepared in accordance with the Hong Kong

Companies Ordinance.

PricewaterhouseCoopers

Certified Public Accountants

Hong Kong, 11 May 2015

23

Statement of Profit or Loss損益表For the year ended 31 December 2014 截至二零一四年十二月三十一日止年度

太平再保險有限公司二零一四年年報

2014 2013二零一四年二零一三年

Notes HK$ HK$附註港元港元

Revenue 營業額 5 6,108,143,868 3,737,472,697

Gross premiums written 毛承保保費 5 6,108,143,868 3,737,472,697Increase in gross unearned

premium provision未滿期責任準備金增加

(152,931,328) (119,925,718)

Gross premiums earned 已滿期毛承保保費 5,955,212,540 3,617,546,979

Outward reinsurance premiums 轉分再保險保費 (401,612,785) (347,495,860)Increase in reinsurers’ share of

unearned premium provision再保攤回未滿期責任準備金增加 15,868,898 10,231,224

Reinsurers’ share of premiums earned

轉分再保險已滿期保費(385,743,887) (337,264,636)

Net premiums earned 已滿期保費淨額 5,569,468,653 3,280,282,343Commission income 佣金收入 71,973,407 99,620,434Interest income on premium

deposits存出保費按金利息收入

3,711,872 710,272

5,645,153,932 3,380,613,049

Gross claims paid 已決賠款毛額 (2,258,408,304) (2,242,744,114)Decrease/(increase) in provision

for gross outstanding claims未決賠款準備金減少╱（增加） 207,312,862 (79,388,298)

Gross claims incurred 賠款毛額 (2,051,095,442) (2,322,132,412)

Reinsurers’ share of claims paid 再保攤回已決賠款 154,489,939 162,137,643(Decrease)/increase in reinsurers’

share of provision for outstanding claims

再保攤回未決賠款准備金（減少）╱增加

(94,242,835) 89,294,510

Reinsurers’ share of claims incurred 再保攤回賠款 60,247,104 251,432,153

Net claims incurred 賠款淨額 (1,990,848,338) (2,070,700,259)Increase in life insurance fund 壽險責任準備金增加 (2,034,719,384) –Commission expenses 佣金支出 (1,361,318,429) (1,080,561,199)Interest expenses on premium

deposits held存入保費按金利息支出

(2,056) (9,568)Management expenses 管理費用 6 (134,538,616) (114,817,640)

(5,521,426,823) (3,266,088,666)

Underwriting gain 承保收益 123,727,109 114,524,383Investment income 投資收入 7 403,724,003 324,160,412Other gains 其他收益 8 54,563,773 58,116,506Administrative expenses 行政費用 9 (21,726,615) (14,305,049)Net exchange loss 匯兌虧損淨額 (79,137,708) (48,633,792)

Profit before taxation 除稅前溢利 10 481,150,562 433,862,460Income tax expense 稅項支出 11 (93,586,200) (29,330,184)

Profit for the year 本年度溢利 387,564,362 404,532,276

24

Statement of Profit or Loss and Other Comprehensive Income損益及其他全面收益表For the year ended 31 December 2014截至二零一四年十二月三十一日止年度

Taiping Reinsurance Company Limited Annual Report 2014


Note HK$ HK$附註港元港元

Profit for the year 本年度溢利 387,564,362 404,532,276

Other comprehensive (expense) income

其他全面（虧損）收益

Items that may be reclassified subsequently to profit or loss

其後可能重新分類至損益的項目

Available-for-sale securities 可供出售證券– Fair value (loss) gain

during the year－本年度公允價值（虧損）收益 (16,336,607) (6,707,839)

– Reclassification adjustment to profit or loss upon disposal

－出售時重新分類至損益之調整 (20,319,338) (33,747,894)

– Reclassification adjustment to profit or loss on impairment

－減值時重新分類至損益之調整 – –

– Net deferred tax －遞延稅項淨額 26 800,906 2,854,141Exchange difference on translation of

the financial statements of foreign operations

換算海外業務財務報表的滙兌差異

(7,139,728) 3,752,237

Other comprehensive (expense) income for the year

本年度其他全面（虧損）收益(42,994,767) (33,849,355)

Total comprehensive income for the year

本年度全面收益總額344,569,595 370,682,921

25

Statement of Financial Position財務狀況表At 31 December 2014 於二零一四年十二月三十一日


董事會於二零一五年五月十一日核准及授權發佈第23至125頁的財務報表，並由下列代表簽署：



Assets 資產Investment properties 投資物業 15 85,020,000 79,030,000Property and equipment 物業及設備 14 83,219,016 82,738,511

168,239,016 161,768,511Investments in debt and equity

securities債務及股本證券投資

16 7,118,541,282 5,807,849,715Amounts due from

group companies應收集團內公司款項

17 – 12,719Trade and other receivables 應收款項及其他應收款 18 1,916,819,862 1,000,402,137Reinsurers’ share of insurance

contract provisions轉分再保險應佔保險合約準備 22 66,244,772 50,677,556

Reinsurers’ share of provision for outstanding claims

轉分再保險應佔未決賠款準備 23 368,324,856 464,113,458

Deferred tax assets 遞延稅項資產 26 124,411,197 130,413,885Tax reserve certificates 儲稅券 19 70,548,122 65,692,251Pledged deposits at banks 已抵押銀行存款 20 391,884,428 345,398,631Deposits at banks with original

maturity more than three months原到期日超過三個月的銀行存款 21 683,374,760 712,595,438

Cash and cash equivalents 現金及現金等價物 21 1,841,834,959 1,380,391,821

12,750,223,254 10,119,316,122

Liabilities 負債Insurance contract provisions 保險合約準備 22 3,294,941,808 1,110,205,253Provision for outstanding claims 未決賠款準備 23 4,449,570,195 4,678,001,809Amounts due to group companies 應付集團內公司款項 24 11,000,428 6,171,919Trade and other payables 應付款項及其他應付款 25 268,062,783 200,519,967Deferred tax liabilities 遞延稅項負債 26 2,198,754 2,982,343Current taxation 當期稅項 256,174,300 226,366,940

8,281,948,268 6,224,248,231

Net assets 資產淨值 4,468,274,986 3,895,067,891

Capital and reserves 股本及儲備Share capital 股本 28 2,700,000,000 2,350,000,000Reserves 儲備 1,768,274,986 1,545,067,891

4,468,274,986 3,895,067,891

The financial statements on pages 23 to 125 were approved and authorised for issue by the Board of Directors on 11 May 2015 and are signed on its behalf by:

Meng Zhaoyi Lau Siu Mun Sammy孟昭億劉少文

Director Director董事董事

26

Statement of Changes in Equity權益變動表For the year ended 31 December 2014截至二零一四年十二月三十一日止年度


附註：

(1) 公允值儲備包括根據有關附註3所載的會計政策處理於結算日可供出售證券的累計公允價值變動的淨額。

(2) 滙兌儲備包括所有香港以外業務賬項至本公司之呈報貨幣所產生的滙兌差異。此儲備根據有關附註3所載的會計政策處理。

Share capital

Fair value reserve

Exchange reserve

Retained profits Total

股本公允值儲備匯兌儲備保留溢利總額Notes HK$ HK$ HK$ HK$ HK$附註港元港元港元港元港元

(note 1) (note 2)（附註1）（附註2）

At 1 January 2014 於二零一四年一月一日 2,350,000,000 28,927,651 3,735,576 1,512,404,664 3,895,067,891Profit for the year 本年度溢利 – – – 387,564,362 387,564,362Other comprehensive (expense)

income for the year:本年度其他全面（虧損）收益：

Fair value loss during the year 本年度公允價值虧損 – (16,336,607) – – (16,336,607)Reclassification adjustment to profit

or loss upon disposal出售時重新分類至損益之調整 – (20,319,338) – – (20,319,338)

Deferred tax 遞延稅項 26 – 800,906 – – 800,906Exchange difference on translation of

the financial statements of foreign operations換算海外業務財務報表的匯兌差異 – – (7,139,728) – (7,139,728)

Other comprehensive (expense) income for the year 本年度其他全面（虧損）收益 – (35,855,039) (7,139,728) – (42,994,767)

Total comprehensive (expense) income for the year 本年度全面（虧損）收益總額 – (35,855,039) (7,139,728) 387,564,362 344,569,595

Shares issued 已發行股本 28 350,000,000 – – – 350,000,000Dividends paid 已派發股息 13 – – – (121,362,500) (121,362,500)

At 31 December 2014 於二零一四年十二月三十一日 2,700,000,000 (6,927,388) (3,404,152) 1,778,606,526 4,468,274,986

At 1 January 2013 於二零一三年一月一日 1,850,000,000 66,529,243 (16,661) 1,141,497,388 3,058,009,970Profit for the year 本年度溢利 – – – 404,532,276 404,532,276Other comprehensive (expense) income

for the year:本年度其他全面（虧損）收益

Fair value loss during the year 本年度公允價值虧損 – (6,707,839) – – (6,707,839)Reclassification adjustment to profit

or loss upon disposal出售時重新分類至損益之調整 – (33,747,894) – – (33,747,894)

Deferred tax 遞延稅項 26 – 2,854,141 – – 2,854,141Exchange difference on translation of

the financial statements of foreign operations換算海外業務財務報表的匯兌差異 – – 3,752,237 – 3,752,237

Other comprehensive (expense) income for the year 本年度其他全面（虧損）收益 – (37,601,592) 3,752,237 – (33,849,355)

Total comprehensive (expense) income for the year 本年度全面（虧損）收益總額 – (37,601,592) 3,752,237 404,532,276 370,682,921

Shares issued 已發行股本 28 500,000,000 – – – 500,000,000Dividends paid 已派發股息 13 – – – (33,625,000) (33,625,000)

At 31 December 2013 於二零一三年十二月三十一日 2,350,000,000 28,927,651 3,735,576 1,512,404,664 3,895,067,891

Notes:

(1) The fair value reserve comprises the cumulative net change in the fair value of available-for-sale securities held at the end of the reporting period and is dealt with in accordance with the accounting policies set out in note 3.

(2) The exchange reserve comprises all of the foreign exchange differences arising from the translation of the financial statements of the operations outside Hong Kong in the Company’s presentation currency. The reserve is dealt with in accordance with the accounting policies set out in note 3.

27

Statement of Cash Flows現金流量表For the year ended 31 December 2014 截至二零一四年十二月三十一日止年度



HK$ HK$港元港元

CASH FLOWS FROM OPERATING ACTIVITIES

經營業務現金流

Profit before taxation 除稅前溢利 481,150,562 433,862,460Adjustments for: 就下列各項作出調整：

Depreciation 折舊 2,916,552 2,721,569Surplus on revaluation of

investment properties投資物業重估盈餘

(5,990,000) (5,310,000)Dividend income from investments

in equity securities股本證券之股息收入

(9,964,689) (5,452,962)Interest income 利息收入 (388,491,666) (318,234,170)Net realised (gains)/losses on

available-for-sale securities可供出售證券投資之已實現（收益）╱ 虧損淨額 (61,588,258) (39,738,296)

Net foreign exchange loss/(gain) 外滙虧損╱（收益）淨額 53,160,914 (10,098,590)Net impairment loss/(reversal)

recognised in respect of trade receivables

應收款項減值虧損確認╱（回撥）

13,040,110 (38,202)Fair value gain on derivative

contracts𧗠生工具合約之公允價值收益

– (10,102,945)

Operating cash flows before changes in working capital

營運資金變動前之經營現金流84,233,525 47,608,864

Decrease in held-for-trading securities

持有作交易用途證券投資減少11,885,739 11,541,013

Increase in trade and other receivables

應收款項及其他應收款增加(906,766,687) (73,067,756)

Decrease/(increase) in amounts due from group companies

應收集團內公司款項減少╱（增加）12,719 (12,719)

Increase in reinsurers’ share of insurance contract provisions

再保攤回保險合約準備金增加(15,868,898) (11,072,877)

Decrease/(increase) in reinsurers’ share of provision for outstanding claims

再保攤回未決賠款準備金減少╱（增加）

94,242,835 (93,270,074)Increase/(decrease) in trade

and other payables應付款項及其他應付款增加╱（減少）

67,542,816 (11,222,257)Increase in amounts due to group

companies應付集團內公司款項增加

4,828,509 171,636Increase in insurance contract

provisions保險合約準備金增加

2,187,650,712 136,376,722(Decrease)/increase in provision for

outstanding claims未決賠款準備金（減少）╱增加

(207,312,862) 118,760,546

Cash generated from operations 經營業務所產生之現金 1,320,448,408 125,813,098Tax paid 已付稅項

– Hong Kong Profits Tax refunded (paid)

－退回（已付）香港利得稅– 21,624,613

– Tax refunded (paid) outside Hong Kong

－退回（已付）香港以外稅項(58,276,413) 12,530,454

– Payment for the purchase of tax reserve certificates

－購買儲稅券付款(4,855,871) (10,735,322)

NET CASH GENERATED FROM OPERATING ACTIVITIES

經營業務之現金淨額1,257,316,124 149,232,843


Statement of Cash Flows (Continued)

現金流量表（續）For the year ended 31 December 2014截至二零一四年十二月三十一日止年度



CASH FLOWS FROM INVESTING ACTIVITIES

投資業務現金流

Payments for purchase of property and equipment

購入物業及設備付款(3,398,543) (2,842,049)

Payments for purchase of available-for-sale securities

購入可供出售證券付款(3,562,756,188) (1,363,688,537)

Proceeds from disposals of available-for-sale securities

出售可供出售證券所得款項3,157,964,551 1,103,803,363

Payments for purchase of held-to-maturity debt securities

購入持有至到期債務證券付款(1,401,204,208) (596,937,193)

Proceeds from redemption of held-to-maturity debt securities

贖回持有至到期債務證券所得款項 516,456,157 262,376,550

Payments for purchase of loans and receivables

購入貸款及應收款項付款(222,900,000) (414,749,973)

Proceeds from disposals of loans and receivables

出售貸款及應收款項所得款項164,073,000 156,960,900

Increase in pledged deposits at banks

已抵押銀行存款增加(46,485,797) (51,893,591)

Decrease/(increase) in deposits at banks with original maturity more than three months

原到期日為三個月以上之銀行存款減少╱（增加）

29,220,678 (87,894,287)Interest received 已收利息 360,216,702 290,487,249Dividends received from investments

in equity securities已收股本證券投資股息

9,964,782 5,452,962

NET CASH USED IN INVESTING ACTIVITIES

投資業務所動用之現金淨額(998,848,866) (698,924,606)

CASH FLOWS FROM FINANCING ACTIVITIES

融資活動現金流

Proceeds from issue of shares 發行股份所得款項 28 350,000,000 500,000,000Dividends paid to equity

shareholders of the Company派發予公司股東股息

13 (121,362,500) (33,625,000)

NET CASH GENERATED FROM FINANCING ACTIVITIES

融資活動所產生之現金淨額228,637,500 466,375,000

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS

現金及現金等價物增加╱（減少）淨額 487,104,758 (83,316,763)

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR

於年初的現金及現金等價物1,380,391,821 1,475,212,168

EXCHANGE LOSSES ON CASH AND CASH EQUIVALENTS

現金及現金等價物匯兌虧損(25,661,620) (11,503,584)

CASH AND CASH EQUIVALENTS AT END OF YEAR

於年末的現金及現金等價物21 1,841,834,959 1,380,391,821

29

Notes to the Financial Statements財務報表附註for the year ended 31 December 2014 截至二零一四年十二月三十一日止年度


1. 一般

本公司為一間香港註冊成立有限責任公司。控股公司為香港聯合交易所有限公司主板上市的中國太平保險控股有限公司（簡稱：中國太平控股）屬下於英屬維爾京群島註冊成立之全資附屬公司「Effectual Assets Limited」。最終控股公司為於中國註冊成立的中國太平保險集團有限責任公司。本公司的註冊及主要經營地址為香港金鐘道95號統一中心29A。本公司亦透過兩間分公司分別在中國北京及馬來西亞納閩經營業務。

本財務報表以本公司的功能貨幣港幣呈列。

本公司的主要業務是承保各類一般再保險業務及兩類長期再保險業務（人壽及年金和退休計劃管理第 III類別）。

2. 新準則及經修訂之香港財務報告準則的採納

於本年度內，本公司已采納以下由香港會計師公會頒布之新及經修訂香港財務報告準則。

香港財務報告準則第10號、香港財務報告準則第12號及香港會計準則第27號之修訂

投資實體

香港會計準則第32號之修訂金融資產與金融負債的抵銷

香港會計準則第36號之修訂非金融資產的可收回款項披露

香港會計準則第39號之修訂衍生工具的更替及對沖會計法的延續

香港（國際財務報告詮釋委員會）－詮釋第21號

徵費

香港財務報告準則之修訂香港財務報告準則二零一零年至二零一二年週期之年度改進

1. GENERAL INFORMATION

The Company is a pr ivate l imi ted l iab i l i ty company incorporated in Hong Kong. Its immediate holding company is Effectual Assets Limited (“EAL”), a company incorporated in the British Virgin Islands, which in turn is a wholly-owned subsidiary of China Taiping Insurance Holdings Company Limited (“CTIH”), a company incorporated in Hong Kong and listed on the Main Board of The Stock Exchange of Hong Kong Limited. Its ultimate holding company is China Taiping Insurance Group Ltd., a company incorporated in the People’s Republic of China (“PRC”). The address of the registered office and principal place of business of the Company is 29A, United Centre, 95 Queensway, Admiralty, Hong Kong. The Company also operates through its two branches in Beijing, China and Labuan, Malaysia respectively.

The financial statements are presented in Hong Kong dollars, which is also the functional currency of the Company.

The principal activities of the Company are the underwriting of all classes of general reinsurance businesses, and two classes of long-term reinsurance businesses (life and annuity, and retirement scheme management category III).

2. APPLICATION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”)

In the current year, the Company has applied the following new and revised HKFRSs issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”).

Amendments to HKFRS 10, HKFRS 12 and HKAS 27

Investment Entities

Amendments to HKAS 32 Offsetting Financial Assets and Financial Liabilities

Amendments to HKAS 36 Recoverable Amount Disclosures for Non-Financial Assets

Amendments to HKAS 39 Novation of Derivatives and Continuation of Hedge Accounting

HK(IFRIC) – INT 21 Levies

Amendments to HKFRSs Annual Improvements to HKFRSs 2010-2012 Cycle


Notes to the Financial Statements (Continued)

財務報表附註（續）for the year ended 31 December 2014截至二零一四年十二月三十一日止年度

2. 新準則及經修訂之香港財務報告準則的採納（續）

本年度採納新及經修訂香港財務報告準則對本公司於本年度及往前年度的財務表現及狀況及╱或於此財務報表所載列披露並無重大影響。

香港財務報告準則二零一零年至二零一二年週期之年度改進

此等修改包括二零一零年至二零一二年週期年度改進項目的變動，並影響七項準則，但只有如下對二零一四年七月一日或之後的交易生效：

– 香港財務報告準則第2號「以股份為本之付款」

此修改澄清了「歸屬條件」的定義，並分開定義「表現條件」和「服務條件」。

– 香港財務報告準則第3號「業務合併」及香港財務報告準則第9號「金融工具」、香港會計準則第37號「準備、或有負債及或有資產」的其後修改，及香港會計準則第39號「金融工具：確認及計量」

此準則已被修改以澄清按照香港會計準則第32號「金融工具：呈報」的定義下，支付或有對價的一項義務如符合金融工具的定義，須被分類為金融負債或作為權益入賬。所有非權益性或有對價（金融或非金融性質）在每個報告日期按公允價值計量，而公允價值的變動則在損益中確認。

2. APPLICATION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (Continued)

The application of the new and revised HKFRs in the current year had no material impact on the Company’s financial performance and positions for the current and prior years and/or on the disclosures set out in these financial statements.

Annual Improvements to HKFRSs 2010-2012 Cycle

These amendments include changes from the 2010-2012 cycle of the annual improvements project, that affect 7 standards only the below are effective for relevant transactions on or after 1 July 2014:

– HKFRS 2 Share-based payment

The amendment clarifies the definition of a ‘vesting condit ion’ and separate ly def ines ‘performance condition’ and ‘service condition’.

– HKFRS 3 Business Combination and consequential amendments to HKFRS 9 Financial instruments, HKAS 37 Provision, Contingent Liabilities and Contingent Assets and HKAS 39 Financial Instruments

The standard is amended to clarify that an obligation to pay contingent consideration which meets the definition of a financial instrument is classified as a financial liability or as equity, on the basis of the definitions in HKAS 32 Financial Instruments: Presentation”. All non-equity contingent consideration, both financial and non-financial, is measured at fair value at each reporting date, with changes in fair value recognised in profit or loss.



財務報表附註（續）for the year ended 31 December 2014 截至二零一四年十二月三十一日止年度


香港財務報告準則二零一零年至二零一二年週期之年度改進（續）

– 香港財務報告準則第3號「業務合併」及香港財務報告準則第9號「金融工具」、香港會計準則第37號「準備、或有負債及或有資產」的其後修改，及香港會計準則第39號「金融工具：確認及計量」（續）

此外，根據新香港《公司條例》（第622章）第358條，第9部「賬目及審計」的要求應用於本公司在二零一四年三月三日當天或之後開始之首個財政年度。本公司正在評估初始應用新香港《公司條例》（第622章）第9部對綜合財務報表的預期影響。到目前為止，結論出只是綜合財務報表中披露事項將受到影響，整體影響並不顯著。


Annual Improvements to HKFRSs 2010-2012 Cycle (Continued)

– HKFRS 3 Business Combination and consequential amendments to HKFRS 9 Financial instruments, HKAS 37 Provision, Contingent Liabilities and Contingent Assets and HKAS 39 Financial Instruments (Continued)

In addition, the requirements of Part 9 “Accounts and Audit” of the new Hong Kong Companies Ordinance (Cap. 622) come into operations as from the Company’s first financial year commencing on or after 3 March 2014 in accordance with section 358 of that Ordinance. The Company is in the process of making an assessment of expected impact of the changes in the Companies Ordinance on the financial statements in the period of initial application of Part 9 of the new Hong Kong Companies Ordinance (Cap. 622). So far it has concluded that the impact is unlikely to be significant and only the presentation and the disclosure of information in the financial statements will be affected.





已頒佈但尚未生效之新訂及經修訂香港財務報告準則

在此等財務報表發布日期前，香港會計師公會頒布了以下新及經修訂香港財務報告準則，但此等新及經修訂準則於截至二零一四年十二月三十一日止年度尚未生效，因此亦尚未應用於此等財務報表。

香港財務報告準則之修訂香港財務報告準則二零一零年至二零一二年週期之年度改進1

香港財務報告準則之修訂香港財務報告準則二零一一年至二零一三年週期之年度改進1

香港財務報告準則之修訂香港財務報告準則二零一二年至二零一四年週期之年度改進2

香港會計準則第1號之修訂披露計劃2

香港會計準則第19號之修訂設定受益計劃：僱員供款1

香港會計準則第27號之修訂個別財務報表採用權益法2

香港財務報告準則第10號及香港會計準則第28號之修訂

投資者與其聯營或合營公司之間的資產出售或注資2

香港財務報告準則第10號及香港財務報告準則第12號香港會計準則第28號之修訂

關於投資性實體：應用合併的例外規定2

香港財務報告準則第11號之修訂

收購共同經營權益的會計法2

香港會計準則第16號及香港會計準則第38號之修訂

折舊和攤銷的可接受方法的澄清2

香港會計準則第16號及香港會計準則第41號之修訂

結果實的植物2

香港財務報告準則第9號金融工具4

香港財務報告準則第14號價格監管遞延賬戶2

香港財務報告準則第15號基於客戶合同的收入確認3

1 生效於二零一四年七月一日或以後開始之年度期間並准許提早應用。

2 生效於二零一六年一月一日或以後開始之年度期間並准許提早應用。

3 生效於二零一七年一月一日或以後開始之年度期間並准許提早應用。

4 生效於二零一八年一月一日或以後開始之年度期間並准許提早應用。


New and revised HKFRS issued but not yet effective

Up to the date of issue of these financial statements, the HKICPA has issued the following new and revised HKFRSs which are not yet effective for the year ended 31 December 2014 and which have not been adopted in these financial statements:

Amendments to HKFRSs Annual improvements to HKFRSs 2010 – 2012 cycle 1



Amendments to HKAS 1 Disclosure Initialtive 2

Amendments to HKAS 19 Defined benefit plans: Employee contributions 1

Amendments to HKAS 27 Equity Method in Separate Financial Statements 2

Amendments to HKFRS 10 and HKAS 28

Sale or Contribution of Assets between an Investor and its Associate of Joint Venture 2

Amendments to HKFRS 10, HKFRS 12 and HKAS 28

Investment Entities: Applying the consolidation exception 2

Amendments to HKFRS 11 Accounting for Acquisitions of Interest in Joint Opera Operations 2

Amendments to HKAS 16 and HKAS 38

Clarification of Acceptable Methods of Depreciation and Amortisation 2

Amendments to HKAS 16 and HKAS 41

Agriculture: Bearer Plants 2

HKFRS 9 Financial instruments 4 HKFRS 14 Regulatory deferred accounts 2

HKFRS 15 Revenue from contracts with customers 3

1 Effective for annual periods beginning on or after 1 July 2014, with earlier application permitted.

2 Effective for annual periods beginning on or after 1 January 2016, with earlier application permitted.







香港財務報告準則第9號「金融工具」

香港財務報告準則第9號 (2014)「金融工具」將取代香港會計準則第39號整項準則。

香港財務報告準則第9號將債務工具投資分為三類：已攤銷成本、通過其他綜合收益以反映公允價值，及通過損益以反映公允價值。分類由報告實體管理債務投資的商業模式及其合同現金流的特徵決定。權益工具的投資始終按公允價值計量。不過，管理層可以做出不可撤銷的選擇，在其他綜合收益中列報公允價值的變動，前提是權益工具的不是持有作交易。如果權益工具是持有作交易，公允價值的變動應當列報在損益中。金融負債分為兩類：已攤銷成本及通過損益以反映公允價值。當非衍生工具金融負債被指定為通過損益以反映公允價值，因為負債本身的信貸風險變動而導致的公允價值變動，在其他綜合收益中確認，除非該等公允價值變動會導致損益的會計錯配，在此情況下，所有公允價值變動在損益中確認。在其他綜合收益內的數額其後不循環至損益。對於為持有作交易的金融負債（包括衍生金融負債），所有公允價值變動在損益中列報。

香港財務報告準則第9號為確認減值損失引入了一個新模型－預期信用損失模型，這是對香港會計準則第39號指引的變化。香港財務報告準則第9號包含一種「三階段」方法，這種方法以初始確認後金融資產信用品質的變動為基礎。資產隨信用品質變動在這三個階段內轉變，不同階段決定主體對減值損失的計量方法及實際利率法的運用方式。新規定意味著，主體在對未發生信用減值的金融資產初始確認時，必須將12個月內的預期信用損失作為首日損失在損益中確認。對於貿易應收賬款，首日損失將等於其整個生命期的預期信用損失。當信用風險顯著增加時，使用整個生命期的預期信用損失（而非12個月內的預期信用損失）計量減值。


HKFRS 9 Financial instruments

HKFRS 9 (2014), “Financial instruments” replaces the whole of HKAS 39.

HKFRS 9 has three financial asset classification categories for investments in debt instruments: amortised cost, fair value through other comprehensive income (“OCI”) and fair value through profit or loss (“FVTPL”). Classification is driven by the entity’s business model for managing the debt instruments and their contractual cash flow characteristics. Investments in equity instruments are always measured at fair value. However, management can make an irrevocable election to present changes in fair value in OCI, provided the instrument is not held for trading. If the equity instrument is held for trading, changes in fair value are presented in profit or loss. For financial liabilities there are two classification categories: amortised cost and FVTPL. Where non-derivative financial liabilities are designated at FVTPL, the changes in the fair value due to changes in the liability’s own credit risk are recognised in OCI, unless such changes in fair value would create an accounting mismatch in profit or loss, in which case, all fair value movements are recognised in profit or loss. There is no subsequent recycling of the amounts in OCI to profit or loss. For financial liabilities held for trading (including derivative financial liabilities), all changes in fair value are presented in profit or loss.

HKFRS 9 introduces a new model for the recognition of impairment losses – the expected credit losses (ECL) model, which constitutes a change from the incurred loss model in HKAS 39. HKFRS 9 contains a ‘three stage’ approach, which is based on the change in credit quality of financial assets since initial recognition. Assets move through the three stages as credit quality changes and the stages dictate how an entity measures impairment losses and applies the effective interest rate method. The new rules mean that on initial recognition of a non-credit impaired financial asset carried at amortised cost a day-1 loss equal to the 12-month ECL is recognised in profit or loss. In the case of accounts receivables this day-1 loss will be equal to their lifetime ECL. Where there is a significant increase in credit risk, impairment is measured using lifetime ECL rather than 12-month ECL.





香港財務報告準則第9號「金融工具」（續）

香港財務報告準則第9號「對沖會計」適用於所有對沖關係，除了針對利率風險的組合公允價值對沖。新指引將對沖會計與主體的風險管理活動作更佳配合，並較國際會計準則╱香港會計準則第39號中較為「規則為本」的方法更為寬鬆。

董事預期將來應用香港財務報告準則第9號會對本公司的金融資產及金融負債所公佈的金額可能構成重大影響。但此影響是不可被合理地估計直至詳細審查完成為止。董事現正評估應用香港財務報告準則第9號會對本公司財務報表造成的影響。

香港財務報告準則第15號「基於客戶合同的收入確認」

香港財務報告準則第15號建立了一個綜合框架，通過五步法來確定何時確認收入以及應當確認多少收入：(1)界定與客戶的合同；(2)界定合同內獨立的履約義務；(3)釐定交易價格；(4)將交易價格分攤至合同內的履約義務；(5)當主體符合履約義務時確認收入。核心原則為主體須確認收入，以體現向客戶轉讓承諾貨品或服務的數額，並反映主體預期交換該等貨品或服務而應得的對價。它摒棄了基於「收益過程」的收入確認模型，轉向基於控制轉移的「資產－負債」模型。


HKFRS 9 Financial instruments (Continued)

HKFRS 9 applies to all hedging relationships, with the exception of portfolio fair value hedges of interest rate risk. The new guidance better aligns hedge accounting with the risk management activities of an entity and provides relief from the more “rule-based” approach of HKAS 39.

The directors anticipate that the adoption of HKFRS 9 in the future may have a significant impact on the amounts reported in respect of the Company’s financial assets. However, it is not practicable to provide a reasonable estimate of that effect until a detailed review has been completed. The directors are in the progress of assessing the impact of adoption of HKFRS 9 on the Company’s financial statements.

HKFRS 15 Revenue from Contracts with Customers

HKFRS 15 establishes a comprehensive framework for determining when to recognise revenue and how much revenue to recognise through a 5-step approach: (1) Identify the contract(s) with customer; (2) Identify separate performance obligations in a contract (3) Determine the transaction price (4) Allocate transaction price to performance obligations and (5) recognise revenue when performance obligation is satisfied. The core principle is that a company should recognise revenue to depict the transfer of promised goods or services to the customer in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. It moves away from a revenue recognition model based on an ‘earnings processes’ to an ‘asset-liability’ approach based on transfer of control.





香港財務報告準則第15號「基於客戶合同的收入確認」（續）

香港財務報表準則第15號就合同成本的資本化和許可安排提供了具體的指引。它同時包括了一整套有關客戶合同的性質、金額、時間以及收入和現金流的不確定性的披露要求。

香港財務報告準則第15號取代了之前收入準則：

－香港會計準則第18號「收入」；和－香港會計準則第11號「建造合同」，

以及與收入確認相關的解析：

－香港（國際財務報告解釋理事會）第13號「客戶忠誠度計劃」；

－香港（國際財務報告解釋理事會）第15號「房地產建造協議」；

－香港（國際財務報告解釋理事會）第18號「轉撥自客戶的資產」；及

－解釋公告第31號「收入－涉及廣告服務的以物易物交易」

董事預期應用香港財務報告準則第15號「基於客戶合同的收入確認」將不會對本公司的財務報表產生重大影響。

除以上載述外，董事預期應用其他新訂或經修訂香港財務報告準則將不會對本公司下一個財政年度的業績及財務狀況及╱或在該等財務報表的披露規定產生重大影響。


HKFRS 15 Revenue from Contracts with Customers (Continued)

HKFRS 15 provides specific guidance on capitalisation of contract cost and licence arrangements. It also includes a cohesive set of disclosure requirements about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts with customers.

HKFRS 15 replaces the previous revenue standards:

– HKAS 18 Revenue; and– HKAS 11 Construction Contracts,

and the related Interpretations on revenue recognition:

– HK(IFRIC) 13 Customer Loyalty Programmes;

– HK(IFRIC) 15 Agreements for the Construction of Real Estate ;

– HK(IFRIC) 18 Transfers of Assets from Customers ; and

– SIC-31 Revenue – Barter Transactions Involving Advertising Services

The directors do not anticipate that the application of HKFRS 15 Revenue from Contracts with Customers will have a material effect on the Company’s financial statements.

Except as described above, the directors anticipate that the application of the other new and revised HKFRSs will not have material impact on the Company’s financial performance and positions for the coming financial years and/or on the disclosures set out in these financial statements.




3. 主要會計政策概要

用於編制本財務報表的主要會計政策載列如下。除特別註明外，相關政策的應用與以往所有年度保持一致。

財務報表的編製基準

本財務報表已按照香港會計師公會頒布的《香港公認會計準則》及香港「公司條例」編制。本財務報表是以歷史成本作為編制基準。除可供出售證券投資，持有作交易用途投資及投資物業是以公允價值列賬，惟保險合約準備金及未決賠款準備金則以原始精算辦法計量。

公允價值為市場參與者於計量日在有序交易中出售資產所收取的價格或轉讓負債所支付的價格，不管該價格是否可被直接觀察得到或採用其他估值技術評估。於評估資產或負債的公允價值時，本公司考慮該資產或負債的特點，若市場參與者於計量日定價資產或負債時考慮這些特點。公允價值於本財務報表作計量及╱或披露是按此基準釐定，除非屬於香港財務報告準則第2號內之以股份基礎給付交易、屬於香港會計準則第17號內之租賃交易及計量與公允價值有些相似，但並非公允價值，例如香港會計準則第2號內的可變現淨值或香港會計準則第36號內的使用值。

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The principal accounting policies applied in the preparation of these financial statements are out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation of financial statements

The financial statements have prepared in accordance with HKFRS issued by the HKICPA and the Hong Kong Companies Ordinance. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of available-for-sale financial assets, held-for-trading financial assets and investment properties, which are carried at fair value or insurance contract provision and provision for outstanding claims which are measure primarily based on actuarial methods.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of HKFRS 2, leasing transactions that are within the scope of HKAS 17, and measurements that have some similarities to fair value but are not fair value, such as net realisable value in HKAS 2 or value in use in HKAS 36.




3. 主要會計政策概要（續）

財務報表的編製基準（續）

此外，根據公允價值計量之輸入變數的可觀察程度及其對整體公允價值計量之重要性分為第一、第二或第三級別，以作財務報告之用，敘述如下：

• 第一級別的輸入變數是指個體能於計量日在活躍市場上得到相同的資產或負債的標價（不做任何調整）；

• 第二級別的輸入變數是指除包含在第一級別的標價以外，可直接或間接觀察得到的資產或負債的輸入變數；及

• 第三級別的輸入變數是指資產或負債不可觀察得到的輸入變數。

按照香港《公司條例》（第622章）第9部的過渡和保留規定，香港《公司條例》（第622章）附表11第76至87條所載的「賬目和審計」，財務報表是根據舊有香港《公司條例》（第32章）的適用規定，就本財政年度和比較期間而編製。

按《香港財務報告準則》之要求，在編製財務報表時，管理層須作判斷、估計及假設從而影響政策實施及資產、負債、收入及支出之呈報金額。有關估計及假設乃按在既定情況下可合理地相信，根據過往之經驗及其他因素，作出判斷那些未能從其他來源確定的資產及負債的賬面值。實際結果可能與此等估計不儘相同。詳情載於附註31。

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Basis of preparation of financial statements (Continued)

In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:

• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;

• Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and

• Level 3 inputs are unobservable inputs for the asset or liability.

In accordance with the transitional and saving arrangement for Part 9 of the Hong Kong Companies Ordinance (Cap.622), “Accounts and Audit” as set out in sections 76 to 87 of Schedule 11 to the Hong Kong Companies Ordinance (Cap.622), the financial statements are prepared in accordance with the applicable requirements of the predecessor Companies Ordinance (Cap.32) for this financial year and the comparative period.

The preparation of financial statements in conformity with HKFRSs requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual result may differ from these estimates. Please refer to Note 31 for further details.





主要會計政策載列如下：

合約分類

倘將來特定的不確定事件（「再保事件」）對另一方（「分出人」）有不利影響，而本公司透過合約承接自該分出人的重大再保險風險並同意賠償該分出人，該等合約歸類為再保險合約。再保險風險為財務風險以外的風險。財務風險指特定利率、證券價格、商品價格、匯率、價格或利率指數、信貸評級或信貸指數或其他變量等的其中一項或多項將來可能出現變動的風險，惟倘為非財務變量，則並非專門針對合約的某一訂約方。再保險合約亦可轉移財務風險。

當再保事件可能引致本公司賠付重大額外利益時，再保險風險乃屬重大。一旦合約歸類為再保險合約，在全部權利及責任獲解除或屆滿前，其將一直歸類為再保險合約。


The principal accounting policies are set out below.

Classification of contracts

Contracts under which the Company accepts significant reinsurance risk from another party (the “cedant”) by agreeing to compensate the cedant if a specified uncertain future event (the “reinsured event”) adversely affects the cedant are classified as reinsurance contracts. Reinsurance risk is the risk other than financial risk that is transferred from the holder of a contract to the issuer. Financial risk is the risk of a possible future change in one or more of a specified interest rate, security price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index or other variable, provided in the case of a non-financial variable that the variable is not specific to a party of the contract. Reinsurance contracts may also transfer some financial risk.

Reinsurance risk is significant if, and only if, a reinsured event could cause the Company to pay significant additional benefits. Once a contract is classified as a reinsurance contract, it remains classified as a reinsurance contract until all rights and obligations are extinguished or have expired.





一般再保險合約確認及計量

毛承保保費確認

毛承保保費可反映本年內已承保的一般再保險業務，唯不包括任何保費稅項或稅務。毛承保保費包括「在途」保費估計及對過往年度承保保費估計作出的調整。

已滿期保費部份確認為收益。已滿期保費乃於賠償期內按已承保的風險模式自風險受保之日起計算。

保險合約準備

保險合約準備金包括一般再保險業務未滿期責任準備金及未到期風險準備金。

未滿期責任準備金包括毛承保保費中估計將於下個或其後財政年度滿期的部份，各再保險合約均按日數比例法分別計算，如有必要，可予以調整，以反映扣除增加展業成本後合約承保期內風險產生的任何變動。

倘於結算日未到期的有效保單應佔賠款及開支的估計價值超過就相關保單作出的未滿期責任準備金，則會就一般再保險合約的未到期風險提撥準備。未到期風險準備金乃參照與其一併管理的業務種類，並經計及為進行未滿期責任準備金及未到期風險準備金而持有投資的未來投資回報計算。


Recognition and measurement of general reinsurance contracts

Recognition of gross premiums written

Gross premiums written in respect of reinsurance contracts reflect general reinsurance business written during the year, and exclude any taxes or duties based on premiums. Premiums written include estimates for “pipeline” premiums and adjustments to estimates of premiums written in previous years.

The earned proportion of premiums is recognised as revenue. Premiums are earned from the date of inception of risk over the indemnity period based on the pattern of risks underwritten.

Insurance contract provisions

The insurance contract provisions comprise the unearned premium provision and the unexpired risk provision for the general reinsurance business.

The unearned premium provision comprises the proportion of gross premiums written which is estimated to be earned in the following or subsequent financial years, computed separately for each reinsurance contract, on a time-apportioned basis, adjusted if necessary to reflect any variation in the incidence of risk during the period covered by the contract less incremental acquisition costs.

The unexpired risk provision is made for unexpired risks arising from general reinsurance contracts where the expected value of claims and expenses attributable to the unexpired periods of policies in force at the end of the reporting period exceeds the unearned premium provision in relation to such policies. The unexpired risk provision is calculated by reference to classes of business which are managed together, after taking into account the future investment return on investments held to back the unearned premium provision and the unexpired risk provision.





一般再保險合約確認及計量（續）

賠款

賠款包括本財政年度內發生的事件而引致的已付及未付賠款的結算及處理成本以及對上個年度的賠款準備作出的調整。

未決賠款準備包括就本公司於結算日已發生但尚未支付（不論是否已申報）的全部賠款最終結算成本所估計作出的準備，及相關內部及外部賠款處理費用以及適當的安全系數，評估未決賠款準備時，需對個別賠款進行審核、並對已發生但尚未申報的賠款、內部及外部可預見事件（如賠款處理程序變動、通脹、司法趨勢、立法變動及過往經驗及趨勢等）的影響提撥準備。未決賠款準備不作貼現計算。對於過往年度賠款準備作出的調整載於作出該等調整年度的財務報表，如屬重大，須分開披露。所採用的方法及所作估計會定期檢討。


Recognition and measurement of general reinsurance contracts (Continued)

Claims

Claims incurred comprise the settlement and handling costs of paid and outstanding claims arising from events occurring during the financial year together with adjustments to prior year claims provisions.

Provision for outstanding claims comprises provision for the Company’s estimate of the ultimate cost of settling all claims incurred but unpaid at the end of the reporting period, whether reported or not, and related internal and external claims handling expenses and an appropriate prudential margin. Provision for outstanding claims is assessed by reviewing individual claims and making allowance for claims incurred but not yet reported, the effect of both internal and external foreseeable events, such as changes in claims handling procedures, inflation, judicial trends, legislative changes and past experience and trends. Provision for outstanding claims is not discounted. Adjustments to claims provisions established in prior years are reflected in the financial statements for the year in which the adjustments are made and disclosed separately if material. The methods used, and the estimates made, are reviewed regularly.





壽險再保險合約確認及計量

毛承保保費確認

壽險再保險合約保費於壽險再保保單已簽發及相關再保險風險已轉嫁到本公司時確認為收益。

保險合約準備

壽險再保險責任準備金包含於保險合約準備金內。

壽險再保險責任準備金是作為儲備以抵付死亡率的浮動及未來負債，壽險再保險責任准備金乃以毛承保保費計算法加上剩餘價差釐定。根據毛承保保費計算法，壽險合約負債精算估值之假設是反映管理層對未來保單現金流量所作出之預期最佳估計，以提撥風險准備。剩餘價差已考慮到獲得新業務的相關成本，包括但不限於佣金、承保、市場推廣及簽發保單之費用後，不會於首次確認壽險合約時確認任何損益估計。當剩餘價差在保單期內按有效保單及風險准備釋放之比例釋放，溢利預計將會在保險合約期內顯現。

於各報告期末，本公司均會進行負債充足性測試，以確定壽險責任負債是否充足，在進行該等測試時，將採用目前對例如賠款處理費用的當期最佳估計以及就壽險合約負債所持資產的收資收入。任何虧絀會於當年的損益表內確認。


Recognition and measurement of life reinsurance contracts

Recognition of gross premiums written

Premiums in respect of l i fe reinsurance contracts are recognised as revenue when life reinsurance contracts are issued and related insurance risk is transferred to the Company.

Insurance contract provisions

Included in the insurance contract provisions is the life insurance fund for the life reinsurance business.

Life insurance fund represents reserve to cover mortality fluctuation and future liabilities. It is determined using a gross premium approach plus a residual margin. Under the gross premium approach, the assumptions used in the actuarial valuation of life insurance fund reflect the management’s assessment of the expected best estimate of future policy cash flows subject to allowance for risk. The residual margin is estimated so that, after considering the effects of acquisition costs related to acquisition of new business, including but not limited to commissions, underwriting, marketing and policy issue expenses. Profits are expected to emerge over the life of the reinsurance contracts as the residual margins are released over the life of the contracts in proportion to insurance policies in force and the allowance for risk is released.

At the end of each reporting period, liability adequacy tests are performed to determine if the life reinsurance contract liabilities are adequate. Current best estimates of all future contractual cash flows and related expenses, such as claims handling expenses are used in performing these tests. Any deficiency is recognised in the statement of profit or loss for the current year.





壽險再保險合約確認及計量（續）

賠款

賠款主要包括身故賠款並於獲得通知時予以確認。

轉分再保險

本公司在日常業務過程中會轉分出再保險以分散風險，限制其潛在賠款淨額。已轉分出的轉分再保險合約所產生的資產、負債、收入及開支與有關的分入再保險合約的相關資產、負債、收入及開支分開呈列，原因為轉分再保險安排並無解除本公司對分出人的直接責任。

只有引致再保險風險大部份轉移的合約，方可列作轉分再保險合約。合約下並無轉移大部份再保險風險的權利列作財務工具。

本公司依據持有的轉分出再保險合同而擁有的保險利益為再保險資產。這些資產包括取決於有關的分入再保險合約之預期賠款及利益而引致的轉分再保險接受人應收款及其他應收款（列為再保險資產）。轉分再保險人的應收應付金額與有關的分入再保險合同的相應金額計量相同地並滿足再保險合同條款的規定。再保險負債主要是再保險合同的應付分保費，在到期時確認為費用。


Recognition and measurement of life reinsurance contracts (Continued)

Claims

Claims mainly include death claims which are recognised when notified.

Retrocession

The Company retrocedes in the normal course of business for the purpose of limiting its net loss potential through the transferring of its risks. Assets, liabilities, income and expense arising from retrocession contracts are presented separately from the assets, liabilities, income and expense from the related reinsurance contracts assumed because the retrocession arrangements do not relieve the Company from its direct obligations to cedants.

Only contracts that give rise to a significant transfer of reinsurance risk are accounted for as retrocession contracts. Rights under contracts that do not transfer significant reinsurance risk are accounted for as financial instruments.

The benefits to which the Company is entitled under its outward reinsurance contracts are recognised as reinsurance assets. These assets consist of balances due from its retrocessionaires, as well as other receivables (classified as reinsurance assets) that are dependent on the expected claims and benefits arising under the related reinsurance contracts assumed. Amounts recoverable from or due to retrocessionaires are measured consistently with the amounts associated with the related reinsurance contracts assumed and in accordance with the terms of each outward reinsurance contract. Reinsurance liabilities are primarily premiums payable for its outward reinsurance contracts and are recognised as an expense when due.





轉分再保險（續）

轉分再保險保費根據預期轉分再保險風險模式於相關轉分再保險承保期間予以支銷。轉分再保險保費中未支銷部份計入轉分再保險人應佔保險合約準備金。

轉分再保險應收╱可收回款項及轉分再保險人應佔保險合約準備均會於各報告期末進行減值評估。尚有客觀證據顯示，於該資產初次被確認後發生了一些事項，令本公司不可收回全部到期款項以及該事項可對本公司自轉分再保險人所收取金額造成可靠地計量的影響，則相關資產被視為出現減值。減值虧損是按以攤銷成本持有金融資產採用之同樣方法計算，其賬面值透過準備賬沖減，與往來應收賬款相似。

金融工具

倘公司成為工具合約條文之訂約方，則於財務狀況表中確認金融資產及金融負債。

金融資產及金融負債初始按公允價值計量。因收購或發行金融資產及金融負債（不包括通過損益以反映公允價值的金融資產及金融負債）而直接產生之交易成本，於初次確認時加入金融資產或金融負債（如適用）之公允價值或自金融資產或負債（如適用）之公允價值扣除。因收購通過損益以反映公允價值的金融資產或金融負債而直接產生之交易成本即時於損益表確認。


Retrocession (Continued)

Outward reinsurance premiums are expensed over the period that the retrocession cover is provided based on the expected pattern of the retroceded risks. The unexpired portion of the outward reinsurance premium is included in the retrocessionaires’ share of insurance contract provision.

Amounts due/recoverable under its outward reinsurance contracts and the retrocessionaires’ share of insurance contract provisions are assessed for impairment at end of each reporting period. Such assets are deemed impaired if there is objective evidence, as a result of an event that occurred after its initial recognition, that the Company may not recover all amounts due and that the event has a reliably measurable impact on the amounts that the Company will receive from the retrocessionaires. The impairment loss is calculated following the same method used for financial assets held at amortised cost and the carrying amount is reduced through the use of an allowance account similar to trade receivables.

Financial instruments

Financial assets and financial liabilities are recognised in the statement of financial position when the Company becomes a party to the contractual provisions of the instrument.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets or financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.





金融工具（續）

金融資產

本公司之金融資產分類至包括通過損益以反映公允價值的金融資產（通過損益以反映公允價值）、持有至到期證券、貸款及應收款項及可供出售金融資產（可供出售）。有關分類乃取決於金融資產的性質及目的，並會於初步確認時釐定。所有一般性購買或銷售金融資產按交易日期基準確認或解除確認。一般性購買或銷售為按於市場規定或慣例確立之時間期限內交付資產之金融資產之購買或銷售。有關金融資產各類別之會計政策載列如下。

(i) 債務及股本證券投資

於債務及股本證券之投資初步按成本列賬。成本即其交易價，除非可以用估值技巧（其變數僅包括可觀察市場之數據）更可靠地估計其公允價值。該等投資其後按下列方式列賬，惟需視乎其類別而定：

指定為通過損益以反映公允價值的金融資產

通過損益以反映公允價值的金融資產細分為兩類，包括持有作交易用途及於初始確認時被指定為通過損益以反映公允價值之金融資產。如該類資產預期會於12個月內結付則分類為流動資產；否則，歸類為非流動。


Financial instruments (Continued)

Financial assets

The Company’s financial assets are classified either into financial assets at fair value through profit or loss (“FVTPL”), held-to-maturity securities, loans and receivables or available-for-sale (“AFS”) financial assets. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace. The accounting policies adopted in respect of each category of financial assets are set out below.

(i) Investments in debt and equity securities

Investments in debt and equity securities are initially measured at fair value, which is their transaction price unless fair value can be more reliably estimated using valuation techniques whose variables include only data from observable markets. These investments are subsequently accounted for as follows, depending on their classification:

Financial assets at fair value through profit or loss

Financial assets at FVTPL has two subcategories, including financial assets held-for-trading and those designated as at FVTPL on initial recognition. Assets in this category are classified as current assets if expected to be settled within 12 months; otherwise, they are classified as non-current.






金融資產（續）

(i) 債務及股本證券投資（續）

指定為通過損益以反映公允價值的金融資產（續）

金融資產被撥歸為持有作交易用途，如：

• 收購之主要目的為於短期內出售；或

• 屬本公司一併管理的已識別金融工具組合的一部份，並且具近期有實際短期套利模式；或

• 其為不指定及不能作為對沖工具之衍生工具。

除持有作交易用途的金融資產外，金融資產可能於初次確認時被指定為通過損益以反映公允價值，如：

(1) 按該訂值可以消除或大幅減少計量或確認出現的不一致的情況；或

(2) 金融資產構成一組金融資產、金融負債或一組金融資產及負債，根據本公司明文規定的風險管理或投資策略，按公允價值基準管理及評估表現，而內部亦根據該基準呈報該組金融工具的資訊；或



Financial assets (Continued)

(i) Investments in debt and equity securities (Continued)

Financial assets at fair value through profit or loss (Continued)

A financial asset is classified as held-for-trading if:

• it has been acquired principally for the purpose of selling in the near future; or

• it is a part of an identified portfolio of financial instruments that the Company manages together and has a recent actual pattern of short-term profit-taking; or

• it is a derivative that is not designated and effective as a hedging instrument.

A financial asset other than a financial asset held-for-trading may be designated as at FVTPL upon initial recognition if:

(1) such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or

(2) the financial asset forms part of a group of financial assets or financial liabilities or both, which is managed and its performance is evaluated on a fair value basis, in accordance with the Company’s documented risk management or investment strategy, and information about the grouping is provided internally on that basis; or








指定為通過損益以反映公允價值的金融資產（續）

(3) 其組成內含一種或多種嵌入式衍生工具，而香港會計準則第39號允許整份合併合約（資產或負債）劃分為通過損益以反映公允價值。

於首次確認後之每個報告期末，通過損益以反映公允價值的金融資產乃按公允價值計量，而公允價值之變動則於產生期間直接於損益表確認。於損益表確認之收益或虧損淨額（不包括任何股息或於金融資產賺取之利息），是包含於損益表內之未實現投資收益╱（虧損）。





Financial assets at fair value through profit or loss (Continued)

(3) it forms part of a contract containing one or more embedded derivatives, and HKAS 39 permits the entire combined contract (asset or liability) to be designated as at FVTPL.

At the end of each reporting period subsequent to initial recognition, financial assets at FVTPL are measured at fair value, with changes in fair value recognised directly in profit or loss in the period in which they arise. The net gain or loss recognised in profit or loss excludes any dividend or interest earned on the financial assets and is included in the net unrealised investment gains/(losses) in the statement of profit or loss.








持有至到期證券

持有至到期證券為非衍生工具之金融資產，並有固定或可釐定付款以及固定到期日的債務證券，而本公司有肯定意向及能力持有至到期。於首次確認後，持有至到期證券按有效利率計算的已攤銷成本減任何減值後記入財務狀況表（參看下列資產減值會計政策）。

貸款及應收款項

貸款及應收款項為附帶固定或可確定金額付款之非衍生金融資產，該等資產並非在交投活躍之市場掛牌。該等資產包含在流動資產，除了該等資產預期於報告期後結付或於12個月後結付。於首次確認後之每個報告期末，貸款及應收款項乃採用有效利率法按攤銷成本減任何已確定之減值後列賬（參看下列資產減值會計政策）。





Held-to-maturity securities

Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturity dates that the Company’s management has the positive intention and ability to hold to maturity. Subsequent to initial recognition, held-to-maturity securities are stated in the statement of financial position at amortised cost using effective interest method less impairment losses (see accounting policy on impairment of assets below).

Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in the current assets, except for the amounts that settled or expected to be settled more than 12 months after the end of the reporting period. These are classified as non-current assets. At end of each reporting period subsequent to initial recognition, loans and receivables are carried at amortised cost using the effective interest method, less any identified impairment losses (see accounting policy on impairment of assets below).








可供出售金融資產

未有分類為以上類別的證券投資，歸類為可供出售證券。該等資產包含在非流動資產除非投資到期或管理層有意在報告期結束後12個月內處置。

由本公司持有及在活躍市埸交易，並已歸類為可供出售的債務及股本證券，於每個報告期末以其公允價值計量。可供出售貨幣性金融資產的賬面值變動乃按有效利率法計算的利息及可供出售股本證券的股息有關的，於損益表內確認。其他可供出售證券的賬面價值變動於其他全面收益內確認及累計於公允價值儲備。當投資被出售或確認減值時，過往累計於公允價值儲備之收益或虧損，重新分類至損益表（參看下列資產減值會計政策）。

沒有活躍市場報價及其公允價值不能可靠地計量的可供出售股本證券，以及與該等無報價股本工具掛鈎且必須以交付該等無報價股本工具之方式結算之𧗠生工具而言，則於每個報告期末按成本減去減值虧損後確認在財務狀況表內（參看下列資產減值會計政策）。





Available-for-sale financial assets

Investments in securities which do not fall into any of the above categories are classified as AFS securities. They are included in non-current assets unless the investment matures or the management intends to dispose of it within 12 months of the end of the reporting period.

Equity and debt securities held by the Company that are classified as available-for-sale investments, and are traded in an active market are measured at fair value at the end of each reporting period. Changes in the carrying amount of available-for-sale investments, monetary financial assets relating to interest income calculated using the effective interest method and dividends on available-for-sale equity investments are recognised in profit or loss. Other changes in the carrying amount of available-for-sale financial assets are recognised in other comprehensive income and accumulated under the heading of fair value reserve. When the investment is disposed of or is determined to be impaired, the cumulative gain or loss previously accumulated in the reserve is reclassified to profit or loss (see the accounting policy on impairment of assets below).

Available-for-sale equity investments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured and derivatives that are linked to and must be settled by delivery of such unquoted equity investments are measured at cost less any identified impairment losses at the end of each reporting period (see the accounting policy on impairment of assets below).







(ii) 應收集團內公司款項及應收款項及其他應收款

應收集團內公司款項及應收款項及其他應收款在最初產生時以公允價值確認，其後按已攤銷成本減去減值虧損準備入賬（參看下列資產減值會計政策）。然而，如應收賬款是無息貸款或折算現值後的影響不大，則按成本減去減值虧損準備入賬。

(iii) 現金及現金等價物

現金及現金等價物包括銀行現金及手頭現金，存置於銀行及其他金融機構之即時存款，可隨時兌換作已知現金金額的短期且有高度流動性的投資，該等投資的到期日為其收購日期起三個月內，且價值變動的風險不明顯。

有效利率法

有效利率法乃計算金融資產之已攤銷成本及於相關期間攤分利息收入之方法。有效利率指按金融資產之預期可使用年期或較短期間內（如適用）實際貼現估計未來現金收入（包括組成有效利率、交易成本及其他溢價或折價主要部份之已付或收到之全部費用）至金融資產初始確認時的賬面淨值之利率。

金融資產之利息收入按有效利率基準確認。




(ii) Amounts due from group companies and trade and other receivables

Amounts due from group companies and trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost less allowance for impairment (see accounting policy on impairment of assets below). Where the receivables are interest-free or the effect of discounting would be immaterial, the receivables are stated at cost less allowance for impairment.

(iii) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other financial institutions, and short-term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value, having been within three months of maturity at acquisition.

Effective interest method

The effective interest method is a method of calculating the amortised cost of a financial asset and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial asset, or, where appropriate, a shorter period to the net carrying amount of the financial asset on initial recognition.

Interest income is recognised on an effective interest basis for financial assets.






金融負債及股本

由企業實體發行之金融債務及股本工具乃按所訂立之合約安排性質以及金融負債及股本工具之定義分類為金融負債或股本。

(i) 股本工具

股本工具指能證明擁有本公司在減除其所有負債後之資產中之剩余權益之任何合約。本公司發行之股本工具按已收所得款項扣除直接發行成本入賬。

(ii) 金融負債

金融負債包括其他應付款項及應付集團內公司款項，其後乃以有效利率法按攤銷成本計量。

有效利率法

有效利率法乃計算金融負債之已攤銷成本及於相關期間分攤利息成本之方法。有效利率指按金融負債之預期可使用年期或較短期間內（如適用）實際貼現估計未來現金付款（包括組成有效利率、交易成本及其他溢價或折價主要部份之已付或收到之全部費用）至負債初始確認時的賬面淨值之利率。

利息開支按有效利率基準確認。

衍生金融工具

衍生金融工具以衍生工具合約簽訂時之公允價值初始確認，其後按報告期末公允價值重新計量。所產生之收益或虧損即時於損益表確認。



Financial liabilities and equity

Debt and equity instruments issued by an entity are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

(i) Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recognised at the proceeds received, net of direct issue costs.

(ii) Financial liabilities

Financial liabilities including amounts due to group compan ies and t rade and other payab les a re subsequently measured at amortised cost, using the effective interest method.

Effective interest method

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or where appropriate, a shorter period, to the net carrying amount of financial liabilities on initial recognition.

Interest expense is recognised on an effective interest basis.

Derivative financial instruments

Derivatives are initially recognised at fair value at the date when a derivative contract is entered into and are subsequently remeasured to their fair value at the end of the reporting period. The resulting gain or loss is recognised in profit or loss immediately.






終止確認

本公司僅在自資產收取現金流量的合約權利屆滿或金融資產被轉讓及資產擁有權的絕大部分風險及回報已轉移予另一實體時終止確認該金融資產。倘本公司並無轉讓或保留擁有權的絕大部分風險及回報，並繼續控制已轉讓資產，則本公司會根據其持續參與程度確認該資產及確認相關負債。倘本公司保留已轉讓金融資產擁有權的絕大部分風險及回報，本公司會繼續確認該金融資產，亦會確認已收所得款項的有擔保借款。

於全面終止確認金融資產時，資產賬面值與已收及應收代價及於其他全面收益確認及於權益累計之盈虧總和之差額乃於損益表中確認。

當且僅當本公司的責任獲解除、取消或屆滿時，本公司才終止確認金融負債。終止確認之金融負債賬面值與已付及應付代價之差額於損益表確認。

金融工具的抵銷

金融資產及負債若存在依法有效的抵銷權利，而亦有意以淨額結算或准備同時變現資產及償付債務，則有關金融資產及負債可予抵銷，以淨金額列入資產負債表。該法定權利不得取決於未來事件和必須强制執行業務的正常過程，並在認可情況下，公司破產或交易對手破產。



Derecognition

The Company derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company continues to recognise the asset to the extent of its continuing involvement and recognises an associated liability. If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

On derecognition of a financial asset in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognised in other comprehensive income and accumulated in equity is recognised in profit or loss.

The Company derecognises a financial liability when, and only when, the Company’s obligations are discharged, cancelled or expire. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss.

Offsetting financial instruments

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty.





投資物業

物業持有或以租約業權擁有，目的為賺取租金及╱或實現資本增值為目的，列為投資物業。

投資物業初始以成本（包括任何直接開支）計量。於初始確認後，投資物業是以公允價值於財務狀況表列示。因公允價值變動或報廢或出售而產生的收益或虧損在損益內確認。

本公司是根據個別情況，把以經營租賃方式持有用作租金收入或資本增值（或二者皆是）的物業權益分類為投資物業。任何已歸類為投資物業的物業權益，當作持有融資租賃入賬。其他根據融資租賃租出的投資物業，採用同一會計政策入賬。

投資物業於出售或永久性不再使用或預計不會出售而產生任何日後經濟利益時終止確認。投資物業終止確認時產生之任何盈虧（按該資產之出售所得款項淨額與賬面值之差額計算）於該項目終止確認之期間入損益表。


Investment properties

Investment properties are properties held to earn rental income and/or for capital appreciation.

Investment properties are initially measured at cost, including any directly attributable expenditure. Subsequent to initial recognition, investment properties are measured in the statement of financial position at fair value. Gains or losses arising from changes in fair value of investment property are included in profit or loss for the period in which they arise.

When the Company holds a property interest under an operating lease to earn rental income and/or for capital appreciation, the interest is classified and accounted for as an investment property on a property-by-property basis. Any such property interest which has been classified as an investment property is accounted for as if it was held under a finance lease, and the same accounting policies are applied to that interest as are applied to other investment properties leased under finance leases.

An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from its disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the item is derecognised.





物業及設備

物業及設備包括持有用於生產或提供貨物或服務，或用於行政用途之土地及建築物（分類為融資租賃），乃按成本值減後續累計折舊及累計減值虧損列賬（參看下列資產減值的會計政策）。

物業及設備項目的折舊是按預計可使用年期，以直線法沖銷其成本減去其估計剩餘價值。每個報告期末都會檢討其預計可使用年期，剩餘價值及折舊方法以反映其任何變化對預期的影響。

• 土地及建築物按尚餘租賃期及其估計可使用年期（以較短者為準）計提折舊，但不多於以完成日期起計五十年。

• 其他物業及設備－四至五年

倘某物業及設備項目之部份有不同可使用年期，該項目之成本或估值須在各部份間按合理基準釐定，而各部份須分別計提折舊。資產之可使用年限及其剩餘價值（如有），須每年檢討。


Property and equipment

Pro pe r t y and equ i pm en t i n c l ud i ng bu i l d i ngs and leasehold land (classified as finance leases) held for use in the production or supply of goods or services, or for administrative purposes, are stated in the statement of financial position at cost less subsequent accumulated depreciation and impairment losses, if any (see accounting policy on impairment of assets below).

Depreciation is recognised so as to write off the cost of items of property and equipment less their residual value over their estimated useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.

• Land and buildings are depreciated over the shorter of the unexpired term of lease and their estimated useful lives, being no more than 50 years after the date of completion.

• Other property and equipment – 4 to 5 years

Where parts of an item of property and equipment have different useful lives, the cost of the items is allocated on a reasonable basis between the parts and each part is depreciated separately. Both the useful life of an asset and its residual value, if any, are reviewed annually.





物業及設備（續）

物業及設備於被出售時或預期日後無法從出售中獲得任何經濟利益時解除確認。由出售或報廢物業及設備項目收益或虧損是按出售所得金額與項目賬面金額之間的差額釐定，並於報廢或出售日在損益表內確認。

當物業及設備項目因業主不再自用，證明其用途改變而成為投資物業時，該項目於轉撥當日之賬面金額及公允價值間任何差額於其他全面收益確認及累計於物業重估儲備內。日後出售或報廢該資產時，物業重估儲備將直接轉入保留溢利。

資產減值

除通過損益以反映公允價值外之金融資產減值

除按通過損益以反映公允價值之金融資產外，金融資產會於報告期末進行減值提示測試。當有客觀的證據，於首次確認金融資產後，一件或更多的事件發生導致金融資產的估計未來現金流受影響，金融資產便要減值。減值之客觀證據包括公司注意到以下一項或多項虧損事項之顯著數據：

• 債務人有重大財務困難；或

• 違反合約，如拖欠償還利息或本金；或


Property and equipment (Continued)

An item of property and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property and equipment determined as the difference between the sales proceeds and the carrying amount of the asset is recognised in profit or loss.

If an item of property and equipment becomes an investment property because its use has changed as evidenced by end of owner-occupation, any difference between the carrying amount and the fair value of that item at the date of transfer is recognised in other comprehensive income and accumulated in property revaluation reserve. On the subsequent sale or retirement of the asset, the relevant revaluation reserve will be transferred directly to retained profits.

Impairment of assets

Impairment of financial assets other than those at fair value through profit or loss

Financial assets other than those at FVTPL are assessed for indicators of impairment at the end of each reporting period. Financial assets other than those at FVTPL are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognitions, that the estimated future cash flows have been affected. Objective evidence of impairment includes observable data that comes to the attention of the Company about one or more of the following loss events:

• significant financial difficulty of the debtor; or

• a breach of contract, such as a default or delinquency in interest and principal payments; or





資產減值（續）

除通過損益以反映公允價值外之金融資產減值（續）

• 債務人可能破產或進行其他財務重組；或

• 由於財務困難以致金融資產的活躍市場消失；及

• 股本工具投資之公允價值大幅或長期下跌至低於其成本值。

如任何此等證據存在，任何減值虧損根據下列方法釐定及確認：

• 就按成本入賬的無報價股本證券而言，如果折算現值後的影響重大，減值虧損將按金融資產的賬面值及估計未來現金流按相同金融資產的現時市場回報率折算後之現值，以二者之差額計算。股本證券的減值損失並不會被撥回。

• 交易及其他應收款及其他金融資產的減值虧損按金融資產的賬面值及估計未來現金流按相同金融資產的現時市場回報率折算為現值，如折算後的影響重大，以二者之差額計算（即該資產在初始確認以有效利率計算）。

若在較後期間，減值的金額減少而該減少是可客觀地與撇銷後發生的事件有關連，往年確認之減值沖回損益表內，減值沖回的金額不能超過假設該資產於往年從來未有確認減值的賬面值。


Impairment of assets (Continued)

Impairment of financial assets other than those at fair value through profit or loss (Continued)

• i t becoming probable that the debtor wi l l enter bankruptcy or other financial reorganisation; or

• disappearance of an active market for that financial asset because of financial difficulties; and

• a significant or prolonged decline in the fair value of an investment in an equity instrument below its cost.

If any such evidence exists, any impairment loss is determined and recognised as follows:

• For unquoted equity securities carried at cost, the impairment loss is measured as the difference between the carrying amount of the financial asset and the present value of estimated future cash flows, discounted at the current market rate of return for a similar financial asset where the effect of discounting is material. Impairment losses for equity securities are not reversed in subsequent periods.

• For trade and other receivables and other financial assets carried at amortised cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate (i.e. the effective interest rate computed at initial recognition of these assets), where the effect of discounting is material.

If in a subsequent period the amount of an impairment loss decreases and the decrease can be l inked objectively to an event occurring after the impairment loss was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount of the asset at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.







• 就可供出售證券而言，當可供出售證券被出售或確定減值，已直接確認在其他全面收益及累計於公允價值儲備內的累積虧損將被剔除，並於損益內確認。須於損益內確認累積虧損之金額，是購入成本（減去任何本金償還及攤銷）超出現時公允價值之差額，再減去往年已於損益內確認的減值虧損。

有關可供出售股本證券的已確認減值虧損是不能沖回損益表。其後該資產之公允價值增加須直接在其他全面收益內確認及累計於公允價值儲備。

就可供出售債務證券而言，如其後該資產之公允價值增加，而該增加是可客觀地與確認減值損失後發生的事件有關連，減值損失可沖回。在此情況下，沖回減值損失於損益表內確認。

• 就若干類別之金融資產（如應收款項及其他應收款）而言，並無個別被評估為已減值之資產隨後將按組合基準評估減值。應收款組合減值之客觀證據可包括本公司之過往收款經驗、組合內延遲還款至超逾平均信貸期之次數增加，以及與應收款違約有關之國家或地方經濟狀況的明顯改變。




• For available-for-sale securities, the cumulative loss has been recognised directly in other comprehensive income and accumulated in fair value reserve is removed from fair value reserve and is recognised in profit or loss when the available-for-sale securities are disposed of or determined to be impaired. The amount of the cumulative loss that is recognised in profit or loss is the excess of acquisition cost (net of any principal repayment and amortisation) and current fair value, less any impairment loss on that asset previously recognised in profit or loss.

Impairment losses recognised in the statement of profit or loss in respect of available-for-sale equity securities are not reversed through the statement of profit or loss. Any subsequent increase in the fair value of such assets is recognised directly in other comprehensive income and accumulated in fair value reserve.

Impairment losses in respect of available-for-sale debt securities are reversed if the subsequent increase in fair value can be objectively related to an event occurring after the impairment loss was recognised. Reversals of impairment losses in such circumstances are recognised in the statement of profit or loss.

• For certain categories of financial asset, such as trade and other receivables, assets that are assessed not to be impaired individually are subsequently assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the Company’s past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period and observable changes in national or local economic conditions that correlate with default on receivables.







除應收款項及其他應收款之賬面值通過計提撥備撇減外，所有金融資產之賬面值均直接按減值虧損予以撇減。撥備賬面值之變動於損益內確認。當一筆應收款項及其他應收款被認為不可收回，其將從撥備撇銷。隨後追回以前撇銷之款項會計入損益。

其他資產減值

於各報告期末均會審閱內部及外部資料，以衡量下列資產有否出現減值或先前確認的減值虧損是否已不復存在或已經減少：

• 物業及設備；或

• 轉分再保險應佔保險合約準備；或

• 轉分再保險應佔未決賠款準備。

如任何此等徵兆存在，須估計該資產的可收回額。




The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade and other receivables, where the carrying amount is reduced through the use of an allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss. When a trade and other receivables is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited to profit or loss.

Impairment of other assets

Internal and external sources of information are reviewed at the end of each reporting period to identify indications that the following assets may be impaired or an impairment loss previously recognised no longer exists or may have decreased:

• property and equipment; or

• reinsurers’ share of insurance contract provisions; or

• reinsurers’ share of provision for outstanding claims.

If any such indication exists, the asset’s recoverable amount is estimated.






其他資產減值（續）

• 計算可收回金額

資產的可收回金額以其銷售淨價和使用價值兩者中的較高數額為準。在評估使用價值時，會使用除稅前折讓率將估計未來現金流量折讓至現值。該折讓率應是反映市場當時所評估的貨幣時間價值和該資產的獨有風險。如果資產所產生的現金流入基本上不獨立於其他資產所產生的現金流入，則以能獨立產生現金流入的最小資產類別（即現金產生單位）來釐定可收回金額。

• 減值損失之確認

當資產的賬面值或其所屬的現金生產單位超過可收回金額時，須於損益內確認減值損失。有關確認現金生產單位減值損失時，按比例減低在該單位（或其單位組別）資產的賬面值，但該資產的賬面值不可低過其個別公允價值減出售成本或使用值（如可確定）。

• 減值虧損沖回

如在用來釐定可收回金額的估計發生有利的變化，則減值損失會被沖回。減值虧損沖回只局限至該資產的賬面值，猶如該等減值虧損從未在往年被確認。減值虧損沖回在該被確認的年度計入損益內。



Impairment of other assets (Continued)

• Calculation of recoverable amount

The recoverable amount of an asset is the greater of its fair value less cost to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of time value of money and the risks specific to the asset. Where an asset does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the smallest group of assets that generates cash inflows independently (i.e. a cash-generating unit).

• Recognition of impairment losses

An impairment loss is recognised in profit or loss whenever the carrying amount of an asset, or the cash-generating unit to which it belongs, exceeds its recoverable amount. Impairment losses recognised in respect of cash-generating units are allocated to reduce the carrying amount of assets in the unit (or group of units) on a pro-rata basis, except that the carrying value of an asset will not be reduced below its individual fair value less costs to sell, or value in use, if determinable.

• Reversals of impairment losses

An impairment loss is reversed if there has been a favourable change in the estimates used to determine the recoverable amount. A reversal of an impairment loss is limited to the asset’s carrying amount that would have been determined had no impairment loss been recognised in prior years. Reversals of impairment losses are credited to profit or loss in the year in which the reversals are recognised.





稅項

利得稅支出指當期應付稅項及遞延稅項總和。

當期應付稅項按年內應課稅溢利計算。由於應課稅溢利不包括其他年度的應課稅或可扣稅收入或開支項目，亦不包括毋須課稅或不可扣稅之項目，故與損益表所列的除稅前溢利不同。本公司當期稅項負債按於報告期末有規定或已有頒令實施之稅率計算。

遞延稅項就財務報表內資產及負債賬面值與計算應課稅溢利所用相應稅基之間的暫時差額確認。遞延稅項負債一般就所有應課稅暫時差額確認，遞延稅項資產於應課稅溢利預計能用作扣減可扣減暫時差額時確認。倘資產及負債由初次確認不影響應課稅溢利或會計溢利之交易之其他資產及負債產生暫時差額，有關資產及負債不予確認。

遞延稅項資產之賬面值於各報告期末審閱，並於不再可能有足夠應課稅溢利以收回全部或部分資產時減少。

遞延稅項資產及負債乃根據報告期末已制訂或實質制訂之稅率（及稅法），按資產變現或負債清償期間之預期適用稅率計算。


Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before taxation as reported in the statement of profit or loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax base used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at the end of the reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised, based on tax rate (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.





稅項（續）

遞延稅項負債及資產之計量反映出倘按本公司預期於報告期末收回或結算其資產及負債賬面值計算的稅項結果。

就採用公允價值模式計量的投資物業之遞延稅項負債或遞延稅項資產而言，除非假設不成立，否則該等物業的賬面值假設可透過銷售收回。當投資物業可予折舊及在業務目標是隨時間而消耗投資物業所含有的絕大部分經濟利益的業務模式（而非透過出售）持有時，有關假設會不成立。倘有關假設不成立，則上述投資物業的遞延稅項負債及遞延稅項資產根據香港會計準則第12號所載的上述一般原則計量（即根據將如何收回有關物業的預期方式）。

當期及遞延稅項確認於損益，惟倘遞延稅項與於其他全面收益或直接於權益確認之項目有關，則當期及遞延稅項亦分別於其他全面收益或直接於權益中處理。

遞延所得稅資產和負債以抵銷當有合法權利當期所得稅資產和當期所得稅負債涉入由在任的應納稅實體或不同的納稅主體同一稅務機關徵收的所得稅，其中有一個意向是基於以淨額結付。


Taxation (Continued)

The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

For the purposes of measuring deferred tax liabilities or deferred tax assets for investment properties that are measured using the fair value model, the carrying amounts of such properties are presumed to be recovered entirely through sale, unless the presumption is rebutted. The presumption is rebutted when the investment property is depreciable and is held within a business model whose objective is to consume substantially all of the economic benefits embodied in the investment property over time, rather than through sale. If the presumption is rebutted, deferred tax liabilities and deferred tax assets for such investment properties are measured in accordance with the above general principles set out in HKAS 12 (i.e. based on the expected manner as to how the properties will be recovered).

Current and deferred tax are recognised in profit or loss, except when it relates to items that are recognised in other comprehensive income or directly in equity, in which case the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.





準備及或然負債

倘若本公司須就已發生的事件承擔法律或推定責任，而履行該責任預期會導致含有經濟效益的資源外流，並可作出可靠的估計，便會就該時間或數額不定的負債計提準備。撥備乃根據預期需要按當時市場對貨幣現值和特定責任的風險進行評估以稅前利率履行責任支出之現值計量。在撥備因時間流逝的增加而確認為利息支出。

倘若含有經濟效益的資源外流的可能性不大，或是無法對有關數額作出可靠的估計，便會將該責任披露為或然負債；但假如這類資源外流的可能性極低則除外。須視乎某宗或多宗未來事件是否發生才能確定存在與否的潛在責任，亦會披露為或然負債；但假如這類資源外流的可能性極低則除外。

收入確認

收入是在經濟效益預期會流入本公司，以及能夠可靠地計算收入和成本（如適用）時，根據下列方法在損益中確認：

毛承保保費

有關確認毛承保保費的會計政策，詳情載於會計政策內「一般再保險合約確認及計量」及「壽險再保險合約確認及計量」。


Provisions and contingent liabilities

Provisions are recognised for liabilities of uncertain timing or amount when the Company has a present legal or constructive obligation arising as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote.

Revenue recognition

Provided it is probable that the economic benefits will flow to the Company and the revenue and costs, if applicable, can be measured reliably, revenue is recognised in profit or loss as follows:

Gross premiums written

The accounting pol icies for the recognit ion of gross premiums written are disclosed in accounting policies under “Recognition and measurement of general reinsurance contracts” and “Recognit ion and measurement of l i fe reinsurance contracts”.





收入確認（續）

經營租賃的租金收入

經營租賃的應收租金收入於相關租賃期的會計期間內，以等額在損益內確認。經營租賃協議涉及的激勵機制在損益內列作應收租賃淨付款總額的一部分。

股息

投資的股息收入在股東收取款項的權利確立時確認。

利息收入

利息收入乃按有效利率方法不斷累計確認。當貸款及應收款項減值，公司將賬面值減至其可收回金額，工具的原有效利率折現確定的預計未來現金流量，並繼續展開貼現作為利息收入。已減值貸款及應收款利息收入使用原有效利率確認。

外幣

以本公司功能貨幣以外的貨幣（外幣）進行的交易均按交易日期的適用滙率換算為各種功能貨幣（即公司經營業務所在主要經濟環境的貨幣）計值。以外幣計值並以公允價值列賬之非貨幣項目按釐定公允價值當日之外幣滙率換算為本公司的功能貨幣。以外幣單位按歷史成本計算的非貨幣性項目不會作再換算。


Revenue recognition (Continued)

Rental income from operating leases

Rental income receivable under operating leases is recognised in profit or loss in equal instalments over the periods covered by the lease term. Lease incentives granted are recognised in profit or loss as an integral part of the aggregate net lease payments receivable.

Dividends

Dividend income from investments is recognised when the shareholder’s right to receive payment is established.

Interest income

Interest income is recognised as it accrues using the effective interest method. When a loan and receivable is impaired, the company reduces the carrying amount to its recoverable amount, being the estimated future cash flow discounted at the original effective interest rate of the instrument, and continues unwinding the discount as interest income. Interest income on impaired loans and receivables is recognised using the original effective interest rate.

Foreign currencies

Transactions in currencies other than the functional currency of the Company (foreign currencies) are recorded in the functional currency (i.e. the currency of the primary economic environment in which the Company operates) at the rates of exchanges prevailing on the dates of the transactions. At the end of the reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.





外幣（續）

因貨幣性項目結算及貨幣性項目換算所產生的匯兌差額均記錄在損益內，而因貨幣性項目產生的滙兌差異則會構成本公司在海外營業的淨投資，惟倘若有關損益直接確認於其他全面收益及於權益中累計，而出售海外經營業務時會從權益中重新分類至損益。因重新換算以公允價值列賬的非貨幣項目而產生之滙兌差額包含於當期的損益，惟倘若有關損益直接確認於其他全面收益的非貨幣項目而產生之匯兌差額，則有關滙兌差額亦直接於其他全面收益確認。

就呈列財務報表而言，本公司海外業務的資產及負債按於報告期末適用的滙兌換算為本公司的呈列貨幣（即港元），而其收入及開支則按該年度平均滙兌換算。惟如年內滙率有明顯波動，則使用有關交易日的滙率。所產生的滙兌差額（如有）會在滙兌儲備項下於其他全面收益中確認及於權益中累計。

租賃

當租賃之條款實質上將所有權所產生之絕大部分風險及回報轉移至承租人，有關租賃被分類為融資租賃。所有其他租約被分類為經營租賃。


Foreign currencies (Continued)

Exchange differences arising on the settlement of monetary items, and on the translation of monetary items, are recognised in profit or loss in the period in which they arise, except for exchange differences arising on a monetary item that forms part of the Company’s net investment in a foreign operation, in which case, such exchange differences are recognised in other comprehensive income and accumulated in equity and will be reclassified from equity to profit or loss on disposal of the foreign operation. Exchange differences arising on the retranslation of non-monetary items carried at fair value are included in profit or loss for the period except for exchange differences arising on the retranslation of non-monetary items in respect of which gains and losses are recognised directly in other comprehensive income, in which cases, the exchange differences are also recognised directly in other comprehensive income.

For the purposes of presenting the financial statements, the assets and liabilities of the Company’s foreign operations are translated into the presentation currency of the Company (i.e. Hong Kong dollars) at the rate of exchange prevailing at the end of the reporting period, and their income and expenses are translated at the average exchange rates for the year, unless exchange rates fluctuate significantly during the period, in which case, the exchange rate prevailing at the dates of transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity (the exchange reserve).

Leasing

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.





租賃（續）

本公司作為出租人

經營租賃租金收入乃按有關租賃之年期以直線法於損益中確認。就經營租賃進行磋商及安排時產生之首次直接成本，會加入租賃資產之賬面值並按租賃年期以直線法確認。

本公司作為承租人

經營租賃之應付租金於有關租賃期間按直線法確認為開支，除非有另一種系統化基準能更清晰呈列消耗租賃資產所產生經濟利益之時間規律。經營租賃所產生的或然租金於產生期間確認為開支。

倘訂立經營租賃時享有租金優惠，有關優惠確認為負債。利益優惠總額以直線法確認為租金開支減少，除非有另一種系統化基準能更清晰呈列消耗經營租賃所產生經濟利益之時間規律。

僱員福利

短期僱員福利及已訂定供款退休計劃供款

僱員所提供的服務有關的薪金、年度花紅、有薪假期、已訂定供款退休計劃供款及非金錢利益的成本均累計在年度內。倘有任何遞延付款或還款而貼現帶有重大影響，則該等金額乃以其現值列賬。


Leasing (Continued)

The Company as lessor

Rental income from operating leases is recognised in profit or loss on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

The Company as lessee

Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Employee benefits

Short term employee benefits and contributions to defined contribution retirement plans

Salaries, annual bonuses, paid annual leave, contributions to defined contribution retirement plans and the cost of non-monetary benefits are accrued in the year in which the associated services are rendered by employees. Where payment or settlement is deferred and the effect of discounting would be material, these amounts are stated at their present values.





僱員福利（續）

股份為本支付

由控股公司，中國太平控股，賦予本公司員工的認股權及獎授股份之公允價值被確認為員工成本。有關認股權之公允價值乃採用Black-Scholes認股權定價模式，按認股權授予日計算，並顧及授予認股權的條款。至於獎授股份方面其公允價值是已支付之代價，包括任何直接有關增量成本。僱員須符合歸屬期條件才可無條件享有該等認股權及獎授股份。認股權及獎授股份的預計公允價值總額在歸屬期內攤分入賬，並已考慮認股權及獎授股份歸屬的或然率。

估計可歸屬認股權及獎授股份的數目須在歸屬期內作出檢討。任何已在往年確認的累積公允價值之調整須在檢討期內的損益支銷或回撥，並在以股份為本之僱員補償儲備作相應調整。在歸屬日，除非因未能符合歸屬條件引致權利喪失純粹與中國太平控股股份的市價有關，確認為支出之金額按歸屬認股權及獎授股份的實際數目作調整。

4. 保險及財務風險管理

本公司的主要業務為在全球各地承保各類一般再保險業務及兩類長期再保險業務（人壽及年金和退休計劃管理第 III類），重點在於亞太地區。保險及財務風險管理對於本公司來說是業務關鍵的一環節，原因是本公司需面對因再保險合約所帶來的索償，無論在時間、頻次及嚴重程度的不確定性，及投資活動上的市場風險。


Employee benefits (Continued)

Share based payments

The fair value of share options and awarded shares granted by the intermediate holding company, CTIH, to the Company’s employees is recognised as an employee cost. In respect of share options, the fair value is measured at grant date using the Black-Scholes pricing model, taking into account the terms and conditions upon which the options were granted. In respect of awarded shares, the fair value is measured based on the consideration paid and any directly attributable incremental costs. Where the employees have to meet vesting conditions before becoming unconditionally entitled to the share options and awarded shares, the total estimated fair value of the share options and awarded shares are spread over the vesting period, taking into account the probability that the share options and awarded shares will vest.

During the vesting period, the number of share options and awarded shares that is expected to vest is reviewed. Any adjustment to the cumulative fair value recognised in prior years is charged/credited to the profit or loss for the year of the review, with a corresponding adjustment to the employee share-based compensation reserve. On vesting date, the amount recognised as an expense is adjusted to reflect the actual number of share options and awarded shares that vest except where forfeiture is only due to not achieving vesting conditions that relate to the market price of the shares of CTIH.

4. INSURANCE AND FINANCIAL RISK MANAGEMENT

The Company is principally engaged in the underwriting of all classes of general reinsurance businesses, and two classes of long-term reinsurance businesses (life and annuity, and retirement scheme management category III) around the world with emphasis in the Asia Pacific region. The Company’s management of insurance and financial risk is a critical aspect of the business as the Company is exposed to the uncertainty surrounding the timing, frequency and severity of claims under the reinsurance contracts as well as market risk through its investment activities.




4. 保險及財務風險管理（續）

本公司的保險及財務風險管理政策及執行程序詳列如下：

金融工具，保險資產及負債的種類

4. INSURANCE AND FINANCIAL RISK MANAGEMENT (Continued)

Details of the Company’s insurance and financial risk management policies and procedures are set out as follows:

Categories of financial instruments and insurance assets and liabilities


HK$ HK$港元港元

Financial assets 金融資產Held-to-maturity debt securities 持有至到期債務證券 4,394,086,870 3,552,894,461Available-for-sale securities 可供出售證券 1,985,628,629 1,561,284,209Held-for-trading securities 持有作交易用途證券 28,190,345 40,076,084Loans and receivables (including

cash and cash equivalents)貸款及應收款項（包括現金及現金等價物） 3,918,600,203 3,302,207,467

10,326,506,047 8,456,462,221

Financial liabilities 金融負債Other financial liabilities 其他金融負債 57,676,680 24,833,797

Insurance assets 保險資產Trade receivables 應收款項 1,694,950,234 854,655,586Reinsurers’ share of insurance

contract provisions轉分再保險應佔保險合約準備 66,244,772 50,677,556

Reinsurers’ share of provision for outstanding claims

轉分再保險應佔未決賠款準備 368,324,856 464,113,458

2,129,519,862 1,369,446,600

Insurance liabilities 保險負債Trade payables 應付款項 136,063,910 113,688,969Insurance contract provisions 保險合約準備 3,294,941,808 1,110,205,253Provision for outstanding claims 未決賠款準備 4,449,570,195 4,678,001,809

7,880,575,913 5,901,896,031





保險風險管理

風險管理目標及減輕保險風險政策

本公司藉應用各種與承保、定價、賠款及轉分保險以及經驗監測有關的政策及程序管理保險風險。本公司採用內部風險計量模型、敏感性分析及情景分析方法評估及監測保險風險，包括個別類型的承保風險及整體風險。該等方法包括再保險合約組合的定價及準備應用概率理論。主要風險為賠款次數及嚴重性超過預期。保險事件在性質上具有任意性，任何年度內事件的實際數目及結果可能與使用統計技術所估計者不同。

承保策略

本公司的再保險組合由涵蓋不同地區及險種的一系列業務類別組成，重點在於亞洲國家，包括財產損毀、貨運及船舶保險以及其他非水險。除多元化承保組合外，本公司並無積極從亞太地區以外營運的客戶尋求任何責任再保險業務。在亞太地區，即本公司的核心市場，本公司會有限度承保責任再保險，為區內客戶提供全面再保險服務。

轉分保險策略

本公司購買轉分保險保障以提高承保能力、分散風險及平抑自留風險，避免個別或多次災難性損失可能嚴重打擊本公司的財務表現。選擇轉分保險保障時會審慎考慮轉分保險人的聲譽及信用水平。


Insurance risk management

Risk management objectives and policies for mitigating insurance risk

Insurance risks are managed through the application of various policies and procedures relating to underwriting, pricing, claims and retrocession as well as experience monitoring. The Company uses internal risk measurement models, sensitivity analyses and scenario analyses to assess and monitor insurance risk exposures both for individual types of risks insured and overall risks. The theory of probability is applied to the pricing and provisioning for a portfolio of reinsurance contracts. The principal risk is that the frequency and severity of claims may be greater than expected. Insurance events are, by their nature, random, and the actual number and size of events during any year may vary from those estimated by use of established statistical techniques.

Underwriting strategy

The Company’s reinsurance portfolio is made up of a mix of business spread across different geographic regions and classes, with emphasis towards Asian countries covering property damage, marine cargo and hull and miscellaneous non-marine classes. Whilst diversifying its underwriting portfolio, the Company does not actively seek acceptance of any liability reinsurance business from customers operating outside of the Asia Pacific region. In the Asia Pacific region, where these are core markets of the Company, liability reinsurance businesses are written on a limited scale in order to provide customers in the region with comprehensive reinsurance services.

Retrocession strategy

The Company purchases retrocession protection in order to increase its underwriting capacity, diversify its risk exposure and harmonise its net retention exposure to avoid any significant adverse impact on its financial performance which may be caused by single or multiple catastrophic losses. The retrocession protections are chosen after careful consideration, including retrocessionaires’ reputation and credit worthiness.





保險風險管理（續）

資產與負債配比

本公司管理保險風險的主要範疇在於資產與負債的現金流動時間配比。本公司通過平衡質素、多元組合、資產與負債配比、流動性與投資回報等方面來積極管理資產。投資過程的目標是在可容忍的風險程度內將投資回報提升至最高水平，同時確保資產與負債按現金流動及期限基準管理。

再保險合約的條款及條件

對再保險合約產生的未來現金流動的數額、時間及不明朗性有重大影響的再保險合約條款及條件載列如下：

產品特點

本公司主要在中國大陸，香港及其他亞洲國家承保比例及非比例再保險合約以及臨時分保。

再保險於既定合同期限過後可能需要相對較長的時間完成理賠。賠款申報及理賠的速度取決於相關的保險特定範圍、司法權區、特定的保單規定及相關風險的性質。一般再保險業務有多個組成部份。


Insurance risk management (Continued)

Asset and liability matching

A key aspect in the management of the Company’s insurance risk is through matching the timing of cash flows from assets and liabilities. The Company actively manages its assets using an approach that balances quality, diversification, asset and liability matching, liquidity and investment return. The goal of the investment process is to maximise investment returns at a tolerable risk level, whilst ensuring that the assets and liabilities are managed on a cash flow and duration basis.

Terms and conditions of reinsurance contracts

The term and conditions of reinsurance contracts that have a material effect on the amount, timing and uncertainty of future cash flows arising from reinsurance contracts are set out below:

Product features

The Company writes proportional and non-proportional reinsurance treaties and facultative reinsurance contracts primarily in Mainland China, Hong Kong and other Asian countries.

Reinsurance may take a relatively long period of time to finalise and settle claims for a given reinsurance contract after the contract period lapses. The speed of claims reporting and claims settlement is a function of the specific coverage provided, the jurisdiction and the specific policy provisions and the nature of underlying risks. There are numerous components underlying the reinsurance business.






再保險合約的條款及條件（續）

風險管理

再保險合約的主要風險為與承保相關的風險。

本公司設有若干市場和承保團隊負責承保及銷售本公司的再保險產品。向客戶推銷一種特定產品的團隊擁有專門技術，從而釐定本公司能否在本公司既定的風險承擔範圍內滿足客戶的特定要求。承保人員會篩選及分析所有承接的業務。承保的決定及風險水平參照以下各項釐定：承保指引設定所需業務的類型、每種風險及每區的最大承保能力。該等標準經考慮多種因素後釐定，包括風險暴露、定價、盈利潛力、業務類別、市場推廣策略、可用轉分保險及市場趨勢等。

本公司亦安排比例及超賠轉分保險以擴大承保能力，並同時可優化自留風險。對亞太地區的非水險業務，本公司安排了比例轉分保險。此外，本公司的巨災風險通過一系列超賠轉分保險的方式保障。



Terms and conditions of reinsurance contracts (Continued)

Management of risks

The key risks associated with reinsurance contracts are those relating to underwriting.

The Company maintains marketing and underwriting teams who are responsible for the underwriting and sales of the Company’s reinsurance products. The team promoting a certain product to a customer has the requisite expertise to determine whether the Company can meet the specific requirement of the customer within the Company’s risk appetite. All inward business is screened and analysed by the underwriting staff. The decision to underwrite and the level of risk exposure accepted are determined by reference to the underwriting guideline setting out the types of business desired, and the maximum capacity per risk and per zone. Such criteria are determined by considering factors including the risk exposure, the pricing, the profit potential, the class of business, the marketing strategy, the retrocession facilities available and the market trends.

The Company arranges prorata and excess of loss retrocessions for its different lines of reinsurance business, in order to enhance its underwriting capacity as well as to harmonise its net retained exposures. Proportional retrocessions have been arranged in respect of its non-marine reinsurance business from the Asia-Pacific territories. In addition, a series of excess of loss retrocession covers are also arranged to protect the Company against major catastrophic events.







保險風險集中

風險集中因特定業務種類與地理區域的風險累積而產生。本公司管理該等風險的主要方法為分散保費總額的業務種類及地區。下表顯示截至二零一四年十二月三十一日止年度按業務種類及地理區域分佈的保費總額。

按業務種類：




Concentration of insurance risks

Concentration of risk arises from the accumulation of risks within a particular business line and geographic area. The Company’s key methods in managing these risks are diversification of the business line and areas where the gross premiums are written. The tables shown below indicate the gross premiums written by business line and geographic territory for the year ended 31 December 2014.

By business line:

Percentage to total gross premiums written

佔毛承保保費總額百分比2014 2013

二零一四年二零一三年

General business 一般業務Treaty 合約分保

– Property －財產險 40.2% 62.9%– Marine －水險 5.5% 8.7%– Liability －責任險 12.9% 17.5%– Bonds and credit －信用險 1.4% 1.3%

Facultative 臨時分保 5.6% 8.5%

Life business 壽險 34.4% 1.1%

Total 總額 100.0% 100.0%







保險風險集中（續）

按地理區域：




Concentration of insurance risks (Continued)

By geographic territory:

Percentage to totalgross premiums written佔毛承保保費總額百分比


Hong Kong and Macau 香港及澳門 39.9% 12.2%Mainland China and Taiwan 中國大陸及台灣 33.3% 46.9%Japan 日本 4.1% 5.1%Rest of Asia 亞洲其他地區 11.2% 18.7%Europe 歐洲 7.9% 11.5%Others 其他地區 3.6% 5.6%

Total 總額 100.0% 100.0%







敏感性分析

以下敏感性分析是根據於報告期末對保險風險製成。管理層對合理及可能的索賠淨額變更在內部作為敏感性比率評估。有括號數字表示稅後溢利會減少，反之沒有括號數字表示稅後溢利會增加。

一般業務




Sensitivity analysis

The sensitivity analysis below has been determined based on the exposure to insurance risks at the end of the reporting period. The sensitivity rates represente the rates used when reporting insurance risk internally to key management personnel and represents management’s assessment of the reasonable possible change in the net insurance loss. Figures in brackets represent decrease in profit after tax whereas figures without brackets represent increase in profit after tax.

General business


Change in loss ratio

Effect on profit after tax

Change in loss ratio


賠付率的改變

稅後溢利的影響

賠付率的改變


HK$ HK$港元港元

Net claim 1% (27,345,000) 1% (27,386,000)索賠淨額 (1%) 27,345,000 (1%) 27,386,000







敏感性分析（續）

壽險

財務風險管理

金融工具及保險資產╱負債交易可引致本公司須承擔若干財務風險。該等風險包括市場風險、信用風險及流動資金風險。各有關財務風險連同本公司管理該等風險的方法闡述如下。不論本公司承受的風險及該些風險如何產生或本公司就管理上述每一項風險的目標、政策及過程，皆沒有重大改變。

市場風險

市場風險乃指因利率、股本價值或外幣匯率變動造成金融工具的公允價值變動而引致的風險。




Sensitivity analysis (Continued)

Life business

AssumptionsChange in

assumptions


31 December 2014

假設當假設變化

稅後溢利的影響二零一四年

十二月三十一日HK$港元

Discount rate 折現率 +10 bps 17,109,349Discount rate 折現率 –10 bps (17,260,013)

Financial risk management

Transactions in financial instruments and insurance assets/liabilities may result in the Company assuming financial risks. These include market risk, credit risk and liquidity risk. Each of these financial risks is described below, together with a summary of the ways in which the Company manages these risks. There is no significant change in the Company’s exposures to risk and how they arise, nor the Company’s objectives, policies and processes for managing each of these risks.

Market risks

Market risk can be described as the risk of change in fair value of a financial instrument due to changes in interest rates, equity prices or foreign currency exchange rates.





財務風險管理（續）

市場風險（續）

利率風險

利率風險乃指因不確定的未來市場利率對固定利率金融工具所造成的盈利或市值風險。

部份定息債券被歸類為可供出售及持有作交易用途的則承擔公允價值利率風險。

本公司透過定期審核其金融工具監控該風險。投資組合的現金流量估值以及因利率變動所帶來的影響均進行定期模擬及審核。

假設利率上升╱下跌100點子（二零一三年：100點子），其他參數不變：

• 持有作交易用途的定息債券公允價值因此項更改使稅後溢利減少╱增加247,000港元（二零一三年：246,000港元）；及

• 可供出售定息債券的公允價值因此項更改使公允價值儲備減少╱增加54,267,000港元（二零一三年：43,505,000港元）。


Financial risk management (Continued)

Market risks (Continued)

Interest rate risk

Interest rate risk is risk to the earnings or market value of a fixed-rate financial instrument due to uncertain future market interest rates.

Certain f ixed-rate debt securit ies classif ied under the available-for-sale and held-for-trading categories are subject to fair value interest rate risk.

The Company monitors this exposure through periodic reviews of its financial instruments. Estimates of cash flows, as well as the impact of interest rate fluctuations relating to the investment portfolio, are modelled and reviewed periodically.

If the interest rate had been 100 basis point (2013: 100 basis point) higher/lower, with all other variables held constant:

• p ro f i t a f t e r t a x w o u l d d e c re a s e / i n c re a s e b y approximately HK$247,000 (2013: HK$246,000) as a result of changes in the fair value of held-for-trading fixed-rate debt securities; and

• fa i r va lue reserve would decrease/ increase by approximately HK$54,267,000(2013: HK$43,505,000) as a result of changes in the fair value of available-for-sale fixed-rate debt securities.







利率風險（續）

現金流量利率風險來自浮息的銀行存款及債務証劵，如市場利率上升╱下跌100點子（二零一三年：100點子），其他參數不變：

• 稅後溢利增加╱減少7,207,000港元（二零一三年：6,414,000港元）

上述的敏感性分析是假設利率變動於報告期末發生及被應用於該日存在的金融工具的利率風險上。

外匯風險

本公司的外匯風險主要來自於以美元、人民幣，英磅，歐羅，日元及泰銖為單位的應收款、應付款、證券投資、銀行存款、轉分再保險合約應佔準備及轉分再保險合約應佔未決賠款準備、保險合約準備及未決賠款準備。本公司致力維持以該等貨幣持有資產的比例與其保險負債大致相同。




Interest rate risk (Continued)

For cash flow interest rate risk arising from variable-rate deposits at banks and debt securities, if market interest rates had been 100 basis point (2013: 100 basis point) higher/lower, with all other variables held constant:

• p ro f i t a f t e r t a x w o u l d i n c re a s e / d e c re a s e b y approximately HK$7,207,000 (2013: HK$6,414,000).

The sensitivity analysis above has been determined assuming that the change in interest rates had occurred at the end of the reporting period and had been applied to the exposure to interest rate risk to all financial instruments in existence at that date.

Foreign exchange risk

The Company’s foreign exchange risk primarily arises from its trade receivables and payables, investments in securities, bank deposits and cash at bank, reinsurers’ share of insurance contract provisions and provision for outstanding claims, insurance contract provisions and provision for outstanding claims, which are mainly denominated in United States dollars (“USD”), Renminbi (“RMB”), British Pound (“GBP”), Euro (“EUR”), Japanese Yen (“JPY”) and Thai Baht (“THB”). The Company aims to hold assets in these foreign currencies in broadly similar proportion to its insurance liabilities.







外匯風險（續）

下表載列本公司金融及保險資產及負債主要外幣等值港元的賬面值：




Foreign exchange risk (Continued)

The following table presents the carrying amounts of the Company’s financial and insurance assets and liabilities, in Hong Kong dollar equivalent by major currencies:

2014二零一四年

HKD USD RMB GBP EUR JPY THBOther foreign

currencies

Asset/liabilities

denominatedin functional

currenciesof the

respectiveoperations Total

港元美元人民幣英磅歐羅日元泰銖其他外幣

經營地區當地功能貨幣列示之資產╱負債總額

Assets 資產Investments in debt and equity securities 債務及股本證券投資 – 4,769,373,150 449,966,919 222,460,261 214,810,359 – – 110,850,386 1,351,080,207 7,118,541,282Trade and other receivables 應收款項及其他應收款 (9,606,845) 490,803,591 13,122,414 93,763,157 44,043,518 74,622,195 24,119,354 182,663,851 1,001,741,495 1,915,272,730Tax reserve certificates 儲稅券 – – – – – – – – 70,548,122 70,548,122Reinsurers’ shares of insurance contract

provisions轉分再保險合約應佔準備

1,185,366 922,026 1,898 – 14 2,018 653 2,472,726 61,660,071 66,244,772Reinsurers’ shares of provision of

outstanding claims轉分再保險應佔未決賠款準備

48,932,450 5,773,134 4,143,443 61 20,917 2,479,001 11,987,887 19,773,032 275,214,931 368,324,856Pledged deposits at banks 已抵押銀行存款 – 341,089,590 – – – – – 50,794,838 – 391,884,428Deposits at banks with original maturity

more than three months原到期日超過三個月的銀行存款

– 201,673,086 – – – – – – 481,701,674 683,374,760Cash and cash equivalents 現金及現金等價物 79 427,667,588 563,294,934 32,797,240 17,095,499 76,123,597 167,717 143,287,537 581,400,768 1,841,834,959

40,511,050 6,237,302,165 1,030,529,608 349,020,719 275,970,307 153,226,811 36,275,611 509,842,370 3,823,347,268 12,456,025,909

Liabilities 負債Insurance contract provisions 保險合約準備 491,125 676,229,176 262,195,796 56,018,407 20,951,478 66,342,735 8,766,169 105,905,106 2,098,041,816 3,294,941,808Provision for outstanding claims 未決賠款準備 3,899,441 790,233,733 26,449,888 85,457,283 240,336,717 142,883,914 154,304,957 803,579,138 2,202,425,124 4,449,570,195Amounts due to group companies 應付集團內公司款項 – – – – – – – – 11,000,428 11,000,428Trade and other payables 應付款項及其他應付款 22,870,177 5,072,601 2,711,395 2,715,995 3,958,384 1,767,211 1,859,053 10,250,735 131,534,611 182,740,162

27,260,743 1,471,535,510 291,357,079 144,191,685 265,246,579 210,993,860 164,930,179 919,734,979 4,443,001,979 7,938,252,593

Net exposure to foreign exchange risk 承受外匯風險淨額 13,250,307 4,765,766,655 739,172,529 204,829,034 10,723,728 (57,767,049) (128,654,568) (409,892,609) (619,654,711) 4,517,773,316












2013二零一三年

HKD USD RMB GBP EUR JPY THB

Otherforeign

currencies

Asset/liabilities

denominatedin functional

currenciesof the

respectiveoperations Total

港元美元人民幣英磅歐羅日元泰銖其他外幣

經營地區當地功能貨幣列示之資產╱負債總額

Assets 資產Investments in debt and equity securities 債務及股本證券投資 – 3,861,751,968 128,430,128 235,229,662 348,332,052 – – 257,070,849 977,035,056 5,807,849,715Amount due from group companies 應收集團內公司款項 – – – – – – – – 12,719 12,719Trade and other receivables 應收款項及其他應收款 (14,712,291) 270,211,553 6,574,124 16,445,259 64,614,906 31,007,289 19,047,499 214,409,814 391,579,079 999,177,232Tax reserve certificates 儲稅券 – – – – – – – – 65,692,251 65,692,251Reinsurers’ shares of insurance contract

provisions轉分再保險合約應佔準備

2,400,198 3,966,379 8,300 28 76 – 737 2,972,192 41,329,646 50,677,556Reinsurers’ shares of provision of

outstanding claims轉分再保險應佔未決賠款準備

74,558,020 10,246,831 4,700,193 203 109,538 6,622,068 23,188,509 29,907,269 314,780,827 464,113,458Pledged deposits at banks 已抵押銀行存款 – 278,313,722 – – – 9,152,186 – 57,932,723 – 345,398,631Deposits at banks with original maturity

more than three months原到期日超過三個月的銀行存款

– 165,681,930 127,189,000 – – – – – 419,724,508 712,595,438Cash and cash equivalents 現金及現金等價物 – 487,997,121 59,308,207 28,412,723 34,507,441 58,401,035 75,775,931 264,048,510 371,940,853 1,380,391,821

62,245,927 5,078,169,504 326,209,952 280,087,875 447,564,013 105,182,578 118,012,676 826,341,357 2,582,094,939 9,825,908,821

Liabilities 負債Insurance contract provisions 保險合約準備 533,200 171,664,176 1,389,230 11,614,036 28,425,308 45,547,470 8,681,760 145,425,590 696,924,483 1,110,205,253Provision for outstanding claims 未決賠款準備 1,174,508 758,228,392 28,625,972 72,230,770 268,749,254 204,336,503 336,759,383 1,181,069,048 1,826,827,979 4,678,001,809Amounts due to group companies 應付集團內公司款項 – – 173,468 – – – – – 5,998,451 6,171,919Trade and other payables 應付款項及其他應付款 22,552,994 4,055,290 2,740,127 1,889,504 2,883,584 680,818 13,559,370 6,809,223 77,179,937 132,350,847

24,260,702 933,947,858 32,928,797 85,734,310 300,058,146 250,564,791 359,000,513 1,333,303,861 2,606,930,850 5,926,729,828

Net exposure to foreign exchange risk 承受外匯風險淨額 37,985,225 4,144,221,646 293,281,155 194,353,565 147,505,867 (145,382,213) (240,987,837) (506,962,504) (24,835,911) 3,899,178,993








下表載列本公司於資產負債表日承受顯著外滙風險的外幣在合理可能的滙率變動下對稅後溢利及權益所產生的大概變化。

有括號數字表示稅後溢利會減少，反之沒有括號數字表示稅後溢利會增加。





The following table indicates the approximate change in the Company’s profit after tax in response to reasonably possible changes in the foreign exchange rates to which the Company has significant exposure at the end of the reporting period.


Foreign currency

strengthens byEffect on

profit after tax

Foreign currency

strengthens byEffect on

profit after tax外幣匯率升值幅度


外幣匯率升值幅度


HK$ HK$港元港元

RMB 人民幣 5% 30,191,502 5% 13,256,308GBP 英鎊 5% 8,366,242 5% 8,784,781EUR 歐羅 5% 438,011 5% 6,667,265JPY 日元 5% (2,359,495) 5% (6,571,276)THB 泰銖 5% (5,254,896) 5% (10,892,650)Other foreign currencies 其他外幣 5% (16,742,064) 5% (22,914,705)

Figures in brackets represent decrease in profit after tax whereas figures without brackets represent increase in profit after tax.








上述的敏感性分析是假設外匯匯率變動於報告期末發生及被應用於該日存在的金融和保險資產與負債之匯率風險上，而其他參數，尤其是利率不變的情況下。

上述變化代表管理層對外匯匯率在此期間至下個財務年度結算日止的一個合理及可能變化的評估，這方面是假定港元與美元的聯系匯率並不因美元對其他貨幣變動而受到顯著影響。上述所呈現的分析結果代表每一種外幣按結算日時的匯率折算為港元對本公司的稅後溢利及權益所產生的累計影響，並作為顯示用途。二零一四年之分析亦按相同基準而作出。

股本價格風險

本公司的有價股本證券組合以公允價值列賬及須承擔價格風險。該風險指因價格的不利變動而造成的市值的潛在損失。

本公司的目標是透過投資於高質素的多元化流動證券組合以賺取相對地具競爭力的回報。





The sensitivity analysis has been determined assuming that the change in foreign exchange rates had occurred at the end of the reporting period and had been applied to the Company’s exposure to currency risk for both financial and insurance assets and liabilities in existence at that date, and that all other variables, in particular interest rates, remain constant.

The stated changes represent management’s assessment of reasonably possible changes in foreign exchange rates over the period until the next annual reporting date. In this respect, it is assumed that the pegged rate between the Hong Kong dollar and the United States dollar would not be materially affected by any changes in movement in value of the United States dollar against other currencies. Results of the analysis as presented above represent an aggregation of the effects on each of the Company’s profit after tax and equity measured in the respective foreign currencies, translated into Hong Kong dollars at the exchange rate ruling at the end of the reporting period for presentation purposes. The analysis is performed on the same basis as last year.

Equity price risk

The Company has a portfolio of marketable equity securities, which is carried at fair value and is exposed to price risk. This risk is defined as the potential loss in market value resulting from an adverse change in prices.

The Company’s objective is to earn relatively competitive returns by investing in a diverse portfolio of high quality and liquid securities.







股本價格風險（續）

假設所持有的股本證券價格上升╱下跌10%（二零一三年：10%），其他參數不變：

• 以持有作交易用途證券的公允價值因此項更改使稅後溢利增加╱減少1,815,000港元（二零一三年：3,155,000港元）；及

• 可供出售證券的公允價值因此項更改使公允價值儲備增加╱減少19,798,000港元（二零一三年：20,364,000港元）。

上述的敏感性分析是假設該可能及合理的價格變動於財務年度結算日發生及被應用於該日存在的上市股本證券的股本價格風險。另外，亦假設該等可能及合理的上市股本證券價格下跌，在其他參數不變下，不會對本公司持有的可供出售證券造成任何的減值考慮。二零一四年之分析亦按相同基準而作出。




Equity price risk (Continued)

If the prices of the equity securities had been 10% (2013: 10%) higher/lower, with all other variables held constant:

• p ro f i t a f t e r t a x w o u l d i n c re a s e / d e c re a s e b y approximately HK$1,815,000 (2013: HK$3,155,000) as a result of the increase/decrease in fair value of held-for-trading securities; and

• fa i r va lue reserve would increase/decrease by approximately HK$19,798,000 (2013: HK$20,364,000) as a result of the increase/decrease in fair value of available-for-sale securities.

The sensitivity analysis has been determined assuming that the reasonably possible changes in the value of equity securities had occurred at the end of the reporting period and had been applied to the exposure to equity price risk in existence at that date. It is assumed that none of the Company’s available-for-sale securities would be considered impaired as a result of a reasonably possible decrease in the value of equity securities and that all other variables remain constant. The analysis is performed on the same basis as last year.






信用風險

信用風險是指債務人到期未能支付任何本金或利息而引起經濟損失的風險。

本公司主要承受的信用風險與應收分出人及轉分保險人款項及債務投資和銀行存款有關。

應收分出人及轉分保險人款項一般是以發出賬單日為到期日，及如需計提減值仍會根據合約指定條款及現時市場適用習慣而有所變化。為降低與分出人及轉分保險人的信用風險，本公司將（其中包括）債務人賠款支付及承保的紀錄以及本公司與債務人的過往交易經驗等因素考慮在內。本公司亦透過與不同國家的轉分保險人轉分保，予以分散信用風險。本公司應收分出人及轉分保險人的款項中前五大對手集中信用風險為10%（二零一三年：15%）。

有關再保險業務的債務證券投資，80%債券信用評級為投資級別或以上。

銀行存款之信用風險有限，原因是有關銀行擁有高信用級別。



Credit risk

Credit risk is the risk of economic loss resulting from the failure of one of the obligors to make any payment of principal or interest when due.

The Company is exposed to credit risks primarily associated with amounts due from cedants and retrocessionaires, debt investments, bank deposits and cash at bank.

Amounts due from cedants and retrocessionaires are generally due from the date of billing and the need to make impairment varies according to the contract specific conditions and prevailing market practices applicable. To reduce the credit risk with cedants and retrocessionaires, the Company takes into account, among other factors, their claims payment and underwriting track record, as well as the Company’s past transactions experience with them. The Company also spreads the credit risk by retroceding with a number of retrocessionaires who are domiciled in different countries. The Company has concentration of credit risk as 10% (2013: 15%) of the total amounts due from cedants and retrocessionaires was due from the Company’s top five largest counterparties.

In respect of the debt securities invested by reinsurance business, 80% of the debt securities are with ratings of investment grade.

The credit risk on bank balances is limited because the relevant banks are with high credit ratings.






信用風險（續）

除上述之信用風險集中外，本公司並沒有任何重大信用風險集中。

列於財務狀況表的金融資產的賬面值減去任何減值準備代表在財務年度結算日的最高信用風險。

流動性風險

本公司須滿足其現金資源的每日調用，尤其是再保險合約產生的賠款費用，因此存在現金不足以償還到期負債的風險。

本公司透過制定流動資金管理的政策及一般策略管理該風險，以確保本公司滿足正常財務需求及備存充裕的高質素流動資產，以應對可能產生的流動資金危機。

除流動資金管理及監管遵從外，本公司通常會留存適度的流動資金緩衝額作為應對突發的大筆資金需求的安全措施，以及制定應急計劃以應付公司的特定危機。



Credit risk (Continued)

Other than concentration of credit risk mentioned above, the Company does not have any other significant concentration of credit risk.

The carrying amount of the financial assets set out in the statement of financial position after deducting any impairment allowance represents the maximum exposure to credit risk at the end of the reporting period.

Liquidity risk

The Company has to meet daily calls on its available cash resources, notably from claims arising from its reinsurance contracts. There is therefore a risk that cash will not be available to settle liabilities when due.

The Company manages this risk by formulating policies and general strategies of liquidity management to ensure that the Company can meet its financial obligations in normal circumstances and that an adequate stock of high-quality liquid assets is maintained in order to contain the possibility of a liquidity crisis.

Apart from liquidity management and regulatory compliance, the Company always strives to maintain a comfortable liquidity cushion as a safety net for coping with unexpected large funding requirements and to maintain a contingency plan to be enacted should there be a company specific crisis.






流動性風險（續）

下表載列本公司金融負債的未折現現金流及屬於再保險合約負債產生之現金流估計時間。



Liquidity risk (Continued)

The following table presents the contractual undiscounted cash flows of the Company’s financial liabilities and the estimated timing of cash flows arising from liabilities under reinsurance contracts.

1 yearor less

5 yearsor less butover 1 year

After5 years

TotalCashflows

Carryingvalue

一年或以下五年或以下但超過一年五年後現金流總額賬面值

2014 HK$ HK$ HK$ HK$ HK$港元港元港元港元港元

Insurance contract provisions 保險合約準備 1,260,222,426 – 2,034,719,382 3,294,941,808 3,294,941,808Provision for outstanding

claims未決賠款準備

1,581,065,057 2,357,877,318 510,627,820 4,449,570,195 4,449,570,195Amounts due to group

companies應付集團內公司款項

11,000,428 – – 11,000,428 11,000,428Trade and other payables 應付款項及其他應付款 182,740,162 – – 182,740,162 182,740,162

3,035,028,073 2,357,877,318 2,545,347,202 7,938,252,593 7,938,252,593






流動性風險（續）

金融工具的公允價值計量

(i) 本公司的金融資產公允價值恒常地以公允價值計量。

本公司部份金融資產於各報告期末以公允價值計量，下表提供有關如何確定該等金融資產的公允價值（尤其是使用的估值技術和投入）。



Liquidity risk (Continued)

1 yearor less

5 yearsor less but

over 1 yearAfter

5 yearsTotal

CashflowsCarrying

value

一年或以下五年或以下但超過一年五年後現金流總額賬面值

2013 HK$ HK$ HK$ HK$ HK$港元港元港元港元港元

Insurance contract provisions 保險合約準備 1,110,205,253 – – 1,110,205,253 1,110,205,253Provision for outstanding

claims未決賠款準備

1,730,955,461 2,468,206,704 478,839,644 4,678,001,809 4,678,001,809Amounts due to group

companies應付集團內公司款項

6,171,919 – – 6,171,919 6,171,919Trade and other payables 應付款項及其他應付款 132,350,847 – – 132,350,847 132,350,847

2,979,683,480 2,468,206,704 478,839,644 5,926,729,828 5,926,729,828

Fair value measurements of financial instruments

(i) Fair value of the Company’s financial assets that are measured at fair value on a recurring basis.

Some of the Company’s financial assets are measured at fair value at the end of each reporting period. The following table gives information about how the fair values of these financial assets are determined (in particular, the valuation technique(s) and inputs used).






金融工具的公允價值計量（續）



Fair value measurements of financial instruments (Continued)

Financial assets金融資產

Fair value as at公允價值于

Fair value Hierarchy

Valuation technique(s) and key input(s)

Significant unobservable

input(s)31 December

201431 December

2013公允價值等級

估值方法及主要輸入數值

重大不可觀察得出的變數

2014年12月31日止年度


HK$ HK$港元港元

1) Listed available-for-sale investments

上市可供出售投資– Equity securities 股本證券

125,724,484 139,481,973 Level 1第一級別

Quoted bid price in an active market.於活躍市場報價。

N/A不適用

– Debt securities 債務證券

1,459,799,806 1,246,845,679

2) Listed held-for-trading investments

上市持有作交易用途投資– Debt securities 債務證券

1,877,627 – Level 1第一級別


N/A不適用

– Investment funds 投資基金

18,148,833 19,502,549

3) Unlisted available-for-sale investments

非上市可供出售投資– Investment funds 投資基金

38,255,979 – Level 1第一級別


N/A不適用

4) Listed available-for-sale investments

上市可供出售投資– Equity securities 股本證券

5,958,355 5,008,994 Level 2第二級別

Quoted bid prices from relevant dealers and brokers.

相關經銷商及經記商之報價。

N/A不適用

– Debt securities 債務證券

50,324,705 51,154,635




Financial assets金融資產

Fair value as at公允價值于

Fair value Hierarchy

Valuation technique(s) and key input(s)

Significant unobservable

input(s)31 December

201431 December

2013公允價值等級

估值方法及主要輸入數值

重大不可觀察得出的變數



HK$ HK$港元港元

5) Listed held-for-trading investments

上市持有作交易用途投資– Debt securities 債務證券

8,163,885 8,530,060 Level 2第二級別



N/A不適用

6) Unlisted available-for-sale investments

非上市可供出售投資– Debt securities 債務證券

233,146,185 41,031,336 Level 2第二級別



N/A不適用

– Investment funds 投資基金

60,352,028 64,799,224

7) Unlisted held-for-trading investments

非上市持有作交易用途投資– Investment funds 投資基金

– 12,043,475 Level 2第二級別



N/A不適用

8) Private equity fund classified as available-for-sale investments

歸類為可供出售投資的私募基金

12,067,087 12,962,368 Level 2第二級別



N/A不適用













於二零一四年，公司將64,446,945港元（二零一三年：64,936,689港元）之持有作交易用途的債務證券及4隻可供出售債務及股本證券從第一級轉為第二級。這是由於資產負債表日無法取得市場報價。

而且，公司將12,067,087港元（二零一三年：12,962,368港元）歸類為可供出售的私募基金由第三級轉為第二級。這是因為使用相關經銷商及經紀商之報價。

(ii) 並未有恆常地以公允價值計量的金融資產及金融負債公允價值（但需要進行公允價值披露）。




In 2014, the Company transferred a held-for-trading debt security and four available-for-sale debt and equity securities amounting to HK$64,446,945 (2013: HK$64,936,689) from level 1 into level 2. This is due to the absence of quoted market price at the balance sheet date.

Moreover, the Company transferred a private equity fund classified as available-for-sale investment amounting to HK$12,067,087 (2013: HK$12,962,368) from level 3 to level 2. This is because of the use of quoted bid prices from relevant brokers and dealers.

(ii) Fair value of financial assets and financial liabilities that are not measured at fair value on a recurring basis (but fair value disclosures are required).

31 December 2014二零一四年十二月三十一日

Carrying amount Fair value Level賬面值公允價值級別

HK$ HK$港元港元

Listed debt securities classified as held-to-maturity (Note 1)

歸類為持有至到期日的上市債務證券（附註1） 3,832,769,950 4,074,118,642 1

Listed debt securities classified as held-to-maturity (Note 2)

歸類為持有至到期日的上市債務證券（附註2） 7,671,787 7,088,424 2

Unlisted debt securities classified as held-to-maturity (Note 2)

歸類為持有至到期日的非上市債務證券（附註2） 553,645,133 615,070,133 2

Unlisted investment fund classified as loans and receivables (Note 3)

歸類為貸款及應收款項的非上市投資基金（附註3） 533,166,400 547,029,679 3

Unlisted debt schemes classified as loans and receivable (Note 4)

歸類為貸款及應收款項的非上市債權計劃（附註4） 154,651,590 154,651,590 3

Unlisted debt securities classified as loans and receivables (Note 4)

歸類為貸款及應收款項的非上市債務證券（附註4） 22,817,448 22,817,448 3







附註：

(1) 公允價值乃參考交投活躍市場報價而釐定。

(2) 公允價值乃參考相關經銷商及經紀商所提供之報價而釐定。

(3) 公允價值乃參考由基金管理人所提供之基金資產淨值而釐定。

(4) 公允價值乃根據公認定價模式包括能反映信用風險的不可觀察折算率之折算現金流模式而釐定。

5. 營業額

營業額是指毛承保保費，其分析如下：




Notes:

(1) Fair value was determined based on quoted bid price in an active market.

(2) Fair value was determined based on quoted bid price from relevant dealers and brokers.

(3) Fair value was determined based on net asset value of the fund provided by the fund administrator.

(4) Fair value was determined using generally accepted pricing models including discounted cash flow techniques with unobservable discount rates that reflect the credit risk.

5. REVENUE

Revenue represents gross premiums written and is analysed as follows:


HK$ HK$港元港元

General business 一般業務– Proportional treaty －比例合約 2,870,443,825 2,452,589,251– Non-proportional treaty －非比例合約 796,897,934 922,991,670– Facultative －臨時分保 339,788,822 317,965,471

Life business 壽險 2,101,013,287 43,926,305

6,108,143,868 3,737,472,697




6. 管理費用

7. 投資收入

6. MANAGEMENT EXPENSES


HK$ HK$港元港元

Salaries, wages and other benefits 薪金、工資及其他利益 94,197,253 76,075,819Contributions to defined contribution

retirement plan已訂定供款退休計劃供款

3,973,307 3,930,268Depreciation expense 折舊費用 2,913,607 2,721,569Auditor’s remuneration 核數師酬金 1,191,789 1,542,080Tax service 稅務服務 231,919 80,671Operating lease charges in respect of

properties有關物業的經營租賃費用

8,313,145 8,168,196Advertising expense 廣告費用 5,381,683 5,580,531Rent, rates and stamp duty 租金、比率及印花稅 3,579,717 2,740,893Others 其他 14,756,196 13,977,613

134,538,616 114,817,640

7. INVESTMENT INCOME


HK$ HK$港元港元

Bank interest income 銀行利息收入 41,686,244 37,027,745Dividend income from listed securities 上市證券股息收入

– Available-for-sale －可供出售 7,770,112 3,239,677– Held-for-trading －持有作交易用途 1,450,469 1,450,741

Dividend income from unlisted available-for-sale securities

非上市可供出售證券股息收入744,108 762,544

Interest income from listed securities 上市證券利息收入– Held-to-maturity －持有至到期 193,647,607 173,047,480– Available-for-sale －可供出售 73,431,115 70,284,533– Held-for-trading －持有作交易用途 689,816 1,435,052

Interest income from unlisted securities 非上市證券利息收入– Held-to-maturity －持有至到期 28,715,935 11,444,502– Available-for-sale －可供出售 5,390,386 1,176,665– Loans and receivables －貸款及應收款項 44,930,563 23,818,193

Rental income from operating leases (net of outgoings)

經營租賃的租金收入（扣除支出） 1,821,181 432,383

Others 其他 3,446,467 40,897

403,724,003 324,160,412




7. 投資收入（續）

投資收入按資產種類分析如下：

8. 其他收益

7. INVESTMENT INCOME (Continued)

Investment income analysed by category of assets, is as follows:


HK$ HK$港元港元

Held-to-maturity securities 持有至到期證券 222,363,542 184,491,982Available-for-sale securities 可供出售證券 87,369,707 75,463,419Held-for-trading securities 持有作交易用途證券 2,140,285 2,885,793Loans and receivables (including cash

and cash equivalents)貸款及應收款項（包括現金及現金等價物） 89,989,288 60,845,938

401,862,822 323,687,132Other investment income from non-

financial assets非金融資產之其他投資收入

1,861,181 473,280

403,724,003 324,160,412

8. OTHER GAINS


HK$ HK$港元港元

Surplus on revaluation of investment properties

投資物業重估盈餘5,990,000 5,310,000

Net realised gains on available-for-sale 可供出售證券已實現收益淨額– listed securities －上市 60,844,398 39,748,573– unlisted securities －非上市 743,860 (10,277)

Net realised and unrealised (losses)/gains on held-for-trading

持有作交易用途證券已實現及未實現（虧損）收益淨額

– listed securities －上市 (227,002) 797,376– unlisted securities －非上市 32,906 1,514,430

Fair value gain on derivative contracts 衍生工具合約公允價值收益 – 10,102,945Net impairment loss (recognised)/

reversed in respect of trade receivables

應收款項減值虧損（確認）回撥淨額

(13,040,110) 38,202Others 其他 219,721 615,257

54,563,773 58,116,506




9. 行政費用

10. 除稅前溢利

除稅前溢利已扣除（抵免）：

9. ADMINISTRATIVE EXPENSES


HK$ HK$港元港元

Trustee management fee 信託人管理費 18,583,251 12,221,086China business tax and surcharges 中國業務稅項及附加費 1,574,654 779,252Custodian fee 管理人費用 1,484,462 1,264,901Depreciation expense 折舊費用 2,945 –Others 其他 81,303 39,810

21,726,615 14,305,049

10. PROFIT BEFORE TAXATION

Profit before taxation has been arrived at after charging/(crediting):


HK$ HK$港元港元

(a) Staff costs including directors’ remuneration:

(a) 員工成本包括董事酬金：

Salaries, wages and other benefits

薪金、工資及其他利益94,197,253 76,075,819

Contributions to defined contribution retirement plan

已訂定供款退休計劃供款 3,973,307 3,930,268

98,170,560 80,006,087

(b) Rental income: (b) 租金收入：Gross rental income 毛租金收入 (2,241,919) (1,019,499)Ongoing expenses in respect of

rental income為獲取租金收入的持續性費用 420,738 587,116

(1,821,181) (432,383)

(c) Other items: (c) 其他項目：Auditor’s remuneration 核數師酬金 1,191,789 1,542,080Depreciation 折舊 2,916,552 2,721,569Operating lease charges in

respect of properties有關物業的經營租賃費用 8,313,145 8,168,196

Tax services 稅務服務 231,919 80,671




11. 稅項

損益表所列示的稅項為：

香港利得稅準備是指本公司根據應評稅溢利按16.5%（二零一三年：16.5%）的標準稅率計算的估計應繳香港利得稅，但來自海外風險的再保險業務的應評稅溢利則按標準稅率的一半，即8.25%（二零一三年：8.25%）計算。

香港以外地區的稅項以相關司法管轄區的現行稅率計算。

11. TAXATION

Taxation in the statement of profit or loss represents:


HK$ HK$港元港元

Current tax – Hong Kong Profits Tax Provision for the year

當期稅項－香港利得稅年度準備 75,971,937 41,312,420

Current tax – Outside Hong Kong Provision for the year

當期稅項－香港以外年度準備 12,111,836 47,793

Deferred tax (note 26) 遞延稅項（附註26） 5,502,427 (12,030,029)

Income tax charge 稅項支出 93,586,200 29,330,184

The provision for Hong Kong Profits Tax represents the Company’s estimated Hong Kong Profits Tax l iabi l i ty calculated at the standard tax rate of 16.5% (2013: 16.5%) on its assessable profit in Hong Kong except for that arising from the business of reinsurance of offshore risks, which is calculated at 8.25% (2013: 8.25%), one-half of the standard tax rate.

Taxation outside Hong Kong is calculated at the rates prevailing in the relevant jurisdictions.




11. 稅項（續）

稅項支出與會計溢利按適用稅率的稅項之對賬：

12. 董事酬金

根據香港《公司條例》第161條列報的董事酬金如下：

11. TAXATION (Continued)

Reconciliation between tax charge and accounting profit at applicable tax rates:


HK$ HK$港元港元

Profit before taxation 稅前溢利 481,150,562 433,862,460

Notional tax on profit before tax 稅前溢利的名義稅項 147,047,394 67,578,466Tax effect of non-deductible expenses 不可扣減費用的稅項影響 3,137,214 368,431Tax effect of non-taxable income 毋須課稅收入的稅項影響 (18,602,829) (11,556,537)Effect of tax concession granted to

the business of reinsurance with offshore risks

來自海外風險的再保險業務的稅務優惠影響

(36,047,048) (28,672,886)Utilisation of tax losses not recognised

in previous year在本年度使用以往年度未確認的稅項虧損 – (784,075)

Others 其他 (1,948,531) 2,396,785

Income tax charge 稅項支出 93,586,200 29,330,184

12. DIRECTORS’ REMUNERATION

Directors’ remuneration disclosed pursuant to section 161 of the Hong Kong Companies Ordinance is as follows:


HK$ HK$港元港元

Directors’ fees 董事袍金 100,000 100,000Other emoluments 其他酬金 3,077,070 3,725,969

3,177,070 3,825,969




12. 董事酬金（續）

除上述酬金外，根據中國太平控股的認股權計劃及股份獎勵計劃部份董事獲授予認股權及股份。有關此等實物收益的詳情載於董事會報告書內段「董事的股份權益」及附註27內。

13. 股息

二零一四年十二月三十一日中期股息普通股每股6.935港元於二零一四年五月八日宣告派發。於二零一四年十二月三十一日止年度並無宣告派發末期股息。

12. DIRECTORS’ REMUNERATION (Continued)

In addition, certain directors were granted share options and awarded shares under the share option scheme and share award scheme of CTIH respectively in prior years. Details of these benefits in kind are disclosed under the paragraph “Directors’ interests in shares” in the directors’ report and note 27.

13. DIVIDENDS


HK$ HK$港元港元

Interim dividend declared of HK$6.935 (2013: HK$2.69) per ordinary share

已宣告派發中期股息普通股每股6.935港元（二零一三年：2.69港元） 121,362,500 33,625,000

The interim dividend for the year ended 31 December 2014 of HK$6.935 per ordinary share was declared on 8 May 2014. There is no final dividend declared for the year ended 31 December 2014.




14. 物業及設備14. PROPERTY AND EQUIPMENT

Land andbuildings

Furnitureand

fixturesComputer

equipmentMotor

vehicles Total土地及建築物

傢具及固定裝置電腦設備汽車總額

HK$ HK$ HK$ HK$ HK$港元港元港元港元港元

Cost 成本At 1 January 2014 於二零一四年一月一日 79,000,000 11,653,180 15,048,539 158,450 105,860,169Exchange adjustments 匯率調整 – (1,545) (2,998) (1,257) (5,800)Additions 增置 – 370,349 3,028,194 – 3,398,543Disposals 出售 – (104,726) (737,629) – (842,355)

At 31 December 2014 於二零一四年十二月三十一日 79,000,000 11,917,258 17,336,106 157,193 108,410,557

Depreciation 折舊At 1 January 2014 於二零一四年一月一日 2,133,000 10,232,407 10,666,647 89,604 23,121,658Exchange adjustments 匯率調整 – (401) (3,174) (739) (4,314)Charge for the year 本年度折舊 474,000 730,043 1,644,181 68,328 2,916,552Disposals 出售時撥回 – (104,726) (737,629) – (842,355)

At 31 December 2014 於二零一四年十二月三十一日 2,607,000 10,857,323 11,570,025 157,193 25,191,541

Net book values 賬面淨值At 31 December 2014 於二零一四年

十二月三十一日 76,393,000 1,059,935 5,766,081 – 83,219,016




14. 物業及設備（續）

上表物業賬面值包括：

14. PROPERTY AND EQUIPMENT (Continued)

Land andbuildings

Furnitureand

fixturesComputer

equipmentMotor

vehicles Total土地及建築物

傢具及固定裝置電腦設備汽車總額

HK$ HK$ HK$ HK$ HK$港元港元港元港元港元

Cost 成本At 1 January 2013 於二零一三年一月一日 79,000,000 11,841,900 12,217,054 147,048 103,206,002Exchange adjustments 匯率調整 – 13,609 40,857 11,402 65,868Additions 增置 – 34,107 2,807,942 – 2,842,049Disposals 出售 – (236,436) (17,314) – (253,750)

At 31 December 2013 於二零一三年十二月三十一日 79,000,000 11,653,180 15,048,539 158,450 105,860,169

Depreciation 折舊At 1 January 2013 於二零一三年一月一日 1,659,000 9,650,616 9,290,824 7,468 20,607,908Exchange adjustments 匯率調整 – 5,321 32,296 8,314 45,931Charge for the year 本年度折舊 474,000 812,906 1,360,841 73,822 2,721,569Disposals 出售時撥回 – (236,436) (17,314) – (253,750)

At 31 December 2013 於二零一三年十二月三十一日 2,133,000 10,232,407 10,666,647 89,604 23,121,658

Net book values 賬面淨值At 31 December 2013 於二零一三年

十二月三十一日 76,867,000 1,420,773 4,381,892 68,846 82,738,511

The carrying value of properties shown above comprises:


HK$ HK$港元港元

In Hong Kong 香港– long leases －長期租賃 76,393,000 76,867,000




15. 投資物業

本公司的投資物業已於二零一四年及二零一三年十二月三十一日經由一間擁有香港測量師學會會員的獨立測量師行－中誠達資產評值顧問有限公司重新估值。公允價值收益5,990,000港元（二零一三年：5,310,000港元）已確認於本公司的損益表內。

投資物業的公允價值乃根據參考有比較性物業價格資料用比較法厘定。有比較性物業指類似面積、特性及地點經過仔細分析權重各物業的優點和缺點達致公平比較價值。與去年估值方法一樣沒有改變。

市場交易價格是投資物業估值的一個主要輸入數值。市場交易價格的增加會導致投資物業公允價值計量增加，反之亦然。

15. INVESTMENT PROPERTIES

HK$港元

FAIR VALUE 公允價值At 1 January 2013 於二零一三年一月一日 73,720,000Disposal 出售 –Fair value adjustment 公允價值調整 5,310,000

At 31 December 2013 於二零一三年十二月三十一日 79,030,000Fair value adjustment 公允價值調整 5,990,000

At 31 December 2014 於二零一四年十二月三十一日 85,020,000

Investment properties of the Company were revalued as of 31 December 2014 and 31 December 2013 by an independent firm of surveyors, Asset Appraisal Limited, who have among their staff, associates of the Hong Kong Institute of Surveyors. The fair value gain of HK$5,990,000 (2013: HK$5,310,000) has been recognised in the statement of profit or loss of the Company.

The fair value was determined based on the comparison method by making reference to pr ice information of comparable properties. Comparable properties of similar size, character and location are analysed and carefully weighed against all the respective advantages and disadvantages of each property in order to arrive at a fair comparison capital value. There has been no change from the valuation technique used in the prior year.

One of the key inputs used in valuing the investment properties was market transaction price. An increase in market transaction price used would result in an increase in fair value measurement of the investment properties, and vice versa.

Notes to the Financial Statements 財務報表附註for the year ended 31 December 2014 截至二零一四年十二月三十一日止年度




15. 投資物業（續）

於二零一四年十二月三十一日，本公司投資物業及公允價值類別資料詳列如下：

本年度第三級別並無轉入或轉出。本公司以經營租賃賺取租金及實現資本增值為目的所持物業權益以公允價值模型計量，該第三級別輸入乃指不可觀察輸入變數及歸類計算之投資物業。

上述投資物業帳面值包括：

15. INVESTMENT PROPERTIES (Continued)

Detai ls of the Company’s investment propert ies and information about the fair value hierarchy as at 31 December 2014 are as follows:

Fair value公允價值

Level 3

as at31 December

2014

第三級別於二零一四年

十二月三十一日HK$ HK$港元港元

Commercial property units located in Hong Kong

位於香港商用物業37,020,000 37,020,000

Residential property units located in Hong Kong

位於香港住宅物業48,000,000 48,000,000

85,020,000 85,020,000

There were no transfers into or out of Level 3 during the year. All of the Company’s property interests held under operating leases to earn rentals or for capital appreciation purposes are measured using the fair value model which the Level 3 input is described as unobservable input and are classified and accounted for as investment properties.

The carrying value of investment properties shown above comprises:


HK$ HK$港元港元

In Hong Kong 香港– long leases －長期租賃 81,920,000 76,130,000– medium-term leases －中期租賃 3,100,000 2,900,000

85,020,000 79,030,000




15. 投資物業（續）

本公司根據不可解除的經營租賃在日後應收的最低租賃付款總額的時段如下：

本公司以經營租賃租出投資物業。這些租賃一般初步為期二年至三年，並且有權選擇在到期日後續期，屆時所有條款均可重新商定。租賃付款額通常會每二年檢討，以反映市場租金。各項租賃均不包括或然租金。

16. 債務及股本證券投資

15. INVESTMENT PROPERTIES (Continued)

The Company’s total future minimum lease payments receivable under non-cancellable operating leases are as follows:


HK$ HK$港元港元

Within one year 一年內 2,051,000 2,239,000After one but within five years 一年後但五年內 1,228,000 1,808,500

3,279,000 4,047,500

The Company leases out investment properties under operating leases. The leases typically run for an initial period of two to three years, with an option to renew the lease after that date at which time all terms are renegotiated. Lease payments are usually reviewed every two years to reflect market rentals. None of the leases includes contingent rentals.

16. INVESTMENTS IN DEBT AND EQUITY SECURITIES


HK$ HK$港元港元

Held-to-maturity debt securities 持有至到期債務證券 4,394,086,870 3,552,894,461Available-for-sale securities 可供出售證券 1,985,628,629 1,561,284,209Held-for-trading securities 持有作交易用途證券 28,190,345 40,076,084Loans and receivables 貸款及應收款項 710,635,438 653,594,961

7,118,541,282 5,807,849,715




16. 債務及股本證券投資（續）

持有至到期債務證券

可供出售證券

16. INVESTMENTS IN DEBT AND EQUITY SECURITIES (Continued)

Held-to-maturity debt securities


HK$ HK$港元港元

Listed in Hong Kong 上市－香港 1,587,400,823 741,415,649Listed outside Hong Kong 上市－香港以外地區 2,253,040,913 2,597,762,533Unlisted 非上市 553,645,134 213,716,279

4,394,086,870 3,552,894,461

Market value of listed securities 上市證券市值 4,081,207,066 3,560,143,680

Fair value of securities 證券公允價值 4,696,277,199 3,809,707,786

Available-for-sale securities


HK$ HK$港元港元

Listed debt securities 上市債務證券– in Hong Kong －香港 636,893,857 273,048,450– outside Hong Kong －香港以外地區 873,230,654 1,024,951,864

Unlisted debt securities 非上市債務證券 233,146,185 41,031,336Listed equity securities 上市股本證券

– in Hong Kong －香港 77,841,640 115,487,240– outside Hong Kong －香港以外地區 52,955,419 28,375,701

Listed equity securities in Hong Kong held for share award scheme

用作股份獎授計劃持有的香港上市股本證券

885,780 628,026Unlisted unit trusts and

mutual funds非上市單位信託基金及互惠基金 110,675,094 77,761,592

1,985,628,629 1,561,284,209

Market value of listed securities 上市證券市值 1,641,807,350 1,442,491,281





持有作交易用途證券

貸款及應收款項

附註：

非上市投資基金利率為年利率6.5%及6%，並在完成日，即二零一三年十月十八日及二零一四年三月二十七日起計二十四個月後，根據基金購買說明書以贖回價格贖回。由於款項乃附帶固定或可確定金額付款之非衍生金融資產，該等資產並非在交投活躍之市場掛牌。故董事認為該非上市投資基金應歸類為貸款及應收款項。


Held-for-trading securities


HK$ HK$港元港元

Unit trusts and mutual funds listed outside Hong Kong

香港以外地區上市的單位信託基金及互惠基金 18,148,833 19,502,549

Unlisted unit trusts and mutual funds 非上市單位信託基金及互惠基金 – 12,043,475Debt securities listed outside

Hong Kong香港以外地區上市債務證券

10,041,512 8,530,060

28,190,345 40,076,084

Market value of listed securities 上市證券市值 28,190,345 28,032,609

Loans and receivables


HK$ HK$港元港元

Unlisted investment fund (Note 1) 非上市投資基金（附註1） 533,166,400 310,184,000Unlisted debt schemes (Note 2) 非上市債權計劃（附註2） 154,651,590 155,170,879Unlisted debt securities (Note 3) 非上市債務證券（附註3） 22,817,448 188,240,082

710,635,438 653,594,961

Fair value of securities 證券公允價值 724,498,717 657,682,566

Notes:

(1) The unlisted investment fund bears interest at 6.5% and 6% per annum and will be redeemed 24 months after the closing date, being 18 October 2013 and 27 March 2014, at the redemption price in accordance with the terms of the private placement memorandum. In the opinion of the directors, the unlisted investment fund should be classified as loans and receivables as it is a non-derivative financial asset with fixed or determinable payment that is not quoted in an active market.





貸款及應收款項（續）

附註：（續）

(2) 非上市債權計劃為中國大陸基建項目之相關融資。該基建項目之債權將於二零一七年至二零二二年到期（二零一三年：二零一七年至二零二二年）。

(3) 非上市債務證券為中國政府發行之相關國債。

債務證券之到期日情況及平均有效利率如下：

17. 應收集團內公司款項

應收集團內公司款項0港元（二零一三年：12,719港元）為無抵押、免息及於要求時償還。


Loans and receivables (Continued)

Notes: (Continued)

(2) The un l i s ted debt schemes re la te to f inance for infrastructure projects in the PRC. The unlisted debt schemes will mature from 2017 to 2022 (2013: 2017 to 2022).

(3) The unlisted debt securities relate to registered government bonds in PRC.

The maturity profile of the investments in debt securities and the average effective interest rate are as follows:


HK$ HK$港元港元

Within 1 year 一年內 688,176,267 731,099,3542 – 5 years 一年後但五年內 3,069,822,596 2,554,005,024More than 5 years 五年後 3,100,035,653 2,268,946,754

6,858,034,516 5,554,051,132

Effective interest rate (per annum) 有效利率（每年） 0.5% to 19.87% 2.18% to 19.87%

17. AMOUNTS DUE FROM GROUP COMPANIES


HK$ HK$港元港元

Amounts due from fellow subsidiaries 應收同系附屬公司款項 – 12,719

The amounts HK$nil (2013: HK$12,719) due from group companies were unsecured, interest free and repayable on demand.




18. 應收款項及其他應收款

附註：

(1) 應收分出人及轉分保險人款項包括應收同系附屬公司款項15,319,901港元（二零一三年：33,234,504港元），有關款項屬營業性質。

應收分出人及轉分保險人款項

應收分出人及轉分保險人款項減值虧損會以減值撥備賬項入賬，除非本公司認為該款項能收回的機會渺茫，則該減值虧損會直接於應收分出人及轉分保險人的款項撇減。

18. TRADE AND OTHER RECEIVABLES


HK$ HK$港元港元

Amounts due from cedants and retrocessionaires (note 1)

應收分出人及轉分保險人款項（附註1） 1,525,313,145 746,027,426

Deposits retained by cedants 分出人保留按金 169,637,089 108,628,160Other debtors, deposits and

prepayments其他應收款項、按金及預付款

221,869,628 145,746,551

1,916,819,862 1,000,402,137

Current 即期 1,916,819,862 1,000,402,137Non-current 非即期 – –

1,916,819,862 1,000,402,137

Note:

(1) Amounts due from cedants and retrocessionaires include amounts due from fellow subsidiaries of HK$15,319,901 (2013: HK$33,234,504) which are trade related in nature.

Amounts due from cedants and retrocessionaires


HK$ HK$港元港元

Amounts due from cedants and retrocessionaires

應收分出人及轉分保險人款項1,547,168,919 754,816,249

Less: Allowance for impairment losses 減：減值虧損撥備 (21,855,774) (8,788,823)

1,525,313,145 746,027,426

Impairment losses in respect of amounts due from cedants and retrocessionaires are recorded using an allowance account unless the Company is satisfied that recovery of the amount is remote, in which case the impairment loss is written off against amounts due from cedants and retrocessionaires directly.




18. 應收款項及其他應收款（續）

應收分出人及轉分保險人款項（續）

本年度減值虧損撥備變動如下：

個別需作減值應收款項涉及有財務困難的客戶及管理層評定為預期衹可收回部份款項。本公司對此等結餘未持有任何抵押品。

應收分出人及轉分保險人未有減值之款項

已作個別考慮而未需減值的應收分出人及轉分保險人款項，其賬齡分析如下：

應收分出人及轉分保險人款項既無逾期及未需減值涉及一系列最近並無違約紀錄之客戶。應收款已逾期但未減值涉及一定數量與本公司有良好交易紀錄的獨立客戶。根據過往記錄，管理層認為該等結餘的信貸質素並沒有重大改變及能全數收回，因此相信不必作減值撥備。本公司對此等結餘並未持有任何抵押品。

18. TRADE AND OTHER RECEIVABLES (Continued)

Amounts due from cedants and retrocessionaires (Continued)

The movement in the allowance for impairment losses during the year is as follows:


HK$ HK$港元港元

At 1 January 於一月一日 8,788,823 8,827,025Recognition/(reversal) of

impairment allowance確認╱（回撥）減值撥備

13,040,110 (38,202)Exchange difference 滙兌差額 26,841 –

At 31 December 於十二月三十一日 21,855,774 8,788,823

The individually impaired receivables related to counterparties that were in financial difficulties and management assessed that only a portion of the receivables is expected to be recovered. The Company does not hold any collateral over these balances.

Amounts due from cedants and retrocessionaires that are not impaired

The ageing analysis of amounts due from cedants and retrocessionaires that are not individually considered to be impaired are as follows:


HK$ HK$港元港元

Neither past due nor impaired 未逾期及未需減值 1,267,424,557 532,822,837Less than 3 months past due 逾期少於三個月 168,292,952 122,367,948More than 3 months past due 逾期超過三個月 89,595,636 90,836,641

1,525,313,145 746,027,426

Amounts due from cedants and retrocessionaires that were neither past due nor impaired relate to a wide range of counterparties for whom there was no recent history of default. Those that were past due but not impaired relate to a number of independent counterparties that have a good track record with the Company. Based on past experience, management believes that no impairment allowance is necessary in respect of these balances as there has not been a significant change in credit quality and the balances are still considered fully recoverable. The Company does not hold any collateral over these balances.




19. 儲稅券

購買儲稅券是與爭議性稅項撥備有關。

20. 已抵押銀行存款

本公司已將341,089,590港元（二零一三年：287,465,909港元）銀行存款抵押給一銀行作為該銀行為本公司發出信用狀的擔保。

另外，根據新加坡保險條例第34D段規定，本公司已將50,794,838港元（二零一三年：57,932,722港元）銀行存款抵押，並以新加坡金融管理局為抬頭人。

所有已抵押銀行存款在一年內到期，但預期將再展期。

21. 現金及現金等價物

定期存款的年息率介乎0.01%至5.90%（二零一三年：0.01%至5.50%）。

19. TAX RESERVE CERTIFICATES

The tax reserve certificates were purchased in relation to the provision for tax in dispute.

20. PLEDGED DEPOSITS AT BANKS

The Company has pledged bank deposits of HK$341,089,590 (2013: HK$287,465,909) to a bank to secure letters of credit issued by the bank on behalf of the Company in connection with the reinsurance contracts entered with overseas counterparties.

In addition, the Company has pledged a bank deposit of HK$50,794,838 (2013: HK$57,932,722) registered in favour of the Monetary Authority of Singapore pursuant to section 34D of the Singapore Insurance Act.

All of the pledged deposits at banks mature within one year, however, these are expected to be rolled over.

21. CASH AND CASH EQUIVALENTS


HK$ HK$港元港元

Cash at bank and in hand 銀行及手頭現金 751,759,882 687,589,375Deposits with banks and other financial

institutions銀行及其他財務機構存款

1,773,449,837 1,405,397,884

2,525,209,719 2,092,987,259Less: Deposits at banks with

original maturity more than three months

原到期日多於三個月的銀行存款

(683,374,760) (712,595,438)

Cash and cash equivalents 現金及現金等價物 1,841,834,959 1,380,391,821

The fixed deposits carry fixed interest rates of 0.01% to 5.90% (2013: 0.01% to 5.50%) per annum.




22. 保險合約準備

一般再保險業務的未滿期責任準備金變化分析：

人壽再保險業務的壽險責任準備金變化分析：

22. INSURANCE CONTRACT PROVISIONS

31 December 2014 31 December 2013二零一四年十二月三十一日二零一三年十二月三十一日

Unearned premium provision

Life insurance

fund Total

Unearned premium provision

Life insurance

fund Total未滿期責任

準備金壽險責任準備金總額

未滿期責任準備金

壽險責任準備金總額

HK$ HK$ HK$ HK$ HK$ HK$港元港元港元港元港元港元

Gross 毛額 1,220,686,502 2,074,255,306 3,294,941,808 1,091,857,380 18,347,873 1,110,205,253Less: Reinsurers’ share 減：轉分再保份額 (65,850,641) (394,131) (66,244,772) (50,409,090) (268,466) (50,677,556)

1,154,835,861 2,073,861,175 3,228,697,036 1,041,448,290 18,079,407 1,059,527,697

Analysis of movement in the unearned premium provision for the general business


GrossReinsurers’

share Net GrossReinsurers’

share Net毛額轉分再保份額淨額毛額轉分再保份額淨額HK$ HK$ HK$ HK$ HK$ HK$港元港元港元港元港元港元

Balance as at 1 January 於一月一日結餘 1,091,857,380 (50,409,090) 1,041,448,290 957,191,884 (39,581,460) 917,610,424Premiums written during the year 年內承保保費 4,007,130,581 (400,603,689) 3,606,526,892 3,693,546,392 (346,914,443) 3,346,631,949Premiums earned during the year 年內已滿期保費 (3,875,387,302) 384,860,456 (3,490,526,846) (3,575,331,900) 336,928,466 (3,238,403,434)Exchange adjustment 滙率調整 (2,914,157) 301,682 (2,612,475) 16,451,004 (841,653) 15,609,351

Balance as at 31 December 於十二月三十一日結餘 1,220,686,502 (65,850,641) 1,154,835,861 1,091,857,380 (50,409,090) 1,041,448,290

Analysis of movement in the life insurance fund for the life business


GrossReinsurers’



Balance as at 1 January 於一月一日結餘 18,347,873 (268,466) 18,079,407 16,636,647 (23,219) 16,613,428Premiums written during the year 年內承保保費 2,101,013,287 (1,009,096) 2,100,004,191 43,926,305 (581,417) 43,344,888Surrenders 退保金 (113,249) – (113,249) – – –Other movements 其他變動 (44,992,605) 883,431 (44,109,174) (42,215,079) 336,170 (41,878,909)

Balance as at 31 December 於十二月三十一日結餘 2,074,255,306 (394,131) 2,073,861,175 18,347,873 (268,466) 18,079,407




22. 保險合約準備（續）

評估壽險合約準備採納的主要假設

– 折現率隨合約種類在2.91%至5.51%的範圍內變動；

– 死亡率╱發病率根據香港保險業A01生命表；及

– 作廢率的計算以定價假設為基礎，並參考實際經驗並結合管理層對未來的預期。

本年度內，評估壽險合約負債採納的主要假設，並沒有重大變動。

23. 未決賠款準備

22. INSURANCE CONTRACT PROVISIONS (Continued)

Key assumptions used in estimating the life insurance contract provisions

– Discount rates which varied by the type of contract ranged from 2.91% to 5.51%;

– Mortality/morbidity rates based on the Hong Kong Assured Lives Mortality Table (HKA01); and

– Lapse rates based on pricing assumptions, with reference to management expectation upon assessment of the actuarial experience.

During the year, there were no significant changes in the key assumptions used in estimating the life insurance contract liabilities.

23. PROVISION FOR OUTSTANDING CLAIMS


Claims reported

Incurred but not

reported TotalClaims

reported

Incurred but not

reported Total

已申報賠款已發生

但未申報賠款總額已申報賠款已發生

但未申報賠款總額HK$ HK$ HK$ HK$ HK$ HK$港元港元港元港元港元港元

Gross 賠款毛額 2,590,096,657 1,859,473,538 4,449,570,195 3,026,772,039 1,651,229,770 4,678,001,809Less: Reinsurers’ share 減：轉分再保份額 (290,216,372) (78,108,484) (368,324,856) (372,649,871) (91,463,587) (464,113,458)

2,299,880,285 1,781,365,054 4,081,245,339 2,654,122,168 1,559,766,183 4,213,888,351




23. 未決賠款準備（續）

一般再保險業務的未決賠款準備金變化分析：

人壽再保險業務的未決賠款準備金變化分析：

一般再保險業務的賠款發展

披露賠款發展資料的目的旨在說明本公司內在的保險風險。下列表格乃是對累積賠款當前估計的回顧，並說明估計賠款額於其後報告或承保年度年結日的變動情況。估計賠款額隨著損失的支付及獲得更多有關未支付賠款額的頻次及嚴重性的信息而增加或減少。

23. PROVISION FOR OUTSTANDING CLAIMS (Continued)

Analysis of movement in the provision for outstanding claims for the general business


GrossReinsurers’



Balance as at 1 January 於一月一日結餘 4,665,970,124 (464,043,551) 4,201,926,573 4,550,186,997 (370,581,475) 4,179,605,522Claims paid during the year 年內已付賠款 (2,183,251,001) 154,483,934 (2,028,767,067) (2,212,044,019) 161,518,388 (2,050,525,631)Claims incurred during the year 年內錄得賠款 1,955,379,110 (59,784,111) 1,895,594,999 2,288,454,898 (251,004,900) 2,037,449,998Exchange adjustment 滙率調整 (21,118,752) 1,545,767 (19,572,985) 39,372,248 (3,975,564) 35,396,684

Balance as at 31 December 於十二月三十一日結餘 4,416,979,481 (367,797,961) 4,049,181,520 4,665,970,124 (464,043,551) 4,201,926,573

Analysis of movement in the provision for outstanding claims for the life business


GrossReinsurers’



Balance as at 1 January 於一月一日結餘 12,031,685 (69,907) 11,961,778 9,054,266 (261,909) 8,792,357Claims paid during the year 年內已付賠款 (75,157,303) 6,005 (75,151,298) (30,700,095) 619,255 (30,080,840)Claims incurred during the year 年內錄得賠款 95,716,332 (462,993) 95,253,339 33,677,514 (427,253) 33,250,261

Balance as at 31 December 於十二月三十一日結餘 32,590,714 (526,895) 32,063,819 12,031,685 (69,907) 11,961,778

Claims development for general business

Claims development information is disclosed below in order to illustrate the insurance risk inherent in the Company. The tables provide a review of current estimates of cumulative claims and demonstrate how the estimated claims have changed at subsequent reporting or underwriting year-ends. The estimates increase or decrease as losses are paid and more information becomes known about the frequency and severity of unpaid claims.





一般再保險業務的賠款發展（續）

( i) 賠款發展分析－分保前

於二零一四年十二月三十一日


Claims development for general business (Continued)

(i) Analysis of claims development – gross of reinsurance

At 31 December 2014

Underwriting year承保年度

2010 2011 2012 2013 2014 Total二零一零年二零一一年二零一二年二零一三年二零一四年總額


Estimate of cumulative claims 估計累計賠款

At end of underwriting year 於承保年度年結時 1,102,624,174 2,049,248,600 1,215,625,121 1,831,000,860 1,515,740,631One year later 一年後 2,141,937,802 3,462,920,955 1,994,634,807 2,492,622,720 –Two years later 兩年後 2,089,192,399 3,302,815,605 1,970,600,096 – –Three years later 三年後 2,001,715,563 3,135,865,575 – – –Four years later 四年後 1,981,332,718 – – – –

Estimate of cumulative claims 估計累計賠款 1,981,332,718 3,135,865,575 1,970,600,096 2,492,622,720 1,515,740,631 11,096,161,740Cumulative payments to date 迄今累計付款 (1,708,564,620) (2,684,190,955) (1,320,098,824) (1,233,239,903) (119,753,109) (7,065,847,411)

Liability recognised in the statement of financial position

確認於財務狀況表的負債272,768,098 451,674,620 650,501,272 1,259,382,817 1,395,987,522 4,030,314,329

Liability in respect of underwriting year 2009 and earlier

於二零零九承保年度及以前的負債 386,665,152

Total liability included in the statement of financial position

確認於財務狀況表的總負債 4,416,979,481






( i) 賠款發展分析－分保前（續）

於二零一三年十二月三十一日



(i) Analysis of claims development – gross of reinsurance (Continued)

At 31 December 2013


2009 2010 2011 2012 2013 Total二零零九年二零一零年二零一一年二零一二年二零一三年總額



At end of underwriting year 於承保年度年結時 842,039,641 1,102,624,174 2,049,248,600 1,215,625,121 1,831,000,860One year later 一年後 1,444,193,335 2,141,937,802 3,462,920,955 1,994,634,807 –Two years later 兩年後 1,285,906,455 2,089,192,399 3,302,815,605 – –Three years later 三年後 1,217,334,894 2,001,715,563 – – –Four years later 四年後 1,184,103,439 – – – –

Estimate of cumulative claims 估計累計賠款 1,184,103,439 2,001,715,563 3,302,815,605 1,994,634,807 1,831,000,860 10,314,270,274Cumulative payments to date 迄今累計付款 (981,429,995) (1,594,871,358) (2,347,175,824) (895,786,219) (106,503,159) (5,925,766,555)


確認於財務狀況表的負債202,673,444 406,844,205 955,639,781 1,098,848,588 1,724,497,701 4,388,503,719


於二零零八承保年度及以前的負債 277,466,405








( i i) 賠款發展分析－分保後

於二零一四年十二月三十一日



(ii) Analysis of claims development – net of reinsurance

At 31 December 2014


2010 2011 2012 2013 2014 Total二零一零年二零一一年二零一二年二零一三年二零一四年總額



At end of underwriting year 於承保年度年結時 1,044,955,624 1,744,918,507 1,146,649,475 1,629,374,232 1,453,909,733One year later 一年後 1,874,499,525 2,994,128,783 1,874,449,743 2,285,047,350 –Two years later 兩年後 1,919,807,752 2,785,113,572 1,828,770,222 – –Three years later 三年後 1,865,371,890 2,641,759,519 – – –Four years later 四年後 1,850,071,980 – – – –

Estimate of cumulative claims 估計累計賠款 1,850,071,980 2,641,759,519 1,828,770,222 2,285,047,350 1,453,909,733 10,059,558,804Cumulative payments to date 迄今累計付款 (1,607,216,321) (2,233,631,015) (1,227,968,227) (1,156,176,442) (129,543,668) (6,354,535,673)


確認於財務狀況表的負債242,855,659 408,128,504 600,801,996 1,128,870,908 1,324,366,064 3,705,023,131


於二零零九承保年度及以前的負債 344,158,389








( i i) 賠款發展分析－分保後（續）

於二零一三年十二月三十一日



(ii) Analysis of claims development – net of reinsurance (Continued)

At 31 December 2013


2009 2010 2011 2012 2013 Total二零零九年二零一零年二零一一年二零一二年二零一三年總額



At end of underwriting year 於承保年度年結時 788,174,838 1,044,955,624 1,744,918,507 1,146,649,475 1,629,374,232One year later 一年後 1,312,204,652 1,874,499,525 2,994,128,783 1,874,449,743Two years later 兩年後 1,150,549,820 1,919,807,752 2,785,113,572 –Three years later 三年後 1,097,795,839 1,865,371,890 – –Four years later 四年後 1,071,823,237 – – – –

Estimate of cumulative claims 估計累計賠款 1,071,823,237 1,865,371,890 2,785,113,572 1,874,449,743 1,629,374,232 9,226,132,674Cumulative payments to date 迄今累計付款 (899,265,849) (1,498,934,870) (1,924,895,128) (849,184,262) (106,328,680) (5,278,608,789)


確認於財務狀況表的負債172,557,388 366,437,020 860,218,444 1,025,265,481 1,523,045,552 3,947,523,885


於二零零八承保年度及以前的負債 254,402,688








( i i i) 假設的釐定程序

本公司設立一數據庫作為處理不時知會本公司的賠款資料（包括已賠付及已申報的未決賠款）。已申報的未決賠款撥備會定時進行檢討以確保能反映最新的發展情況。已發生但未申報的未決賠款撥備則根據一系列的統計方法而釐定，例如已付賠款及賠款總額發展模式及Bornhuetter-Ferguson模式，再加上管理層的判斷作為補充。較正常賠款額大的巨額賠款則會分開檢討。

假設、方法及敏感性

本公司每一主要險種業務其賠款儲備都會作定時檢討以確保所有撥備能符合最新發展情況。用作評估賠款債務的主要假設如下：

－過去的賠款發展經驗能提供參考價值作為預計未來賠款的發展，從而預估最終的賠款成本。

－無論法律、社會、經濟、科技或自然環境上等有可能影響賠款的成本、頻次或未來的申報都沒有顯著性的改變。

未決賠款準備一般不作貼現計算。

本年度，用作估算本公司未決賠款準備的主要假設並沒有顯著性的改變。由於所採用的假設有潛在的易變性，實際發生的賠款可能與包括在本公司財務報表內的未決賠款準備有所不同，尤其經過長時間才能結算的損失（例如長尾巴的業務）。因此，所有已採用的假設其任何潛在的變化都有可能對本公司的業務及財務狀況有顯著性影響。



(iii) Process used to determine the assumptions

The Company maintains a database for all claims (both paid claims and reported outstanding claims) as notified to the Company from time to time. Periodical review of the provision for reported outstanding claims is conducted to reflect the latest development. The provision for claims incurred but not reported reserve is made by using a range of statistical methods such as paid and incurred loss development methods and the Bornhuetter-Ferguson method supplemented by the management judgement. Larger-than-normal claims are reviewed separately.

Assumptions, methodologies and sensitivities

The provision for outstanding claims is reviewed regularly to ensure the provision is in line with the latest development for each major class of business for the Company. Key assumptions used in estimating claims liabilities are as follows:

– The past claims development experience can be used as a reference to project future claims development and hence the ultimate claims costs.

– There are no significant changes in the legal, social, economic, technological or ecological environment that may affect the cost, frequency or future reporting of claims.

The provision for outstanding claims is general ly not discounted.

During the year, there were no significant changes in the key assumptions used by the Company in estimating the provision for outstanding claims. Due to the potential variability of the assumptions used, the actual emergence of claims may vary with the provision for outstanding claims included in the Company’s financial statements, particularly when settlements may not occur until well into the future (i.e. long-tail business). Therefore, any potential variability of the assumptions used may have a significant impact on the Company’s results and financial position.





假設、方法及敏感性（續）

本公司於報告期末採用標準精算方法估算業務內每一主要險種的最終賠款估算，及從一系列的估算決定最實際可能的最終賠款。本公司記錄已發生已報告之未決賠款及計算已發生但未報告之賠款及相關內部及外部賠款處理費用以及適當的安全系數，從而組成未決賠款準備及確認在財務報表內。

保險風險的敏感性分析詳情載於財務報表附註4。

24. 應付集團內公司款項

應付集團內公司款項均為無抵押、免息及於要求時償還。

25. 應付款項及其他應付款


Assumptions, methodologies and sensitivities (Continued)

Standard actuarial methods used by the Company are applied to estimate the ultimate loss for each major class of business, and realistic estimated value from a range of estimates is determined at the end of the reporting period. The Company then captures the reported outstanding losses and computes the incurred but not reported losses and related internal and external claims handling expenses and an appropriate prudential margin, which together constitute the provision for outstanding claims as recognised in the financial statements.

Details of sensitivity analysis of insurance risk are set out in note 4.

24. AMOUNTS DUE TO GROUP COMPANIES


HK$ HK$港元港元

Amounts due to fellow subsidiaries 應付同系附屬公司款項 11,000,428 6,171,919

The amounts due to group companies are unsecured, interest free and repayable on demand.

25. TRADE AND OTHER PAYABLES


HK$ HK$港元港元

Amounts due to cedants and retrocessionaires

應付分出人及轉分保險人47,533,221 45,118,002

Deposits retained from retrocessionaires

轉分保險人保留按金88,530,689 68,570,967

Other creditors, accrued charges and temporary receipts

其他應付款、應計費用及預收款131,998,873 86,830,998

268,062,783 200,519,967




25. 應付款項及其他應付款（續）

應付分出人及轉分保險人款項包括應付同系附屬公司款項1,792,433港元（二零一三年：2,845,761港元），有關款項屬營業性質。

26. 遞延稅項

在財務狀況表所確認的遞延稅項資產（負債）成份及本年度的變動情況如下：

25. TRADE AND OTHER PAYABLES (Continued)

Amounts due to cedants and retrocessionaires include amounts due to fellow subsidiaries of HK$1,792,433 (2013: HK$2,845,761) which are trade related in nature.

26. DEFERRED TAXATION

The components of deferred tax assets (liabilities) recognised in the statement of financial position and the movements during the year are as follows:

Provision for outstanding

claims Unused tax loss

Difference between

depreciation allowances and related

depreciation

Changes in fair value of

available-for-sale securities Others Total

未決賠款準備未動用稅項虧損與相關折舊

的差異可供出售證券公允價值變動其他總額


Deferred tax arising from: 遞延稅項來自：At 1 January 2013 於二零一三年一月一日 113,931,517 – 736,328 (5,818,724) – 108,849,121Credit to profit or loss 於損益入賬 (10,748,281) 22,452,605 79,849 – 245,856 12,030,029Charge to other comprehensive income 於其他全面收益抵扣 – – – 2,854,141 – 2,854,141Exchange difference 滙兌差額 3,577,435 137,075 – (17,760) 1,501 3,698,251

At 31 December 2013 於二零一三年十二月三十一日 106,760,671 22,589,680 816,177 (2,982,343) 247,357 127,431,542(Charge)/credit to profit or loss 於損益（抵扣）入賬 16,472,503 (22,334,221) (281,261) – 640,552 (5,502,427)Credit to other comprehensive income 於其他全面收益入賬 – – – 800,906 – 800,906Exchange difference 滙兌差額 (244,514) (255,459) – (17,317) (288) (517,578)

At 31 December 2014 於二零一四年十二月三十一日 122,988,660 – 534,916 (2,198,754) 887,621 122,212,443


HK$ HK$港元港元

Deferred tax assets recognised in the statement of financial position

已確認於財務狀況表遞延稅項資產 124,411,197 130,413,885

Deferred tax liabilities recognised in the statement of financial position

已確認於財務狀況表遞延稅項負債 (2,198,754) (2,982,343)

122,212,443 127,431,542




27. 股本補償福利

認股權計劃

控股公司中國太平控股擁有兩項認股權計劃。過去，控股公司中國太平控股於二零零零年五月二十四日採納一項認股權計劃（「舊計劃」）。根據舊計劃，中國太平控股董事有權酌情邀請中國太平控股及其子公司僱員（包括董事）接納可認購中國太平控股股份的認股權。在二零零零年五月二十四日至二零零二年十二月三十一日所授出的認股權均是按舊計劃及於二零零一年九月一日起生效的香港聯合交易證券上市規則（「上市規則」）第十七章規定而授出。

新認股權計劃是根據於二零零三年一月七日起生效的上市規則第十七章的規定而授出。

行使價及根據尚未行使認股權的股份數目將按以下方式作出調整，自二零一四年十一月二十六日起生效，詳情載於以下附註(ii)(a)：

27. EQUITY COMPENSATION BENEFITS

Share option scheme

The intermediate holding company of the Company has two share option schemes. Historically, the intermediate holding company had a share option scheme which was adopted on 24 May 2000 (the “Old Scheme”) whereby the directors of the intermediate holding company were authorised, at their discretion, to invite employees of the intermediate holding company and its subsidiaries, including directors, to take up options to subscribe for shares of the intermediate holding company. Options granted between 24 May 2000 and 31 December 2002 were granted under the Old Scheme and in accordance with the requirements of Chapter 17 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”) which came into effect on 1 September 2001.

A new share option scheme which is in line with the prevailing requirements of Chapter 17 of the Listing Rules was adopted on 7 January 2003.

The exercise price per share and the number of shares which might be issued in respect of the outstanding share options have been adjusted in the following manner with effect from 26 November 2014, details of which are set out in note (ii) (a) below:

Before Adjustments After Adjustments調整前調整後

Exerciseprice

per share

Number ofShares subjectto outstandingShare Options

Exerciseprice

per share

Number ofShares subjectto outstandingShare Options

Date of grant 授出日期每股行使價

根據尚未行使認股權的股份數目每股行使價

根據尚未行使認股權的股份數目

HK$ HK$港元港元

2 November 2005 二零零五年十一月二日 2.875 300,000 2.731 315,840




27. 股本補償福利（續）

認股權計劃（續）

( i) 授出認股權的變動

( i i) 於結算日尚未屆滿及尚未行使的認股權條款

附註：

(a) 自二零一四年十一月二十六日中國太平控股供股完成，每股行使價及股份數目已就尚未行使認股權作出調整，並根據認股權計劃之條款，有關詳情載於中國太平控股二零一四年十一月二十五日的公告。

27. EQUITY COMPENSATION BENEFITS (Continued)

Share option scheme (Continued)

(i) Movements in number of share options granted


HK$ HK$港元港元

At 1 January 於一月一日 300,000 300,000Adjustment after rights issue 供股後調整 15,840 –

At 31 December 於十二月三十一日 315,840 300,000

Options vested at 31 December 於十二月三十一日已歸屬的認股權 315,840 300,000

(ii) Terms of unexpired and unexercised share options at the end of the reporting period

Date granted Exercise periodExercise

price 2014

二零一四年2013

二零一三年授出日期行使期行使價

(note a) (note a)（附註a）（附註a）

HK$港元

2 November 2005 23 November 2005 to 22 November 2015

2.731 315,840 300,000

二零零五年十一月二日二零零五年十一月二十三日至二零一五年十一月二十二日

Note:

(a) Upon the completion of the rights issue by CTIH on 26 November 2014, the exercise price per share and number of shares which may be issued in respect of the outstanding share options have been adjusted pursuant to the terms of the share option schemes, details of which were set out in the announcement of CTIH dated 25 November 2014.




27. 股本補償福利（續）

股份獎授計劃

根據控股公司已於二零零七年九月十日採納的股份獎授計劃，其董事會或獲授予董事會權力的委員會可不時全權酌情按照其認為合適的該等條款及條件，揀選僱員參與該計劃，並釐定將予獎授的股份數目。

(i) 獎授股份數目變化及其有關平均公允價值如下：

附註：

(a) 歸屬到期日屆滿後獎授股份衹會在收到僱員已簽署的歸屬通知書情況下才會被視為已歸屬。

除已獎授股份外，於二零一四年十二月三十一日，39,900股（二零一三年：39,900股）被視為未分配的股份以股份獎授計劃持有，可供日後根據股份獎授計劃獎授及╱或出售。

27. EQUITY COMPENSATION BENEFITS (Continued)

Share award scheme

The intermediate holding company had a share award scheme adopted on 10 September 2007, whereby the board of directors or a committee delegated with the power of the board of directors of the intermediate holding company were authorised, from time to time, at their absolute discretion and subject to such terms and conditions as it may think fit, select an employee for participation in the share award scheme and determine the number of shares to be awarded.

(i) Movements in the number of awarded shares and their related average fair value were as follows:


Number Number數目數目

At 1 January 於一月一日 – 560,000Vested (note a) 歸屬（附註a） – (560,000)

At 31 December 於十二月三十一日 – –

Note:

(a) The awarded shares would be regarded as vested after the vesting date if and only if the vesting notice is signed by the employee.

Apart from the awarded shares, as at 31 December 2014, 39,900 shares (2013: 39,900 shares) are deemed as unallocated shares which are held under share award scheme and are available for future award and/or disposal pursuant to the rules of share award scheme.




28. 股本28. SHARE CAPITAL

31 December 2014 31 December 2013二零一四年十二月三十一日二零一三年十二月三十一日Number of

shares (thousands) HK$’000

Number of shares

(thousands) HK$’000股份數目（千）千港元股份數目（千）千港元

Authorised: (Note 1) 法定股本：（附註1）Ordinary shares of HK$100

each (Note 2)每股面值100元普通股（附註2） – – 24,000 2,400,000

Non-voting deferred shares of HK$100 each (Note 2)

每股面值100元無投票權遞延股（附註2） – – 6,000 600,000

– – 30,000 3,000,000

Number of shares Amount股份數目金額

2014 2013 2014 2013二零一四年二零一三年二零一四年二零一三年

HK$ HK$港元港元

Issued and fully paid: 已發行及繳足股本：Ordinary shares 普通股At beginning of year 於年初 17,500,000 12,500,000 1,750,000,000 1,250,000,000Shares issued (Note 3) 已發行股票（附註3） 3,500,000 5,000,000 350,000,000 500,000,000

At end of year 於年末 21,000,000 17,500,000 2,100,000,000 1,750,000,000

Non-voting deferred shares (Note 4)

無投票權遞延股（附註4）

At beginning and end of the year

於年初及年末6,000,000 6,000,000 600,000,000 600,000,000

27,000,000 23,500,000 2,700,000,000 2,350,000,000




28. 股本（續）

附註：

(1) 按照於二零一四年三月三日開始生效的香港法例第622章《公司條例》，法定股本的概念已不再存在。

(2) 從二零一四年三月三日起，根據香港法例第622章《公司條例》第135條，公司的股份不再存在面值。但在本條例生效日期前已發行的股份數量或任何成員的相對權利在此過渡性安排下沒有影響。

(3) 於二零一三年十一月八日，本公司發行5,000,000股普通股，每股面值100港元，實收資本增加500,000,000港元，以增強股本實力。該普通股以票面值的全數繳足計入，並與本公司現有已發行之普通股享有同等權益。於二零一四年十二月十二日，本公司發行3,500,000股普通股，每股面值100港元，實收資本350,000,000港元，以增強股本實力。該普通股以票面值的全數繳足計入，並與本公司現有已發行之普通股享有同等權益。

(4) 無投票權遞延股持有人不會享有本公司的利潤分配及周年大會通知、出席及投票權。當本公司結束營業時，無投票權遞延股持有人亦不會獲分派首一千億港元的淨資產，假如有淨餘超過一千億港元以上的淨資產則會按普通股及無投票權遞延股持有人的股權比例分配。

28. SHARE CAPITAL (Continued)

Notes:

(1) Under the Hong Kong Companies Ordinance (Cap. 622), which commenced operation on 3 March 2014, the concept of authorised share capital no longer exists.

(2) In accordance with section 135 of the Hong Kong Companies Ordinance (Cap. 622), the Company’s shares no longer have a par or nominal value with effect from 3 March 2014. There is no impact on the number of shares in issue or the relative entitlement of any of the members as a result of this transition.

(3) On 8 November 2013, the Company allotted and issued 5 million ordinary shares of HK$100 each, for consideration of HK$500,000,000 in total to strengthen its capital resources. Such ordinary shares were credited as fully paid at par and ranked pari passu with the existing ordinary shares of the Company. On 12 December 2014, the Company allotted and issued 3.5 million ordinary shares of HK$100 each, for consideration of HK$350,000,000 in total to strengthen its capital resources. Such ordinary shares were credited as fully paid at par and ranked pari passu with the existing ordinary shares of the Company.

(4) Holders of the non-voting deferred shares are not entitled to share profits, receive notice of or attend or vote at any general meeting of the Company. On the winding-up of the Company, the holders of the non-deferred shares are not entitled to the distribution of the net assets for the first HK$100 billion; the balance of net assets, if any, over the first HK$100 billion shall be distributed among the holders of the ordinary shares and non-voting distributed shares pari passu among themselves in proportion to their respective shareholding.




28. 股本（續）

資本管理

本公司管理其資本以確保再保險業務能符合其經營業務相關司法管轄區的法定償付能力規定。本公司致力為未來業務擴展機會維持充裕資金。本公司的整體資本管理策略與去年保持不變。

有關本公司一般再保險及長期再保險業務的法定償付能力規定載於香港保險公司條例內。本公司本年度及過往年度皆能遵守此等外界所頒佈的償付能力規定。

29. 承擔

於二零一四年十二月三十一日，根據不可解除的經營租賃在日後應付的最低租賃付款額如下：

本公司以經營租賃租入部分物業。這些租賃一般初步為期二至三年，並有權選擇在到期日後續期，屆時所有條款均可重新商定。租賃付款通常會逐年檢討，以反映市場租金。各項租賃不包括或然租金。

28. SHARE CAPITAL (Continued)

Capital management

The Company manages its capital to ensure that its reinsurance business will be able to meet statutory solvency requirements in the jurisdictions in which it operates. The Company’s initiatives also strive to maintain a surplus for future business expansion opportunities. The Company’s overall capital management strategy remains unchanged from the prior year.

The Company’s statutory solvency requirements in respect of its general and long term reinsurance businesses are set out in the Hong Kong Insurance Companies Ordinance. The Company has complied with these externally imposed solvency requirements throughout the current and prior years.

29. COMMITMENTS

At of 31 December 2014, the total future minimum lease payments under non-cancellable operating leases are payable as follows:


HK$ HK$港元港元

Within one year 一年內 4,523,750 8,341,454After one year but within five years 一年後但五年內 753,958 5,277,709

5,277,708 13,619,163

The Company leases a number of properties under operating leases. The leases typically run for an initial period of two to three years, with an option to renew the leases when all terms are renegotiated. Lease payments are usually reviewed annually to reflect market rentals. None of the leases includes contingent rentals.




30. 重大關連人士交易

除於本財務報表其他部份所披露的交易及結餘外，本公司與關連人士進行以下重大交易：

附註：

(i) 本公司若干同系附屬公司向本公司轉介業務及收取佣金。

(ii) 本公司向本公司若干同系附屬公司轉介業務及向其收取佣金。

(iii) 本公司向本公司的同系附屬公司提供管理服務，並向其收取管理費。

(iv) 本公司接受本公司若干同系附屬公司所提供的投資顧問服務，並支付投資管理費。

30. MATERIAL RELATED PARTY TRANSACTIONS

In addition to the transactions and balances disclosed elsewhere in the financial statements, the Company entered into the following material related party transactions:


HK$ HK$港元港元

Business ceded by related companies (note i)

關連公司分出業務（附註(i)）

– Gross premiums written －毛承保保費 423,418,079 504,299,585– Commission expenses －佣金支出 (159,806,508) (191,093,150)

Business retroceded to related companies (note ii)

關連公司轉分業務（附註(ii)）

– Outward reinsurance premiums －轉分再保險保費 5,726 (158,389)– Commission income －佣金收入 1,929 1,053,403

Management fee income received and receivable (note iii)

管理費收入（附註(iii)）40,000 40,000

Investment management fee paid and payable (note iv)

投資管理費支出（附註(iv)）(18,583,251) (12,221,086)

Operating lease charges paid and payable (note v)

經營租賃費用（附註(v)）(12,681) (37,512)

Securities brokerage fee paid and payable (note vi)

支付證券經紀費用（附註(vi)）(2,551,425) (588,997)

Insurance brokerage fee paid and payable (note vii)

支付再保險經紀費用（附註(vii)）(4,539,336) (3,732,159)

Services fee paid and payable (note viii)

支付後援營運服務費用（附註(viii)） (278,038) (172,415)

Purchase of held-to-maturity investment securities (note ix)

購入持有至到期之投資證券（附注(ix)） 24,406,797 16,054,155

Notes:

(i) Certain fellow subsidiaries of the Company ceded business to, and received commission from, the Company.

(ii) The Company retroceded business to, and received commission from, certain fel low subsidiaries of the Company.

(iii) The Company provided management services to, and received management fee income from, a fellow subsidiary of the Company.

(iv) The Company received investment management services from, and paid investment management fee to, certain fellow subsidiaries of the Company.




30. 重大關連人士交易（續）

附註：（續）

(v) 本公司向本公司一間同系附屬公司租用辦公室，並支付租金。

(vi) 本公司與本公司一間同系附屬公司就提供證券經紀服務訂立協議。

(vii) 本公司與本公司一間同系附屬公司就提供再保險經紀服務訂立協議。

(viii) 本公司一間同系附屬公司向本公司提供後援營運服務及向本公司收取服務費。

(ix) 本公司於公開市場經太平資產管理（香港）有限公司購入China Taiping Capital Limited發行之債務証券作投資用途。購買價格按一般商業條款於活躍市報價。

主要管理層人員薪酬

本年度內董事酬金及其他主要管理層人員薪酬如下：

董事及主要管理人員薪酬根據個別表現及市場趨勢釐定。

30. MATERIAL RELATED PARTY TRANSACTIONS (Continued)

Notes: (Continued)

(v) The Company leased office premises and paid rent to a fellow subsidiary of the Company.

(vi) The Company has entered into an agreement with a fellow subsidiary of the Company in relation to securities broking services provided.

(vii) The Company has entered into an agreement with a fellow subsidiary of the Company in relation to reinsurance brokerage services provided.

(viii) The Company received back office services from, and paid service fee to, a fellow subsidiary of the Company.

(ix) The Company acquired the debt securities issued by China Taiping Capital Limited through Taiping Asset Management (HK) Company Limited in the public market for general investment purpose. The purchase price were quoted in the active market on normal commercial terms.

Compensation of key management personnel

The remuneration of directors and other members of key management during the year was as follows:


HK$ HK$港元港元

Short-term benefits 短期福利 12,628,255 9,442,744Retirement scheme contributions 退休金計劃供款 638,040 787,695

13,266,295 10,230,439

The remuneration of directors and key executives is determined with reference to the performance of individuals and market trends.




31. 會計估計及判斷

於應用附註2載述之本公司會計政策時，本公司董事須就從其他來源不顯而易見之資產及負債之賬面值作出判斷、估計及假設。該等估計及相關假設乃以過往經驗及認為屬有關之其他因素而作出。實際結果可能有別於該等估計。

估計及相關假設按持續基準予以檢討。倘會計估計修訂僅影響該期間，則有關修訂會在修訂估計期間確認。倘有關修訂影響當期及未來期間，則有關修訂會在修訂期間及未來期間確認。

以下主要判斷、估計及相關假設為董事於採納公司之會計政策之過程中所作出，對財務報表內已確認金額構成最重大之影響。

(a) 持有至到期之投資

本公司將有固定或可確定付款金額及固定期限而本公司又有明確意向及有能力持至到期之非衍生工具金融資產，分類為持有至到期投資。於作出此判斷時，本公司評估其持有該等投資直至到期之意向及能力。

除在若干特定情況下外，倘本公司未能持有該等投資至到期，本公司必須將持有至到期之投資之整個投資組合，重新分類為可供出售投資，因該類投資已被視為受影響。這將導致持有至到期之投資按公允價值而非按攤銷成本計算。

31. ACCOUNTING ESTIMATES AND JUDGEMENTS

In the application of the Company’s accounting policies, which are described in note 2, the directors of the Company are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following are the critical judgments, estimates and underlying assumptions, that the directors have made in the process of applying the entity’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

(a) Held-to-maturity investments

The Company classi f ies non-der ivat ive f inancia l assets with f ixed or determinable payments and fixed maturity and where the Company has a positive intention and ability to hold to maturity as held-to-maturity investments. In making this judgement, the Company evaluates its intention and ability to hold such investments until maturity.

If the Company fails to hold these investments to maturity other than for certain specific circumstances, the Company will have to reclassify the entire portfolio of held-to-maturity investments as available-for-sale investments, as such class is deemed to have been tainted. This would result in held-to-maturity debt securities being measured at fair value instead of at amortised cost.




31. 會計估計及判斷（續）

(b) 除通過損益以反映公允價值外之金融資產減值

本公司於決定之金融資產除通過損益反映公允價值外，有否客觀證據可以證明需要減值時，乃按照香港會計準則第39號之指引作出決定。此決定需要重大的判斷。於作出此判斷時，本公司評估若干事件包括投資之公允價值少於其成本之時限、程度及是否有投資信用評級重大轉壞；拖欠償還利息或本金及債務人是否有重大財務困難。

(c) 厘定保險負債

本公司於報告期末根據目前掌握的資料就本公司須在履行其保險合約的責任需要支付的金額作出合理估計。本公司對計量保險合約負債的假設進行估計，這些假設包括但不限於死亡率、發病率、傷殘率、退保率、費用、保單紅利、賠付發展因素、預計賠付率和風險折現率。本公司因於財務報表日期仍未收到分保公司所提供之保費及賠款金額數據而作出之估計，並按歷史資料、精算分析、財務模型及其他分析技巧而確定此等估計。關於巨灾的准備，本公司按分出人的報告，其中包括事件引致的損失估計而確定此等估計。董事不斷檢討有關之估計，並在有需要時作出調整，但實際結果可能與作出估計時預計的結果差別很大。

32. 資產負債表日後事項

於二零一五年三月三十日，本公司發行3,500,000股普通股，每股面值100港元，實收資本增加350,000,000港元，以增強股本實力。

31. ACCOUNTING ESTIMATES AND JUDGEMENTS (Continued)

(b) Impairment of financial assets other than those at fair value through profit or loss

The Company follows the guidance of HKAS 39 when determining whether there is objective evidence that financial assets, other than those at fair value through profit or loss, are impaired. This determination requires significant judgment. In making this judgment, the Company evaluates certain events, including the duration and extent to which the fair value of an investment is less than its cost and whether there are significant deterioration of credit ratings of investments, default in repayment of interest or principal, or financial difficulties of the issuers.

(c) Determination of insurance liabilities

The Company makes a reasonable estimate of the payments which the Company is required to make in fulfilling its obligations under the insurance contracts, based on information currently available at the end of the reporting period. The Company makes an estimate of assumptions used in the measurement of insurance contract liabilities, such assumptions including but not limited to mortality, morbidity, disability rates, lapse rates, expenses, policy dividend, claim development factors, expected claim ratio and risk discount rate. Also, the Company determines estimates for premiums and claims data not received from ceding companies at the date of the financial statements on the basis of historical information, actuarial analyses, financing modelling and other analytical techniques. Regarding catastrophe reserve, the Company determines the estimate on the basis of cedants’ reports which includes the estimate of incurred loss for the event, as well as the Company’s internal assessment based on various approaches, such as damage ratio to exposures or by reference to catastrophe modell ing analysis. The directors continually review the estimates and make judgements as necessary, but actual results could differ significantly from what is envisioned when these estimates are made.

32. EVENTS AFTER THE BALANCE SHEET DATE

The Company allotted and issued 3.5 million ordinary shares of HK$100 each, for a total consideration of HK$350,000,000 to strengthen its capital resources on 30 March 2015.

126

Detailed Revenue Accounts (For Management Purpose)營業賬明細表（作管理用途）For The Year Ended 31 December 2014截至二零一四年十二月三十一日止年度



Non- Non-proportional Proportional proportional Proportional

treaty treaty Facultative Life Total treaty treaty Facultative Life Total非比例合約比例合約臨時分保壽險總額非比例合約比例合約臨時分保壽險總額

HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$港元港元港元港元港元港元港元港元港元港元

Gross premium written 毛承保保費 796,897,934 2,870,443,825 339,788,822 2,101,013,287 6,108,143,868 922,991,670 2,452,589,251 317,965,471 43,926,305 3,737,472,697Decrease/(increase) in unearned premium

provision未滿期責任準備金減少╱（增加）

20,503,514 (133,744,778) (18,502,015) (21,188,049) (152,931,328) 8,731,717 (98,171,780) (28,774,429) (1,711,226) (119,925,718)

Gross premiums earned 已滿期毛承保保費 817,401,448 2,736,699,047 321,286,807 2,079,825,238 5,955,212,540 931,723,387 2,354,417,471 289,191,042 42,215,079 3,617,546,979

Outward reinsurance premiums 轉分再保險保費 (50,379,597) (293,660,182) (56,563,910) (1,009,096) (401,612,785) (77,983,443) (216,162,294) (52,768,706) (581,417) (347,495,860)Increase/(decrease) in reinsurers’ share of

unearned premium provision再保攤回未滿期責任準備金增加╱（減少） (736,134) 18,506,325 (2,026,958) 125,665 15,868,898 (3,272,119) 13,642,981 (384,885) 245,247 10,231,224

Reinsurers’ share of premiums earned 轉分再保險已滿期保費 (51,115,731) (275,153,857) (58,590,868) (883,431) (385,743,887) (81,255,562) (202,519,313) (53,153,591) (336,170) (337,264,636)

Net premiums earned 已滿期保費淨額 766,285,717 2,461,545,190 262,695,939 2,078,941,807 5,569,468,653 850,467,825 2,151,898,158 236,037,451 41,878,909 3,280,282,343Commission income 佣金收入 149,294 67,745,792 3,941,874 136,447 71,973,407 18,241,300 71,736,702 9,597,947 44,485 99,620,434Interest income on premium deposits 存出保費按金利息收入 17,556 3,694,313 3 – 3,711,872 16,090 694,182 – – 710,272Investment income of life 壽險投資收入 – – – 41,864,870 41,864,870 – – – – –Other gains of life 壽險其他收益 – – – 2,958,927 2,958,927 – – – – –

766,452,567 2,532,985,295 266,637,816 89,182,667 3,655,258,345 868,725,215 2,224,329,042 245,635,398 41,923,394 3,380,613,049

Gross claims paid 已決賠款毛額 (576,930,621) (1,465,053,617) (141,266,763) (75,157,303) (2,258,408,304) (600,602,614) (1,459,814,413) (151,626,992) (30,700,095) (2,242,744,114)(Increase)/decrease in provision for outstanding

claims未決賠款準備金（增加）╱減少

163,686,641 48,743,635 15,441,615 (20,559,029) 207,312,862 (233,523,563) 157,196,821 (84,137) (2,977,419) (79,388,298)

Gross claims incurred 賠款毛額 (413,243,980) (1,416,309,982) (125,825,148) (95,716,332) (2,051,095,442) (834,126,177) (1,302,617,592) (151,711,129) (33,677,514) (2,322,132,412)

Reinsurers’ share of claims paid 再保攤回已決賠款 47,755,979 95,125,293 11,602,662 6,005 154,489,939 24,228,297 100,699,726 36,590,365 619,255 162,137,643Increase/(decrease) in reinsurers’ share of

provision for outstanding claims再保攤回未決賠款準備金增加╱（減少） (61,034,072) (24,651,926) (9,013,825) 456,988 (94,242,835) 105,781,320 21,154,790 (37,449,598) (192,002) 89,294,510

Reinsurers’ share of claims incurred 再保攤回賠款 (13,278,093) 70,473,367 2,588,837 462,993 60,247,104 130,009,617 121,854,516 (859,233) 427,253 251,432,153

Net claims incurred 賠款淨額 (426,522,073) (1,345,836,615) (123,236,311) (95,253,339) (1,990,848,338) (704,116,560) (1,180,763,076) (152,570,362) (33,250,261) (2,070,700,259)Increase in life insurance fund 壽險責任准備金增加 – – – (2,034,719,384) (2,034,719,384) – – – – –Commission expenses 佣金支出 (68,006,039) (1,021,554,413) (79,963,000) (191,794,977) (1,361,318,429) (76,945,222) (929,551,732) (66,833,687) (7,230,558) (1,080,561,199)Interest expenses on premium deposits held 存入保費按金利息支出 (2,056) – – – (2,056) (9,568) – – – (9,568)Management expenses 管理費用 (31,489,896) (84,897,009) (12,092,571) (6,059,140) (134,538,616) (32,185,891) (70,400,747) (10,629,047) (1,601,955) (114,817,640)

(526,020,064) (2,452,288,037) (215,291,882) (293,107,456) (3,486,707,439) (813,257,241) (2,180,715,555) (230,033,096) (42,082,774) (3,266,088,666)

Amount transferred to (from) statement of profit or loss and other comprehensive income

撥至損益及其他全面收益表的數額

240,432,503 80,697,258 51,345,934 (203,924,789) 168,550,906 55,467,974 43,613,487 15,602,302 (159,380) 114,524,383



Non- Non-proportional Proportional proportional Proportional

treaty treaty Facultative Life Total treaty treaty Facultative Life Total非比例合約比例合約臨時分保壽險總額非比例合約比例合約臨時分保壽險總額

HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$港元港元港元港元港元港元港元港元港元港元

Gross premium written 毛承保保費 796,897,934 2,870,443,825 339,788,822 2,101,013,287 6,108,143,868 922,991,670 2,452,589,251 317,965,471 43,926,305 3,737,472,697Decrease/(increase) in unearned premium

provision未滿期責任準備金減少╱（增加）

20,503,514 (133,744,778) (18,502,015) (21,188,049) (152,931,328) 8,731,717 (98,171,780) (28,774,429) (1,711,226) (119,925,718)

Gross premiums earned 已滿期毛承保保費 817,401,448 2,736,699,047 321,286,807 2,079,825,238 5,955,212,540 931,723,387 2,354,417,471 289,191,042 42,215,079 3,617,546,979

Outward reinsurance premiums 轉分再保險保費 (50,379,597) (293,660,182) (56,563,910) (1,009,096) (401,612,785) (77,983,443) (216,162,294) (52,768,706) (581,417) (347,495,860)Increase/(decrease) in reinsurers’ share of

unearned premium provision再保攤回未滿期責任準備金增加╱（減少） (736,134) 18,506,325 (2,026,958) 125,665 15,868,898 (3,272,119) 13,642,981 (384,885) 245,247 10,231,224

Reinsurers’ share of premiums earned 轉分再保險已滿期保費 (51,115,731) (275,153,857) (58,590,868) (883,431) (385,743,887) (81,255,562) (202,519,313) (53,153,591) (336,170) (337,264,636)

Net premiums earned 已滿期保費淨額 766,285,717 2,461,545,190 262,695,939 2,078,941,807 5,569,468,653 850,467,825 2,151,898,158 236,037,451 41,878,909 3,280,282,343Commission income 佣金收入 149,294 67,745,792 3,941,874 136,447 71,973,407 18,241,300 71,736,702 9,597,947 44,485 99,620,434Interest income on premium deposits 存出保費按金利息收入 17,556 3,694,313 3 – 3,711,872 16,090 694,182 – – 710,272Investment income of life 壽險投資收入 – – – 41,864,870 41,864,870 – – – – –Other gains of life 壽險其他收益 – – – 2,958,927 2,958,927 – – – – –

766,452,567 2,532,985,295 266,637,816 89,182,667 3,655,258,345 868,725,215 2,224,329,042 245,635,398 41,923,394 3,380,613,049

Gross claims paid 已決賠款毛額 (576,930,621) (1,465,053,617) (141,266,763) (75,157,303) (2,258,408,304) (600,602,614) (1,459,814,413) (151,626,992) (30,700,095) (2,242,744,114)(Increase)/decrease in provision for outstanding

claims未決賠款準備金（增加）╱減少

163,686,641 48,743,635 15,441,615 (20,559,029) 207,312,862 (233,523,563) 157,196,821 (84,137) (2,977,419) (79,388,298)

Gross claims incurred 賠款毛額 (413,243,980) (1,416,309,982) (125,825,148) (95,716,332) (2,051,095,442) (834,126,177) (1,302,617,592) (151,711,129) (33,677,514) (2,322,132,412)

Reinsurers’ share of claims paid 再保攤回已決賠款 47,755,979 95,125,293 11,602,662 6,005 154,489,939 24,228,297 100,699,726 36,590,365 619,255 162,137,643Increase/(decrease) in reinsurers’ share of

provision for outstanding claims再保攤回未決賠款準備金增加╱（減少） (61,034,072) (24,651,926) (9,013,825) 456,988 (94,242,835) 105,781,320 21,154,790 (37,449,598) (192,002) 89,294,510

Reinsurers’ share of claims incurred 再保攤回賠款 (13,278,093) 70,473,367 2,588,837 462,993 60,247,104 130,009,617 121,854,516 (859,233) 427,253 251,432,153

Net claims incurred 賠款淨額 (426,522,073) (1,345,836,615) (123,236,311) (95,253,339) (1,990,848,338) (704,116,560) (1,180,763,076) (152,570,362) (33,250,261) (2,070,700,259)Increase in life insurance fund 壽險責任准備金增加 – – – (2,034,719,384) (2,034,719,384) – – – – –Commission expenses 佣金支出 (68,006,039) (1,021,554,413) (79,963,000) (191,794,977) (1,361,318,429) (76,945,222) (929,551,732) (66,833,687) (7,230,558) (1,080,561,199)Interest expenses on premium deposits held 存入保費按金利息支出 (2,056) – – – (2,056) (9,568) – – – (9,568)Management expenses 管理費用 (31,489,896) (84,897,009) (12,092,571) (6,059,140) (134,538,616) (32,185,891) (70,400,747) (10,629,047) (1,601,955) (114,817,640)

(526,020,064) (2,452,288,037) (215,291,882) (293,107,456) (3,486,707,439) (813,257,241) (2,180,715,555) (230,033,096) (42,082,774) (3,266,088,666)

Amount transferred to (from) statement of profit or loss and other comprehensive income

撥至損益及其他全面收益表的數額

240,432,503 80,697,258 51,345,934 (203,924,789) 168,550,906 55,467,974 43,613,487 15,602,302 (159,380) 114,524,383

太平再保險有限公司Taiping Reinsurance Co., Ltd.

總公司香港金鐘道95號統一中心29A電話 : (852) 2865 3838圖文傳真 : (852) 2544 9633電郵 : [email protected]網址 : www.tpre.cntaiping.com

北京分公司中國北京市西城區西直門外大街1號西環廣場T1座9層郵編 : 100044電話 : (86) 10 8229 0701圖文傳真 : (86) 10 8229 2895

納閩分公司Level 11 (B), Block 4 Office TowerFinancial Park Labuan ComplexJalan Merdeka87000 FT Labuan, MalaysiaTelephone : (60) 87 439 661Facsimile : (60) 87 439 662

HEAD OFFICE29A, United Centre, 95 Queensway, Admiralty, Hong KongTelephone : (852) 2865 3838Facsimile : (852) 2544 9633E-mail : [email protected] : www.tpre.cntaiping.com

BEIJING BRANCH9/F, Xihuan Plaza T1No.1, Xizhimenwai StreetXicheng District, Beijing, P.R. ChinaPostal Code : 100044Telephone : (86) 10 8229 0701Facsimile : (86) 10 8229 2895

LABUAN BRANCHLevel 11 (B), Block 4 Office TowerFinancial Park Labuan ComplexJalan Merdeka87000 FT Labuan, MalaysiaTelephone : (60) 87 439 661Facsimile : (60) 87 439 662

太平再保險有限公司 Taiping Reinsurance Co., Ltd....2015/06/28 · 中國銀行香港...

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Transcript of 太平再保險有限公司 Taiping Reinsurance Co., Ltd....2015/06/28 · 中國銀行香港...

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太平再保險有限公司 Taiping Reinsurance Co., Ltd....2015/06/28 · 中國銀行香港...

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