讀後心得

On the 26th, Yang Wenjun, the General Manager of the Kai Capital Fund, responded to market rumors during a press conference, stating that he would not comment on the acquisition of An Tai Bank. However, he emphasized that banking operations are crucial to the group and that they will continue to seek acquisition opportunities in the future. He stressed that if there are no acquisition opportunities, they will not be satisfied with the current scale and will work hard to increase the number of branches. Additionally, Yang Wenjun pointed out that the dividend policy of Kai Capital Fund will no longer be exclusively in cash, as it may include stock dividends. Kai Ping Life also announced that it will return to the participating policy market and plans to launch new products to meet market demands.

There are rumors in the market regarding the acquisition of AnTai Bank by the Kai Fund. Yang Wengjun, the general manager of the Kai Fund, responded to this during the earnings conference on the 26th. He stated that he is not in a position to comment extensively on any rumors in the market, but he does not deny that the bank currently has a smaller scale within the group and that the development of the bank is quite important for financial holding companies, particularly as it does have a certain influence in terms of the number of branches. Yang Wengjun pointed out that the team will maintain an open attitude towards potential acquisition projects, which is not limited to AnTai Bank but pertains to the overall strategic direction.

He reiterated that a "dual strategy" will be adopted; if there are suitable acquisition opportunities, achieving them would be ideal, but if there are no opportunities, efforts will be made to apply for new branches from the existing 50 branches. Looking back at 2015, the Kai Fund had also been rumored to be planning to acquire AnTai Bank, and at that time, Yang Wengjun had mentioned discussions with the main shareholders of AnTai Bank regarding a merger, but ultimately no concrete progress was made. In an interview after the earnings conference, Yang Wengjun mentioned that the Kai Fund currently has five subsidiaries, presenting a structure of three large and two small, with acquisition targets focused on the "two small," primarily referring to the bank and investment trust subsidiaries; he also emphasized that shareholder interests will not be sacrificed for the sake of pursuing acquisitions nor will there be any blind actions.

Regarding the dividend policy, Yang Wengjun stated that the Kai Fund is expected to achieve after-tax net profits of 33.6 billion NTD in 2024, a 77% increase compared to the previous year, and he emphasized that a stable dividend policy should reflect the consistency of the payout ratio. He will consider the company's volatility and growth opportunities to determine the payout ratio and pointed out that future long-term indicators will be discussed by the management team and the board of directors. He revealed that cash dividends will be the main focus, but certain proportions of stock dividends will not be ruled out, emphasizing that excessive capital expansion will be avoided.

At the earnings conference, Kai Hsin Life announced its return to the dividend insurance policy market, with new products officially launching on the 27th. Initial sales will focus on bank channels, followed by a gradual expansion to all channels to compete with other insurance companies. The deputy general manager of Kai Hsin Life pointed out that the main reasons for returning to the market include the increase in market demand and the desire to provide customers with a more comprehensive product line. The returning dividend insurance policies will cover different products denominated in New Taiwan Dollars and US Dollars, focusing on asset inheritance and retirement planning, with an expected annual repayment rate that will be competitive in the market.

It is worth mentioning that the current chairman and general manager of Kai Hsin Life are the core team members who launched the dividend insurance policy for China Life back in the day, and under their leadership, Kai Hsin Life has once again entered the dividend insurance policy market.