KGI Financial held its 2024 Q3 Investor Conference today to announce its financial results and business performance. For the first three quarters of 2024, the company reported a net profit after tax of NT$29.1 billion, representing a 66% increase compared to the same period last year. Net worth also grew by NT$43 billion compared the end of last year, demonstrating robust financial strength and strong growth momentum.
KGT financial stated that the solid performance was driven by the Group’s “ONE KGI” strategy and effective resource integration, enabling subsidiaries to deliver strong profitability. Looking ahead, the Group remains committed to enhancing shareholder value and laying a more solid foundation for sustainable growth.
The profit performance of KGI financial' subsidiaries in the first three quarters of this year was stable. KGI Life's net profit after tax in the first three quarters was NT$20.12 billion, a year-on-year increase of 78%, of which the overall investment income increased by 19% year-on-year. The momentum of policy sales gradually recovered, and the total premium income increased by 9% year-on-year. The company continued to optimize the product structure and expand its own channels. Traditional life insurance installment accounted for 43% of the total new contract premium (FYP), and the FYP from the business channel increased by 43% year-on-year.
KGI Bank's net profit after tax in the first three quarters of this year was NT$4.3 billion, and its profit before deposits increased by 22% compared with the same period last year. KGI Bank's strategic direction is to expand its asset scale. All types of loan balances have double-digit growth rates compared with the same period last year, and the overall loan balance has increased by 14% compared with the same period last year. The annual growth of commission income reached 44%, and the proportion of overall revenue continued to increase. KGI Bank obtained the business license of the Hong Kong branch in October this year, and is expected to continue to strengthen its regional financial market layout and further exert the group's operational synergy and influence in Asia.
KGI Securities' net profit after tax in the first three quarters of this year was NT$8.127 billion, a 51% increase compared to the same period last year, mainly driven by brokerage fees and investment income. The market share of each business remained stable and leading, with underwriting business ranking first and brokerage business ranking second. KGI Securities actively cultivated wealth management business, with total assets under management reaching NT$283.3 billion, an annual growth of 31%, and the annual growth rate of wealth management-related revenue also reached 59%.
KGI SITE' asset management scale continues to grow. As of the end of the third quarter, the scale of public funds under management reached NT$280.6 billion, ranking among the top ten in the industry. KGI SITE actively grasps market trends and builds a diversified ETF product line. In the third quarter of this year, the scale of ETFs grew by 27% and the number of beneficiaries grew by 87%, both higher than the industry average.
CDIB was affected by the fluctuation of overseas investment portfolio valuations, and its net profit after tax in the first three quarters of this year was NT$587 million. As of the end of September, with contributions from five new asset management mandates, total AUM reached NT$54.6 billion, representing a 26% increase from the end of last year.
