Dah Sing Financial Holdings Stock

Dah Sing Financial Holdings Limited, an investment holding company, provides banking, insurance, financial, and other related services in the Hong Kong, Macau, and the People's Republic of China.

Segments

The company operates through Personal Banking, Corporate Banking, Treasury and Global Markets, Overseas Banking, and Insurance Business segments.

Personal Banking

Personal Banking Division made good progress in growing the company's Retail SME segments through the strategic expansion of SME banking centres across the company's branch network and improvement in its account opening efficiency. Personal banking business includes the acceptance of deposits from individual customers and the extension of residential mortgage lending, personal loans, overdraft, vehicle financing and credit card services, and the provision of insurance sales and investment services.

Corporate Banking

Corporate Banking business continued to focus on implementing customer account strategy across a range of existing and targeted customer segments as part of the execution for the company's Medium Term Strategy III (MTS III), aiming to provide diverse corporate banking products and services to its customers.

Corporate banking business includes the acceptance of deposits from and the advance of loans and working capital finance to commercial, industrial and institutional customers, and the provision of trade financing.

The company continued to collaborate with DSB China. Through providing onshore account opening witness services, corporate customers in China are able to open Hong Kong bank accounts in China without travelling across the border.

DSB became the first foreign bank to receive dual operating licenses to establish a new Shenzhen branch in addition to its DSB China operations, which is intended to facilitate the corporate banking business in both Hong Kong and China. Investment in digital solutions and upgrading the company's digital banking platform, DS-Direct, remained a priority. The company's focus on improving product capabilities in Transaction Banking and the digital channel allowed it to deliver enhancement in customer experience.

Investment in digital solutions and upgrading the company's digital banking platform, DS-Direct, remained a priority. The company's focus on improving product capabilities in Transaction Banking and the digital channel allowed it to deliver enhancement in customer experience.

Treasury

Treasury and global markets activities are mainly the provision of foreign exchange services and centralised cash management for deposit taking and lending, interest rate risk management, management of investment in securities and the overall funding of the company.

Overseas

Overseas banking businesses include personal banking, corporate banking business activities provided by overseas subsidiaries in Macau and China, and the company's interest in a commercial bank in China.

Insurance Business

The company's insurance business is focused on general insurance, which is operated by its subsidiaries Dah Sing Insurance Company (1976) Limited (DSI) in Hong Kong, and Macau Insurance Company Limited (MIC) in Macau. MIC also has a subsidiary, Macau Pension Fund Management Company Limited (MPFM), which operates a local pension fund business in Macau.

Insurance business includes the Group's insurance and pension fund management business. Through the Group's wholly-owned subsidiaries in Hong Kong and 96% owned subsidiaries (which subsequently increased to 100% in November 2021) in Macau, the company offers a variety of insurance products and services.

DSI operated under a multi-channel distribution strategy to serve the insurance needs of customer segments, by offering a wide spectrum of commercial and personal insurance products through cultivating new business opportunities and deepening relationships with affinity partners, local and international brokers and agents. DSI also invested in digitalization, to enhance its online platforms to provide direct support for customers and business partners performing 24/7 online transactions.

In 2022, the company's Macau general insurance and pension fund operations were impacted by the economic recession and city lockdowns, leading to a contraction of premium turnovers and subsequently affecting both operating and investment performance, which were below targets in 2022.

During 2022, MIC actively partnered with BCM to cross-sell insurance products to its commercial and personal banking clients, while fostering close relationships with and capturing business referrals from leading local brokers and agents. MIC also strategically focused on broadening the retention premium base and targeting growth within the private vehicle sector to achieve balance between underwriting and float accumulation.

MIC continued with its digital transformation initiatives, under the supervision of a devoted taskforce elevating its online platforms to a more mobile-friendly and responsive design. B2B/B2C platforms of e-Sales/e-Policy/e-Renewal facilities offered a 24/7 self-access service, which optimized processing efficiency and enhanced client experiences.

Others

Others include results of operations not directly identified under other reportable segments, corporate investments and debt funding (including subordinated notes).

History

The company was founded in 1947. The company was formerly known as Fivetech Investments Limited and changed its name to Dah Sing Financial Holdings Limited in 1987.