2012年報 - 中國太平保險(澳門)股份有限公司 ·...

中國太平保險(澳門 )股份有限公司CHINA TAIPING INSURANCE (MACAU) CO.,LTD.

Annual Report年報2012

目錄CONTENTS

01Annual Report 2012 二零一二年年報

CONTENTS

目錄

頁次

PAGES

董事長報告 REPORT OF THE CHAIRMAN 2

一般資料 GENERAL INFORMATION 4

董事會報告書 DIRECTORS’ REPORT 5

獨立核數師報告書 INDEPENDENT AUDITOR’S REPORT 7

損益表 INCOME STATEMENT 10

資產負債表 BALANCE SHEET 11

權益變動表 STATEMENT OF CHANGES IN EQUITY 12

現金流量表 CASH FLOW STATEMENT 13

財務報告附註 NOTES TO THE FINANCIAL STATEMENTS 15

A.M. Best 調升中國太平保險（澳門）股份

有限公司的評級

A.M. BEST UPGRADES RATINGS OF

CHINA TAIPING INSURANCE (MACAU)

CO., LTD.

67

董事長報告REPORT OF THE CHAIRMAN

02 China Taiping Insurance (Macau) Co., Ltd. 中國太平保險（澳門）股份有限公司

二零一二年度業務發展簡報受到2012年全球經濟增速放緩影響，澳門整

體經濟增長較2011年亦有所減慢。但由於澳

門政府加速基建投資及公共房屋建設等舉

措，澳門保險業2012年毛保費錄得了較大的

增長，非人壽保費收入為16.51億澳門幣，同

比增長35.86%。中國太平保險（澳門）股份

有限公司一直關注市場變化及業務發展趨

勢，提供多元化及綜合性的金融保險服務，

2012年毛保費突破4億，收入上升34.57%至

4.49億，佔澳門非壽險市場總收入27.21%

及繼續保持在保險市場的領先地位。

SUMMARY OF 2012 BUSINESS DEVELOPMENTIn 2012, the general economic growth of Macau has declined

as compared to 2011 due to the slower growth rate of global

economy. However, as the Macau government undertook

decisive measures such as accelerating the pace of

infrastructure investment and construction of public housing,

the insurance industry in Macau recorded high growth in gross

premiums in 2012, with premiums recorded from non-life

insurance amounted to MOP1,651 million, representing a growth

of 35.86% over the previous year. As always, China Taiping

Insurance (Macau) Co., Ltd. provides its clients with diversified

range of and comprehensive financial and insurance services

and maintains its leading position in the market by giving

attention to market changes and business development trends.

In 2002, the company recorded gross premiums of MOP449

million, exceeded MOP400 million for the first time, representing

a growth of 34.57% and accounting for 27.21% of the total

income in the non-life insurance market in Macau.

REPORT OF THE CHAIRMAN

董事長報告

孟昭億 Meng Zhaoyi董事長 Chairman

董事長報告REPORT OF THE CHAIRMAN


With the support of its earnings on both underwriting and

investment, China Taiping Insurance (Macau) Co., Ltd. was

managed to maintain a good track record of operating result.

On the strength of its strong distribution network, reputable

brand name and excellent management and adherence of risk

control, A.M. Best Co. has upgraded China Taiping Insurance

(Macau) Co., Ltd.’s financial strengthen from A– (excellent) to A

(excellent) and the credit rating of issuer from of “a-” to “a”. The

outlook for both ratings is stable.

China Taiping Insurance (Macau) Co., Ltd. will continue to

vitalize its product development and expand new business lines,

intensify its business analysis and avert business risks, reinforce

workflow and cost controls, improve its efficiency and promote

training on professional knowledge towards its staff for better

quality services. The excellent services of China Taiping serving

Macau society for sixty years further ensure its brand name and

guarantee satisfactory performance.

By Order of the Board

Chairman

Meng Zhaoyi

8 April 2013

中國太平保險（澳門）股份有限公司在承保

及投資兩方面的盈利支持下，取得了良好的

經營業績記錄。本公司憑著較強的分銷網

絡、良好的信譽、優良的管理水平以及貫徹

執行風險管控，A.M. Best Co.將本公司的財

務實力評級由A-（優秀）提升至A（優秀），

發行人的信貸評級由「a-」提升至「a」。兩

項評級的前景均被評定為穩定。

中國太平保險（澳門）股份有限公司將繼續

加強產品開發，拓展新的業務渠道；加強業

務分析，防範經營風險；加強工作流程及成

本控制，提高工作效率；加強員工的培訓，

提高專業知識；面向客戶，提高服務素質；

保持中國太平六十年服務澳門的卓越品質，

爭取中國太平品牌更加深入人心，再創佳

績。

承董事會命

董事長

孟昭億

二零一三年四月八日

一般資料GENERAL INFORMATION


領導架構股東大會執行委員會主席：中國太平保險集團（香港）有限

公司（代表人：孟昭億）

秘書：王國蓉

董事會董事長：孟昭億

董事：姜宜道

董事：于曉東

監事會主席：陳默

委員：梁國傑

委員：張少東

主要股東

LEADERSHIP STRUCTUREExecutive Committee to the General AssemblyChairman: China Taiping Insurance Group (HK) Company

Limited (Representative: Meng Zhaoyi)

Secretary: Wong Kuok Iong

BOARDChairman: Meng Zhaoyi

Director: Jiang Yidao

Director: Yu Xiaodong

SUPERVISORYChairman: Chen Mo

Committee: Leung Kwok Kit

Committee: Cheong Sio Tong

MAJOR SHAREHOLDERS股東名稱持股量百分率

Name of Shareholder Shareholding %

中國太平保險集團（香港）有限公司 784,000 98%

China Taiping Insurance Group (HK) Company Limited

GENERAL INFORMATION

一般資料

董事會報告書DIRECTORS’ REPORT


董事謹此提呈截至二零一二年十二月三十一

日止年度的年報及經審核財務報告。

主要業務本公司的主要業務是經營一般保險業務。

業績及分配本公司截至二零一二年十二月三十一日止

年度的業績載於第10頁的損益表。

董事不建議派發股息及建議保留本年度溢

利。

董事會本年度及截至本報告刊發日期止的本公司

董事如下：

孟昭億

姜宜道

于曉東

由於本公司的公司章程並無相反規定，故所

有現任董事將繼續留任。

物業及設備和投資物業

年內，本公司的物業及設備和投資物業的變

動詳情分別載於財務報告附註10及11。

股本本公司的股本詳情載於財務報告附註18。

本公司股本於年內概無變動。

The directors present their annual report and the audited

financial statements for the year ended 31 December 2012.

PRINCIPAL ACTIVITYThe principal activity of the Company is the underwriting of

general insurance business.

RESULTS AND APPROPRIATIONThe results of the Company for the year ended 31 December

2012 are set out in the income statement on page 10.

The directors do not recommend the payment of a dividend and

propose that the profit for the year be retained.

DIRECTORSThe directors of the Company during the year and up to the date

of this report were:

Meng Zhaoyi

Jiang Yidao

Yu Xiaodong

There being no provision to the contrary in the Company’s

Articles of Association, all existing directors continue in office.

PROPERTY AND EQUIPMENT AND INVESTMENT PROPERTIESDetails of the movements during the year in property and

equipment and investment properties of the Company are set

out in notes 10 and 11 respectively to the financial statements.

SHARE CAPITALDetails of the share capital of the Company are set out in note

18 to the financial statements. There was no movement in the

Company’s share capital during the year.

DIRECTORS’ REPORT

董事會報告書

董事會報告書DIRECTORS’ REPORT


董事在重要合約擁有的權益

本公司、其任何控股公司或同系附屬公司於

年結時或本年度任何時間，概無訂立任何本

公司董事直接或間接擁有重大權益的重要

合約。

收購股份及債券的安排

本公司、其任何控股公司或同系附屬公司概

無於年內任何時間訂立任何安排，使本公司

董事可透過收購本公司或任何其他法人團

體的股份或債券而獲取利益。

核數師董事會將於股東週年大會上提呈重新聘任

德勤•關黃陳方會計師行出任本公司核數師

的決議案。

承董事會命

董事長

孟昭億

澳門

二零一三年三月二十六日

DIRECTORS’ INTERESTS IN CONTRACTS OF SIGNIFICANCENo contract of significance, 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.

ARRANGEMENTS TO ACQUIRE SHARES AND DEBENTURESAt no time during the year was the Company, any of its holding

companies or fellow subsidiaries a party to any arrangements

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.

AUDITORA resolution will be submitted to the annual general meeting to

re-appoint Messrs. Deloitte Touche Tohmatsu as auditor of the

Company.

By order of the board

Chairman

Meng Zhaoyi

Macau

26 March 2013

獨立核數師報告書INDEPENDENT AUDITOR’S REPORT


致中國太平保險（澳門）股份有限公司

（於澳門註冊成立的股份有限公司）

各股東

本核數師（以下簡稱「我們」）已審核刊於第

10至第66頁的中國太平保險（澳門）股份有

限公司（「貴公司」）財務報告，此財務報告

包括於二零一二年十二月三十一日的資產

負債表及截至該日止年度的損益表、權益變

動表及現金流量表，以及主要會計政策概要

及其他說明資料。

管理層就財務報告須承擔的責任

管理層負責根據中華人民共和國澳門特別

行政區（「澳門特別行政區」）財務報告準則

及保險活動管制法例編製及真實公平地呈

列該等財務報告。該等責任包括設計、實施

及維護與編製及真實公平地呈列財務報告

相關的內部監控，以使該等財務報告不存在

由於欺詐或錯誤而導致的重大錯誤陳述；

選擇和應用適當的會計政策；按情況作出合

理的會計估計；及保存充分及準確的會計記

錄。

此外，根據保險活動管制法例，管理層有責

任確保妥善地保存記錄，並確保根據保險活

動管制法例的條文使用貴公司用於擔保

技術準備金的資產。

TO THE SHAREHOLDERS OF

CHINA TAIPING INSURANCE (MACAU) COMPANY LIMITED

中國太平保險（澳門）股份有限公司

(Incorporated in Macau with limited liability by shares)

We have audited the financial statements of China Taiping

Insurance (Macau) Company Limited (the “Company”) set out

on pages 10 to 66, which comprise the balance sheet as at

31 December 2012, and the income statement, the statement

of changes in equity and cash flow statement for the year then

ended, and a summary of significant accounting policies and

other explanatory information.

MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTSManagement is responsible for the preparation and the

true and fair presentation of these financial statements in

accordance with Financial Reporting Standards of Macau

Special Administrative Region, the People’s Republic of China

(“Macau SAR”) and the Macau Insurance Ordinance. This

responsibility includes: designing, implementing and maintaining

internal control relevant to the preparation and the true and fair

presentation of financial statements that are free from material

misstatement, whether due to fraud or error; selecting and

applying appropriate accounting policies; making accounting

estimates that are reasonable in the circumstances; and

maintaining adequate and accurate accounting records.

In addition, management has responsibilities to ensure that

proper records have been maintained in accordance with the

Macau Insurance Ordinance and to apply the Company’s assets

guaranteeing the technical reserves in accordance with the

provisions of the Macau Insurance Ordinance.

INDEPENDENT AUDITOR’S REPORT

獨立核數師報告書



核數師的責任我們的責任是根據我們的審核對該等財務

報告作出意見，並按照我們接受委聘的協定

條款只向全體股東報告。除此之外，本報告

書不可用作其他用途。我們概不就本報告書

的內容，對任何其他人士負責或承擔責任。

我們已根據澳門特別行政區行政長官核准

的核數準則及經濟財政司司長核准的核數

實務準則進行審核。該等準則要求我們遵

守道德規範，規劃及執行審核，以合理確定

該等財務報告是否不存有任何重大錯誤陳

述。此外，我們亦須評估是否已根據保險活

動管制法例妥善保存會計記錄，及貴公司

經濟交易是否妥善及時計入該等記錄，並須

報告貴公司是否已向我們提供所有必要

資料及解釋，以及我們是否知悉就擔保技術

準備金之資產有任何違反保險活動管制法

例的情況。

審核涉及執行程序以獲取財務報告所載數

額及披露事項有關的審核憑證。所選定的程

序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告存在重大錯誤陳述

的風險。在作出該等風險評估時，核數師考

慮與貴公司編製及真實公平地呈列財務

報告有關的內部監控，以為不同情況設計適

當的審核程序，但並非為貴公司的內部監

控的效能發表意見。審核亦包括評估管理層

所採用的會計政策的合適性及所作出的會

計評估的合理性，以及評估財務報告的整體

呈列方式。

我們相信，我們所獲得的審核憑證充足且適

當地為我們的審核意見提供基礎。

AUDITOR’S RESPONSIBILITYOur 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 our agreed terms of

engagement, 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 the Auditing Standards approved by the Chief

Executive of Macau SAR and the Technical Auditing Standards

approved by the Secretary for Economy and Finance. Those

standards require that we comply with ethical requirements

and plan and perform the audit to obtain reasonable assurance

as to whether the financial statements are free from material

misstatement. In addition, we are required to assess whether

proper accounting records have been maintained in accordance

with the Macau Insurance Ordinance and whether the economic

transactions of the Company are properly and timely recorded in

such records, and to report whether the Company has provided

us with all the necessary information and explanations required,

and whether we are aware of any contraventions of the Macau

Insurance Ordinance with respect to assets guaranteeing the

technical reserves.

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 Company’s preparation

and true and fair presentation of the financial statements 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 Company’s internal control. An audit

also includes evaluating the appropriateness of accounting

policies used and the reasonableness of accounting estimates

made by management, 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.



意見我們認為，該等財務報告已根據澳門特別行

政區財務報告準則真實公平地反映貴公

司於二零一二年十二月三十一日的財政狀

況及貴公司截至該日止年度的財務業績

及現金流量，並根據保險活動管制法例妥為

編製。

保險活動管制法例有關事項的報告書我們認為，於截至二零一二年十二月三十一

日止年度，貴公司的會計記錄已按照保險

活動管制法例妥善保存，且貴公司的經濟

交易已妥善及時地計入貴公司的會計記

錄。

此外，貴公司已向我們提供所有必要資料

及解釋。

我們概不知悉年內貴公司擔保技術準備

金的任何資產部份的使用違反保險活動管

制法例的條文。

德勤•關黃陳方會計師行

註冊核數師

合夥人

Quin Va

澳門

二零一三年三月二十六日

OPINIONIn our opinion the financial statements give a true and fair view,

in all material respects, of the financial position of the Company

as at 31 December 2012, and of its financial results and its

cash flows for the year then ended in accordance with Financial

Reporting Standards of Macau SAR and have been properly

prepared in accordance with the Macau Insurance Ordinance.

REPORT ON MATTERS UNDER THE MACAU INSURANCE ORDINANCEIn our opinion, the Company’s accounting records have been

properly maintained in accordance with the Macau Insurance

Ordinance and the economic transactions of the Company are

properly and timely recorded in the Company’s accounting

records in respect of the year ended 31 December 2012.

In addition, the Company has provided us with all the necessary

information and explanations required.

We are not aware of any instances during the year where

any part of the Company’s assets guaranteeing the technical

reserves were applied in contravention of the provisions of the

Macau Insurance Ordinance.

Quin Va

Registered Auditor

Partner

Deloitte Touche Tohmatsu – Sociedade de Auditores

Macau

26 March 2013

損益表INCOME STATEMENT截至二零一二年十二月三十一日止年度 For the year ended 31 December 2012


INCOME STATEMENT

損益表截至二零一二年十二月三十一日止年度 For the year ended 31 December 2012

二零一二年二零一一年

2012 2011附註澳門幣澳門幣

NOTES MOP MOP

收益－保費毛額 Revenue – gross premiums 5 426,298,523 316,890,601分出予分保公司的承保保費 Written premiums ceded

to reinsurers (162,439,667) (114,852,189)

承保保費淨額 Net premiums written 263,858,856 202,038,412

未滿期保費儲備毛額增加 Increase in gross unearned premium reserve 14(b) (64,096,132) (17,553,446)

分保公司應佔未滿期保費儲備變動

Reinsurers’ share of change in unearned premium reserve 14(b) 29,604,780 1,339,746

(34,491,352) (16,213,700)

已賺取保費淨額 Net premiums earned 229,367,504 185,824,712

已發生的賠償 Claims incurred (154,538,426) (107,199,270)分保公司應佔已發生的賠償

Reinsurers’ share of claims incurred 36,453,550 13,834,639

已發生的賠償淨額 Net claims incurred (118,084,876) (93,364,631)

佣金費用 Commission expense (77,952,199) (61,461,490)收取分保公司佣金 Commission recoverable

from reinsurers 39,183,788 32,407,037

佣手費用淨額 Net commission expense (38,768,411) (29,054,453)

承保溢利 Underwriting profit 72,514,217 63,405,628其他收入 Other income 6 17,914,667 15,322,718其他收益或虧損 Other gains or losses 6 24,058,670 44,767管理費用 Management expenses (42,385,475) (40,007,747)

除稅前溢利 Profit before tax 72,102,079 38,765,366所得稅支出 Income tax expense 7 (8,423,044) (4,669,826)

本年度溢利 Profit for the year 8 63,679,035 34,095,540

其他全面收益 Other comprehensive income可供出售投資的公平價值收益

Fair value gain on available-for-sale investments 44,385 –

本年度全面收益總額 Total comprehensive income for the year 63,723,420 34,095,540

資產負債表BALANCE SHEET於二零一二年十二月三十一日 At 31 December 2012


BALANCE SHEET

資產負債表於二零一二年十二月三十一日 At 31 December 2012


2012 2011附註澳門幣澳門幣

NOTES MOP MOP

資產 Assets物業及設備 Property and equipment 10 9,813,929 10,972,975投資物業 Investment properties 11 4,648,528 4,031,307會所債券 Club debenture 545,900 545,900證券投資 Investments in securities 12 316,874,905 254,598,366保險客戶應收賬款 Insurance receivables 13 58,927,411 21,856,312其他應收賬款 Other receivables 6,358,472 7,281,057分保公司應佔保險合約準備

Reinsurers’ share of insurance contract provisions 14 110,929,279 74,384,098

已抵押及受限制存款及銀行結存

Pledged and restricted deposits and bank balances 15 111,466,408 82,026,723

銀行及手頭現金 Cash at banks and in hand 16 142,423,460 140,007,428

總資產 Total assets 761,988,292 595,704,166

負債 Liabilities保險合約準備 Insurance contract provisions 14 434,939,640 331,397,333保險客戶應付賬款 Insurance payables 17 48,289,767 37,661,141其他應付賬款 Other payables 16,883,536 15,863,763稅項負債 Tax liabilities 8,600,000 4,750,000應付股息 Dividend payable – 16,480,000

總負債 Total liabilities 508,712,943 406,152,237

資產淨值 Net assets 253,275,349 189,551,929

資本及儲備 Capital and reserves股本 Share capital 18 80,000,000 80,000,000法定儲備 Legal reserve 15,000,000 15,000,000投資重估儲備 Investment revaluation reserve 44,385 –保留盈利 Retained earnings 158,230,964 94,551,929

總資本及儲備 Total capital and reserves 253,275,349 189,551,929

第10至66頁的財務報告由董事會於二零一三年三月二十六日核准及授權刊發，並由下列董事代表董事會簽署：

The financial statements on pages 10 to 66 were approved and authorised for issue by the Board of Directors on

26 March 2013 and are signed on its behalf by:

孟昭億姜宜道

Meng Zhaoyi Jiang Yidao

董事長董事總經理

Chairman Managing Director

權益變動表STATEMENT OF CHANGES IN EQUITY截至二零一二年十二月三十一日止年度 For the year ended 31 December 2012


法定儲備根據保險活動管制法例第八十四條，本公司

須根據下列各財政年度計算的純利百分比

設立法定儲備：

(i) 20%，直至儲備總額相等於保險活動

管制法例第十七條規定的最低保險股

本的一半15,000,000澳門幣；及此後

(ii) 10%，直至該儲備總額相等於有關最

低股本。

截至二零一二年及二零一一年十二月三十一

日止年度，由於已達致最低法定儲備規定，

故並無自保留盈利轉撥儲備。該儲備不可分

派。

股本法定儲備

投資

重估儲備保留盈利總額

Share

capital

Legal

reserve

Investment

revaluation

reserve

Retained

earnings Total

附註澳門幣澳門幣澳門幣澳門幣澳門幣

NOTE MOP MOP MOP MOP MOP

於二零一一年一月一日 At 1 January 2011 80,000,000 15,000,000 – 76,936,389 171,936,389

本年度溢利 Profit for the year – – – 34,095,540 34,095,540

已宣派股息 Dividends declared 9 – – – (16,480,000) (16,480,000)

於二零一一年

十二月三十一日

At 31 December 2011

80,000,000 15,000,000 – 94,551,929 189,551,929

本年度溢利 Profit for the year – – – 63,679,035 63,679,035

本年度其他全面收益 Other comprehensive

income for the year – – 44,385 – 44,385

本年度全面收益總額 Total comprehensive

income for the year – – 44,385 63,679,035 63,723,420

於二零一二年


At 31 December 2012

80,000,000 15,000,000 44,385 158,230,964 253,275,349

Legal reservePursuant to Article 84 of the Macau Insurance Ordinance, the

Company is required to set up a legal reserve based on the

following percentages of net profit computed for each financial

year:

(i) 20%, until the total of this reserve equals one half of the

minimum insurance share capital of MOP15,000,000 fixed

under Article 17 of the Macau Insurance Ordinance; and

then

(ii) 10%, until the total of this reserve equals such minimum

share capital.

For the year ended 31 December 2012 and 2011, no reserve

was transferred from retained earnings as the minimum legal

reserve requirement was met. This reserve is non-distributable.

STATEMENT OF CHANGES IN EQUITY

權益變動表截至二零一二年十二月三十一日止年度 For the year ended 31 December 2012

現金流量表CASH FLOW STATEMENT截至二零一二年十二月三十一日止年度 For the year ended 31 December 2012



2012 2011

附註澳門幣澳門幣

NOTE MOP MOP

經營業務 Operating activities

本年度溢利 Profit for the year 63,679,035 34,095,540

就下列各項作出調整： Adjustments for:

所得稅 Income tax 8,423,044 4,669,826

證券投資的未變現

（收益）虧損淨額

Net unrealised (gains) losses on

investments in securities (30,701,490) 10,019,882

折舊及攤銷 Depreciation and amortisation 971,206 1,200,769

銀行存款的利息收入 Interest income from

bank deposits (3,418,173) (1,750,157)

上市證券的利息收入 Interest income from

listed securities (11,649,744) (10,502,724)

上市證券的股息收入 Dividend income from

listed securities (1,799,699) (1,949,709)

投資物業的租金收入 Rental income from

investment properties (787,635) (678,718)

出售物業及設備的收益 Gain on disposal of

property and equipment – (21,630)

出售投資物業的收益 Gain on disposal of

investment properties – (16,802,614)

營運資金變動前

的經營現金流量

Operating cash flows before

movements in working capital 24,716,544 18,280,465

持作買賣投資

及指定按公平價值在

損益賬處理的投資增加

Increase in investments

held-for-trading and

designated as at fair value

through profit or loss (8,396,864) (22,684,972)

保險客戶應收賬款增加 Increase in insurance receivables (37,071,099) (370,698)

其他應收賬款減少（增加） Decrease (increase) in

other receivables 4,883,926 (178,825)

分保公司應佔保險

合約準備（增加）減少

(Increase) decrease in

reinsurers’ share of

insurance contract provisions (36,545,181) 7,943,314

已抵押及受限制存款

及銀行結存增加

Increase in pledged and restricted

deposits and bank balances (29,439,685) (16,390,433)

保險合約準備增加 Increase in insurance

contract provisions 103,542,307 28,600,229

保險客戶應付賬款增加 Increase in insurance payables 10,628,626 6,334,761

其他應付賬款增加 Increase in other payables 1,019,773 186,690

CASH FLOW STATEMENT

現金流量表截至二零一二年十二月三十一日止年度 For the year ended 31 December 2012

現金流量表CASH FLOW STATEMENT截至二零一二年十二月三十一日止年度 For the year ended 31 December 2012



2012 2011

附註澳門幣澳門幣

NOTE MOP MOP

經營業務所產生的現金 Cash generated from operations 33,338,347 21,720,531

已收利息 Interest received 11,106,576 8,980,338

已收股息 Dividends received 1,799,699 1,949,709

已付稅項 Tax paid (4,573,044) (3,869,826)

經營業務所產生的現金淨額 Net cash from operating activities 41,671,578 28,780,752

投資業務 Investing activities

已收租金收入 Rental income received 787,635 678,718

購買可供出售投資 Purchases of available-for-sale

investments (23,133,800) –

購買物業及設備 Purchases of property

and equipment (429,381) (566,365)

出售物業及設備所得款項 Proceeds on disposal of

property and equipment – 21,630

出售投資物業所得款項 Proceeds on disposal of

investment properties – 20,703,000

原到期日超過三個月的

銀行存款減少（增加）

Decrease (increase) in bank

deposits with original maturity

of more than 3 months 1,901,641 (16,107,583)

投資業務（所動用）所產生

的現金淨額

Net cash (used in) from

investing activities (20,873,905) 4,729,400

融資業務所動用的現金 Cash used in financing activity

已付股息 Dividend paid (16,480,000) –

現金及現金等價物增加淨額 Net increase in cash and

cash equivalents 4,317,673 33,510,152

於一月一日的現金

及現金等價物

Cash and cash equivalents

at 1 January 79,872,436 46,362,284

於十二月三十一日的

現金及現金等價物

Cash and cash equivalents

at 31 December 16 84,190,109 79,872,436

財務報告附註NOTES TO THE FINANCIAL STATEMENTS截至二零一二年十二月三十一日止年度 For the year ended 31 December 2012


1. 一般資料本公司為一間在中華人民共和國澳門

特別行政區（「澳門特別行政區」）註冊

成立的私人有限公司，其直接控股公

司及最終控股公司分別為中國太平保

險集團（香港）有限公司（於香港註冊

成立）及中國太平保險集團公司（「中

國太平保險集團」，於中華人民共和國

註冊成立）。本公司註冊辦事處及主要

營業地點的地址為澳門新口岸宋玉生

廣場398號中航大廈10樓。

本公司乃根據澳門保險活動管制法例

註冊的保險公司，在澳門經營承保一

般保險業務。

財務報告以澳門幣（「澳門幣」）呈列，

澳門幣亦為本公司的功能貨幣。

2. 主要會計政策財務報告乃以歷史成本為基礎而編

製，惟以公平價值計量的若干金融工

具除外（見下文會計政策說明）。

1. GENERALThe Company is a private limited company incorporated

in Macau Special Administrative Region, the People’s

Republic of China (“Macau SAR”). Its immediate holding

company is China Taiping Insurance Group (HK) Company

Limited and its ultimate holding company is China Taiping

Insurance Group Co. (“CTIG”), which are incorporated

in Hong Kong and the People’s Republic of China,

respectively. The address of the registered office and

principal place of business of the Company is Alameda Dr.

Carlos D’Assumpcao, No. 398, Edificio CNAC, 10-andar,

Macau.

The Company is registered under the Macau Insurance

Ordinance as an insurer to underwrite general insurance

business in Macau.

The financial statements are presented in Macau Patacas

(“MOP”), which is also the functional currency of the

Company.

2. SIGNIFICANT ACCOUNTING POLICIESThe financial statements have been prepared on historical

cost basis except for certain financial instruments, which

are measured at fair values, as explained in the accounting

policies set out below.

NOTES TO THE FINANCIAL STATEMENTS

財務報告附註截至二零一二年十二月三十一日止年度 For the year ended 31 December 2012



2. 主要會計政策（續）

此等財務報告乃遵照澳門特別行政區

的財務報告準則及保險活動管制法例

的規定編製。澳門特別行政區的財務

報告準則包括澳門特別行政區採納的

下列國際財務報告準則（「國際財務報

告準則」）及國際會計準則（國際會計

準則）（二零零四年四月版）：

框架編製及呈列財務

報告的框架

國際財務報告準則

第1號

國際財務報告

準則的首次

採納者

國際會計準則第1號呈列財務報告

國際會計準則第2號存貨

國際會計準則第7號現金流量表

國際會計準則第8號會計政策、

會計估計變動

及錯誤

國際會計準則第10號結算日後事項

國際會計準則第11號建築合約

國際會計準則第12號所得稅

國際會計準則第16號物業、廠房及

設備

國際會計準則第17號租賃

國際會計準則第18號收益

國際會計準則第21號匯率變動的影響

國際會計準則第23號借貸成本

國際會計準則第36號資產減值

國際會計準則第37號準備、或然負債

及或然資產

國際會計準則第38號無形資產

就澳門特別行政區的財務報告準則內

並無列明確認或計量基準的項目而

言，本公司已應用與最近期的國際財

務報告準則相若的公認會計準則。

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

These financial statements have been prepared in

accordance with Financial Reporting Standards of Macau

SAR and the Macau Insurance Ordinance. Financial

Reporting Standards of Macau SAR comprise the following

International Financial Reporting Standard (“IFRS”) and

International Accounting Standards (IAS) (the April 2004

edition) adopted in Macau SAR:

Framework Framework for the preparation and

presentation of financial statements

IFRS 1 First-time adoption of IFRS

IAS 1 Presentation of financial statements

IAS 2 Inventories

IAS 7 Cash flow statements

IAS 8 Accounting policies, change in accounting

estimates and errors

IAS 10 Event after the balance sheet date

IAS 11 Construction contracts

IAS 12 Income taxes

IAS 16 Property, plant and equipment

IAS 17 Leases

IAS 18 Revenue

IAS 21 The effects of change in foreign

exchange rates

IAS 23 Borrowing costs

IAS 36 Impairment of assets

IAS 37 Provisions, contingent liabilities and

contingent assets

IAS 38 Intangible assets

The Company has applied the generally accepted

accounting standards which are comparable with the latest

IFRSs for those items with the recognition or measurement

basis not specified in the Financial Reporting Standards of

Macau SAR.




收益確認收益乃根據已收或應收代價的公平價

值計量，並指於一般業務過程中提供

服務時的應收金額，扣除折扣及相關

銷售稅項。

保險合約賺取的保費

直接及臨時分保業務的保費在釐定該

等金額時入賬，一般為開始承受風險

之時。

股息收入

投資之股息收入在股東收取款項的權

利確立時確認。

利息收入

金融資產的利息收入乃參考尚未償還

本金及適用實際利率，按時間基準累

計。

保險合約分類本公司根據合約同意，倘將來特定的

不確定事件（承保事件）對另一方（保

單持有人）或其他受益人有不利影響，

將賠償保單持有人或其他受益人而承

擔來自保單持有人或其他受益人的重

大保險風險，該等合約則歸類為保險

合約。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。保險合約亦可轉

移部份財務風險。


Revenue recognitionRevenue is measured at the fair value of the consideration

received or receivable and represents amounts receivable

for services provided in the normal course of business, net

of discounts and sales related taxes.

Premiums from insurance contracts

Premiums for direct and facultative business are

accounted for when the amount is determined, which is

generally when the risk commences.

Dividend income

Dividend income from investments is recognised when

the shareholders’ rights to receive payment have been

established.

Interest income

Interest income from a financial asset is accrued on a time

basis, by reference to the principal outstanding and at the

effective interest rate applicable.

Classification of insurance contractsContracts under which the Company accepts significant

insurance risk from another party (the policyholder)

by agreeing to compensate the policyholder or other

beneficiary if a specified uncertain future event (the

insured event) adversely affects the policyholder or other

beneficiary are classified as insurance contracts. Insurance

risk is risk other than financial risk. 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 to the contract. Insurance contracts may also

transfer some financial risk.




保險合約分類（續）當承保事件可能引致本公司賠付重大

額外利益時，保險風險乃屬重大。一旦

合約歸類為保險合約，在全部權利及

義務獲解除或屆滿前，其將一直歸類

為保險合約。

保險合約的確認及計量

未滿期保費儲備

未滿期保費儲備包括於結算日過後的

風險期間按時間比例計算的承保保費

總額的部份。分保公司所佔的未滿期

保費儲備在財務報告分開計算及呈

列。

賠償

一般保險業務所產生的賠償包括年內

已支付的賠償及賠償處理費用，以及

未決賠償準備的變動。

未決賠償儲備

本公司已就在結算日的已通知但未償

付及已發生但未申報（「已發生但未申

報」）的索償的估計費用作出準備。此

外，本公司亦已就在結算日已通知但

未償付的索償的估計費用及已發生但

未申報的支出費用作出準備。

再保險

本公司在日常業務過程中會分出再保

險以分散風險，限制其賠款凈額風險。

已分出的再保險合約所產生的資產、

負債、收入及支出與有關保險合約的

相關資產、負債、收入及支出分開呈

列，原因是再保險安排並無解除本公

司對保單持有人的直接責任。


Classification of insurance contracts (Continued)

Insurance risk is significant if, and only if, an insured event

could cause the Company to pay significant additional

benefits. Once a contract is classified as an insurance

contract it remains classified as an insurance contract until

all rights and obligations are extinguished or expire.

Recognition and measurement of insurance contractsUnearned premium reserve

Unearned premium reserve comprises the proportion

of gross premiums written relating to the period of risk

subsequent to the balance sheet date calculated on a

time-apportioned basis. Reinsurers’ share of unearned

premium reserve is calculated and presented separately in

the financial statements.

Claims

Claims incurred in respect of general business consist

of claims and claims handling expenses paid during the

year together with the movement in the provision for

outstanding claims.

Outstanding claims reserve

Provision is made for the estimated cost of claims notified

but not settled at the balance sheet date and for the

estimated cost of claims incurred but not reported (“IBNR”)

by that date. Provision is also made for the estimated cost

of servicing claims notified but not settled at the balance

sheet date and IBNR at the balance sheet date.

Reinsurance

The Company cedes reinsurance in the normal course of

business for the purpose of limiting its net loss exposure

through the diversification of its risks. Assets, liabilities

and income and expenses arising from ceded reinsurance

contracts are presented separately from the assets,

liabilities, income and expenses of the related insurance

contracts because the reinsurance arrangements do

not relieve the Company from its direct obligations to its

policyholders.




保險合約的確認及計量（續）

再保險（續）

只有引致保險風險大部份轉移的合

約，方可列作再保險合約。合約下並無

轉移大部份保險風險的權利列作金融

工具。

再保險保費及可攤回賠償按總額確

認。可予追討的再保險佣金在分保公

司接納有關的再保險合約時在損益表

確認為收入。

已分出予分保公司的保費乃根據有關

保險合約的承保保費總額的確認基準

確認為支出。已分出予分保公司的保

費根據預期再保險風險種類於相關再

保險承保期間予以支銷。已分出予分

保公司的保費中未到期部份計入分保

公司應佔未滿期保費儲備。

就已付索賠應收分保公司的回撥款項

歸類為應收賬款，並在資產負債表內

列為保險客戶應收賬款。

分保公司應佔的保險合約準備指應收

分保公司分出的保險負債的款項。該

準備包括分保公司應佔的未滿期保費

的準備及未決賠償儲備的準備。

於各結算日，應收分保公司的回撥款

項均會進行減值評估（請參看財務及

保險相關金融資產減值的會計政策）。

負債充足性測試

於各結算日，本公司均會採用目前對

其保險合約的未來現金流估計來評估

其已確認保險責任，以確定其是否充

足。倘若評估顯示就估計未來現金流

而言其保險責任的賬面值不足，則全

部不足金額會於損益賬內確認。

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)Recognition and measurement of insurance contracts (Continued)Reinsurance (Continued)Only contracts that give rise to a significant transfer of insurance risk are accounted for as reinsurance contracts. Rights under contracts that do not transfer significant insurance risk are accounted for as financial instruments.

Reinsurance premiums and claims recoverable are recognised on a gross basis. Reinsurance commissions recoverable are recognised as income in the income statement, when the related reinsurance contracts are accepted by the reinsurers.

Premiums ceded to reinsurers are recognised as an expense on a basis that is consistent with the recognition basis for the gross premiums written on the related insurance contracts. Premiums ceded to reinsurers are expensed over the period that the reinsurance cover is provided based on the expected pattern of the reinsured risks. The unexpired portion of premiums ceded to reinsurers is included in the reinsurers’ share of unearned premium reserve.

Recoveries due from reinsurance companies in respect of claims paid are classified as receivables and are included within the insurance receivables in the balance sheet.

Reinsurers’ share of insurance contracts provision represents the balance due from reinsurance companies for ceded insurance liabilities. It includes the reinsurers’ share of provision for unearned premiums and provision for outstanding claims reserve.

Recoveries due from reinsurance companies are assessed for impairment at each balance sheet date (see accounting policy on impairment of financial and insurance-related financial assets).

Liability adequacy testAt each balance sheet date, the Company assesses its recognised insurance liabilities to determine whether they are adequate, using current estimates of future cash flows under its insurance contracts. If the assessment shows that the carrying amounts of its insurance liabilities are inadequate in the light of the estimated future cash flows, the entire deficiency is recognised in profit or loss.




物業及設備物業及設備以成本減期後累計折舊及

累計減值虧損列賬。

物業及設備項目的折舊乃按估計使用

年期及經計及其估計剩餘價值，以直

線法沖銷其成本。

物業及設備項目乃於出售時或預期繼

續使用該資產不會產生未來經濟利益

時終止確認。終止確認資產所產生的

任何收益或虧損（以出售所得款項淨

額與該項目的賬面值的差額計算），乃

於終止確認該項目的年度內計入損益

表。

投資物業投資物業乃持有賺取租金的物業。

於初次確認時，投資物業乃以成本（包

括任何直接應佔支出）計量。初次確認

後，投資物業乃按成本減其後累計折

舊及累計減值虧損列賬。折舊乃以直

線法扣除，以於估計使用年期撇銷投

資物業的成本。

投資物業於出售、或永久不再使用並

且預期不能從出售中獲取未來經濟利

益時終止確認。於終止確認該資產時

產生的任何收益或虧損（以資產出售

所得款項淨額與賬面值的差額計算）

乃於終止確認該項目的年度計入損益

表。


Property and equipmentProperty and equipment are stated at cost less

subsequent accumulated depreciation and accumulated

impairment losses.

Depreciation is provided to write off the cost of items of

property and equipment over their estimated useful lives

and after taking into account of their estimated residual

value, using the straight-line method.

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 derecognition of the asset

(calculated as the difference between the net disposal

proceeds and the carrying amount of the item) is included

in the income statement in the year in which the item is

derecognised.

Investment propertiesInvestment properties are properties held to earn rentals.

On initial recognition, investment properties are measured

at cost, including any directly attributable expenditure.

Subsequent to initial recognition, investment properties are

stated at cost less subsequent accumulated depreciation

and any accumulated impairment losses. Depreciation is

charged so as to write off the cost of investment properties

over their estimated useful lives using the straight-line

method.

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 the income statement in the year in which the

item is derecognised.




租賃倘租約的條款將有關資產所有權的絕

大部份風險及回報轉移予承租人，該

租約歸類為融資租約。所有其他租約

則歸類為經營租約。

本公司為出租人

經營租約的租金收入乃於相關租約年

期以直線法於損益表內確認。於磋商

及安排經營租約引起的初期直接成本

乃加至該租賃資產的賬面值上，並按

租約年期以直線法確認為支出。

外幣以本公司功能貨幣以外的貨幣（外幣）

進行的交易乃按交易日期其外幣與功

能貨幣的適用匯率記錄。於各結算日，

以外幣計值的貨幣項目乃按結算日適

用的匯率重新換算。以外幣計值並按

公平價值列賬的非貨幣項目，乃按釐

定公平價值當日的適用匯率重新換

算。以外幣並按歷史成本計算的非貨

幣項目則不重新換算。

因結算貨幣項目及重新換算貨幣項目

而產生的匯兌差額，將於其產生期間

內的損益賬確認。因重新換算按公平

價值列賬的非貨幣項目而產生的匯兌

差額，將撥入期內的損益賬。

退休福利成本定額供款退休福利計劃的付款乃於僱

員提供服務使其有權取得供款時計作

支出。


LeasingLeases 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.

The Company as lessor

Rental income from operating leases is recognised in

the income statement 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 as

an expense on a straight-line basis over the lease term.

Foreign currenciesTransactions in currencies other than the functional

currency of the Company (foreign currencies) are recorded

in its functional currency at the rates of exchanges

prevailing on the dates of the transactions. At each

balance sheet date, monetary items denominated in

foreign currencies are retranslated at the rates prevailing

on the balance sheet 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.

Exchange differences arising on the settlement of

monetary items, and on the retranslation of monetary

items, are recognised in profit or loss in the period in

which they arise. Exchange differences arising on the

retranslation of non-monetary items carried at fair value are

included in profit or loss for the period.

Retirement benefit costsPayments to defined contribution retirement benefit

plans are charged as an expense when employees have

rendered service entitling them to the contributions.




稅項所得稅支出指目前應繳稅項與遞延稅

項的總額。

目前應繳稅項根據本年度的應課稅溢

利計算。應課稅溢利不同於損益表內

呈報的溢利，因為其並無計入其他年

度的應課稅或可扣減收支項目，亦無

計入毋須課稅及不獲扣減的項目。本

公司就即期稅項的負債使用於結算日

已頒佈或實質頒佈的稅率計算。

遞延稅項乃按財務報告內資產及負債

賬面值與計算應課稅溢利所用相應稅

基間的臨時性差異予以確認，並採用

資產負債表負債法列賬。遞延稅項負

債一般按所有應課稅的暫時性差異予

以確認，而遞延稅項資產則一般按可

能會出現可用以抵銷可扣減臨時性差

異的應課稅溢利而予以確認。

遞延稅項資產的賬面值於各結算日進

行檢討，及於不再可能有足夠應課稅

溢利能用作收回全部或部份資產時須

予調低。

遞延稅項資產及負債按預計於償還負

債或變現資產的期間所採用的稅率計

量。遞延稅項於損益賬內扣除或計入，

除非與直接在權益內扣除或計入的項

目有關，於此情況下遞延稅項亦於權

益內處理。


TaxationIncome 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 as reported in the

income statement 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 balance sheet date.

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, and is accounted

for using the balance sheet liability method. Deferred tax

liabilities are generally recognised for all taxable temporary

differences and deferred tax assets are generally

recognised to the extent that it is probable that taxable

profits will be available against which deductible temporary

differences can be utilised.

The carrying amount of deferred tax assets is reviewed at

each balance sheet date 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. Deferred tax is

charged or credited to profit or loss, except when it relates

to items charged or credited directly to equity, in which

case the deferred tax is also dealt with in equity.




金融工具金融資產及金融負債於本公司成為金

融工具合同條文的訂約方時在資產負

債表上確認。金融資產及金融負債初

次按公平價值計算。直接用於收購或

發行金融資產及金融負債的交易成本

（按公平價值在損益賬處理的金融資

產或金融負債除外）將於初次確認時

從有關金融資產或金融負債的公平價

值計入或扣除（倘適用）。收購按公平

價值在損益賬處理的金融資產或金融

負債的直接交易成本，則立即在損益

賬內確認。

金融資產

本公司的金融資產分類為按公平價值

在損益賬處理的金融資產、貸款及應

收賬款以及可供售金融資產。有關分

類視乎金融資產的性質和目的及於初

次確認時釐定。所有按正常途徑購買

或出售的金融資產乃以交易日為基準

確認及終止確認。按正常途徑購買或

出售乃指該等金融資產的購買或出售

須按巿場規則或慣例於既定時限內予

以交付。

實際利率法

實際利率法是一種用於計算金融資產

的攤銷成本及分配相關期間內利息收

入的方法。實際利率乃於初次確認時

按金融資產的預期年期或適用的較短

期間內準確折算估計未來收取的現金

（包括構成實際利率一部分的已付或

已收取的所有費用、交易成本及其他

溢價或折讓）至賬面淨值的利率。

利息收入按實際利率基準確認。

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)Financial instrumentsFinancial assets and financial liabilities are recognised on

the balance sheet 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.

Financial assetsThe Company’s financial assets are classified into financial

assets at fair value through profit or loss (“FVTPL”), loans

and receivables and available-for-sale financial assets

(“AFS”). 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.

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 amounts

on initial recognition.

Interest income is recognised on an effective interest

basis.




金融工具（續）金融資產（續）

按公平價值在損益賬處理的金融資產


有兩個次類別，包括持作買賣的金融

資產和在初次確認時指定按公平價值

在損益賬處理的金融資產。

倘屬下列情況，金融資產則分類為屬

持作買賣：

• 所收購的金融資產主要用於在不

久將來出售；或

• 屬於本公司整體管理的可辨別金

融工具組合的一部分，且近期事

實上有出售以賺取短期溢利的模

式；或

• 屬於衍生工具（除指定及具有有

效對沖作用的工具之外）。

倘出現下列情況，持作買賣的金融資

產以外的金融資產可於初次確認時劃

分為按公平價值在損益賬處理的金融

資產：

• 有關劃分撇銷或大幅減低計量或

確認原應出現的不一致情況；

• 金融資產組成金融資產或金融負

債各部份或兩者，並根據本公司

既定風險管理或投資策略，按公

平價值基準管理及評估其表現，

而分類資料則按該基準由內部提

供；或

• 金融資產組成包含一種或以上嵌

入式衍生工具的合約其中部份，

且整份合併合約（資產或負債）

劃分為按公平價值在損益賬處理

的金融資產。

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)Financial instruments (Continued)Financial assets (Continued)Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss has two

subcategories, including financial assets held-for-trading

and those designated at fair value through profit or loss on

initial recognition.

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 fair value through profit or

loss upon initial recognition if:

• such designation eliminates or significantly reduces a

measurement or recognition inconsistency that would

otherwise arise;

• 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

• it forms part of a contract containing one or more

embedded derivatives and the entire combined

contract (asset or liability) is designated as at fair

value through profit or loss.






（續）


按公平價值計量，因重新計量引致的

公平價值變動在出現期間直接在損益

賬確認。在損益賬中確認的收益或虧

損淨額不包括就金融資產賺取的任何

股息或利息及包括於損益表內的其他

收入╱其他收益或虧損項目。

貸款及應收賬款

貸款及應收賬款為款項固定或可釐定

的非衍生工具金融資產，且並無在活

躍市場上報價。在初次確認後，貸款及

應收賬款（包括其他應收賬款、已抵押

銀行存款以及銀行結餘及銀行現金）

以運用實際利率法攤銷的成本減任何

已識別減值虧損列賬（請參看下文財

務及保險相關金融資產減值的會計政

策）。

可供出售金融資產

可供出售金融資產為指定為或並非分

類為按公平價值在損益賬處理的金融

資產、貸款及應收賬款或持至到期投

資的非衍生工具。

於每個結算日，本公司持有並且分類

為可供出售及在活躍市場買賣的股票

及債務證券按公平價值計量。對於有

關使用實際利率法計算利息收入的可

供出售貨幣性金融資產及可供出售股

本投資的股息，其賬面值變動於損益

賬內確認。其他可供出售金融資產的

賬面值變動於其他全面收益內確認及

於投資重估儲備項下累計。當有關投

資被出售或被釐定為減值時，先前於

投資重估儲備內累計的累計收益或虧

損在損益賬內重新分類（請參看下文

有關金融資產及保險相關金融資產減

值的會計政策）。

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)Financial instruments (Continued)Financial assets (Continued)Financial assets at fair value through profit or loss

(Continued)Financial assets at FVTPL are measured at fair value,

with changes in fair value arising from remeasurement

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 other income/other gains or

losses line item in the income statement.

Loans and receivables

Loans and receivables are non-derivative financial assets

with fixed or determinable payments that are not quoted in

an active market. Subsequent to initial recognition, loans

and receivables including other receivables, pledged bank

deposits and bank balances and cash at banks, are carried

at amortised cost using the effective interest method, less

any identified impairment losses (see accounting policy

on impairment of financial and insurance-related financial

assets below).

Available-for-sale financial assets

Available-for-sale (“AFS”) financial assets are non-

derivatives that are either designated or not classified as

financial assets at FVTPL, loans and receivables or held-

to-maturity investments.

Equity and debt securities held by the Company that

are classified as AFS and are traded in an active market

are measured at fair value at each balance sheet date.

Changes in the carrying amount of AFS monetary financial

assets relating to interest income calculated using the

effective interest method and dividends on AFS 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 investments

revaluation reserve. When the investment is disposed of

or is determined to be impaired, the cumulative gain or

loss previously accumulated in the investments revaluation

reserve is reclassified to profit or loss (see the accounting

policy in respect of impairment of financial assets and

insurance-related financial assets below).





可供出售金融資產（續）

當本公司收取股息的權利獲確立時，

於損益賬內確認可供出售股本工具的

股息。

於每個結算日，在活躍市場並無市場

報價及其公平價值不能可靠地計量的

可供出售股本工具，以及與該等無報

價股本投資掛鈎及必須透過交付該等

無報價股本投資結算的衍生工具，按

成本減任何已識別減值虧損計量（請

參看下文有關金融資產及保險相關金

融資產減值的會計政策）。

財務及保險相關金融資產的減值

金融資產（按公平價值在損益賬處理

的金融資產除外）及保險相關金融資產

於每個結算日評估是否有減值跡象。

倘有客觀證據證明初步確認資產後發

生的一項或多項事件令資產的估計未

來現金流量受到影響，則財務及保險

相關金融資產屬已減值。

就可供出售股本投資而言，倘該項投

資的公平價值大幅或長期跌至低於其

成本，即視為減值的客觀證據。


Financial instruments (Continued)

Financial assets (Continued)

Available-for-sale financial assets (Continued)

Dividends on AFS equity instruments are recognised in

profit or loss when the Company’s right to receive the

dividends is established.

AFS 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 each balance sheet date (see the

accounting policy in respect of impairment of financial

assets and insurance-related financial assets below).

Impairment of financial and insurance-related financial

assets

Financial assets, other than those at FVTPL, and

insurance-related financial assets are assessed for

indicators of impairment at each balance sheet date.

Financial and insurance-related financial assets are

impaired where there is objective evidence that, as a

result of one or more events that occurred after the initial

recognition of the asset, the estimated future cash flows of

the asset have been affected.

For the AFS equity investment, a significant or prolonged

decline on the fair value of that investment below its cost is

considered to be objective evidence of impairment.




金融工具（續）財務及保險相關金融資產的減值

（續）

客觀減值證據可包括︰

• 發行人或對手方遇到嚴重財政困

難；或

• 違約，例如逾期或拖欠利息或本

金還款；或

• 借款人有可能破產或進行財務重

組；或

• 該項金融資產因遇上財政困難而

沒有活躍的市場。

就按攤銷成本列賬的財務及保險相關

金融資產而言，減值虧損乃於有客觀

證據證明資產出現減值時於損益賬內

確認，並按該資產的賬面值與按原先

實際利率折算的估計未來現金流量現

值之間的差額計量。倘於往後期間，減

值虧損金額減少，而該減少可客觀地

與確認減值虧損後發生的事件有關，

則先前確認的減值虧損透過損益賬撥

回，惟該資產於撥回減值當日的賬面

值不得超過在並無確認減值的情況下

應有的攤銷成本。

金融資產的賬面值須減去就所有財務

及保險相關金融資產在損益賬直接處

理的減值虧損。




assets (Continued)

Objective evidence of impairment could include:

• significant financial difficulty of the issuer or

counterparty; or

• breach of contract, such as default or delinquency in

interest or principal payments; or

• it becoming probable that the borrower will enter

bankruptcy or financial re-organisation; or

• disappearance of an active market for that financial

asset because of financial difficulties.

For financial and insurance-related financial assets carried

at amortised cost, an impairment loss is recognised in

profit or loss when there is objective evidence that the

asset is impaired, and is measured as the difference

between the asset’s carrying amount and the present

value of the estimated future cash flows discounted at

the original effective interest rate. If, in a subsequent

period, the amount of impairment loss decreases and the

decrease can be related 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.

The carrying amount of the financial asset is reduced by

the impairment loss directly through profit or loss for all

financial and insurance-related financial assets.




金融工具（續）財務及保險相關金融資產的減值

（續）

當可供出售金融資產被視為減值時，

先前於其他全面收益確認的累計收益

或虧損於減值期間在損益賬內重新分

類。

可供出售股本投資的減值虧損不會透

過損益賬撥回。減值虧損過後，倘公平

價值有所增加，則直接於其他全面收

益確認及於投資重估儲備內累計。就

可供出售債務投資而言，倘投資的公

平價值增加與確認減值虧損後發生的

事件具有客觀關係，則其後透過損益

賬撥回減值虧損。

金融負債及權益

本公司發行的金融負債及股本工具根

據所訂立的合約安排的實質內容以及

金融負債及股本工具的定義而歸類。

股本工具

股本工具指能證明擁有本公司在減除

其所有負債後的資產中的剩餘權益的

任何合約。本公司發行的股本工具按

收取的所得款項減直接發行成本記

錄。




assets (Continued)

When an available-for-sale financial asset is considered

to be impaired, cumulative gains or losses previously

recognised in other comprehensive income are reclassified

to profit or loss in the period in which the impairment takes

place.

Impairment losses on available-for-sale equity investments

will not be reversed through profit or loss. Any increase in

fair value subsequent to an impairment loss is recognised

directly in other comprehensive income and accumulated

in investment revaluation reserve. For available-for-sale

debt investments, impairment losses are subsequently

reversed through profit or loss if an increase in the fair

value of the investment can be objectively related to an

event occurring after the recognition of the impairment

loss.

Financial liabilities and equity

Financial liabilities and equity instruments issued by the

Company are classified according to the substance of the

contractual arrangements entered into and the definitions

of a financial liability and an equity instrument.

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 recorded at the proceeds received, net

of direct issue costs.




金融工具（續）金融負債及權益（續）

金融負債

金融負債（包括應付股息及其他應付

賬款）其後以運用實際利率法攤銷的

成本計量。

終止確認

只有當從資產獲得現金流量的權利屆

滿，或當其向另一實體轉讓金融資產

及擁有該資產的絕大部份風險和回報

時，本公司才會終止確認金融資產。

倘本公司並非轉讓或保留擁有權的絕

大部份風險和回報及繼續控制獲轉讓

資產，本公司終止確認其於資產的保

留權益及其可能須支付金額的聯繫負

債。倘本公司保留獲轉讓金融資產擁

有權的絕大部份風險及回報，本公司

繼續確認金融資產，並會確認已收所

得款項的有抵押借貸。

一旦終止確認整項金融資產，資產的

賬面值與已收取及應收取的代價及已

在其他全面收益內確認及在權益內累

計的累計損益的總和之間的差額會在

損益賬中確認。

當及只有當本公司的義務解除、被取

消或屆滿時，本公司才會終止確認金

融負債。終止確認的金融負債的賬面

值與已付及應付的代價之間的差額會

在損益賬中確認。



Financial liabilities and equity (Continued)

Financial liabilities

Financial liabilities, including dividend payable and other

payables, are subsequently measured at amortised cost,

using the effective interest method.

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 recognises its retained interest in the asset

and an associated liability for amounts it may have to

pay. 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 financial liabilities when, and

only when, the Company’s obligations are discharged,

cancelled or they expire. The difference between the

carrying amount of the financial liability derecognised and

the consideration paid and payable is recognised in profit

or loss.




非金融資產減值於每個結算日，本公司檢討其非金融

資產的賬面值，以釐定是否有跡象顯

示該等資產出現減值虧損。倘若資產

的估計可收回金額低於其賬面值，則

將該資產的賬面值調低至其可收回金

額。減值虧損即時確認為支出。

倘減值虧損隨後撥回，該資產的賬面

值將增至重新估計的可收回金額，惟

增加後的賬面值不得超過資產於過往

年度並無確認減值虧損時原應獲釐定

的賬面值。減值虧損的撥回即時確認

為收入。

現金及現金等價物現金及現金等價物包括銀行結餘及其

他可隨時兌換為已知現金金額的短期

且高度流動的投資，該等投資的價值

變動風險輕微。

3. 資本、保險及財務風險管理

資本風險管理本公司管理其資本，以確保其能夠繼

續持續經營，與此同時亦盡量提高股

東回報。此外，保險活動管制法例實施

法定資本規定。本公司於整個年度已

遵守該等規定。本公司的整體策略與

去年保持不變。


Impairment of non-financial assetsAt each balance sheet date, the Company reviews the

carrying amounts of its non-financial assets to determine

whether there is any indication that those assets have

suffered an impairment loss. If the recoverable amount

of an asset is estimated to be less than its carrying

amount, the carrying amount of the asset is reduced to its

recoverable amount. An impairment loss is recognised as

an expense immediately.

Where an impairment loss subsequently reverses, the

carrying amount of the asset is increased to the revised

estimate of its recoverable amount, but so that the

increased carrying amount does not exceed the carrying

amount that would have been determined had no

impairment loss been recognised for the asset in prior

years. A reversal of an impairment loss is recognised as

income immediately.

Cash and cash equivalentsCash and cash equivalents comprise bank balances and

other short-term highly liquid investments that are readily

convertible to a known amount of cash and subject to an

insignificant risk of changes in value.

3. CAPITAL, INSURANCE AND FINANCIAL RISK MANAGEMENTCapital risk managementThe Company manages its capital to ensure that it

will be able to continue as a going concern while

maximising the return to shareholders. In addition,

statutory capital requirements are imposed by the Macau

Insurance Ordinance. The Company complied with such

requirements throughout the year. The Company’s overall

strategy remains unchanged from prior year.



3. 資本、保險及財務風險管理（續）

風險管理目標及政策本公司主要於澳門經營承保一般保險

業務。本公司維持一套風險管理架構，

以控制有關承保業務的風險。本公司

已設立承保委員會及賠償委員會，以

識別、控制及監控本公司所承受的風

險，並建議及實施必要而合理的降低

風險措施。該等委員會主要由總經理

室成員及有關部門主管組成。該等委

員會訂立的指引及作出的決定由有關

部門執行。本公司的政策規定，該等委

員會須定期舉行會議，不時檢討及修

訂本公司的承保指引、賠償程序及業

務策略。本公司的策略旨在提倡及保

持高度專業水平、道德操守及誠信的

文化。為嚴格執行風險管理，本公司規

定全體僱員均須嚴格遵行有關指引。

本公司的風險管理目標如下：

(i) 透過控制整體風險及安排足夠的

再保險，減少不明朗因素及波動

幅度。

(ii) 對本公司承保的風險有清楚、明

確及透徹的了解。

(iii) 確保風險定價足夠。

(iv) 經中國太平保險集團批准，安排

審慎而充足的再保險分出予分保

公司，以保障本公司的資本。

3. CAPITAL, INSURANCE AND FINANCIAL RISK MANAGEMENT (Continued)

Risk management objectives and policiesThe Company is principally engaged in the underwriting

of general insurance business in Macau. The Company

maintains a risk management framework which controls

exposure to risks in connection with the underwriting

business. The Underwriting Committee and Claims

Committee identify, control and monitor the Company’s

exposure to the risks taken, and also recommend and

implement necessary and reasonable measures to mitigate

them. These committees consist of members from the

management office and heads of relevant departments.

The guidelines and decisions of these committees are

implemented by the relevant departments. It is the

Company’s policy that these committees hold regular

meetings to review and revise the Company’s underwriting

guidelines, claims procedures and business strategies

from time to time. It is the Company’s strategy to promote

and maintain a culture of high level of professional

standard, moral value and integrity. In adopting a rigorous

approach to risk management, the Company requires that

all employees must strictly observe and comply with the

guidelines.

Risk management objectives of the Company are:

(i) To reduce the uncertainty and volatility by controlling

aggregate exposures and arranging adequate

reinsurance.

(ii) To have a c l ea r, accu ra te and tho rough

understanding of the risks that the Company

underwrites.

(iii) To ensure adequate pricing of risks.

(iv) To arrange prudent and adequate reinsurance with

the reinsurers, approved by CTIG, to protect the

capital of the Company.




風險管理目標及政策（續）

(v) 確保有足夠的再保險以支持本公

司核心保險業務的發展。

(vi) 奉行、履行及遵守法律、中國太

平保險集團規定及內部指引。

總經理室成員均由中國太平保險集團

委任。各成員獲賦予明確的授權，可按

照經中國太平保險集團批准的業務計

劃進行本公司業務。總經理室遵行集

體責任制。

成立風險管理架構，旨在便利本公司

有效管理下列風險：

(i) 與本公司核心業務直接相關的風

險，包括直接承保及賠償管理。

(ii) 與本公司其他非核心業務直接相

關的風險，包括人力資源、資產

估值、企業及分出再保險予分保

公司，以及資訊科技。

(iii) 與基金管理直接相關的風險，包

括營運、現金流、買賣及證券風

險。

本公司會不時檢討及改善風險管理架

構，以保障股東及保單持有人的利益。


Risk management objectives and policies (Continued)

(v) To ensure adequate reinsurance to support the

development of the core insurance business of the

Company.

(vi) To observe, satisfy and comply with laws, the

requirements of CTIG and the internal guidelines.

Members of the management office are appointed by

CTIG. Each member is given a specific delegated authority

to conduct business of the Company according to the

business plans approved by CTIG. The management office

follows a system of collective responsibility.

The aim of establishing a risk management framework

is to allow the Company to manage the following risks

effectively:

(i) Risks directly associated with the core business of

the Company, namely direct insurance underwriting

and claims management.

(ii) Risks directly associated with the other non-

core operations of the Company, namely human

resources, asset valuation, corporate and reinsurers

for reinsurance outwards and information technology.

(iii) Risks directly associated with funds management,

namely, operational, cash flow, trading and security

risks.

The Company reviews and improves the risk management

framework from time to time to protect the interests of

shareholders and policyholders.




承保策略保險合約的本質在於保障保單持有人

的財務利益，免受隨時發生及無法預

料的事件影響。保單持有人透過保險

將其風險轉嫁承保人。不明朗因素是

保險固有的部份，而保險合約引起的

不明朗因素可對本公司現金流量的數

額、時間安排及不明朗因素有深遠的

影響。本公司已考慮可能引致該等事

件發生的偶然事故以及出現虧損的嚴

重程度和頻密程度。倘一般價格水平、

立法及司法詮釋以及訴訟裁決的趨勢

出現變動，賠償儲備金的水平可能遭

受重大影響。由於賠償申索的報告及

清結時間有重大差距，本公司的政策

是為未決及未到期賠償審慎地維持儲

備金。儲備金乃經分析過往承保結果

及賠償進度的記錄後設立，並不時作

出嚴格檢討。各承保人員均須於承保

風險前評估累計風險及所承受的總風

險，並須安排足夠的再保險以控制總

風險。

本公司向承保部門主管及富經驗的承

保人授出承保權。承保委員會已發出

一份承保手冊，當中明確列出各級承

保人的承保權。倘風險超逾承保部門

主管的承保權，則須交由承保委員會

審閱及審批。

本公司於其營運過程中承受各種訴

訟、調解及仲裁風險。這種情況在保險

業內十分常見。然而，本公司無法保證

日後的訴訟、調解及仲裁事宜將不會

於任何會計期間嚴重影響本公司的財

務狀況及現金流。


Underwriting strategyThe nature of insurance contracts is to protect

policyholders financially from random or unpredictable

events. Policyholders transfer risks by insurance to

insurers. Uncertainty is an inherent part of insurance, and

uncertainty arising from insurance contracts can have a

profound impact on the amount, timing and uncertainty of

cash flows of the Company. The Company has considered

the possible contingencies of the occurrence of events,

and the severity and frequency of loss. Changes in the

general price level, legislation and judicial interpretation

as well as the trend of legal award may have a significant

impact on the level of claims reserves. As there are

significant time lags between the report and settlement

of claims, it is the policy of the Company to maintain

prudent reserves for outstanding and unexpired claims.

Reserves are established by analysing historical records

of underwriting results and claims development, subject

to rigorous review from time to time. Each underwriting

personnel is required to assess the accumulation of risks

and aggregate exposure before acceptance of risk, and

should arrange adequate reinsurance to control aggregate

exposure.

The Company delegates underwriting authority to the

head of underwriting department and the experienced

underwriters. The Underwriting Committee has issued

an underwriting manual which specifies the different

underwriting authorities for underwriters at each level.

Risks that exceed the underwriting authority of the head

of underwriting department have to be reviewed and

approved by the Underwriting Committee.

The Company is subject to various litigation, mediation

and arbitration risks during the course of its operations.

This is not uncommon in the insurance industry.

Nevertheless, there is no assurance that future litigation,

mediation and arbitration will not materially affect the

financial position and cash flows of the Company in any

accounting period.




再保險策略本公司會以合約及臨時方式安排比例

再保險及非比例再保險。選擇再保險

合約時會視乎市況、市場慣例及業務

性質而定。承保部門會就各類業務安

排合約再保險，惟須獲本公司總經理

室及中國太平保險集團批准。合約再

保險的合約會每年續期。倘個別風險

未能被合約再保險涵蓋或超出合約再

保險範圍，則會安排臨時再保險。安排

臨時再保險是承保部門的責任，其主

管就其所獲賦予的授權已獲清晰指引

及明確限制。

再保險不會解除本公司對直接保單持

有人的主要責任。本公司的財務狀況

或會因分保公司無力償付和再保險合

約及賠償賠付處理的糾紛而受到影

響。為減低有關風險，本公司會定期監

查分保公司的財務實力。再者，需要分

出再保險時，本公司會按照中國太平

保險集團周全的再保險指引，從經中

國太平保險集團核准的分保公司名單

審慎地甄選分保公司。本公司會定期

檢討再保險賬戶清結的進度。

賠償管理本公司將賠償管理工作委派予賠償部

門主管及富經驗的賠償處理人員。賠

償部門負責各類賠償申索。賠償委員

會已發出賠償管理手冊，當中明確列

出各級賠償處理人員的權力。倘賠償

額超逾賠償部門主管的授權，則須交

由賠償委員會審閱及審批。賠償委員

會規定賠償處理人員須每季審閱及更

新所有賠償。


Reinsurance strategyThe Company arranges proportional reinsurance and non-

proportional reinsurance on both treaty and facultative

basis. The choice of reinsurance contract depends on

market conditions, market practice and the nature of

business. The underwriting department arranges treaty

reinsurance for all classes of business, subject to the

approval of the management office of the Company and

CTIG. Treaty reinsurance contracts are renewed annually.

Facultative reinsurance is arranged when an individual

risk is not covered by treaty reinsurance or exceeds treaty

reinsurance capacity. The arrangement of facultative

reinsurance is the responsibility of the underwriting

department, the head of which is given clear guidelines

and specific limits on his or her delegated authority.

Reinsurance does not relieve the Company from its

primary obligation to direct insurance policyholders. The

Company’s financial position may be affected by the

insolvency of reinsurers, and disputes on reinsurance

contracts and claims settlement. To reduce such risks, the

Company monitors the financial strength of its reinsurers

on a regular basis. Furthermore, the Company carefully

selects reinsurers from the list of reinsurers approved by

CTIG when placing reinsurance, and adheres to CTIG’s

prudent reinsurance guidelines. The Company regularly

reviews the progress of settlement of the reinsurance

accounts.

Claims managementThe Company delegates claims management to the

head of claims department and the experienced claims

handlers. The claims department is responsible for all

classes of claims. The Claims Committee has issued a

claims management manual which specifies the authority

of claims handlers at each level. Settlement of claims

that exceed the delegated authority of the head of claims

department has to be reviewed and approved by the

Claims Committee. The Claims Committee requires claims

handlers to review and update all claims on a quarterly

basis.




賠償管理（續）根據過往對類似損失的經驗及賠償部

門主管的判斷，本公司按個別情況估

計所申報的賠償申索。如已齊備最新

的資料，對申報賠償的估計會每季檢

討及修訂。該等估計會被定期檢討，方

式是比較估計金額與最終賠償金額，

以確保儲備維持於足夠而審慎的水

平。

已發生但未申報的個別損失索償乃根

據過往類似個案的賠償進度作出估

計。整體已發生但未申報儲備會定期

檢討。

產品特點本公司主要在澳門承保一般保險，計

有各類保險，其中包括財產險、責任保

險、建築工程險、汽車保險及僱員賠償

保險。

除汽車保險及建築工程險的保單會分

別涵蓋汽車及工程的損害以及第三者

責任外，每份保單一般只涵蓋一類保

險。財產險涵蓋實質財產的損失及損

害，以及因有關損害導致的業務中斷，

惟須受限於有關限額及自負額。責任

保險會就涉及任何人士的身體傷害及

財產的損失或損害作出賠償的法律責

任，向投保人作出賠償，惟須受限於責

任限額及自負額。

汽車保險在澳門屬強制性保險，其中

包括車身損害及法律責任權益。受保

人可就汽車自身的損毀及第三者財產

損毀於短時間內獲得賠償，惟須受限

於有關限制及自負額。然而，倘賠償涉

及第三者人身損傷或死亡，則需較長

時間方可賠付。


Claims management (Continued)

The Company estimates reported claims on individual

basis, based on past experience of similar losses and the

judgment of the head of claims department. Estimates of

reported claims are reviewed and revised quarterly when

more up-to-date information is available. The estimates are

reviewed regularly by comparing the estimated amount to

the final settlement amount to ensure that the established

level of reserves is adequate and prudent.

IBNR claims of individual losses are estimated based on

historical claims development of similar cases. The overall

IBNR reserves are reviewed regularly.

Product featuresThe Company writes general insurance primarily in Macau,

which includes classes of insurance, inter alia, Property,

Liability, Construction All Risks (“CAR”), Motor, and

Employee’s Compensation (“EC”).

Each policy usually covers only one class of insurance

except for Motor and CAR policies, whereby they

cover damage to motor cars and construction works,

respectively, as well as third party liability. Property

insurance covers loss of and damage to material property

and business interruption arising from such damage,

subject to limits and excesses. Liability insurance

indemnifies the insured for legal liabilities of compensation

in respect of bodily injury and loss of or damage to

property of any person subject to limits of liability and

excesses.

Motor insurance is compulsory in Macau, which consists

of both own damage and legal liabilities benefits. It takes

a short time to indemnify the insured for own damage of

motor vehicles and third party property damage claims,

subject to limits and excesses. But it takes a longer period

of time to settle claims for losses in respect of third party

bodily injury or death.




產品特點（續）僱員賠償保障在澳門同屬強制性保

險，會就受保僱主的僱員因工及於僱

用期內死亡或承受身體損傷而向投保

僱主作出賠償，惟須受限於澳門僱員

賠償條例訂明的限額及權益。

建築工程險涵蓋受保工程的損失或損

害，以及因該項建築工程引致的法律

責任，惟須受限於有關限額及自負額。

財產險被視為屬於「短尾」，即支出增

大的重要性較小，原因是該等賠償大

部份可迅速賠付。大部份涉及僱員賠

償保險、汽車保險及責任保險的賠償

相對短尾，惟仍需較長時間了結及解

決若干訴訟申索。此等申索個案被視

為屬於「長尾」，因為於特定事故年度

的賠償大部份可能需要超過三年方能

全數理賠。建築工程險乃屬長尾業務，

原因是大部份保單的受保期超逾12個

月，外加保固期最少12個月。倘涉及第

三者人身損傷，可能需要數年方可了

結。

賠償申報的時間及全數賠付所需時間

視乎特定的涵蓋保障性質、保單條款

及司法權而定。

保險風險集中度受保期間，如發生可能嚴重影響本公

司負債的個別事件或連串事件，可能

產生集中風險。該等集中風險可能源

於個別保險合約或少數相關合約，並

與可能招致重大責任的情況有關。

本公司承受的集中風險來自保單持有

人所持保單所列的意外。為抵銷風險，

本公司會作出再保險安排。


Product features (Continued)

EC is also compulsory in Macau, which indemnifies

the insured employer for death or bodily injuries of its

employees arising out of and in the course of employment,

subject to the limits and benefits stipulated under the

Macau Employee Compensation Ordinance.

CAR insurance covers loss of or damage to insured works

and legal liabilities arising out of the construction works,

subject to limits and excesses.

Property insurance is considered ‘short-tailed’, which

means that expense deterioration is less important,

because most of these claims can be settled promptly.

The majority of the claims in respect of EC and Motor, and

Liability insurance have a relatively short tail, but it takes a

relatively longer period of time to finalise and settle some

litigation claims. It is considered as ‘long-tail’ as most of

these claims for a given accident year would be settled

in full after more than three years. CAR insurance is long-

tail business as most policies cover a period of insurance

longer than 12 months plus at least 12 months defective

period. In case of third party bodily injury claims, it would

take several years to finalise.

The timing of claims reporting and its time frame for full

settlement depends on the specific nature of coverage,

policy conditions, and jurisdiction.

Concentration of insurance risksWithin the insurance process, concentrations of risk may

arise where a particular event or series of events could

impact heavily upon the Company’s liabilities. Such

concentrations may arise from a single insurance contract

or through a small number of related contracts, and relate

to circumstances where significant liabilities could arise.

The Company is subject to concentration risk arising from

accidents on policies taken out by its policyholders. To

cover the risk, reinsurance arrangements are made by the

Company.




財務風險本公司的主要金融工具包括按公平價

值計入損益賬的投資、已抵押及受限

制銀行存款以及銀行結餘及銀行現

金、應付股息及其他應付賬款。該等

金融工具的詳情分別於附註中披露。

與該等金融工具相關的風險包括市場

風險（利率風險、價格風險及貨幣風

險）、信用風險及流動性風險。本公司

亦擁有承受類似風險的保險相關資產

和負債，包括再保險資產、保險客戶應

收賬款及應付賬款。減輕該等風險的

政策載於下文。管理層管理及監查該

等風險，以確保及時及有效地採取適

當措施。

市場風險

市場風險乃指因利率、證券價值或外

幣匯率變動造成金融工具的公平價值

變動而引致的風險。

利率風險

本公司因利率變動而需承受的市場風

險集中於其債務證券的投資、已抵押

及受限制存款以及銀行結餘及銀行現

金。本公司透過定期審核其資產及負

債狀況監控該風險。本公司會對現金

流量估值以及與投資組合有關的利率

波動的影響，進行定期模擬及檢討。


Financial risksThe Company’s major financial instruments include

investments at fair value through profit or loss, pledged

and restricted bank deposits and bank balances and

cash at banks, dividend payable and other payables.

Details of these financial instruments are disclosed in

respective notes. The risks associated with these financial

instruments include market risk (interest rate risk, price

risk and currency risk), credit risk and liquidity risk. The

Company also have insurance-related assets and liabilities,

including reinsurance assets, insurance receivables and

payables, which bear similar risks. The policies on how to

mitigate these risks are set out below. The management

manages and monitors these exposures to ensure

appropriate measures are implemented on a timely and

effective manner.

Market risk

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.

Interest rate risk

The Company’s exposure to market risk due to changes

in interest rate is concentrated in its investments in debt

securities, pledged and restricted deposits and bank

balances and cash at banks. The Company monitors this

exposure through periodic reviews of its asset and liability

positions. Estimates of cash flows, as well as the impact

of interest rate fluctuations relating to the investment

portfolio, are modelled and reviewed periodically.




財務風險（續）市場風險（續）

利率風險（續）

下表概述本公司計息金融資產的利率

風險。

於二零一二年十二月三十一日

於二零一一年十二月三十一日


Financial risks (Continued)

Market risk (Continued)

Interest rate risk (Continued)

The table below summarises the Company’s exposure to

interest rates from its interest bearing financial assets.

At 31 December 2012

實際利率

於二零一二年


賬面值

Effective

interest rate

Carrying

amount at

31.12.2012

澳門幣

MOP

債務證券 Debt securities 2.875% – 8% 254,820,645


以及銀行結存

Pledged and restricted deposits and

bank balances 0.06% – 2.1% 111,466,408

銀行存款 Bank deposits 1.083% – 2.7% 136,411,489

At 31 December 2011

實際利率

於二零一一年


賬面值

Effective

interest rate

Carrying

amount at

31.12.2011

澳門幣

MOP

債務證券 Debt securities 3.9% – 8% 204,356,200


以及銀行結存

Pledged and restricted deposits and

bank balances 0.22% – 1.5% 82,026,723

銀行存款 Bank deposits 0.7% – 2.6% 134,570,808





證券價格風險

本公司持有的有價權益證券組合及單

位信託基金於資產負債表以公平價值

列賬，並須承擔價格風險。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

具競爭力的回報。

外幣風險

保費主要以港幣、澳門幣及美元收取。

下表列示本公司貨幣資產及負債的賬

面值，以澳門幣以主要貨幣計值的等

值計算。





Equity price risk

The Company’s portfolio of marketable equity securities

and unit trust fund, which are carried on the balance

sheet at fair value, has exposure 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 competitive relative returns by investing in a

diversified portfolio of high quality and liquid securities.

Foreign currency risk

Premiums are received mainly in Hong Kong Dollars

(“HK$”), MOP and United States Dollars (“US$”). The

following tables present the Company’s carrying values

of monetary assets and liabilities, in Macau Patacas

equivalent, by major currencies.

As at 31 December 2012

港幣澳門幣美元人民幣其他總額

HK$ MOP US$ RMB Others Total

證券投資 Investments in securities 62,054,260 – 254,820,645 – – 316,874,905

保險及其他應收賬款 Insurance and other receivables 17,214,884 42,514,707 5,509,367 44,330 2,595 65,285,883

分保公司應佔

保險合約準備

Reinsurers’ share of

insurance contract provisions – 110,929,279 – – – 110,929,279


以及銀行結存

Pledged and restricted

deposits and bank balances 73,904,194 9,070,866 28,491,094 254 – 111,466,408

銀行及手頭現金 Cash at banks and in hand 53,569,096 65,347,507 6,403,930 17,102,927 – 142,423,460

保險合約準備 Insurance contract provisions – (434,939,640) – – – (434,939,640)

保險及其他應付賬款 Insurance and other payables (25,578,698) (37,314,116) (1,773,807) (506,682) – (65,173,303)

淨資產（負債） Net assets (liabilities) 181,163,736 (244,391,397) 293,451,229 16,640,829 2,595 246,866,992





外幣風險（續）


信用風險

信用風險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。

於二零一二年十二月三十一日，本公

司承擔的最高信用風險來自資產負債

表所載各已確認財務及保險相關資產

的賬面值。

本公司於債券的投資須承受信用風

險。該風險來自因債券發行人償還能

力出現不利變動引致潛在的市值損

失。投資於取得中國太平保險集團及

澳門金融管理局（「澳門金融管理局」）

批准的投資評級債券乃本公司限制信

用風險的政策。




Foreign currency risk (Continued)

As at 31 December 2011

港幣澳門幣美元人民幣其他總額

HK$ MOP US$ RMB Others Total

證券投資 Investments in securities 49,326,627 – 205,271,739 – – 254,598,366

保險及其他應收賬款 Insurance and other receivables 10,444,257 18,689,607 – – 3,505 29,137,369

分保公司應佔

保險合約準備

Reinsurers’ share of

insurance contract provisions – 74,384,098 – – – 74,384,098


以及銀行結存

Pledged and restricted

deposits and bank balances 71,382,107 9,347,442 1,297,047 127 – 82,026,723

銀行及手頭現金 Cash at banks and in hand 74,579,482 41,927,268 5,122,202 18,378,476 – 140,007,428

保險合約準備 Insurance contract provisions – (331,397,333) – – – (331,397,333)

保險及其他應付賬款 Insurance and other payables (14,899,169) (37,175,167) (1,450,568) – – (53,524,904)

應付股息 Dividend payable (16,480,000) – – – – (16,480,000)

淨資產（負債） Net assets (liabilities) 174,353,304 (224,224,085) 210,240,420 18,378,603 3,505 178,751,747

Credit riskCredit risk is the risk of economic loss resulting from the failure of one of the obligators to make any payment of principal or interest when due. As at 31 December 2012, the Company’s maximum exposure to credit risk is arising from the carrying amount of the respective recognised financial and insurance related assets as stated in the balance sheet.

The Company’s investments in bonds are subject to credit risk. The risk arises due to the potential loss in market value resulting from adverse changes in a bond issuer’s ability to repay. It is the Company’s policy to invest in investment grade bonds with the approval of CTIG and the Autoridade Monetária de Macau (“AMCM”) to limit exposure to credit risk.





Credit risk(Continued)

The Company is also exposed to credit risks associated

with the insurance and reinsurance receivables. To reduce

the credit risk with insurance and reinsurance receivables,

the Company takes into account, among other factors,

ratings and evaluation performed by recognised credit

rating agencies, claims payment and underwriting track

record, as well as the Company’s past transaction

experience with the relevant counterparty. The Company

also spreads out the credit risk on reinsurance receivables

by reinsuring with a number of reinsurers.

The credit risk on cash at banks is limited because the

counterparties are banks with high credit ratings assigned

by international credit-rating agencies.

The credit risk exposures on other assets are not

considered significant.

The Company has concentration of credit risk on liquid

funds as 38% (2011: 50%) of the Company’s bank

balances is held by Bank of China and on reinsurers’

share of insurance contract provisions as the amounts

at 31 December 2012 associated with three related

companies represent approximately 28% (2011: 32%) of

total reinsurers’ share of insurance contract provisions.

The Company does not have any other significant

concentration of credit risk, with credit risk exposure

spread over a number of counterparties.


財務風險（續）信用風險（續）

本公司亦面臨與保險及再保險應收賬

款有關的信用風險。為減低保險及再

保險應收賬款的信用風險，本公司會

考慮（其中包括）由認可的信用評級機

構作出的評級及評估、賠償付款及承

保往績記錄，以及本公司過往與相關

對手方進行交易的經驗等因素。本公

司亦透過與多個分保公司進行再保險

來分散再保險應收賬款的信用風險。

由於對手方均為獲國際信用評級機構

給予高信用評級的銀行，故此銀行現

金的信用風險有限。

其他資產的信用風險並不重大。

本公司分別有流動資金及分保公司

應佔保險合約準備的信用集中風險，

原因是本公司銀行結存的38%（二零

一一年：50%）由中國銀行持有及於二

零一二年十二月三十一日與三家關連

公司有關的金額相當於分保公司應佔

保險合約準備總額約28%（二零一一

年：32%）。本公司並無任何其他重大

信用集中風險，信用風險乃分散至多

個對手方。




財務風險（續）流動性風險

本公司須應付其現金資源的每日調

用，尤其是其保險合約產生的賠償費

用，因此存在現金不足以償還到期負

債的風險。

本公司透過制定有關流動資金管理的

政策及一般策略管理該風險，確保本

公司足以應付正常財務需求及備存充

裕的優質流動資產，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例外，本公

司經常留存適度的流動資金備用額，

作為應對突發大額資金需求的安全措

施，以及制定應急計劃以應付特定危

機。

公平價值金融資產及金融負債的公平價值按以

下方式釐定︰

• 具標準條款及條件且於活躍流動

市場買賣的金融資產的公平價值

乃經參考市場的買盤報價釐定；

及

• 其他金融資產及金融負債的公平

價值乃根據普遍採納的定價模式

並按使用現時可得市場交易價格

或比率的折現現金流量分析釐

定。

董事認為按攤銷成本記賬的金融資產

及金融負債的賬面值，與其公平價值

相若。



Liquidity risk

The Company has to meet daily calls on its cash

resources, notably from claims arising from its insurance

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 prepare for

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 specific crisis.

Fair valuesThe fair values of financial assets and financial liabilities are

determined as follows:

• the fair values of financial assets with standard terms

and conditions and traded in active liquid markets

are determined with reference to quoted market bid

prices; and

• the fair values of other financial assets and financial

liabilities are determined in accordance with generally

accepted pricing models based on discounted cash

flow analysis using prices or rates from observable

current market transactions as input.

The directors consider that the carrying amounts of

financial assets and financial liabilities recorded at

amortised cost approximate their fair values.



4. 關鍵會計判斷及估計不確定性的主要來源

於應用附註2所列載的本公司會計政策

時，本公司董事需要就未能從其他來

源得到其價值的資產及負債的賬面值

作出判斷、估計及假設。估計及相關假

設乃以過往經驗及認為屬有關的其他

因素為基礎。實際結果可能有別於該

等估計。

估計及相關假設會持續予以檢討。倘

會計估計修訂只影響該期間，則有關

修訂在修訂估計期間確認。倘有關修

訂既影響當期，亦影響未來期間，則有

關修訂在修訂期間及未來期間確認。

以下乃董事認為於應用實體會計政策

的過程中所作出，並且對財務報告內

確認的金額具有最重要影響的關鍵判

斷、估計及相關假設。

未決賠償儲備準備本公司使用建基於內部及市場數據兩

者的假設以計量其賠償虧損。內部數

據大多來自本公司的賠償報告及篩選

以往年度實際保險合約。本公司已檢

討個別合約，尤其是受保公司經營的

行業及賠償的實際風險年期。此外，估

計過程考慮影響合約所得現金流量的

金額和時間性的各種因素。董事相信，

於結算日的未決賠償儲備準備是足夠

的。

4. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTYIn the application of the Company’s accounting policies,

which are described in note 2, the directors of the

Company are required to make judgements, 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 judgements, 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 financial statements.

Provision for outstanding claims reserveThe Company uses assumptions based on a mixture

of internal and market data to measure its claims loss.

Internal data is derived mostly from the Company’s claims

reports and screening of the actual insurance contracts

carried out in prior years. The Company has reviewed

the individual contracts and in particular the industries

in which the insured companies operate and the actual

exposure years of claims. In addition, the estimation

process considers factors that influence the amount and

timing of cash flows from the contracts. The directors

believe that the provision for outstanding claims reserve is

adequate as at the balance sheet date.



4. 關鍵會計判斷及估計不確定性的主要來源（續）

保險客戶應收賬款及分保公司應佔保險合約準備的減值

保險合約應收賬款及分保公司應佔本

公司的保險合約準備的減值政策乃根

據對賬目收回能力及賬齡分析的評

估、每名對手方的過往收款紀錄以及

管理層的判斷而作出。評估該等應收

賬款的最終收回能力時，需要作出大

量判斷，包括對手方目前的信譽。

5. 收益收益指年內承保直接保險及分入再保

險業務所得的保費總額，並經扣除任

何授出的折扣。

4. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (Continued)

Impairment of insurance receivables and reinsurers’ share of insurance contract provisionsThe policy for impairment of insurance receivables and

reinsurers’ share of insurance contracts provisions of the

Company is based on the evaluation of collectability and

aging analysis of accounts, the past collection history of

each counterparty and on management’s judgment. A

considerable amount of judgement is required in assessing

the ultimate recoverability of these receivables, including

the current creditworthiness of the counterparty.

5. REVENUERevenue represents gross premiums written from direct

insurance and inward reinsurance business during the year

after deduction of any discounts granted.


2012 2011

直接保險分入再保險總額直接保險分入再保險總額

Direct

insurance

Inward

reinsurance Total

Direct

insurance

Inward

reinsurance Total

澳門幣澳門幣澳門幣澳門幣澳門幣澳門幣

MOP MOP MOP MOP MOP MOP

保費總額 Gross premiums 441,622,589 7,427,652 449,050,241 327,069,602 6,628,354 333,697,956

授出的折扣 Discounts granted (22,751,718) – (22,751,718) (16,807,355) – (16,807,355)

418,870,871 7,427,652 426,298,523 310,262,247 6,628,354 316,890,601



6. 其他收入╱其他收益或虧損 6. OTHER INCOME/OTHER GAINS OR LOSSES


2012 2011

澳門幣澳門幣

MOP MOP

其他收入 Other income

銀行存款的利息收入 Interest income from bank deposits 3,418,173 1,750,157

上市證券的利息收入 Interest income from listed securities 11,649,744 10,502,724

上市證券的股息收入 Dividend income from listed securities 1,799,699 1,949,709

投資物業的租金收入 Rental income from investment properties 787,635 678,718

其他 Others 259,416 441,410

17,914,667 15,322,718

其他收益或虧損 Other gains or losses

出售證券投資的

已變現虧損淨額

Net realised losses on

disposal of investments in securities (6,765,523) (6,712,067)

投資的未變現

收益（虧損）淨額

Net unrealised gains (losses) on

investments 30,701,490 (10,019,882)

匯兌收益（虧損）

淨額

Net foreign exchange gains (losses)

122,703 (47,528)

出售投資物業的收益 Gain on disposal of investment properties – 16,802,614

出售物業及設備

的收益

Gain on disposal of property and equipment

– 21,630

24,058,670 44,767



7. 所得稅支出

澳門所得補充稅乃按本年度估計應課

稅溢利，以遞增稅率最高12%計算。

本年度稅項支出可與損益表中的本年

度溢利調節如下：

於結算日或該兩個年度內，由於並無

重大暫時性差異，故並無於財務報告

中就遞延稅項作出準備。

7. INCOME TAX EXPENSE二零一二年二零一一年

2012 2011

澳門幣澳門幣

MOP MOP

稅項開支包括： The tax expense comprises:

澳門所得補充稅 Macau Complementary Tax

本年度準備 Provision for the year 8,600,000 4,750,000

往年超額準備 Overprovision in prior years (176,956) (80,174)

8,423,044 4,669,826

Macau Complementary Tax is calculated at progressive

rates to a maximum of 12% of the estimated assessable

profit for the year.

The tax charge for the year can be reconciled to the profit

for the year per the income statement as follows:


2012 2011

澳門幣澳門幣

MOP MOP

除稅前溢利 Profit before tax 72,102,079 38,765,366

稅項以9%計算 Tax calculated at 9% 9,000 9,000

稅項以12%計算 Tax calculated at 12% 8,596,983 4,665,372

毋須課稅收入的

稅務影響

Tax effect of income that is not taxable

for tax purpose (94,516) (81,446)

不可扣減支出的

稅務影響

Tax effect of expenses that are not deductible

for tax purpose 75,249 103,919

往年超額準備 Overprovision in prior years (176,956) (80,174)

其他 Others 13,284 53,155

本年度稅項支出 Tax charge for the year 8,423,044 4,669,826

No provision for deferred taxation has been made in the

financial statements as there are no significant temporary

differences as at the balance sheet date or during both

years.



8. 本年度溢利本年度溢利已扣除（計入）下列各項：

9. 股息

8. PROFIT FOR THE YEARProfit for the year is arrived at after charging (crediting):


2012 2011

澳門幣澳門幣

MOP MOP

折舊及攤銷 Depreciation and amortisation

－投資物業 – investment properties 134,610 116,085

－物業及設備 – property and equipment 836,596 1,084,684

員工成本 Staff costs

薪金、工資及

其他福利

Salaries, wages and other benefits

30,328,843 25,028,957

定額供款退休

計劃的供款

Contributions to defined contribution

retirement plan 1,716,323 1,691,163

32,045,166 26,720,120

出售物業及

設備的收益

Gain on disposal of property and equipment

– (21,630)

出售投資物業的收益 Gain on disposal of investment properties – (16,802,614)

9. DIVIDENDS二零一二年二零一一年

2012 2011

澳門幣澳門幣

MOP MOP

年內已確認

分派的股息：

Dividends recognised as distribution

during the year:

二零一二年：無

（二零一一年：

中期－每股20.60

澳門幣）

2012: nil

(2011: Interim MOP20.60) per share

– 16,480,000



10. 物業及設備

附註：截至二零一二年十二月三十一日止年度，由於由業主佔用用途改為租賃用

途，故賬面淨值為751,831澳門幣的物業已由物業及設備轉撥至投資物

業。由於物業及設備以及投資物業均

按成本列賬，故並無產生轉讓收益或

虧損。

10. PROPERTY AND EQUIPMENT

土地及樓宇Land and buildings

租賃物業裝修Leasehold

improvements

電腦、傢俬、裝置及辦公設備

Computers, furniture,

fixtures and office

equipment

汽車Motor

vehicles總額Total

澳門幣澳門幣澳門幣澳門幣澳門幣MOP MOP MOP MOP MOP

成本 COST於二零一一年一月一日 At 1 January 2011 11,459,300 110,550 2,252,047 2,550,053 16,371,950增置 Additions – 102,000 464,365 – 566,365出售 Disposals – – (880,926) (304,386) (1,185,312)


At 31 December 201111,459,300 212,550 1,835,486 2,245,667 15,753,003

增置 Additions – – 429,381 – 429,381出售 Disposals – (110,550) (930,528) – (1,041,078)轉撥至投資物業（附註）

Transfer to investment properties (note) (1,048,399) – – – (1,048,399)


At 31 December 201210,410,901 102,000 1,334,339 2,245,667 14,092,907

折舊 DEPRECIATION於二零一一年一月一日 At 1 January 2011 1,762,683 73,693 1,842,369 1,201,911 4,880,656本年度折舊 Charge for the year 226,828 70,854 337,870 449,132 1,084,684出售時撇銷 Eliminated on disposals – – (880,926) (304,386) (1,185,312)


At 31 December 20111,989,511 144,547 1,299,313 1,346,657 4,780,028

本年度折舊 Charge for the year 208,302 33,997 294,627 299,670 836,596出售時撇銷 Eliminated on disposals – (110,550) (930,528) – (1,041,078)轉撥至投資物業時撇銷（附註）

Eliminated upon transfer to investment properties (note) (296,568) – – – (296,568)


At 31 December 20121,901,245 67,994 663,412 1,646,327 4,278,978

賬面值 CARRYING VALUES於二零一二年十二月三十一日

At 31 December 20128,509,656 34,006 670,927 599,340 9,813,929


At 31 December 20119,469,789 68,003 536,173 899,010 10,972,975

Note: During the year ended 31 December 2012, properties with net carrying amount of MOP751,831 were transferred from properties and equipment to investment properties as a result of change of use from owner occupied to leasing purpose. There is no gain or loss upon transfer as both property and equipment and investment properties are carried at cost.



10. 物業及設備（續）使用的折舊比率如下：

永久業權土地無

土地及樓宇租賃期或50年

（以兩者較

短者計）

租賃物業裝修 33.33%

電腦、傢俬及

裝置以及

辦公設備

5%－33.33%

汽車 20%

以上所示的物業賬面值包括：

所有土地及樓宇已根據保險活動管制

法例抵押予澳門金融管理局，作為對

技術準備金的擔保。

10. PROPERTY AND EQUIPMENT (Continued)

The rates of depreciation used are as follows:

Freehold land Nil

Land and buildings Over the shorter of the term

of the lease or 50 years

Leasehold improvements 33.33%

Computers, furniture and

fixtures and

office equipment

5% – 33.33%

Motor vehicles 20%

The carrying value of properties shown above comprises:


2012 2011

澳門幣澳門幣

MOP MOP

澳門的土地 Land in Macau

永久業權 Freehold 510,792 1,044,540

中期租賃 Medium-term lease 7,998,864 8,425,249

8,509,656 9,469,789

All of the land and buildings have been pledged in

favour of AMCM to guarantee the technical reserves in

accordance with the Macau Insurance Ordinance.



11. 投資物業

於二零一二年十二月三十一日，本公

司投資物業的公平價值為35,590,000

澳門幣（二零一一年：20,300,000澳門

幣）。該公平價值是由與本公司並無關

連的獨立評估師資產評值顧問有限公

司參考同類物業近期市場價格後按專

業評估準則進行的評估釐定，並採納

投資方法，將該等現存租約餘下年期

的應收租金金額撥充資本和評估逆向

利息價值。

11. INVESTMENT PROPERTIES二零一二年二零一一年

2012 2011

澳門幣澳門幣

MOP MOP

成本 COST

於一月一日 At 1 January 6,434,291 14,341,136

出售 Disposals – (7,906,845)

轉撥自物業及設備

（附註10）

Transfer from property and

equipment (Note 10) 1,048,399 –

於十二月三十一日 At 31 December 7,482,690 6,434,291

折舊 DEPRECIATION

於一月一日 At 1 January 2,402,984 6,293,358

本年度折舊 Charge for the year 134,610 116,085

出售時撇銷 Eliminated on disposals – (4,006,459)

轉撥自物業及設備

（附註10）

Transfer from property and

equipment (Note 10) 296,568 –


賬面值 CARRYING VALUE


The fair value of the Company’s investment properties

at 31 December 2012 was MOP35,590,000 (2011:

MOP20,300,000). The fair value has been arrived at based

on a valuation carried out by Asset Appraisal Limited,

independent valuers not connected with the Company.

The valuation, which conforms to professional appraisal

standard, was determined by reference to recent market

prices for similar properties and adopting investment

method by capitalising the amount of rent receivable

for the residue terms of those existing tenancies and

assessing the values of the reversionary interests.



11. 投資物業（續）上述投資物業以直線法按租賃年期及

50年（以兩者較短期計）進行折舊處理。

以上所示的投資物業賬面值包括：

所有投資物業已根據保險活動管制法

例抵押予澳門金融管理局，作為對技

術準備金的擔保。

12. 證券投資

於二零一二年十二月三十一日，賬面

值為284,254,226澳門幣（二零一一年：227,154,231澳門幣）的證券投資已根據保險活動管制法例抵押予澳門

金融管理局，作為對技術儲備的擔保。

11. INVESTMENT PROPERTIES (Continued)The above investment properties are depreciated on a straight-line basis over the shorter of the term of the lease and 50 years.

The carrying values of investment properties shown above comprises:


2012 2011澳門幣澳門幣

MOP MOP

澳門的土地 Land in Macau永久業權 Freehold 2,798,011 2,338,617中期租賃 Medium-term lease 370,454 152,584長期租賃 Long lease 1,480,063 1,540,106

4,648,528 4,031,307

All of the investment properties have been pledged in favour of AMCM to guarantee the technical reserves in accordance with the Macau Insurance Ordinance.

12. INVESTMENTS IN SECURITIES二零一二年二零一一年


MOP MOP

持作買賣證券 Held-for-trading securities上市權益證券 Listed equity securities 38,876,075 50,242,166

指定按公平價值計入損益賬的證券

Designated as at fair value through profit or loss securities

上市債務證券 Listed debt securities 254,820,645 176,191,056非上市債務證券 Unlisted debt securities – 28,165,144

可供出售投資 Available-for-sale investments單位信託基金 Unit trust fund 23,178,185 –

316,874,905 254,598,366

當期 Current 63,138,718 50,242,166非當期 Non-current 253,736,187 204,356,200

316,874,905 254,598,366

Investments in securities with a carrying amount of MOP284,254,226 (2011: MOP227,154,231) at 31 December 2012 have been pledged in favour of AMCM to guarantee the technical reserves in accordance with the Macau Insurance Ordinance.



13. 保險客戶應收賬款

14. 保險合約準備

13. INSURANCE RECEIVABLES二零一二年二零一一年


MOP MOP

保險合約產生的應收賬款 Receivables arising from insurance contracts

直接投資合約 Direct insurance contracts 55,591,968 20,339,787分入再保險合約 Inward reinsurance contracts 2,234,078 297,554

57,826,046 20,637,341分出再保險合約產生的應收賬款

Receivables arising from outward reinsurance contracts 1,101,365 1,218,971

58,927,411 21,856,312

當期 Current 58,927,411 21,856,312非當期 Non-current – –

58,927,411 21,856,312

14. INSURANCE CONTRACT PROVISIONS二零一二年

2012

毛額再保金額淨額

Gross Reinsurance Net澳門幣澳門幣澳門幣

MOP MOP MOP

已申報索償及損失核算費用

Claims reported and loss adjustment expenses 231,526,392 56,905,184 174,621,208

已發生但尚未申報的賠償 Claims incurred but not reported 50,904,000 5,134,000 45,770,000

282,430,392 62,039,184 220,391,208未滿期保費儲備 Unearned premium reserve 152,509,248 48,890,095 103,619,153

保險合約準備總額 Total insurance contract provisions 434,939,640 110,929,279 324,010,361

當期 Current 317,475,011 85,126,781 232,348,230非當期 Non-current 117,464,629 25,802,498 91,662,131

434,939,640 110,929,279 324,010,361



14. 保險合約準備（續）

(a) 一般保險合約 — 假設、假設變更及敏感度

釐定假設的程序

估計保險資產及負債所用的假設

旨在產生準備，以充分抵銷目前

能合理預見自保險合約產生的任

何負債。然而，由於作出未決賠

償準備時存在不明朗因素，所以

最終結果很可能與設定的原有負

債不同。

於結算日，已就預期賠付截至該

日止事件產生的所有賠償（不論

是否已申報）的最終費用及相關

賠償處理費（減已付金額）計提

準備。

14. INSURANCE CONTRACT PROVISIONS (Continued)

二零一一年

2011

毛額再保金額淨額

Gross Reinsurance Net

澳門幣澳門幣澳門幣

MOP MOP MOP

已申報索償及

損失核算費用

Claims reported and

loss adjustment expenses 197,044,217 53,158,783 143,885,434

已發生但尚未申報

的賠償 Claims incurred but not reported 45,940,000 1,940,000 44,000,000

242,984,217 55,098,783 187,885,434

未滿期保費儲備 Unearned premium reserve 88,413,116 19,285,315 69,127,801

保險合約準備總額 Total insurance contract provisions 331,397,333 74,384,098 257,013,235

當期 Current 208,264,580 46,462,676 161,801,904

非當期 Non-current 123,132,753 27,921,422 95,211,331

331,397,333 74,384,098 257,013,235

(a) General insurance contracts – assumptions, change in assumptions and sensitivityProcess used to determine the assumptionsThe assumptions used in the estimation of

insurance assets and liabilities are intended to

result in provisions which are sufficient to cover any

liabilities arising out of insurance contracts so far

as can reasonably be foreseen. However, given the

uncertainty in establishing a provision for outstanding

claims, it is likely that the final outcome will prove to

be different from the original liability established.

Provision is made at the balance sheet date for the

expected ultimate cost of settlement of all claims

incurred in respect of events up to that date, whether

reported or not, together with related claims handling

expenses, less amounts already paid.




(a) 一般保險合約 — 假設、假設變更及敏感度（續）

釐定假設的程序（續）

賠償準備並無就貨幣時間價值折

現。

用作假設的資料一般來自本公司

內部，且最少每年進行一次詳盡

分析。假設已經檢查以確保其與

可得知市場資料或其他已公佈資

料相符。

本公司尤其注意目前趨勢。由於

早年並無充足資料以供可靠估計

賠償進度，故只得作審慎假設。

已發生但尚未申報的賠償儲備最

初以總額估計，再另外透過計入

再保險計劃的詳情，計算估計再

保攤回金額。


(a) General insurance contracts – assumptions, change in assumptions and sensitivity (Continued)

Process used to determine the assumptions

(Continued)

The provision for claims is not discounted for the time

value of money.

The sources of data used as inputs for the

assumptions are typically internal to the Company,

using detailed studies that are carried out at least

annually. The assumptions are checked to ensure

that they are consistent with observable market

information or other published information.

The Company pays particular attention to current

trends. Where in early years there is insufficient

information to make a reliable estimate of claims

development, prudent assumptions are used.

The reserve for claims incurred but not reported is

initially estimated at a gross level and a separate

calculation is carried out to estimate the size of

reinsurance recoveries by taking into account details

of the reinsurance program.





假設

對計算一般保險合約準備影響最

大的假設為最近事故年度的預期

損失比率。預期損失比率即預期

賠款與保費的比率。

就財產險而言，較準確快捷評估

損失的方法是諮詢理賠核算師

的意見及建議。就責任保險（包

括僱員賠償保險及汽車保險）而

言，由於業務性質使然，所以難

以肯定預計任何個別索償的結

果及已申報索償的最終費用，特

別是第三者人身傷亡個案。各已

申報索償的評估因個案而異，須

考慮索償情況、理賠核算師提供

的資料、法律意見及同類索償的

歷史證據。本公司會定期審閱預

期賠款，並於取得新資料時作出

更新。準備會按現有所得資料釐

定。然而，最終責任或會因日後

發展而不同。由於相關保單、索

償複雜程度、索償額、個別索償

的嚴重程度、索償日期及意外發

生與申報相隔的時間不同，所以

估計就業務類別而有所不同。

由於變量並不重要，故並無就該

等變量的些微變更而評估影響程

度。個別變量於目前或不會被視

為重要。然而，倘個別變量的重

要程度變更，則日後或須就該變

量評估變更。



Assumptions

The assumptions that have the greatest effect on

the measurement of general insurance contract

provisions are the expected loss ratios for the most

recent accident years. The expected loss ratio is the

ratio of expected claims to premiums.

For property insurance, the extent of loss can be

more accurately and timely assessed with the advice

and recommendation of loss adjusters. For liability

insurance, including EC and motor, the nature of

business makes it difficult to predict with certainty

the likely outcome of any particular claim and the

ultimate cost of notified claims, especially for cases

of third party bodily injury and death. Each reported

claim is assessed on a case by case basis with

due regard to the claim circumstances, information

available from loss adjusters, legal advice and

historical evidence of similar claims. Case estimates

are reviewed regularly and are updated as and when

new information arises. The provisions are based

on information currently available. However, the

ultimate liabilities may vary as a result of subsequent

developments. The estimation will differ by class of

business due to the differences in the underlying

insurance policy, claims complexity, the volume

of claims, the individual severity of claims, the

occurrence date of a claim, and reporting lags.

Where variables are considered to be immaterial, no

impact has been assessed for insignificant changes

to these variables. Particular variables may not be

considered material at present. However, should

the materiality level of an individual variable change,

assessment of changes to that variable in the future

may be required.





假設（續）

經考慮法庭判決的趨勢及法律費

用後，本公司認為造成巨額損失

或對日後造成普遍影響的重大訴

訟或法律風險的機率很微。由於

責任索償的性質使然，所以處理

時間較長，且較容易受不明朗因

素影響。然而，本公司會不時作

出監控。

本公司的保險組合使其與在經

濟衰退期產生的各類風險相互

關聯，且互為倚賴。根據過往經

驗，本公司已考慮衰退期對有可

能作出的索償數目所造成的影

響，惟認為影響不大。

倘處於衰退期，本公司的策略乃

透過提高保費以抵銷非預期損

失，藉減少任何額外損失而解決

危機。倘增加保費不利本公司在

市場的發展，則本公司會減少市

場活動以維持盈利目標。



Assumptions (Continued)

After taking into account the trend of court awards

and the legal costs, the Company considers the

chance of significant litigation or legislative risks

causing a large single loss or having a pervasive

effect in the near future as remote. As liability claims

are, by their nature, longer tailed, they are subject

to a greater degree of uncertainty. However, the

Company monitors them from time to time.

The Company’s insurance portfolio exposes it to

correlations and interdependencies to different types

of risks arising in the event of an economic recession.

The Company has considered the effect a recession

would have on the number of potential claims that

could arise based on previous years’ experience and

concluded that the impact would be insignificant.

The Company’s strategy in the event of a recession

would be to address the risks in order to reduce

any excess losses, by increasing premium rates to

cover the unanticipated losses. Where an increase in

the premium rates is an unfavourable option in the

market, an alternative option would be to reduce its

activity in the market in order to maintain the profit

making objective.





賠償進度分析－再保險毛額

披露賠償進度資料的目的旨在

說明本公司內在的保險風險。下

表乃是對當期估計累計賠償的

回顧，並說明估計賠償額於日後

呈報或事故年度年結日的變更情

況。估計賠償額隨著損失的支付

及獲悉更多關於未支付賠償額的

頻密度和嚴重性信息而增加或減

少。

截至二零一二年十二月三十一日

止年度



Analysis of claims development – gross of

reinsurance

Claims development information is disclosed in

order to illustrate the insurance risk inherent in

the Company. The tables below provide a review

of current estimates of cumulative claims and

demonstrate how the estimated claims have changed

at subsequent reporting or accident year-ends. The

estimates are increased or decreased as losses are

paid and more information becomes known about the

frequency and severity of unpaid claims.

For the year ended 31 December 2012

二零零六年二零零七年二零零八年二零零九年二零一零年二零一一年二零一二年總額

事故年度 Accident year 2006 2007 2008 2009 2010 2011 2012 Total

澳門幣澳門幣澳門幣澳門幣澳門幣澳門幣澳門幣澳門幣

MOP MOP MOP MOP MOP MOP MOP MOP

估計累計賠償 Estimate of cumulative claims

於事故年度年結時 At the end of accident year 48,595,631 101,850,407 95,801,550 85,368,652 86,454,557 83,074,258 136,132,904

一年後 One year later 59,472,308 98,440,410 101,535,492 112,824,915 79,643,047 106,098,084 –

兩年後 Two years later 58,752,994 78,546,528 109,359,464 106,879,007 81,649,085 – –

三年後 Three years later 60,608,409 84,821,137 101,233,821 102,044,503 – – –

四年後 Four years later 62,857,713 80,395,675 99,772,145 – – – –

五年後 Five years later 63,707,715 77,544,680 – – – – –

六年後 Six years later 61,418,505 – – – – – –

當期估計累計賠償 Current estimate of

cumulative claims 61,418,505 77,544,680 99,772,145 102,044,503 81,649,085 106,098,084 136,132,904 664,659,906

迄今累計付款 Cumulative payments to date (58,006,605) (70,049,722) (88,135,942) (87,306,286) (57,799,921) (49,786,071) (28,649,354) (439,733,901)

224,926,005

過往年度準備 Provisions for prior years 57,504,387

未決賠償負債毛額 Gross outstanding

claims liabilities 282,430,392





賠償進度分析－再保險毛額

（續）

截至二零一一年十二月三十一日

止年度



Analysis of claims development – gross of

reinsurance (Continued)


二零零五年二零零六年二零零七年二零零八年二零零九年二零一零年二零一一年總額















193,033,387


未決賠償負債毛額 Gross outstanding






賠償進度分析－再保險淨額

截至二零一二年十二月三十一日

止年度



Analysis of claims development – net of reinsurance


二零零六年二零零七年二零零八年二零零九年二零一零年二零一一年二零一二年總額















171,051,872


未決賠償負債淨額 Net outstanding






賠償進度分析－再保險淨額

（續）

截至二零一一年十二月三十一日

止年度



Analysis of claims development – net of reinsurance

(Continued)


二零零五年二零零六年二零零七年二零零八年二零零九年二零一零年二零一一年總額















140,807,441


未決賠償負債淨額 Net outstanding





(b) 保險合約準備變動分析

(i) 賠償及損失核算費用


(b) Analysis of movements in insurance contract provisions(i) Claims and loss adjustments expenses


2012 2011

澳門幣澳門幣

MOP MOP

未決賠償儲備毛額 Gross outstanding claims reserve

－於一月一日

的結餘

– Balance at 1 January

197,044,217 194,937,434

－年內增加 – Increase during the year 149,574,426 98,259,270

－年內已付賠款 – Claims paid during the year (115,092,251) (96,152,487)

－於十二月

三十一日

的結餘

– Balance at 31 December

231,526,392 197,044,217

可攤回賠償 Claims recoverable

－於一月一日

的結餘


(53,158,783) (63,941,843)

－年內增加 – Increase during the year (33,259,550) (12,334,639)

－年內攤回金額 – Amount recovered during the year 29,513,149 23,117,699

－於十二月

三十一日

的結餘


(56,905,184) (53,158,783)

已發生但尚未申報

（淨額）

Incurred but not reported (net)

－於一月一日

的結餘


44,000,000 36,560,000

－年內增加 – Increase during the year 1,770,000 7,440,000

－於十二月

三十一日

的結餘


45,770,000 44,000,000

於十二月三十一日的

未決賠償儲備

Outstanding claims reserve

at 31 December 220,391,208 187,885,434




(b) 保險合約準備變動分析（續）

(ii) 未滿期保費儲備

15. 已抵押及受限制存款以及銀行結存為數70,092,604澳門幣的銀行存款、

29,980,838澳門幣的經紀存款及

2,322,100澳門幣的銀行儲蓄賬戶（二

零一一年：銀行存款63,189,464澳門

幣、經紀存款8,058,626澳門幣及銀行

儲蓄賬戶759,429澳門幣）已根據保險

活動管制法例抵押予澳門金融管理

局，作為對技術準備金的擔保。

定期存款9,070,866澳門幣（二零一一

年：10,019,204澳門幣）指向若干債券

保單持有人收取的現金抵押品，該等

抵押品將於相關保單到期時連同利息

付還予彼等，但如果該等保單曾出現

索償情況，本公司可利用該等款項攤

回一部份的索償。


(b) Analysis of movements in insurance contract provisions (Continued)

(ii) Unearned premiums reserve


2012 2011

毛額再保金額淨額毛額再保金額淨額

Gross Reinsurance Net Gross Reinsurance Net

澳門幣澳門幣澳門幣澳門幣澳門幣澳門幣

MOP MOP MOP MOP MOP MOP

於一月一日

的結餘

Balance at 1 January

88,413,116 (19,285,315) 69,127,801 70,859,670 (17,945,569) 52,914,101

年內承保保費 Premium written

during the year 426,298,523 (162,439,667) 263,858,856 316,890,601 (114,852,189) 202,038,412

年內已賺取保費 Premium earned

during the year (362,202,391) 132,834,887 (229,367,504) (299,337,155) 113,512,443 (185,824,712)

於十二月

三十一日

的結餘

Balance at 31 December

152,509,248 (48,890,095) 103,619,153 88,413,116 (19,285,315) 69,127,801

15. PLEDGED AND RESTRICTED DEPOSITS AND BANK BALANCESDeposits in bank of MOP70,092,604, deposits in

brokers of MOP29,980,838 and bank savings account of

MOP2,322,100 (2011: deposits in bank of MOP63,189,464,

deposits in broker of MOP8,058,626 and bank savings

account of MOP759,429) have been pledged in favour of

AMCM to guarantee the technical reserves in accordance

with the Macau Insurance Ordinance.

Fixed deposits of MOP9,070,866 (2011: MOP10,019,204)

represent cash collateral collected from certain bond

policyholders, which will be refunded to them with interest

upon expiry of the respective insurance policies, except

that, in the event that claims are incurred in respect of

these policies, the Company could utilise these monies as

part of the claims recoveries.



15. 已抵押及受限制存款以及銀行結存（續）

16. 銀行及手頭現金

15. PLEDGED AND RESTRICTED DEPOSITS AND BANK BALANCES (Continued)


2012 2011

澳門幣澳門幣

MOP MOP

當期 Current 111,466,408 82,026,723

非當期 Non-current – –

111,466,408 82,026,723

16. CASH AT BANKS AND IN HAND二零一二年二零一一年

2012 2011

澳門幣澳門幣

MOP MOP

現金及現金等價物 Cash and cash equivalents 84,190,109 79,872,436

原到期日超過三個月

的銀行存款

Bank deposits with original maturity

of more than 3 months 58,233,351 60,134,992

142,423,460 140,007,428

當期 Current 142,423,460 140,007,428


142,423,460 140,007,428



17. 保險客戶應付賬款

18. 股本

17. INSURANCE PAYABLES二零一二年二零一一年

2012 2011

澳門幣澳門幣

MOP MOP

再保險合約產生

的應付賬款

Payables arising from

reinsurance contracts 20,789,068 9,756,904

直接保險及聯合保險

合約產生的應付賬款

Payables arising from direct insurance

and coinsurance contracts 2,998,072 3,117,581

預收保費 Premiums received in advance 1,742,869 5,667,219

應付佣金 Commission payable 13,688,892 9,100,233

保單持有人存入金額

（附註15）

Deposits from policyholders

(Note 15) 9,070,866 10,019,204

48,289,767 37,661,141

當期 Current 48,289,767 37,661,141


48,289,767 37,661,141

18. SHARE CAPITAL二零一二年二零一一年

2012 2011

澳門幣澳門幣

MOP MOP

法定、已發行及已繳足股本： Authorised, issued and fully paid:

800,000股普通股每股

面值為100澳門幣

800,000 ordinary shares

of MOP100 each 80,000,000 80,000,000



19. 經營租賃承諾作為出租人於結算日，本公司已訂約租戶的未來

最低租約租金如下：

租約租期商定為一至三年，並須事先

發出一至六個月通知後方可取消。

20. 關連人士交易年內，本公司於日常業務過程中與關

連公司進行的交易列載如下。

19. OPERATING LEASE COMMITMENTSAs lessorAt the balance sheet date, the Company had contracted

with its tenants for the following future minimum lease

payments:


2012 2011

澳門幣澳門幣

MOP MOP

不超過一年 Not longer than one year 149,078 76,269

Leases are negotiated for a term of one to three years

and are cancellable with a notice of one to six months in

advance.

20. RELATED PARTY TRANSACTIONSDuring the year, the Company entered into transactions

with related companies in the ordinary course of business

as set out below.


2012 2011

直接控股公司同系附屬公司直接控股公司同系附屬公司

Immediate

holding

company

Fellow

subsidiary

companies

Immediate

holding

company

Fellow

subsidiary

companies

澳門幣澳門幣澳門幣澳門幣

MOP MOP MOP MOP

所收取的再保險保費 Reinsurance premium assumed – 68,428 – 54,677

佣金收入 Commission income – 14,862,000 – 9,810,759

分出的再保險保費 Reinsurance premium ceded – 70,356,424 – 43,443,288

佣金支出 Commission expense – 13,866 – 14,525

投資管理費 Investment management fees – 1,017,964 – 886,986

支付予直接控股公司

的管理費

Management fees paid to

immediate holding company – – 2,516,290 –

支付予直接控股公司

的培訓費用

Training fee paid to immediate

holding company – – 1,041,366 –



20. 關連人士交易（續）於本年度，包括本公司全體董事及若

干高級員工的主要管理人員的酬金如

下：

本公司與關連公司的結餘列載如下。

20. RELATED PARTY TRANSACTIONS (Continued)

The remuneration of the key management which included

all the directors and certain senior staff of the Company

during the year was as follows:


2012 2011

澳門幣澳門幣

MOP MOP

短期僱員福利 Short-term employee benefits 5,848,620 5,201,152

離職後福利 Post-employment benefits 248,463 376,120

6,097,083 5,577,272

The Company had balances with the related companies as

set out below.


2012 2011

直接控股公司同系附屬公司直接控股公司同系附屬公司

Immediate holding

company

Fellow subsidiary

companies

Immediate

holding

company

Fellow

subsidiary

companies

澳門幣澳門幣澳門幣澳門幣

MOP MOP MOP MOP

分出再保險合約產生

的保險客戶應付賬款

Insurance payables arising

from outward reinsurance

contracts – 8,110,829 – 3,494,854

分出再保險合約產生

的保險客戶應收賬款

Insurance receivables arising

from outward reinsurance

contracts – 36,097,347 – 23,977,165

分入再保險合約產生

的保險客戶應收賬款

Insurance receivables arising

from inward reinsurance

contracts – 676 – 8,351

就基金管理應付的

其他款項

Other payables on

fund management – 549,325 – 450,382

其他應收款項 Other receivables – – – –

應付股息 Dividend payable – – 16,480,000 –

其他應付款項 Other payables – 13,573 2,739,800 13,609

就基金管理應收的

其他款項

Other receivables on

fund management – 1,050,710 – 1,565,681

利息及其他應數款項 Interest and other receivables – 2,925,628 – 2,622,188

A.M. Best 調升中國太平保險（澳門）股份有限公司的評級

供即時發佈

香港，二○一三年三月二十七日發佈

A.M. Best Asia-Pacific Limited已將中國太平保險（澳門）股份有限公司（中國太平澳門）的財務實力評級由A-（優

秀）提升至A（優秀），發行人的信貸評級由「a-」提升至「a」。兩項評級的前景均被評定為穩定。

有關前景評級的調升反映中國太平澳門持續良好的收入，健全的承保業績及強勁的風險相關資本。同時，這次的評

級確認中國太平澳門歷來在澳門保險市場的領先地位，及與母公司中國太平保險集團公司及其附屬公司之間在營

運上的協同作用。

從2009年至2012年間，在承保及投資兩方面的盈利支持下，中國太平澳門取得了良好的經營業績記錄。中國太平

澳門持續的承保利潤反映其審慎的準則，嚴謹的風險篩選及更好的索賠管理令情況得以提升。

正面的淨收益和收入的留存是對中國太平澳門資本基礎的增加及整體的風險狀況的支持。中國太平澳門的財務實

力在風險相關的基礎上仍然穩健，並預期因在2013年中國太平保險集團公司將自由儲備金轉入的計劃下將會大大

增強。

上述的利好因素，因中國太平澳門投資收入的歷史性波動，以及因澳門經濟的影響令保險業保費增長放緩而抵銷。

中國太平澳門的投資收入歷史一直波動，主要受股票和信託基金投資的市場價格波動所致。中國太平澳門平穩地

分配其股票投資去購買債券，估計可減低部分投資收益的波動性。

現階段A.M. Best對中國太平澳門作進一步的正面評級是不太可能發生的，但預計在短期內不會降低其評級。然而，

若中國太平澳門的風險相關資本有顯著的惡化，則可能會降低其評級。

A.M. Best Upgrades Ratings of China Taiping Insurance (Macau) Co., Ltd.

FOR IMMEDIATE RELEASE

HONG KONG, MARCH 27, 2013

A.M. Best Asia-Pacific Limited has upgraded the financial strength rating to A (Excellent) from A– (Excellent) and

issuer credit rating to “a” from “a-” of China Taiping Insurance (Macau) Co., Ltd. (CTIM) (Macau). The outlook

for both ratings is stable.

The upgrades reflect CTIM’s consistently favorable earnings, sound underwriting performance and strong risk-

adjusted capitalization. The ratings also acknowledge CTIM’s historical leading position in its operating market

and operation synergies with its parent company, China Taiping Insurance Group Co. (CTIG) (China) and its

affiliates.

CTIM has a track record of favorable operating results from 2009 to 2012, which were supported by both

underwriting and investment profits. CTIM’s consistent underwriting profitability reflects its prudent practices, and

any improvements are a result of its stringent risk selection and better claims management.

Positive net income and retention of earnings have contributed to the increase of the capital base of CTIM, which

is supportive of the overall risk profile. CTIM’s financial strength on a risk-adjusted basis remains sound and is

expected to greatly strengthen in 2013 with the planned transfer of free reserves from CTIG.

Offsetting rating factors include CTIM’s historical volatile investment performance and the expected slowdown of

the premium growth for the industry in line with the economy in Macau.

The investment earnings of CTIM historically have been volatile, which can be attributed to fluctuations in the

market value of equities and trust fund investments. CTIM is steadily disposing its equity investments to purchase

bonds, which is expected to reduce the volatility of the investment income.

Further positive ratings actions are unlikely at this time, and A.M. Best does not expect to downgrade the ratings

of CTIM in the near term. However, such actions could occur if CTIM’s risk-adjusted capitalization were to

materially deteriorate.

中國太平保險(澳門 )股份有限公司CHINA TAIPING INSURANCE (MACAU) CO.,LTD.

Annual Report年報2012

2012年報 - 中國太平保險(澳門)股份有限公司 ·...

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