The board of directors (the "Board") of Yunfeng Financial Group Limited (the "Company") submit herewith the unaudited condensed consolidated interim results and financial position of the Company and its subsidiaries (collectively, the "Group") for the six months ended 30 June 2023 (the "First Half of 2023", "1H 2023" or the "Period"), together with the comparative figures for the corresponding period in 2022 (the "Prior Period" or "1H 2022").
OVERVIEW
In the First Half of 2023, economic growth and corporate earnings in developed countries slowed down significantly but better than expected, while the Hong Kong market, which was heavily influenced by geopolitical conflicts, performed sluggishly. In view of the challenges and opportunities during the economic recovery, the Group implemented its business plan in an effective manner, while actively seeking suitable business opportunity under the current market conditions to expand source of revenue and enhance the Shareholders' value.
The Group's main sources of revenue include life insurance premium income and other financial businesses including subscription fees and management fees for products launched by the Group, platform fees for distribution of third-parties products, administration fee for employees stock ownership plan management services and brokerage commission income etc. There is no material change in the Group's core business activities compared to that of year 2022.
For the Period, the Group adopted the new accounting standard HKFRS 17 Insurance Contracts to present condensed consolidated financial statements in accordance with the related requirements with Prior Period comparatives restated. The adoption of HKFRS 17 is an accounting change with no impact on the underlying economics of our business. With the accounting change for the Period, the Group's insurance revenue amounted to HK$1,257 million, representing an increase of 3% compared to that of HK$1,221 million for the Prior Period. The Group's consolidated profit amounted to HK$267 million compared to consolidated loss of HK$496 million (as restated) for the Prior Period. The net profit attributable to equity shareholders of the Company amounted to HK$138 million compared to a net loss attributable to equity shareholders of the Company of HK$482 million (as restated) for the Prior Period. The net profit attributable to equity shareholders of the Company for the Period was mainly due to the fair value loss of the Group's investments having significantly decreased as compared to the same period last year.
updated as per 2023 Interim Report
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