Net Profit GrowthNet profit surged 87.5% driven by lower tax expenses, despite a decline in investment income.
Net Value Of New BusinessNBV soared 90% YoY to HK$14.3bn on a like-for-like basis, as the insurer revised down the EV actuarial assumptions in line with peers.
Stock ValuationThe stock is trading at FY25E 0.11x P/EV and 0.53x P/B, with an average 3-year forward ROE at >13%, and a target price implies 29% upside.