Catastrophic Losses RiskKey risks include worse-than-expected catastrophic losses in 3Q25 that weigh on CoR and weaker-than-expected auto premium growth and overseas expansion.
Risk FactorsIntensifying competition, unfavorable policy, increasing frequency of natural catastrophes, and slower-than-expected economic growth are potential risks.
Valuation ConcernsDespite revising up earnings forecasts, the valuation is considered stretched, leading to a HOLD recommendation.