Margins de-emphasised

■ 1H21 life NBV fell 9% yoy, better than peers, with strong first year premium
growth more than offset by a sizable fall in NBV margin.
■ Agent numbers fell in 1H21, with monthly average agents down 16% yoy.
However, 1H21 monthly average first year commission per agent rose yoy.
■ Maintain Add rating, but cut TP to HK$21.70 on lower FY21F -23F EPS, NBV
and embedded value estimates.