Who says history does not repeat itself?
? 4Q21’s NBV fell c.60% yoy for the second straight year (Fig 1), due again to
actuarial assumption changes. Underlying NBV trends improved (Fig 2).
? 4Q21 agent numbers tumbled 41% yoy and 15% qoq to 600,343 (3Q21: –
33% yoy, -20% qoq) and are 58% lower than 3Q18’s peak (Fig 4).
? Banking remained strong, with net profit up 26% yoy.
? Reiterate Add rating but cut TP by 11% to HK$72 on lower FY22F-23F EPS
and NBV.