Many questions, few answers
? Key among the questions that the FY21 results raised was why cut the DPS,
one year after announcing a special dividend.
? Life insurance NBV and agents continued to fall for the second consecutive
year, with 2H21 NBV down 52% yoy and 2H21 agents falling 44% yoy.
? P&C insurance was the bright spot, with 2H21 combined ratio -1% pt yoy.
? Reiterate Add but cut TP by 3% to HK$29, on lower FY22F-24F EPS and a
lower life insurance valuation in our sum-of-parts valuation.