Improving P&C arm driving growth
- Improving P&C business to drive operating profit
- Life business remains under transition with VNB expected to decline 16% y-o-y in FY22F before recovering in FY23F
- Stock offers an attractive dividend yield of 7.5%/8.5% in FY22/23F
- Lift TP to HK$2.72 and maintain HOLD. Within the group, we prefer PICC P&C (2328 HK) over PICC (1339 HK)