More time needed to transition
- 3Q22 earnings likely dragged by sharp drop in investment income on volatile market based on solvency report
- TP Life delivered better-than-peers’ GWP growth of 5% y-o-y in 3Q22; agency quality improvement next to watch
- Embedded value growth to be suppressed by Renminbi depreciation on FX conversion risk
- Lowered FY22/23F earnings by 18%/14% on lower investment income, and VNB to -15%/+8%; TP cut to HK$9.5 on lower multiple; with attractive risk-reward, Maintain BUY
