3Q23 net profit up 24% y-o-y, in line, mainly driven by higher investment returns with rising interest rates and a one-time reverse provision in P&C Reinsurance
3Q23 VNB up 15% y-o-y, mainly driven by a large affinity sale in Canada, while Asia VNB rose 7% y-o-y, weaker than expectations
Strategic priorities continued to be on track, with manageable impact from IFRS17
VNB growth slashed by 4%/6% in FY23F/24F and valuation rolled over to FY24F; maintain BUY with unchanged TP of HK$182
