Recovery underway
- Robust VNB growth expected in FY24F, driven by rising demand for saving products
- Life agent quality expected to improve with more frequent KPI review and phasing-out mechanism
- Taiping Life’s 3Q23 net profit suggests allocation shifting towards fixed income, hence becoming less sensitive to A share volatility
- Maintain BUY with TP HK$9.5; dividend yield remaining attractive at 8%