Favourable product mix to drive underwriting growth
- Insurer expected to fulfil its COR target of 98% in FY23F
- Top-line growth mainly driven by mid-single-digit growth in auto and double-digit growth in non-auto in FY24F/25F
- Positive duration gap position to benefit from lower-for-longer CN rates
- Revise up earnings forecasts by 6% in FY24F/25F and lift TP to HK$12.5 on a more favourable P/BV multiple
