A better year ahead
- Moderate premium growth expected in FY24; health and digital lifestyle ecosystems remain the key driver
- Combined ratio (under IFRS 17) expected to further improve to 96.3%/96.1% in FY24/25F, despite possibility for ZA Bank and ZA Tech to breakeven later-than-expected
- Positive asset-liability duration gap position stands favourable amid a continuously declining rate environment with FX loss impact from US denominated bonds to further alleviate
- Roll over valuation base to FY24F with new IFRS 17 forecast and lower TP to HK$27. Maintain BUY.