Margins de-emphasised■ 1H21 life NBV fell 9% yoy, better than peers, with strong first year premiumgrowth more than offset by a sizable fall in NBV margin.■ Agent numbers fell in 1H21, with monthly average agents down 16% yoy.However, 1H21 monthly average first year commission per agent rose yoy.■ Maintain Add rating, but cut TP to […]

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