【招银国际】off overdone; Positive on investments and margin recovery in.pdf

1Q24 beat on strong margins; Positive on upbeat SU7 delivery target

Insurance funds: Life/P&C diverged in allocation; financial yields marginally recovered in 2Q

Structural margin improvement trend intact

1H24 VNB beat with margin recovery; expect total >US$7bn cash returns to shareholders in FY24

–Upbeat margin to continue

2Q23E NP to fall QoQ; Hyper margin key in 2H23

FY22 preview： 2H22 UW margin improvement

Gradual revenue and margin recovery in FY23

Distressed margin with non-standardized cloud

2024年中报点评：NBV超越上年全年绝对额，Margin已达同业平均