【招银国际】1H24 VNB beat with margin recovery; expect total >US$7bn cash returns to shareholders in FY24.pdf

Gradual revenue and margin recovery in FY23

4Q22 beat; FY23E margins likely overestimated

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

–Sequential margin contraction indicates inventory digestions may persist till FY23E

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

2024年中报点评：NBV超越上年全年绝对额，Margin已达同业平均

FY22 preview： 2H22 UW margin improvement

Gradual revenue and margin recovery in FY23

off overdone; Positive on investments and margin recovery in

–Games revenue growth accelerated with solid margin expansion