我们从上半年的结果中学到了什么?
What we learnt from 1H21 results?
1. Lacklustre NBV outlook due to ongoing agent restructuring and product mix developments, impacting volumes and margins.
2. Life persistency and surrenders also deteriorated; P&C COR under pressure but base effects could improve from 4Q21.
3. Life NBV recovery remains elusive.
① There are limited signs of a strong rebound in life NBV growth as new business volumes are adversely impacted by agent restructuring and new business margins are negatively affected by product mix.
② meanwhile persistency and surrender ratios also deteriorated.
③ There is also greater emphasis on developing pension products as well as health and old-age services.
④ Our forecasts imply 5-20% NBV decline over 2021/2020 due to more stable development over 2H21/2H20 (+2% to -16%) vs 1H21/1H20 (-9% to -25%).
4. P&C trends may be more encouraging.
① Motor P&C growth could recover in 4Q21 given base effects, the motor COR should stabilise (after rising but rebalancing between loss and expense ratios), while growth in non-motor lines should continue.
② Commentary during 1H21 results suggests Henan flood losses are manageable.
What we learnt from 1H21 results?
1. Lacklustre NBV outlook due to ongoing agent restructuring and product mix developments, impacting volumes and margins.
2. Life persistency and surrenders also deteriorated; P&C COR under pressure but base effects could improve from 4Q21.
3. Life NBV recovery remains elusive.
① There are limited signs of a strong rebound in life NBV growth as new business volumes are adversely impacted by agent restructuring and new business margins are negatively affected by product mix.
② meanwhile persistency and surrender ratios also deteriorated.
③ There is also greater emphasis on developing pension products as well as health and old-age services.
④ Our forecasts imply 5-20% NBV decline over 2021/2020 due to more stable development over 2H21/2H20 (+2% to -16%) vs 1H21/1H20 (-9% to -25%).
4. P&C trends may be more encouraging.
① Motor P&C growth could recover in 4Q21 given base effects, the motor COR should stabilise (after rising but rebalancing between loss and expense ratios), while growth in non-motor lines should continue.
② Commentary during 1H21 results suggests Henan flood losses are manageable.
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Twinkle Baker Décor
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⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
一提起港式经典下午茶 ,都会联想到有厚厚的牛油顶的西多士,够香又滋味! Twinkle最近特别联同 Twinings 将茶餐厅名物重现︰「Grand西多」以泡芙外层包住TWININGS Lady Grey 奶茶慕丝、奶茶啫喱及海绵蛋糕 ,口感丰富之外更十足十真西多!
⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
Twinkle Baker Décor
LG-2C
⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
#apm# #apmhk# #hkapm# #Grand住Tea# #下午茶# #港式经典# #茶记# #Grand西多# #LadyGrey# #TwinkleBakerDécor# #TWININGS# #TWININGSLadyGrey#
#化学#
共轭效应 (conjugated effect) ,又称离域效应,是指共轭体系中由于原子间的相互影响而使体系内的π电子(或p电子)分布发生变化的一种电子效应。凡共轭体系上的取代基能降低体系的π电子云密度,则这些基团有吸电子共轭效应,用-C表示,如-COOH,-CHO,-COR;凡共轭体系上的取代基能增高共轭体系的π电子云密度,则这些基团有给电子共轭效应,用+C表示,如-NH2,-R、-OH。
共轭效应 (conjugated effect) ,又称离域效应,是指共轭体系中由于原子间的相互影响而使体系内的π电子(或p电子)分布发生变化的一种电子效应。凡共轭体系上的取代基能降低体系的π电子云密度,则这些基团有吸电子共轭效应,用-C表示,如-COOH,-CHO,-COR;凡共轭体系上的取代基能增高共轭体系的π电子云密度,则这些基团有给电子共轭效应,用+C表示,如-NH2,-R、-OH。
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