【#相机先吃# | Twinkle 全新梦幻蜜语系列登场】
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与闺蜜庆生必须有的是一个仙女蛋糕！ Twinkle Baker Décor 最新梦幻蜜语系列蛋糕「美人鱼之歌」，由荔枝玫瑰慕丝包裹草莓牛油蛋糕 ❤ 喜欢烟烟韧韧的，还有椰子慕丝上层、下层是香芋鲜忌廉、芋泥和香芋海绵蛋糕，再夹上麻糬的「白日梦之湖」，带给你多重口感！
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Twinkle Baker Décor
LG-2C
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#apm# #apmhk# #hkapm# #TwinkleBakerDecor# #Twinkle# #梦幻蜜语# #Foodie# #Cake# #Dessert#
⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
与闺蜜庆生必须有的是一个仙女蛋糕！ Twinkle Baker Décor 最新梦幻蜜语系列蛋糕「美人鱼之歌」，由荔枝玫瑰慕丝包裹草莓牛油蛋糕 ❤ 喜欢烟烟韧韧的，还有椰子慕丝上层、下层是香芋鲜忌廉、芋泥和香芋海绵蛋糕，再夹上麻糬的「白日梦之湖」，带给你多重口感！
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Twinkle Baker Décor
LG-2C
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#apm# #apmhk# #hkapm# #TwinkleBakerDecor# #Twinkle# #梦幻蜜语# #Foodie# #Cake# #Dessert#
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.
【3点3 一起下午茶 ⏰】
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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！
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Twinkle Baker Décor
LG-2C
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#apm# #apmhk# #hkapm# #Grand住Tea# #下午茶# #港式经典# #茶记# #Grand西多# #LadyGrey# #TwinkleBakerDécor# #TWININGS# #TWININGSLadyGrey#
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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#
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