【#新品推介# 茶到浓时系列】
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Twinkle Baker Décor再度与天仁茗茶联手带来「茶到浓时」系列蛋糕
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逼真又特别的紫砂茶壶，原来是「天仁铁观音配黑糖寒天 」蛋糕！ 铁观音慕丝和浓郁朱古力Brownie底座，中西合璧！至于「天仁鲜奶绿配芝士奶盖」，淡淡绿茶香气，散发清幽禅寺意境! 喜欢品茶的你，不知道这两款新品又是否your cup of tea呢?
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Twinkle Baker Décor
LG-2C
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#apm# #apmhk# #hkapm# #TwinkleBakerDecor# #天仁茗茶# #茶到浓时# #Cake# #Foodie# #Dessert# #YourCupOfTea# #茶控# #品茶#
⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
Twinkle Baker Décor再度与天仁茗茶联手带来「茶到浓时」系列蛋糕
⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
逼真又特别的紫砂茶壶，原来是「天仁铁观音配黑糖寒天 」蛋糕！ 铁观音慕丝和浓郁朱古力Brownie底座，中西合璧！至于「天仁鲜奶绿配芝士奶盖」，淡淡绿茶香气，散发清幽禅寺意境! 喜欢品茶的你，不知道这两款新品又是否your cup of tea呢?
⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
Twinkle Baker Décor
LG-2C
⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
#apm# #apmhk# #hkapm# #TwinkleBakerDecor# #天仁茗茶# #茶到浓时# #Cake# #Foodie# #Dessert# #YourCupOfTea# #茶控# #品茶#
【#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
⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
#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！
⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
Twinkle Baker Décor
LG-2C
⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
#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.
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