Investment Rating - The investment rating for the company is "Buy" [7][5]. Core Views - The company reported a strong growth in New Business Value (NBV) of 32% year-on-year, driven primarily by the bancassurance channel, which saw a 156% increase in NBV [2][5]. - The operating profit after tax (OPAT) increased by 7.1% year-on-year, with life insurance operating profit growing by 5% [1][5]. - The combined operating ratio (COR) for property insurance improved, decreasing by 0.8 percentage points to 96.3%, mainly due to a reduction in expense ratios [1][3]. Summary by Sections Life Insurance - The NBV for life insurance increased by 32% year-on-year, with new single premium income rising approximately 29% [2]. - The bancassurance channel significantly contributed to this growth, while the agent channel experienced a decline in new single premium income [2]. - The profit from life insurance grew by 3.2% year-on-year, supported by improved investment returns [2]. Property Insurance - Property insurance premiums grew by 0.9% year-on-year, with a focus on reducing high COR business [3]. - The COR for property insurance improved to 96.4%, with a notable decrease in expense ratios [3]. - The company anticipates a low single-digit growth rate of 3% for property insurance premiums in 2025 [3]. Investment Performance - The total investment return rate for the first half of 2025 was 2.3%, a decrease of 40 basis points year-on-year [4]. - The net investment return rate was 1.7%, down 10 basis points from the previous year [4]. - The company's asset allocation saw a slight increase in equity investments, while bond investments decreased [4]. Profit Forecast and Valuation - The EPS forecast for 2025 has been adjusted to RMB 4.88, reflecting a slight increase in expectations for life insurance NBV growth and property insurance performance [5]. - The target price for A/H shares has been raised to RMB 47/HKD 42, maintaining the "Buy" rating [5][7]. - The company is expected to maintain a steady growth trajectory in both life and property insurance segments, with a projected EPS growth rate of 30% for NBV in 2025 [2][5].