Flash | CITI'S TAKE NCI reported a mixed set of 1H25 results with robust NBV and EV growth, creditable investment performance, but book value and solvency level saw notable deterioration and CSM growth remained flattish in 1H25. NBV surged 58% yoy in 1H25 on an actual basis, leading industry peers, bolstered by double FYP in 1H25, while NBV margin was eroded by 3.9ppt yoy to 14.6%. By channel, banca NBV rose 1.4x yoy to Rmb3.3bn in 1H25, and agency NBV hiked 12%. CSM balance merely inched up 1% yoy to Rmb17 ...