Asia Pacific Equity Research 24 August 2025 Sunshine Insurance Group - H First Take: Solid print of 1H25 NBV (47% oya) but weak new life sales raise a concern Our First Take: Sunshine Insurance Group ("Sunshine") delivered a solid 1H25 result with Rmb3.4B of net profit (vs. JPMe: Rmb3.0B), and 47% oya like-for-like growth of new business value (vs. JPMe: 12% oya). YTD stock outperformance (+64% vs. HSI: +26%) looks to reflect the market expectation of a strong interim result. However, the weaker-than-expect ...