Insurance funds: Life/P&C diverged in allocation; financial yields marginally recovered in 2Q
We expect prudent guidance but decent margins
Gradual revenue and margin recovery in FY23
2024年中报点评：NBV超越上年全年绝对额，Margin已达同业平均
2024年1季报点评：Margin改善驱动NBV高增，负债端延续高景气
Solid core music business and margin expansion outlook
–Sequential margin contraction indicates inventory digestions may persist till FY23E
4Q22 beat; FY23E margins likely overestimated
4Q24 margins lay foundation for FY25 earnings
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