Financial PerformanceOperating EPS missed expectations, with weaker distribution income and higher other expenses/finance costs.
Market ValuationCurrent valuation at 1.8x book value is seen as high, reflecting the 10% estimated operating return on equity and potential future gains.
Sector HeadwindsDespite being labeled as 'recession-proof', P&C insurers are not immune to the impact of an economic slowdown, which could pose greater headwinds to growth compared to other sectors.