FY21 net profit was Rmb22.4bn, +7% yoy (5% below our forecast), due to more conservative reserving, which was the highest since FY10 (Fig 1). FY21 combined ratio disappointed, up 70bp yoy to 99.6% (2H21: up 149bp yoy to 102.5%), in part due to this more conservative reserving expenses. We like the acceleration of gross written premium growth to 16% yoy in 4Q21 from 3Q21’s 5% yoy fall. Reiterate Add rating. No changes to FY22-24F EPS but GGM-based TP cut slightly to HK$9.80 from HK$10 due a lower sustainable ROE assumption.