Here are the key points from the research report: Insurers' 1H24 Results: - Most insurers achieved earnings growth in 1H24, with 2Q exhibiting the most strength, helped by better equity market performance and a high-dividend-stocks investment focus. - Life business quality improved due to strengthened regulation, with a broad-based increase in VNB margin. - P&C business remained healthy, with respectable combined ratios. Outlook: - Equity market performance could be the key short-term driver, as insurers' earnings rely more on equity performance under the new IFRS9 rules. - VNB growth could still be healthy, but 3Q earnings might face some pressure on equity market trends. - Longer term, demand should remain high, and insurers will continue de-risking with disciplined investment strategy. Rating Changes: - Upgraded PICC Group H from EW to OW. - Made AIA the top pick, shifting from Ping An H. Key Forecasts: - Increased EPS estimates for most insurers by 1-14%, and EV by 3-6%. - Maintained Attractive industry view.