At 13.0x FY19E Normalised NPAT, the market is not only discounting any future growth acceleration from CIPRs, but now essentially starting to price in a significant slowdown in the current Life book growth rate.
With nearly 50% of the book expected to mature within the next three years, and being replaced with longer maturities, that would require an absolute collapse in new annuity sales. Possible, but (from what I can see) very unlikely.
Why has the share dropped., page-51
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