UBS released a research report stating that SUNSHINE INS (06963) demonstrated strong performance in new business value and embedded value in the first half of 2025. Including the restatement of H1 2024 results, new business value is expected to grow 47% year-on-year, life insurance embedded value increased 14% compared to the second half of last year, while net profit grew 7.8%. The bank believes that the strong growth in new business value in the first half was primarily driven by profit margin expansion. Looking ahead to the second half, UBS expects new business value growth to decelerate from the low base, consistent with industry trends. UBS believes that the downward adjustment of the pricing rate benchmark for ordinary insurance products should drive demand toward dividend insurance products, raising SUNSHINE INS's target price from HK$3.4 to HK$4.7.