We view Nan Shan Life Insurance Co. Ltd.'s business position as strong, given the insurer is one of the top three players domestically by total premiums. Nan Shan Life has maintained a 16%-17% share of this insurance market in terms of total assets in recent years. The insurer's well-established scale has also helped to underpin its overall competitive position. Nan Shan Life's scale has helped to attract good talent to its agent channels and a tight relationship with alliance banks, which underpin the resilience of the insurer's distribution network. At the same time, Nan Shan Life has a proactive mechanism to formulate and execute product strategies to adapt to market condition changes, in our view. We believe the insurer has
