Net profit in 2Q21 down only 2% YoY; slightly better than expectations 1H21 performance in line Looking beyond 3Q21E headwinds Margin pressure may overshadow the earnings visibility 1H21：continual outperformance of P&C arm A transition year but with attractive yield Moving into strong 2H21E pipeline Strong demand but labour cost weighs on margins Guidance maintained but be cautious on opex Operating leverage from SaaS emerging