Transformation deserves a re-rating.Initiate with BUY Good Entry Point:Defensive,with Strong Capital and Growth Potential in this Wobbly Market Weak demand in 2H15 Reality Check: Potential Limit on Mainland Visitors' Overseas Insurance Purchases China consensus allocation：China funds asset allocation and performance ALL, RE & XL：ALL 4Q EPS Beats & Margins Reach Positive Inflection Point; RE Beats; XL Core EPS Misses Rmb15bn A-shr placement approved Weak earnings already in price, top-line growth remains a concern A bold and large investment in Europe; strategic benefits to be seen FY15 profit warning–Large impairment hits 4Q profits