to join the discussion
Adding to LBH at R98 on the back of their latest embedded value trajectory, as the persistency metrics on their life book continue to improve and the combined ratio compression across short-term business suggests management is finally optimizing underwriting discipline rather tha
LBH trading flat at R98 masks underlying embedded value compression in their short-term insurance book, where combined ratios have drifted north of 95% across most quarters, eroding the franchise value that justified historical multiples. The insurance backed investment portfolio
LBH's embedded value has compressed meaningfully over the past 18 months despite relatively stable earnings, which suggests the market is pricing in either persistent underwriting headwinds in their short-term business or a structural shift in how it's valuing their life insuranc