do the math without your softpoints. it gives 5+2*(lvl-1) damage redirection, so look at what base is, do the math, that's what it actually is. i can verify this part actually works. the display is simply wrong though
the reason a lot of people are feeling 40% is because the maximum value obtained with hardpoints is 43%.
Yeah, if the skill only works with hard points the damage reduced calculated seems close to what you are actually getting hit, no +2eni, +3torch, etc