External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

PICC Property & Casualty H / Equity Bottom-Up

<ul><li>PICC P&amp;C reported weaker-than-expected first-quarter results given the 1Q24 CoR slightly increased to 97.9% (vs: FY23: 97.8%) and auto/non-auto premium growth dropped to +1.9%/+5.0% YoY (1Q23: +6.5%/+12.8% YoY).</li><li>Dragged by increased claims for low-temperature and freezing rain in 1-2M24, transportation recovery and premium slowdown, the insurer’s underwriting profit (UWP) slid by 49.1% YoY to RMB2.4bn, adversely impacting net profit by -38.3% YoY to RMB 5.9bn.</li><li>Investment result concerned market as net investment yield (not annualized) was 0.8%, lower than that of some life peers. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PICC P&amp;C reported weaker-than-expected first-quarter results given the 1Q24 CoR slightly increased to 97.9% (vs: FY23: 97.8%) and auto/non-auto premium growth dropped to +1.9%/+5.0% YoY (1Q23: +6.5%/+12.8% YoY).Dragged by increased claims for low-temperature and freezing rain in 1-2M24, transportation recovery and premium slowdown, the insurer’s underwriting profit (UWP) slid by 49.1% YoY to RMB2.4bn, adversely impacting net profit by -38.3% YoY to RMB 5.9bn.Investment result concerned market as net investment yield (not annualized) was 0.8%, lower than that of some life peers. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PICC P&C (2328 HK) - 1Q24 Catastrophe-Induced Claims Fully Released

<ul><li>PICC P&amp;C reported solid underwriting combined ratio (CoR) at 97.8%, 0.3pct lower than our estimate (98.1%), primarily driven by better-than-expected nonauto CoR at 99.1%, 0.7pct lower than our forecast (99.8%).</li><li>Within the nonauto segment, both individual and corporate businesses implied optimized CoR by -4.3pct and -3.4pct, respectively.</li><li>We regard this a result of proactive mgt. of the P&amp;C forerunner to refocus on businesses of high underwriting profits to compensate for the RMB 13.3bn net loss from natural catastrophes in 3Q23. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PICC P&amp;C reported solid underwriting combined ratio (CoR) at 97.8%, 0.3pct lower than our estimate (98.1%), primarily driven by better-than-expected nonauto CoR at 99.1%, 0.7pct lower than our forecast (99.8%).Within the nonauto segment, both individual and corporate businesses implied optimized CoR by -4.3pct and -3.4pct, respectively.We regard this a result of proactive mgt. of the P&amp;C forerunner to refocus on businesses of high underwriting profits to compensate for the RMB 13.3bn net loss from natural catastrophes in 3Q23. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PICC P&C (2328 HK) - Non-Auto CoR Better than Expected

<ul><li>We expect PICC P&amp;C, the P&amp;C forerunner, to meet both auto and non-auto combined ratio (CoR) guidance of 97%/100%, to land at 96.9%/99.8%, based on our forecast.</li><li>With a benign competitive landscape under tightened regulatory scrutiny and the industry self-discipline convention led by 8 top P&amp;C insurers in Nov 2023, we expect the insurer’s auto expense ratio to drop in 2H23, primarily in 4Q23, to 27.5%, flat vs FY22, whereas the loss ratio to rise to 69.4% (vs 68.1% in FY22), affected by increasing natural catastrophic (NAT CAT) claims in 3Q23.</li><li>In 2024E, we estimate the underwriting profit to rise ~12% YoY, driven by 7% total premium growth and a slight CoR improvement to 98.0% (-0.1pct from FY23E’s 98.1%), thanks to an optimized non-auto structure with risk clearance in some loss-making lines, i.e. liability and commercial property. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect PICC P&amp;C, the P&amp;C forerunner, to meet both auto and non-auto combined ratio (CoR) guidance of 97%/100%, to land at 96.9%/99.8%, based on our forecast.With a benign competitive landscape under tightened regulatory scrutiny and the industry self-discipline convention led by 8 top P&amp;C insurers in Nov 2023, we expect the insurer’s auto expense ratio to drop in 2H23, primarily in 4Q23, to 27.5%, flat vs FY22, whereas the loss ratio to rise to 69.4% (vs 68.1% in FY22), affected by increasing natural catastrophic (NAT CAT) claims in 3Q23.In 2024E, we estimate the underwriting profit to rise ~12% YoY, driven by 7% total premium growth and a slight CoR improvement to 98.0% (-0.1pct from FY23E’s 98.1%), thanks to an optimized non-auto structure with risk clearance in some loss-making lines, i.e. liability and commercial property. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PICC P&C (2328 HK) - Expect FY23E CoR Guidance Met

Thematic (Sector/Industry)

<ul><li>Strong savings demand propelled a double-digit growth of cum. personal life premiums, which rose by 10.2% YoY in FY23, for the first time in three years amid the prolonged low-risk appetite.</li><li>Life premiums rose by 12.8% YoY to RMB2.76tn in FY23, posting the highest growth over the past three years although curving down a bit from the 7M23 peak (+15% YoY) after the pricing rate cut.</li><li>On a monthly basis, China Life (2628 HK) and CPIC (2601 HK) were the only two listed insurers turning positive to double-digit premium growth, by +13.0%/+16.7% YoY in Dec 2023, outpacing the industry level of +1.1% YoY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong savings demand propelled a double-digit growth of cum. personal life premiums, which rose by 10.2% YoY in FY23, for the first time in three years amid the prolonged low-risk appetite.Life premiums rose by 12.8% YoY to RMB2.76tn in FY23, posting the highest growth over the past three years although curving down a bit from the 7M23 peak (+15% YoY) after the pricing rate cut.On a monthly basis, China Life (2628 HK) and CPIC (2601 HK) were the only two listed insurers turning positive to double-digit premium growth, by +13.0%/+16.7% YoY in Dec 2023, outpacing the industry level of +1.1% YoY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Insurance - Life Premiums up by Double Digits for the First Time in 3 Years

<ul><li>The NAFR announced Life and P&amp;C premium income of all registered insurers in Sep, showing trends that: 1) the liability side of the sector continued to improve, despite recent regulatory tightening on channels, products and agent behaviour.</li><li>Personal life reversed a negative monthly YoY from -0.2% in 8M23 to +0.9% in 9M23 (Fig 1), and P&amp;C strengthened growth to +5.9% YoY in 9M23 (vs +3.2% YoY in 8M23), driven by an upward auto growth of 6.9% YoY in 9M23; 2) total investment assets expanded to RMB27.2tn in 9M23, up 8.5% from 12M22, with allocation in bonds increased to 44.0% in 9M23 (vs 43.6% in 8M23), and in stocks and equity funds down to 12.8% (-0.1pct from 8M23, Fig 15).</li><li>We believe the upward trend in long-term yields, evidenced by GCNY10 staying above 2.7% since mid Oct (Fig 18), will continue to benefit investment returns and asset performances of the sector, to serve as a shore-up for the sector’s valuation.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The NAFR announced Life and P&amp;C premium income of all registered insurers in Sep, showing trends that: 1) the liability side of the sector continued to improve, despite recent regulatory tightening on channels, products and agent behaviour.Personal life reversed a negative monthly YoY from -0.2% in 8M23 to +0.9% in 9M23 (Fig 1), and P&amp;C strengthened growth to +5.9% YoY in 9M23 (vs +3.2% YoY in 8M23), driven by an upward auto growth of 6.9% YoY in 9M23; 2) total investment assets expanded to RMB27.2tn in 9M23, up 8.5% from 12M22, with allocation in bonds increased to 44.0% in 9M23 (vs 43.6% in 8M23), and in stocks and equity funds down to 12.8% (-0.1pct from 8M23, Fig 15).We believe the upward trend in long-term yields, evidenced by GCNY10 staying above 2.7% since mid Oct (Fig 18), will continue to benefit investment returns and asset performances of the sector, to serve as a shore-up for the sector’s valuation.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China

PICC Property and Casualty Company Limited provides insurance services. The Company provides property loss insurances, liability insurances, credit insurances, accidental injury insurances, short term health insurances, guarantee insurances, and other insurance products. PICC Property and Casualty also operates investment businesses.

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PICC Property & Casualty H (2328 HK)

PICC P&C (2328 HK) - 1Q24 Catastrophe-Induced Claims Fully Released

PICC P&C reported weaker-than-expected first-quarter results given the 1Q24 CoR slightly increased to 97.9% (vs: FY23: 97.8%) and auto/non-auto...

CMB International

PICC P&C (2328 HK) - Non-Auto CoR Better than Expected

PICC P&C reported solid underwriting combined ratio (CoR) at 97.8%, 0.3pct lower than our estimate (98.1%), primarily driven by better-than...

CMB International

PICC P&C (2328 HK) - Expect FY23E CoR Guidance Met

We expect PICC P&C, the P&C forerunner, to meet both auto and non-auto combined ratio (CoR) guidance of 97%/100%, to land at 96.9%/99.8%, based on...

CMB International

Insurance - Life Premiums up by Double Digits for the First Time in 3 Years

Strong savings demand propelled a double-digit growth of cum. personal life premiums, which rose by 10.2% YoY in FY23, for the first time in three...

CMB International

China Insurance – 9M23 Monthly

We believe the upward trend in long-term yields, evidenced by GCNY10 staying above 2.7% since mid Oct, will continue to benefit investment returns

CMB International

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