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.

Thematic (Sector/Industry)

<ul><li>Life premiums exhibited resilience on high base in Jun and diverged amid top peers.</li><li>Ping An L&amp;H grew by 14.7% YoY in Jun (vs May: +10.4% YoY) thanks to life and health segments, which expanded +16.2%/+19.7% YoY in Jun (vs May: +10.6%/ +11.0% YoY).</li><li>We regard the premium pick-up a concomitant of the Group’s strategic initiatives on healthcare and elderly care, which have fostered new growth drivers with product mix to be further optimized. </li></ul><p><em>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.</em></p>

Life premiums exhibited resilience on high base in Jun and diverged amid top peers.Ping An L&amp;H grew by 14.7% YoY in Jun (vs May: +10.4% YoY) thanks to life and health segments, which expanded +16.2%/+19.7% YoY in Jun (vs May: +10.6%/ +11.0% YoY).We regard the premium pick-up a concomitant of the Group’s strategic initiatives on healthcare and elderly care, which have fostered new growth drivers with product mix to be further optimized. 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 - 6M24 Monthly: Life Prints Better-Than-Expected on High Base; P&C Dragged by Auto Sales

<ul><li>Major Chinese insurers disclosed Jan premium figures, falling short of expectations amid the long-debated 2024 jumpstart sales under tightened regulatory scrutiny announced in last Oct.</li><li>Among seven H-share listed insurers, only China Life (2628 HK) and Sunshine Life (6963 HK) reported positive lowsingle digit growth by +2.2%/ +1.5% on a like-for-like basis, whereas the others recorded year-over-year cutbacks.</li><li>Ping An Life (2318 HK) fell by 3.9% YoY, in contrast to double-digit declines of CPIC Life (2601 HK) / New China Life (1336 HK) / PICC Life (1339 HK) at -14.7%/-15.0%/-18.5%, respectively, due to its more-advanced-than-peers agency capability. </li></ul><p><em>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.</em></p>

Major Chinese insurers disclosed Jan premium figures, falling short of expectations amid the long-debated 2024 jumpstart sales under tightened regulatory scrutiny announced in last Oct.Among seven H-share listed insurers, only China Life (2628 HK) and Sunshine Life (6963 HK) reported positive lowsingle digit growth by +2.2%/ +1.5% on a like-for-like basis, whereas the others recorded year-over-year cutbacks.Ping An Life (2318 HK) fell by 3.9% YoY, in contrast to double-digit declines of CPIC Life (2601 HK) / New China Life (1336 HK) / PICC Life (1339 HK) at -14.7%/-15.0%/-18.5%, respectively, due to its more-advanced-than-peers agency capability. 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 Insurance – 1M24 life premiums fell short of expectations

<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><p><em>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.</em></p>

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 2023 jumpstart performance YTD of Chinese life insurers are divergent according to our channel check.</li><li>While most insurance companies continued suffering from new business declines given the weaker-than-expected pre-sale performance amid COVID outbreaks in Dec 2022, China Life recorded a decent FYP growth thanks to its early launch of pre-sale since Oct 2022.</li><li>We also note that the NBV momentum of CPIC and Ping An elevated substantially since midJan 2023, driven by: 1) enhanced agent productivity on the back of proactive agency reform and 2) consistent strong demands for savings products. </li></ul><p><em>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.</em></p>

The 2023 jumpstart performance YTD of Chinese life insurers are divergent according to our channel check.While most insurance companies continued suffering from new business declines given the weaker-than-expected pre-sale performance amid COVID outbreaks in Dec 2022, China Life recorded a decent FYP growth thanks to its early launch of pre-sale since Oct 2022.We also note that the NBV momentum of CPIC and Ping An elevated substantially since midJan 2023, driven by: 1) enhanced agent productivity on the back of proactive agency reform and 2) consistent strong demands for savings products. 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 Insurance – Divergent jumpstart performance among life insurers

<div><div><div><div><ul><li>Major listed insurers reported August premiums data, showing that P&amp;C premium income growth remained strong in August.</li><li>Our channel check suggests that life insurers’ new business momentum diverged in July-August.</li><li>Thanks to the turnaround in core agency scale on the back of proactive channel reform, CPIC’s agency FYP YoY growth turned positive in July-August, up from the double-digit decline in 1H22.</li></ul><p><em>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.</em></p></div></div></div></div>

Major listed insurers reported August premiums data, showing that P&amp;C premium income growth remained strong in August.Our channel check suggests that life insurers’ new business momentum diverged in July-August.Thanks to the turnaround in core agency scale on the back of proactive channel reform, CPIC’s agency FYP YoY growth turned positive in July-August, up from the double-digit decline in 1H22.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 Financials Weekly – CPIC agency FYP growth picked up in Jul-Aug

China

The People's Insurance Company (Group) of China Limited, through its subsidiaries, offers a range of property and casualty insurance products. The Company also offers asset management services for a variety of customers throughout China.

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People's Insurance (PICC) (1339 HK)

Insurance - 6M24 Monthly: Life Prints Better-Than-Expected on High Base; P&C Dragged by Auto Sales

Ping An L&H grew by 14.7% YoY in Jun (vs May: +10.4% YoY) thanks to life and health segments, which expanded +16.2%/+19.7% YoY in Jun (vs May:...

CMB International

China Insurance – 1M24 life premiums fell short of expectations

Major Chinese insurers disclosed Jan premium figures, falling short of expectations amid the long-debated 2024 jumpstart sales under tightened...

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 – Divergent jumpstart performance among life insurers

The 2023 jumpstart performance YTD of Chinese life insurers are divergent according to our channel check.While most insurance companies continued...

CMB International

China Financials Weekly – CPIC agency FYP growth picked up in Jul-Aug

Thanks to the turnaround in core agency scale on the back of proactive channel reform, CPIC’s agency FYP YoY growth turned positive in July-August

CMB International

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