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>CN listed insurers released better-than-expected July premiums with life prints showing continued strong momentum on top of a high base in 7M23.</li><li>Six Hshare listed life peers in aggregate grew by +8.8%/+3.1% YoY to RMB 118bn/ RMB1,291bn in July and 7M24, +0.4pct/+0.5pct from last month.</li><li>Top life names contributed resilient increases as China Life/ Ping An Life/ NCI/ PICC Life each rose by +8.3%/+17.2%/+11.3% /+21.8% YoY in July.</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.

CN listed insurers released better-than-expected July premiums with life prints showing continued strong momentum on top of a high base in 7M23.Six Hshare listed life peers in aggregate grew by +8.8%/+3.1% YoY to RMB 118bn/ RMB1,291bn in July and 7M24, +0.4pct/+0.5pct from last month.Top life names contributed resilient increases as China Life/ Ping An Life/ NCI/ PICC Life each rose by +8.3%/+17.2%/+11.3% /+21.8% YoY in July.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 - 7M24 Monthly: Life Momentum Kept Strong

<ul><li>The National Financial Regulatory Administration (NFRA) disclosed 2Q24 insurance funds allocation and respective investment yields for the industry and for life and P&amp;C companies.</li><li>The financial rate of return marginally recovered from troughs in 1Q24 with the comprehensive yields remaining attractive at above 5%, given the prolonged low interest rate cycle.</li><li>We see robust growth of total insurance funds by +11.0% YoY in 2Q24 to RMB30.9tn, on par with total premium growth of +10.5% to RMB3.55tn. </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 National Financial Regulatory Administration (NFRA) disclosed 2Q24 insurance funds allocation and respective investment yields for the industry and for life and P&amp;C companies.The financial rate of return marginally recovered from troughs in 1Q24 with the comprehensive yields remaining attractive at above 5%, given the prolonged low interest rate cycle.We see robust growth of total insurance funds by +11.0% YoY in 2Q24 to RMB30.9tn, on par with total premium growth of +10.5% to RMB3.55tn. 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 - ILife/P&C Diverged in Allocation; Financial Yields Marginally Recovered in 2Q

<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>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.

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

Equity Bottom-Up

<ul><li>AIA reported resilient 1H25 results. VONB rose 14% (CER) YoY to US$2.84bn, in line with our estimate of US$2.85bn and translating to 2Q VONB growth at 17% (CER, vs.1Q25: 13%).</li><li>This uplift was mainly driven by margin expansion, as VONB margin grew 3.9pct YoY to 57.7% in 1H25, a record high since FY23, with a surprise from AIA China’s VONB margin, which was up 2.0pct YoY to 58.6%, the highest post pandemic.</li><li>We see continued positive trends in product mix as 89% of total VONB was from protection and fee-based insurance products with low or no guarantees (Fig.1). </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.

AIA reported resilient 1H25 results. VONB rose 14% (CER) YoY to US$2.84bn, in line with our estimate of US$2.85bn and translating to 2Q VONB growth at 17% (CER, vs.1Q25: 13%).This uplift was mainly driven by margin expansion, as VONB margin grew 3.9pct YoY to 57.7% in 1H25, a record high since FY23, with a surprise from AIA China’s VONB margin, which was up 2.0pct YoY to 58.6%, the highest post pandemic.We see continued positive trends in product mix as 89% of total VONB was from protection and fee-based insurance products with low or no guarantees (Fig.1). 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.

AIA Group Ltd. (1299 HK) - Resilient VONB Uptrend with Optimistic Outlook on China Growth Strategy

<ul><li>AIA reported decent 1Q25 growth with VONB up by 13% YoY (CER) on top of a high prior-year base (1Q24: +31%), driven by both margin expansion (+3pct) and ANP increase (+7%).</li><li>VONB margin jumped to 57.5%, a quarter high since FY22, thanks to progressive shift in product mix to participating-type long-term savings offset by the change of economic assumptions by end-FY24.</li><li>The rise of new business CSM (+16%) outgrew VONB for the first time (+13%), boding well for a profitable stock of future earnings to propel for Group OPAT growth. </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.

AIA reported decent 1Q25 growth with VONB up by 13% YoY (CER) on top of a high prior-year base (1Q24: +31%), driven by both margin expansion (+3pct) and ANP increase (+7%).VONB margin jumped to 57.5%, a quarter high since FY22, thanks to progressive shift in product mix to participating-type long-term savings offset by the change of economic assumptions by end-FY24.The rise of new business CSM (+16%) outgrew VONB for the first time (+13%), boding well for a profitable stock of future earnings to propel for Group OPAT growth. 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.

AIA Group Ltd. (1299 HK) - Decent VONB Growth Across Ex-China Markets

Hong Kong

AIA Group is a Hong Kong-based multinational insurance and finance corporation, and the largest publicly traded life insurance group in the Asia-Pacific region. It offers a wide range of products including life, accident, and health insurance, savings plans, employee benefits, and wealth management services. The company was founded in 1919 and is headquartered in Central, Hong Kong.

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AIA Group (AAGIY US)

China Insurance - 7M24 Monthly: Life Momentum Kept Strong

CN listed insurers released better-than-expected July premiums with life prints showing continued strong momentum on top of a high base in 7M23.

CMB International

China Insurance - ILife/P&C Diverged in Allocation; Financial Yields Marginally Recovered in 2Q

The National Financial Regulatory Administration (NFRA) disclosed 2Q24 insurance funds allocation and respective investment yields for the industry...

CMB International

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

AIA Group Ltd. (1299 HK) - Resilient VONB Uptrend with Optimistic Outlook on China Growth Strategy

AIA reported resilient 1H25 results. VONB rose 14% (CER) YoY to US$2.84bn, in line with our estimate of US$2.85bn and translating to 2Q VONB growth...

CMB International

AIA Group Ltd. (1299 HK) - Decent VONB Growth Across Ex-China Markets

AIA reported decent 1Q25 growth with VONB up by 13% YoY (CER) on top of a high prior-year base (1Q24: +31%), driven by both margin expansion...

CMB International

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