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>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 full-year results with VNB +33% YoY (CER basis, +30% on AER basis) to US$4,034mn, and ANP +45% YoY (CER basis, +41% on AER basis) to US$7,650mn, in line with our forecasts (VNB +31%, ANP +44% on AER basis).</li><li>We saw a narrowed downtrend in VNB margin to 52.6%, sequentially improved by 3.8pct to 54.5% in 2H23 (vs 1H23: 50.7%).</li><li>Among double-digit growth in four segments, AIA HK’s VNB remarkably rose 82% YoY underpinned by sequential growth in 4Q23 by capturing MCV demands against a sector-wide slowdown. </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 full-year results with VNB +33% YoY (CER basis, +30% on AER basis) to US$4,034mn, and ANP +45% YoY (CER basis, +41% on AER basis) to US$7,650mn, in line with our forecasts (VNB +31%, ANP +44% on AER basis).We saw a narrowed downtrend in VNB margin to 52.6%, sequentially improved by 3.8pct to 54.5% in 2H23 (vs 1H23: 50.7%).Among double-digit growth in four segments, AIA HK’s VNB remarkably rose 82% YoY underpinned by sequential growth in 4Q23 by capturing MCV demands against a sector-wide slowdown. 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) - FY23 VNB +33% in Line

<ul><li>With double-digit new business growth achieved across HK/China, ASEAN and India markets, AIA recorded 28%/23% YoY growth of value of new business (VNB) in 1Q23 on a constant/actual FX rate (CER/AER) basis respectively.</li><li>The life insurer saw its agent productivity further rose at a double-digit in 1Q23, with total number of new recruits picking up at the meanwhile.</li><li>Looking forward, given the catalysts on: 1) strong momentum in recovery of life insurance demands in mainland market, 2) AIA’s continued geographical expansions approved by Chinese regulatory into new cities, i.e. Zhengzhou, Henan province in China, and 3) the comeback of mainland visitors boosting the MCV business in HK since reopening in 2M23, we expect the strong new business momentum to sustain throughout FY23.</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.

With double-digit new business growth achieved across HK/China, ASEAN and India markets, AIA recorded 28%/23% YoY growth of value of new business (VNB) in 1Q23 on a constant/actual FX rate (CER/AER) basis respectively.The life insurer saw its agent productivity further rose at a double-digit in 1Q23, with total number of new recruits picking up at the meanwhile.Looking forward, given the catalysts on: 1) strong momentum in recovery of life insurance demands in mainland market, 2) AIA’s continued geographical expansions approved by Chinese regulatory into new cities, i.e. Zhengzhou, Henan province in China, and 3) the comeback of mainland visitors boosting the MCV business in HK since reopening in 2M23, we expect the strong new business momentum to sustain throughout FY23.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) – Strong 1Q23 momentum

<ul><li>AIA recorded 6% YoY growth of value of new business (VNB) in 2H22 on a constant FX rate (CER) basis, translating into 4.5% YoY VNB growth in 4Q22.</li><li>The life insurer reported positive new business momentum across its major markets in 2H22, with 1) Mainland China’s VNB growth turnaround to +3% YoY on a CER basis despite the negative impact from Omicron peak in Dec 2022, 2) 13% VNB growth of ASEAN business in 2H22 driven by multi-channel strategy, and 3) 5% YoY growth of HK VNB.</li><li>During the analyst briefing, the management indicated that 1) the VNB growth of mainland visitors (MCV) business was strong in 2M23 as the border reopened; 2) despite the slight VNB decline of AIA China in Jan 2023 amid Omicron outbreaks, the new business momentum quickly bounced back to double digit in Feb and brought 2M23 China VNB growth to positive. </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 recorded 6% YoY growth of value of new business (VNB) in 2H22 on a constant FX rate (CER) basis, translating into 4.5% YoY VNB growth in 4Q22.The life insurer reported positive new business momentum across its major markets in 2H22, with 1) Mainland China’s VNB growth turnaround to +3% YoY on a CER basis despite the negative impact from Omicron peak in Dec 2022, 2) 13% VNB growth of ASEAN business in 2H22 driven by multi-channel strategy, and 3) 5% YoY growth of HK VNB.During the analyst briefing, the management indicated that 1) the VNB growth of mainland visitors (MCV) business was strong in 2M23 as the border reopened; 2) despite the slight VNB decline of AIA China in Jan 2023 amid Omicron outbreaks, the new business momentum quickly bounced back to double digit in Feb and brought 2M23 China VNB growth to positive. 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) – 2H22 recovery in line; Upbeat trend in HK and China in 2M23

Hong Kong

AIA Group Limited offers insurance and financial services. The Company writes life insurance for individuals, businesses, accident, and health insurance, as well as retirement planning and wealth management services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

AIA Group Ltd (1299 HK)

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