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.

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<ul><li>The NFRA reported 1Q26 premiums. Total insurance premium grew 6.3% YoY to RMB2.31tn, with industry premium modestly up by 1.4% YoY in March.</li><li>The divergence between personal life and P&amp;C premiums persisted in 1Q26 with the former marking +7.9% to RMB1.93tn and the latter falling 1.3% YoY to RMB382bn, indicating a continued strong momentum during life jumpstart sales, and a marginal recovery in P&amp;C with auto/non-auto premiums up 1.8%/ 2.7% YoY in Mar (vs. Feb: -0.3%/+0.3%).</li><li>We see three key trends in 1Q26 including 1) Life sustained robust growth in Mar, after achieving a compelling increase during the jumpstart period; 2) P&amp;C saw a marginal rebound in premium growth supported by a turnaround in both auto and non-auto segments; and 3) Health and accident (H&amp;A) insurance remained the two key drivers of P&amp;C non-auto premium growth, sustaining doubledigit increases in Mar 2026. </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 NFRA reported 1Q26 premiums. Total insurance premium grew 6.3% YoY to RMB2.31tn, with industry premium modestly up by 1.4% YoY in March.The divergence between personal life and P&amp;C premiums persisted in 1Q26 with the former marking +7.9% to RMB1.93tn and the latter falling 1.3% YoY to RMB382bn, indicating a continued strong momentum during life jumpstart sales, and a marginal recovery in P&amp;C with auto/non-auto premiums up 1.8%/ 2.7% YoY in Mar (vs. Feb: -0.3%/+0.3%).We see three key trends in 1Q26 including 1) Life sustained robust growth in Mar, after achieving a compelling increase during the jumpstart period; 2) P&amp;C saw a marginal rebound in premium growth supported by a turnaround in both auto and non-auto segments; and 3) Health and accident (H&amp;A) insurance remained the two key drivers of P&amp;C non-auto premium growth, sustaining doubledigit increases in Mar 2026. 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 - 1-3M26: Life growth resilient and P&C marginally recovered in March

<ul><li>In 1-2M26, total insurance premiums amounted to RMB1.64tn, up 8.4% YoY with Feb premium income up 0.8% YoY (vs. Jan: +11.6%) partly due to the impact of Chinese New Year (Feb: 16 working days).</li><li>Personal life and P&amp;C industry premiums growth diverged by +10.2%/-1.4% YoY to RMB1.4tn/RMB240bn in 1-2M26 given the strength in Life jumpstart sales and weakened UW demands from auto insurance.</li><li>We have observed three key trends in the industry for the first two months incl. 1) Life growth sustained in double-digit (+10.9%) driven by resilient savings demands amid the trend of deposit migration; 2) P&amp;C weakened (-1.4%) as auto premiums dipped for two consecutive months (Jan/Feb: -0.8%/-1.1%) due to the lackluster new vehicle sales; 3) P&amp;C Health drove non-auto premium growth up by 20.5% YoY in 1-2M26, signalling upside potential amid deepening cooperation between basic medical and commercial health. </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.

In 1-2M26, total insurance premiums amounted to RMB1.64tn, up 8.4% YoY with Feb premium income up 0.8% YoY (vs. Jan: +11.6%) partly due to the impact of Chinese New Year (Feb: 16 working days).Personal life and P&amp;C industry premiums growth diverged by +10.2%/-1.4% YoY to RMB1.4tn/RMB240bn in 1-2M26 given the strength in Life jumpstart sales and weakened UW demands from auto insurance.We have observed three key trends in the industry for the first two months incl. 1) Life growth sustained in double-digit (+10.9%) driven by resilient savings demands amid the trend of deposit migration; 2) P&amp;C weakened (-1.4%) as auto premiums dipped for two consecutive months (Jan/Feb: -0.8%/-1.1%) due to the lackluster new vehicle sales; 3) P&amp;C Health drove non-auto premium growth up by 20.5% YoY in 1-2M26, signalling upside potential amid deepening cooperation between basic medical and commercial health. 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 - 1-2M26: Life Sustained Double-Digit Rise...

<ul><li>The NFRA eased the solvency risk factors for insurance companies’ stockholdings in the CSI 300 index (from 0.3 to 0.27), the CSI Dividend Low Volatility 100 index (from 0.3 to 0.27) and the STAR Market (from 0.4 to 0.36) by 10%, on the premises that the insurer’s shareholding periods for the CSI 300 index and the CSI Div.</li><li>Low Vol 100 index by over three years and for the STAR Market by more than two years.</li><li>The Notice issued on 5 Dec (Fri) marks the regulators’ sustained efforts since May to guide insurance funds into the stock market, which we estimate that the easing rule could release RMB102.6bn incremental funds into the CSI 300 market, if total minimum capital release were to be fully invested. By 3Q25, total balance of stock investment amounted to RMB 3,621bn, rising 49% from year-start. </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 NFRA eased the solvency risk factors for insurance companies’ stockholdings in the CSI 300 index (from 0.3 to 0.27), the CSI Dividend Low Volatility 100 index (from 0.3 to 0.27) and the STAR Market (from 0.4 to 0.36) by 10%, on the premises that the insurer’s shareholding periods for the CSI 300 index and the CSI Div.Low Vol 100 index by over three years and for the STAR Market by more than two years.The Notice issued on 5 Dec (Fri) marks the regulators’ sustained efforts since May to guide insurance funds into the stock market, which we estimate that the easing rule could release RMB102.6bn incremental funds into the CSI 300 market, if total minimum capital release were to be fully invested. By 3Q25, total balance of stock investment amounted to RMB 3,621bn, rising 49% from year-start. 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 - Easing Solvency Risk Factors to Steer Insurance Funds into Long-Term Stockholdings

<ul><li>Life growth diverged in Dec among listed peers, yet the market trends weakened overall in Nov-Dec, due to eased momentum of 2025 jumpstart sales.</li><li>Total life premium of six H-share listed insurers fell 2.5% YoY to RMB 82.3bn in Dec, -1.9pct MoM compared to Nov.</li><li>Listed life peers’ premium growth ranged from a peak of increase by 19% YoY (NCI) to a decline of 45% YoY (Sunshine Life) in Dec, as the contribution of agency FYP varied.</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 growth diverged in Dec among listed peers, yet the market trends weakened overall in Nov-Dec, due to eased momentum of 2025 jumpstart sales.Total life premium of six H-share listed insurers fell 2.5% YoY to RMB 82.3bn in Dec, -1.9pct MoM compared to Nov.Listed life peers’ premium growth ranged from a peak of increase by 19% YoY (NCI) to a decline of 45% YoY (Sunshine Life) in Dec, as the contribution of agency FYP varied.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 - 11/12M Monthly: Life Sales Diverged During the Jumpstart

<ul><li>Life premium growth eased in Oct as expected, due to the release of front-loaded demands in Jul/Aug prior to the PIR cut, which dragged the rise of 10M24 premiums.</li><li>Except CPIC Life (+2.3% YoY), other life peers’ premiums declined in Oct, as China Life/Ping An Life/New China Life/PICC Life slid 2.6%/2.0%/0.2%/2.8% respectively.</li><li>Health momentum remained strong, where Ping An Health and PICC Health grew 10.5%/2.6% YoY in Oct following a six-month increasing streak. </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 premium growth eased in Oct as expected, due to the release of front-loaded demands in Jul/Aug prior to the PIR cut, which dragged the rise of 10M24 premiums.Except CPIC Life (+2.3% YoY), other life peers’ premiums declined in Oct, as China Life/Ping An Life/New China Life/PICC Life slid 2.6%/2.0%/0.2%/2.8% respectively.Health momentum remained strong, where Ping An Health and PICC Health grew 10.5%/2.6% YoY in Oct following a six-month increasing streak. 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 - Life Premium Retreated as Expected, P&C Grew with Auto Sales Momentum

China

China Life Insurance Co., Limited offers a wide range of life, accident, and health insurance products and services.

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China Life Insurance Co (Adr) (LFC US)

China Insurance - 1-3M26: Life growth resilient and P&C marginally recovered in March

The NFRA reported 1Q26 premiums. Total insurance premium grew 6.3% YoY to RMB2.31tn, with industry premium modestly up by 1.4% YoY in March.

CMB International

China Insurance - 1-2M26: Life Sustained Double-Digit Rise...

In 1-2M26, total insurance premiums amounted to RMB1.64tn, up 8.4% YoY with Feb premium income up 0.8% YoY (vs. Jan: +11.6%) partly due to the...

CMB International

China Insurance - Easing Solvency Risk Factors to Steer Insurance Funds into Long-Term Stockholdings

The NFRA eased the solvency risk factors for insurance companies’ stockholdings in the CSI 300 index (from 0.3 to 0.27), the CSI Dividend Low...

CMB International

China Insurance - 11/12M Monthly: Life Sales Diverged During the Jumpstart

Life growth diverged in Dec among listed peers, yet the market trends weakened overall in Nov-Dec, due to eased momentum of 2025 jumpstart sales.

CMB International

China Insurance - Life Premium Retreated as Expected, P&C Grew with Auto Sales Momentum

Life premium growth eased in Oct as expected, due to the release of front-loaded demands in Jul/Aug prior to the PIR cut, which dragged the rise of...

CMB International

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