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

<ul><li>1Q25 results beat on earnings and net assets. China Life’s net profit jumped 39.5% YoY to RMB28.8bn, underpinned by more-than-doubled insurance service results (+124%) to RMB 25.9bn, thanks to improved insurance service expenses (ISE) down 33% YoY (vs FY/4Q24: +20%/+18%).</li><li>The ISE cutback was due to 1) better-off claims experience for medical and health insurance products, and 2) reduced ISE for VFA contracts, as the discount rate of VFA liability reserves was set on spot rate, which benefitted from a rising yield in 1Q25 (i.e. China 10YR govt. bond yield up by 14.4bps from prior year-end).</li><li>Net assets recovered from a QoQ decline in 4Q24 (-10%) to rise 4.5% vs. year-start, thanks to improved asset-liability matching, for which the A/L effective duration gap was further narrowed to 1.5yrs in 1Q25 (vs FY24: &gt;2yrs) through proactive inforce portfolio mgmt. </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.

1Q25 results beat on earnings and net assets. China Life’s net profit jumped 39.5% YoY to RMB28.8bn, underpinned by more-than-doubled insurance service results (+124%) to RMB 25.9bn, thanks to improved insurance service expenses (ISE) down 33% YoY (vs FY/4Q24: +20%/+18%).The ISE cutback was due to 1) better-off claims experience for medical and health insurance products, and 2) reduced ISE for VFA contracts, as the discount rate of VFA liability reserves was set on spot rate, which benefitted from a rising yield in 1Q25 (i.e. China 10YR govt. bond yield up by 14.4bps from prior year-end).Net assets recovered from a QoQ decline in 4Q24 (-10%) to rise 4.5% vs. year-start, thanks to improved asset-liability matching, for which the A/L effective duration gap was further narrowed to 1.5yrs in 1Q25 (vs FY24: &gt;2yrs) through proactive inforce portfolio mgmt. 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.

<ul><li>China Life reported in-line full-year results, with net profit up 132% YoY to RMB 106.9 bn under IFRS (or up 107% YoY to RMB 108.9bn under ASBE), at the midpoint per profit alert which expected to rise 122-144% (IFRS) and 100%-120% (ABSE), yet underperformed our forecast of RMB109bn under IFRS.</li><li>4Q net profit came in at RMB2.4bn, at low-end of our preview, down 70% YoY.</li><li>Net asset value dropped 10% QoQ in 4Q24 to RMB509.7bn, reflecting the rapid interest rate decline in last quarter with 10yr CN govt. bond yield down by 49bps. </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.

China Life reported in-line full-year results, with net profit up 132% YoY to RMB 106.9 bn under IFRS (or up 107% YoY to RMB 108.9bn under ASBE), at the midpoint per profit alert which expected to rise 122-144% (IFRS) and 100%-120% (ABSE), yet underperformed our forecast of RMB109bn under IFRS.4Q net profit came in at RMB2.4bn, at low-end of our preview, down 70% YoY.Net asset value dropped 10% QoQ in 4Q24 to RMB509.7bn, reflecting the rapid interest rate decline in last quarter with 10yr CN govt. bond yield down by 49bps. 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 Life (2628 HK) - 4Q Slowdown as Expected; DPS Exceeded >50%

<ul><li>China Life released prelim. earnings alert. The company expects net profit to grow 122%-144% YoY (or at RMB56.2-66.4bn) under IFRS and 100%-120% YoY (or at RMB 51.2-61.4bn) under China Accounting Standards (ASBE) in FY24, easing from the increase of 174% in year-to-3Q24.</li><li>4Q bottom-line could range from a net loss of RMB 2.16bn to a gain of RMB 8.08bn, implying at most 0.8% YoY increase vs RMB8.02bn in 4Q23.</li><li>We attribute this more-than-doubled net profit primarily to the equity market rally in 3Q, which surged the insurer’s total investment income by +152.4% YoY in 9M24. </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.

China Life released prelim. earnings alert. The company expects net profit to grow 122%-144% YoY (or at RMB56.2-66.4bn) under IFRS and 100%-120% YoY (or at RMB 51.2-61.4bn) under China Accounting Standards (ASBE) in FY24, easing from the increase of 174% in year-to-3Q24.4Q bottom-line could range from a net loss of RMB 2.16bn to a gain of RMB 8.08bn, implying at most 0.8% YoY increase vs RMB8.02bn in 4Q23.We attribute this more-than-doubled net profit primarily to the equity market rally in 3Q, which surged the insurer’s total investment income by +152.4% YoY in 9M24. 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 Life (2628 HK) - 4Q Net Profit Could Decline Despite Better Capital Market

<ul><li>Positive on pure life insurer; raise TP to HK$20.0. We revise up the insurer’s FY24-26E EPS forecasts by 148%/38%/31% to RMB4.45/2.58/2.61 (table), to reflect the 3Q investment outperformance and improved fundamentals, and remain positive on the insurer’s profit realization in 4Q24.</li><li>3Q NPAT soared 17.7x YoY to RMB66.2bn, outgrowing most listed peers, mainly driven by net fair value gains (+80x YoY), as the insurer held the second highest exposure of FVTPL core equities (i.e. stocks and equity funds) among listed peers at 11.2% by 1H24.</li><li>As a pure life insurer, we expect China Life capable of riding on the wave of equity market rally, and result in better 2H24 investment prints on top of a low base in 2H23. </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.

Positive on pure life insurer; raise TP to HK$20.0. We revise up the insurer’s FY24-26E EPS forecasts by 148%/38%/31% to RMB4.45/2.58/2.61 (table), to reflect the 3Q investment outperformance and improved fundamentals, and remain positive on the insurer’s profit realization in 4Q24.3Q NPAT soared 17.7x YoY to RMB66.2bn, outgrowing most listed peers, mainly driven by net fair value gains (+80x YoY), as the insurer held the second highest exposure of FVTPL core equities (i.e. stocks and equity funds) among listed peers at 11.2% by 1H24.As a pure life insurer, we expect China Life capable of riding on the wave of equity market rally, and result in better 2H24 investment prints on top of a low base in 2H23. 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 Life (2628 HK) - 3Q NPAT Boosted by Net Fair Value Gains

<ul><li>China Life reported strong 1H results with NBV +18.6% YoY on a like-for-like basis to RMB32.3bn, and EV back to double-digit growth by 11.4% to RMB 1.4tn from year start.</li><li>Investment income soared 1.4x YoY to RMB56.7bn after the insurer fully adopted IFRS 9 for both A/H share reporting, driving the pre-tax profit to rise 27.6% YoY to RMB 47.9bn in 1H24, equivalent to 109.3% YoY surge in 2Q24 (CMBI est).</li><li>We see outstanding margin expansion in bancasssurance, of which the NBV margin +13.4pct like-for-like to &gt;17% as we estimate. </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.

China Life reported strong 1H results with NBV +18.6% YoY on a like-for-like basis to RMB32.3bn, and EV back to double-digit growth by 11.4% to RMB 1.4tn from year start.Investment income soared 1.4x YoY to RMB56.7bn after the insurer fully adopted IFRS 9 for both A/H share reporting, driving the pre-tax profit to rise 27.6% YoY to RMB 47.9bn in 1H24, equivalent to 109.3% YoY surge in 2Q24 (CMBI est).We see outstanding margin expansion in bancasssurance, of which the NBV margin +13.4pct like-for-like to &gt;17% as we estimate. 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 Life (2628 HK) - Strong Lift in Banca NBV Margin

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 Life (2628 HK) - Profit Beat

hina Life’s net profit jumped 39.5% YoY to RMB28.8bn, underpinned by more-than-doubled insurance service results (+124%) to RMB 25.9bn,

CMB International

China Life (2628 HK) - 4Q Slowdown as Expected; DPS Exceeded >50%

Net asset value dropped 10% QoQ in 4Q24 to RMB509.7bn, reflecting the rapid interest rate decline in last quarter with 10yr CN govt. bond yield...

CMB International

China Life (2628 HK) - 4Q Net Profit Could Decline Despite Better Capital Market

Considering investment fluctuations, we revise FY24E/25E/26E EPS forecasts to RMB 3.85/2.68/2.81 (vs previous: 4.45/2.58/2.61, implying changes as...

CMB International

China Life (2628 HK) - 3Q NPAT Boosted by Net Fair Value Gains

Positive on pure life insurer; raise TP to HK$20.0. We revise up the insurer’s FY24-26E EPS forecasts by 148%/38%/31% to RMB4.45/2.58/2.61 (table)

CMB International

China Life (2628 HK) - Strong Lift in Banca NBV Margin

China Life reported strong 1H results with NBV +18.6% YoY on a like-for-like basis to RMB32.3bn, and EV back to double-digit growth by 11.4% to RMB...

CMB International

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