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 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

Equity Bottom-Up

China Life Insurance Company / Equity Bottom-Up

<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>Chinese life insurers saw strong monthly premium growth in Aug on top of low bases, since the print of six H-share listed life peers rallied by 50% YoY to RMB 139bn in Aug, +41.2pct from last month, lifting the cumulative amount to RMB1,430bn, up 6.3% YoY in 8M24.</li><li>New China Life/Sunshine Life/PICC Life doubled the premium by +122%/104%/95% YoY in August (Fig.1), driven in part by the low base effect of PIR cut to 3.0% beginning in Aug 23, and the “stop-sale” impact of PIR cut for traditional life policies to 2.5% since Sep 24, in our view.</li><li>China Life/Ping An Life/CPIC Life grew premium income by 29%/38%/53% YoY in August, indicating respective highest monthly YoY growth year-to-date as well. </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.

Chinese life insurers saw strong monthly premium growth in Aug on top of low bases, since the print of six H-share listed life peers rallied by 50% YoY to RMB 139bn in Aug, +41.2pct from last month, lifting the cumulative amount to RMB1,430bn, up 6.3% YoY in 8M24.New China Life/Sunshine Life/PICC Life doubled the premium by +122%/104%/95% YoY in August (Fig.1), driven in part by the low base effect of PIR cut to 3.0% beginning in Aug 23, and the “stop-sale” impact of PIR cut for traditional life policies to 2.5% since Sep 24, in our view.China Life/Ping An Life/CPIC Life grew premium income by 29%/38%/53% YoY in August, indicating respective highest monthly YoY growth year-to-date as well. 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 - 8M24 Monthly: Life Jumped on Top of Low Base

<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 Company Ltd. offers a wide range of life, accident, and health insurance products and services.

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China Life Insurance (601628 CH)

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

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 Insurance - 8M24 Monthly: Life Jumped on Top of Low Base

Chinese life insurers saw strong monthly premium growth in Aug on top of low bases, since the print of six H-share listed life peers rallied by 50%...

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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