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

<ul><li>Listed insurers reported 4M24 premiums with resilience shown among six life peers, of which the total premiums grew by +0.4% YoY to RMB 854.1bn swinging to a positive reading after three consecutive months in first quarter (Fig.1).</li><li>In Apr, total premiums of six listed life peers rose by +7.9% YoY to RMB 107.2bn (vs +3.0%/+6.6% YoY in Feb/Mar), despite a high base due to the PIR cut in 2Q23.</li><li>For life peers, we see divergence in growth, and regard it as progression in channel and product mix enhancement after the outpaced 1Q24 results. </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.

Listed insurers reported 4M24 premiums with resilience shown among six life peers, of which the total premiums grew by +0.4% YoY to RMB 854.1bn swinging to a positive reading after three consecutive months in first quarter (Fig.1).In Apr, total premiums of six listed life peers rose by +7.9% YoY to RMB 107.2bn (vs +3.0%/+6.6% YoY in Feb/Mar), despite a high base due to the PIR cut in 2Q23.For life peers, we see divergence in growth, and regard it as progression in channel and product mix enhancement after the outpaced 1Q24 results. 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 - 4M24 Life Diverged in Face of High Base

Equity Bottom-Up

China Life Insurance Company / Equity Bottom-Up

<ul><li>China Life announced 1Q24 results with the VNB YoY reaching the highest growth to 26.3% under new EV assumptions on a comparative basis, surpassing market consensus and our expectation of growth by low-to-mid teens.</li><li>We see the ascending pattern attributable to 1) increased proportion of mid-to-long term regular-paid business given the 10yr+ FYRP +25.4% YoY to RMB25.2bn, taking 33.7% of total FYRP, +5.57pct compared to 1Q23 (Fig.2); 2) cost reductions on bancassurance; and 3) proactive contraction on products’ pricing interest rates.</li><li>Despite a 4.4% YoY decline on first-year premiums, we estimate that the insurer’s VNB margin would sequentially improve over the 2Q-4Q24, thanks to an optimized structure of which the FYSP and total FYSP and short-term premiums were down by -74.9%/-18.6% YoY in 1Q24 (Fig.2). </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 announced 1Q24 results with the VNB YoY reaching the highest growth to 26.3% under new EV assumptions on a comparative basis, surpassing market consensus and our expectation of growth by low-to-mid teens.We see the ascending pattern attributable to 1) increased proportion of mid-to-long term regular-paid business given the 10yr+ FYRP +25.4% YoY to RMB25.2bn, taking 33.7% of total FYRP, +5.57pct compared to 1Q23 (Fig.2); 2) cost reductions on bancassurance; and 3) proactive contraction on products’ pricing interest rates.Despite a 4.4% YoY decline on first-year premiums, we estimate that the insurer’s VNB margin would sequentially improve over the 2Q-4Q24, thanks to an optimized structure of which the FYSP and total FYSP and short-term premiums were down by -74.9%/-18.6% YoY in 1Q24 (Fig.2). 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) - Highest VNB Growth in Years; Net Profit Decline Narrowed on Track

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 - 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

China Insurance - 4M24 Life Diverged in Face of High Base

In Apr, total premiums of six listed life peers rose by +7.9% YoY to RMB 107.2bn (vs +3.0%/+6.6% YoY in Feb/Mar), despite a high base due to the...

CMB International

China Life (2628 HK) - Highest VNB Growth in Years; Net Profit Decline Narrowed on Track

China Life announced 1Q24 results with the VNB YoY reaching the highest growth to 26.3% under new EV assumptions on a comparative basis, surpassing...

CMB International

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