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>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><p><em>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.</em></p>

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

<ul><li>China Life disclosed 3Q results with net profit attributable to shareholders declined by 36.0% YoY in 9M23, indicating a net loss of RMB610mn in 3Q23 (vs a net gain of RMB16.2bn in 3Q22).</li><li>The drop under the old standard was sharper, shown as - 47.8%/-99.1 YoY in 9M/3Q23. We see the 3Q net earnings setback a result of: 1) pressured investment income, with total investment yield down to 2.81%, -1.22pct/- 0.52pct from 9M22/1H23; and 2) enlarged impairment loss on equities of RMB19.7bn in 3Q, versus RMB9.1bn in 2Q (+117% QoQ).</li><li>Despite investment underperformance, the company showed in-line NBV growth by +14.0% YoY in 9M23, driven by +14.8% YoY in first-year premiums (FYP). We estimate that 3Q NBV was down by ~6% YoY, possibly caused by certain demands released in advance before Jul 31. </li></ul><p><em>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.</em></p>

China Life disclosed 3Q results with net profit attributable to shareholders declined by 36.0% YoY in 9M23, indicating a net loss of RMB610mn in 3Q23 (vs a net gain of RMB16.2bn in 3Q22).The drop under the old standard was sharper, shown as - 47.8%/-99.1 YoY in 9M/3Q23. We see the 3Q net earnings setback a result of: 1) pressured investment income, with total investment yield down to 2.81%, -1.22pct/- 0.52pct from 9M22/1H23; and 2) enlarged impairment loss on equities of RMB19.7bn in 3Q, versus RMB9.1bn in 2Q (+117% QoQ).Despite investment underperformance, the company showed in-line NBV growth by +14.0% YoY in 9M23, driven by +14.8% YoY in first-year premiums (FYP). We estimate that 3Q NBV was down by ~6% YoY, possibly caused by certain demands released in advance before Jul 31. 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 NP Dragged by Investment Setbacks

<ul><li>China Life delivered strong VNB growth of +19.9% in 1H23, beat market expectation given its more value-focus product strategy in traditional life and annuities amid the first-half trend in savings sales among peers.</li><li>Despite an improved underwriting structure, the insurer’s net profit down by 8.0% in 1H23 (vs +17.8% in 1Q23), translating to -24.4% in 2Q23, primarily hurt by investment loss given a bumpy equity market in 2Q23,</li><li>We believe the interim NP pushback is in short-term, and expect the more balanced product and channel mix to drive the insurer’s long-term value growth amid an industry-wide product shift in 2H2</li></ul><p><em>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.</em></p>

China Life delivered strong VNB growth of +19.9% in 1H23, beat market expectation given its more value-focus product strategy in traditional life and annuities amid the first-half trend in savings sales among peers.Despite an improved underwriting structure, the insurer’s net profit down by 8.0% in 1H23 (vs +17.8% in 1Q23), translating to -24.4% in 2Q23, primarily hurt by investment loss given a bumpy equity market in 2Q23,We believe the interim NP pushback is in short-term, and expect the more balanced product and channel mix to drive the insurer’s long-term value growth amid an industry-wide product shift in 2H2Content 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) – Outpaced VNB Growth in 1H23

<div><div><div><div><ul><li>China Life reported 13.8% YoY decline of VNB for 1H22, slightly narrowing from 14.3% YoY decline in 1Q22.</li><li>New business premium growth showed a turnaround in 2Q22, as the insurer’s first-year premiums (FYP) and first-year regular premiums (FYRP) growth turned positive to +22% YoY and +17% YoY respectively in 2Q22 (vs -2% YoY/ -4% YoY in 1Q22).</li><li>Agency productivity continued to improve, while agent headcount is gradually stabilizing. </li></ul></div></div></div></div><p><em>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.</em></p>

China Life reported 13.8% YoY decline of VNB for 1H22, slightly narrowing from 14.3% YoY decline in 1Q22.New business premium growth showed a turnaround in 2Q22, as the insurer’s first-year premiums (FYP) and first-year regular premiums (FYRP) growth turned positive to +22% YoY and +17% YoY respectively in 2Q22 (vs -2% YoY/ -4% YoY in 1Q22).Agency productivity continued to improve, while agent headcount is gradually stabilizing. 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) – New Business Volume Growth Turned Positive in 2Q22

China

China Life Insurance Company Limited is a Beijing-headquartered company that provides a comprehensive suite of life, health, and accident insurance products and services to individuals and groups. The company also offers pension plans and engages in asset management. It was founded in 1949 and is headquartered in Beijing, China.

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China Life Insurance (2628 HK)

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

China Life (2628 HK) – 3Q NP Dragged by Investment Setbacks

China Life disclosed 3Q results with net profit attributable to shareholders declined by 36.0% YoY in 9M23, indicating a net loss of RMB610mn in...

CMB International

China Life (2628 HK) – Outpaced VNB Growth in 1H23

China Life delivered strong VNB growth of +19.9% in 1H23, beat market expectation given its more value-focus product strategy in traditional life...

CMB International

China Life (2628 HK) – New Business Volume Growth Turned Positive in 2Q22

New business premium growth showed a turnaround in 2Q22, as the insurer’s first-year premiums (FYP) and first-year regular premiums (FYRP) growth...

CMB International

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