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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China Pacific Insurance / Equity Bottom-Up

<ul><li>CPIC reported 13.5% YoY growth in OPAT, translating to 17.3% YoY growth in 2H22.</li><li>CPIC Life’s positive quarterly VNB growth sustained into 4Q22 with 30% YoY growth (vs +2.5% YoY in 3Q22), on the back of stable scale of high productivity agent team and improving productivity.</li><li>During the analyst briefing, the management indicated that the positive trends of life business sustained into 2M23.</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.

CPIC reported 13.5% YoY growth in OPAT, translating to 17.3% YoY growth in 2H22.CPIC Life’s positive quarterly VNB growth sustained into 4Q22 with 30% YoY growth (vs +2.5% YoY in 3Q22), on the back of stable scale of high productivity agent team and improving productivity.During the analyst briefing, the management indicated that the positive trends of life business sustained into 2M23.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.

CPIC (2601 HK) – Expect sustainable DPS growth onwards

<ul><li>CPIC delivered 2.5% VNB growth YoY in 3Q22 (vs. 45.3% YoY decline in 1H22, as the insurer proactively upgraded its agency model.</li><li>The momentum of both agency first-year premiums (FYP) and agency first-year regular premiums (FYRP) turned positive to 24.7% YoY and 37.5% YoY respectively in 3Q22, given enhanced agency productivity and stabilizing scale of high productivity agents.</li><li>On P&amp;C front, combined ratio decreased 1.9ppt YoY to 97.8% in 9M22 (vs. 97.9% of Ping An and 96.5% of PICC P&amp;C), translating into approx. 1.5ppt YoY improvement in 3Q22.</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.

CPIC delivered 2.5% VNB growth YoY in 3Q22 (vs. 45.3% YoY decline in 1H22, as the insurer proactively upgraded its agency model.The momentum of both agency first-year premiums (FYP) and agency first-year regular premiums (FYRP) turned positive to 24.7% YoY and 37.5% YoY respectively in 3Q22, given enhanced agency productivity and stabilizing scale of high productivity agents.On P&amp;C front, combined ratio decreased 1.9ppt YoY to 97.8% in 9M22 (vs. 97.9% of Ping An and 96.5% of PICC P&amp;C), translating into approx. 1.5ppt YoY improvement in 3Q22.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.

CPIC (2601 HK) – VNB growth turned positive in 3Q22

China

China Pacific Insurance is a leading integrated insurance group offering a comprehensive suite of products including life, health, property, casualty, and agricultural insurance, alongside pension and asset management services. The company provides risk protection solutions and wealth planning to a broad customer base. It was founded in 1991 and is headquartered in Shanghai, China.

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China Pacific Insurance (2601 HK)

CPIC (2601 HK) – Expect sustainable DPS growth onwards

CPIC Life’s positive quarterly VNB growth sustained into 4Q22 with 30% YoY growth (vs +2.5% YoY in 3Q22), on the back of stable scale of high...

CMB International

CPIC (2601 HK) – VNB growth turned positive in 3Q22

On P&C front, combined ratio decreased 1.9ppt YoY to 97.8% in 9M22 (vs. 97.9% of Ping An and 96.5% of PICC P&C), translating into approx. 1.5ppt...

CMB International

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