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 delivered robust 1H results. Group net profit grew 37.1% YoY to RMB 25.1bn, translating to a nearly doubled 2Q net profit at RMB13.3bn, leading peers once again after 1Q bottom-line first turned into positive growth among CN insurers.</li><li>Life and P&amp;C net profit was up 43.0%/18.6% YoY to RMB 20bn/4.8bn, supported by strong underwriting and better-than-expected investment.</li><li>Life NBV remained strong in 2Q, rising 13.5% YoY to RMB3.8bn on top of a solid comparative. </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 robust 1H results. Group net profit grew 37.1% YoY to RMB 25.1bn, translating to a nearly doubled 2Q net profit at RMB13.3bn, leading peers once again after 1Q bottom-line first turned into positive growth among CN insurers.Life and P&amp;C net profit was up 43.0%/18.6% YoY to RMB 20bn/4.8bn, supported by strong underwriting and better-than-expected investment.Life NBV remained strong in 2Q, rising 13.5% YoY to RMB3.8bn on top of a solid comparative. 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) - Steam Ahead with Doubled 2Q Net Profit and Strong NBV Uptrend

<ul><li>CPIC turned to positive VNB growth by +30.7% YoY in 1Q24, outpacing peers i.e. China Life / Ping An +26.3%/+20.7% YoY in the corresponding period.</li><li>The strong VNB momentum was driven by margin expansion to an est.15.8%, +3.7pct YoY (CMBI est), and a slight increase in FYP by 0.4% YoY to RMB32.8bn (Fig.3).</li><li>The Group’s net profit to S/H grew by +1.1% YoY to RMB 11.8bn in 1Q24, surpassing peers being the first among listed CN insurers to realize positive net profit growth. </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 turned to positive VNB growth by +30.7% YoY in 1Q24, outpacing peers i.e. China Life / Ping An +26.3%/+20.7% YoY in the corresponding period.The strong VNB momentum was driven by margin expansion to an est.15.8%, +3.7pct YoY (CMBI est), and a slight increase in FYP by 0.4% YoY to RMB32.8bn (Fig.3).The Group’s net profit to S/H grew by +1.1% YoY to RMB 11.8bn in 1Q24, surpassing peers being the first among listed CN insurers to realize positive net profit growth. 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 Accelerated; NP Turned Positive YoY

<ul><li>CPIC achieved positive VNB growth for three consecutive quarters with 16.6% YoY growth reported in 1Q23, outperforming major peers (i.e. Ping An/China Life +8.8%/+7.7% YoY).</li><li>The strong VNB momentum in 1Q23 was primarily driven by margin expansion resulted from favourable changes in product and duration mix, thanks to improved agent productivity and capability on back of the Group’s ongoing agency reform.</li><li>The headcount of highly productive agency force that contributed above 90% of the insurer’s VNB modestly rebounded QoQ in 1Q23, whereas major peers are still weighing on a downward trend in agent scale (vs Ping An/China Life -9.2%/-0.9% QoQ). </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 achieved positive VNB growth for three consecutive quarters with 16.6% YoY growth reported in 1Q23, outperforming major peers (i.e. Ping An/China Life +8.8%/+7.7% YoY).The strong VNB momentum in 1Q23 was primarily driven by margin expansion resulted from favourable changes in product and duration mix, thanks to improved agent productivity and capability on back of the Group’s ongoing agency reform.The headcount of highly productive agency force that contributed above 90% of the insurer’s VNB modestly rebounded QoQ in 1Q23, whereas major peers are still weighing on a downward trend in agent scale (vs Ping An/China Life -9.2%/-0.9% QoQ). 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) – Margin Expansion Driven by Improving Agency Quality

<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) - Steam Ahead with Doubled 2Q Net Profit and Strong NBV Uptrend

We revise up our price target to HK$28.3 (previous HK$24.8), implying FY24E 0.4x P/EV and 0.9x P/BV. Reiterate BUY; maintain the stock as our...

CMB International

CPIC (2601 HK) - VNB Growth Accelerated; NP Turned Positive YoY

CPIC turned to positive VNB growth by +30.7% YoY in 1Q24, outpacing peers i.e. China Life / Ping An +26.3%/+20.7% YoY in the corresponding period.

CMB International

CPIC (2601 HK) – Margin Expansion Driven by Improving Agency Quality

CPIC achieved positive VNB growth for three consecutive quarters with 16.6% YoY growth reported in 1Q23, outperforming major peers (i.e. Ping An...

CMB International

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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