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

PICC Property & Casualty / Equity Bottom-Up

<ul><li>PICC P&amp;C reported better-than-expected 1H26 results, with net profit rising 32% YoY to RMB32.3bn, translating into 80.0% YoY increase in 2Q26 (vs. 1Q: -23.7% YoY), reflecting strengths from both underwriting and investment results.</li><li>Interim DPS surged 41.7% YoY to RMB0.34/share implying 23.4% payout, which was a positive surprise to the market.</li><li>Underwriting combined ratio (CoR) improved 0.8pct YoY to 94% in 1H26, with expense ratio down 0.9pct YoY to 71.9%, partly offset by 0.1pct YoY increase in loss ratio. </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.

PICC P&amp;C reported better-than-expected 1H26 results, with net profit rising 32% YoY to RMB32.3bn, translating into 80.0% YoY increase in 2Q26 (vs. 1Q: -23.7% YoY), reflecting strengths from both underwriting and investment results.Interim DPS surged 41.7% YoY to RMB0.34/share implying 23.4% payout, which was a positive surprise to the market.Underwriting combined ratio (CoR) improved 0.8pct YoY to 94% in 1H26, with expense ratio down 0.9pct YoY to 71.9%, partly offset by 0.1pct YoY increase in loss ratio. 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.

PICC P&C (2328 HK) - Interim DPS +41.7% YoY a +VE Surprise

Thematic (Sector/Industry)

<ul><li>The NFRA reported 1-8M26 premiums. Total insurance premiums stayed broadly flat YoY at RMB4.82tn, with August monthly premium sliding 10.3% YoY to RMB530bn, mainly dragged by the decline in Life (-15.1% YoY) segment.</li><li>Personal life premiums fell 13.6% YoY to RMB401bn in Aug, sustaining the streak of double-digit declines for two consecutive months (Jul: -15.6% YoY) due to a high base of front-loaded demands in 3Q25 ahead of the PIR cuts in Sep-25 (vs. Jul-/Aug-25: +33.5%/+61.6%).</li><li>We expect the high-base effect to fade from Sep-26, with the trend of life premium sales to normalize in 4Q26E, alongside the ramp-up of the 2027E jumpstart sales. </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 NFRA reported 1-8M26 premiums. Total insurance premiums stayed broadly flat YoY at RMB4.82tn, with August monthly premium sliding 10.3% YoY to RMB530bn, mainly dragged by the decline in Life (-15.1% YoY) segment.Personal life premiums fell 13.6% YoY to RMB401bn in Aug, sustaining the streak of double-digit declines for two consecutive months (Jul: -15.6% YoY) due to a high base of front-loaded demands in 3Q25 ahead of the PIR cuts in Sep-25 (vs. Jul-/Aug-25: +33.5%/+61.6%).We expect the high-base effect to fade from Sep-26, with the trend of life premium sales to normalize in 4Q26E, alongside the ramp-up of the 2027E jumpstart sales. 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 - 1-8M26: Weak Sales Momentum Persisted in Life and P&C Auto Insurance

<ul><li>PICC P&amp;C reported 1Q26 results, with net profit down 23.7% YoY to RMB8.63bn, slightly below market estimates; while the combined ratio (COR) was down 0.3pct YoY to 94.2%, better-than-expected, thanks to continued improvements in both auto and non-auto COR.</li><li>The decline of net profit was due to investment headwinds, which caused the insurer’s total investment income to drop 38.4% YoY to RMB4.6bn, and total investment yield fell to 0.7% (unannualized, vs. 1Q25: 1.2%).</li><li>Underwriting profit and net investment results accounted for 70.7%/46.5% of pre-tax income in 1Q26, vs. 49.2%/56.2% in 1Q25. </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.

PICC P&amp;C reported 1Q26 results, with net profit down 23.7% YoY to RMB8.63bn, slightly below market estimates; while the combined ratio (COR) was down 0.3pct YoY to 94.2%, better-than-expected, thanks to continued improvements in both auto and non-auto COR.The decline of net profit was due to investment headwinds, which caused the insurer’s total investment income to drop 38.4% YoY to RMB4.6bn, and total investment yield fell to 0.7% (unannualized, vs. 1Q25: 1.2%).Underwriting profit and net investment results accounted for 70.7%/46.5% of pre-tax income in 1Q26, vs. 49.2%/56.2% in 1Q25. 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.

PICC P&C (2328 HK) - Underwriting Resilience Persists Despite Investment Headwinds

<ul><li>PICC P&amp;C reported FY25 results, with net profit rising 25.5% YoY to RMB40.4bn, slightly below our estimate of RMB41.3bn (link), as 2H net profit growth eased to 16.3% YoY (1H25: +32.3%).</li><li>UW profit surged 1.19x YoY to RMB12.5bn thanks to significantly reduced UW losses in 2H on top of a high base.</li><li>CoR was 97.5% as of year-end, improving 1.3pct YoY, with auto/non-auto CoR at 95.3%/100.8%, down 1.5pct/1.0pct YoY, meeting/missing mgmt. guidance of &lt;96%/&lt;100%. </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.

PICC P&amp;C reported FY25 results, with net profit rising 25.5% YoY to RMB40.4bn, slightly below our estimate of RMB41.3bn (link), as 2H net profit growth eased to 16.3% YoY (1H25: +32.3%).UW profit surged 1.19x YoY to RMB12.5bn thanks to significantly reduced UW losses in 2H on top of a high base.CoR was 97.5% as of year-end, improving 1.3pct YoY, with auto/non-auto CoR at 95.3%/100.8%, down 1.5pct/1.0pct YoY, meeting/missing mgmt. guidance of &lt;96%/&lt;100%. 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.

PICC P&C (2328 HK) - Non-Auto CoR Sees Headroom for Improvement

<ul><li>PICC P&amp;C delivered robust 3Q25 results with net profit reaching RMB15.8bn, up 91.5% YoY, inline with the range in profit alert of 57%-122% (CMBI est).</li><li>The improvement was driven by both enhanced underwriting performance and robust investment income.</li><li>In 3Q25, insurance service results surged 3.3x YoY to RMB 5.3bn, up 3.28x YoY, and net investment results amounted to RMB 16.6bn, rising 61% YoY. </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.

PICC P&amp;C delivered robust 3Q25 results with net profit reaching RMB15.8bn, up 91.5% YoY, inline with the range in profit alert of 57%-122% (CMBI est).The improvement was driven by both enhanced underwriting performance and robust investment income.In 3Q25, insurance service results surged 3.3x YoY to RMB 5.3bn, up 3.28x YoY, and net investment results amounted to RMB 16.6bn, rising 61% YoY. 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.

PICC P&C (2328 HK) - 3Q25 Review: Dual Strength in Underwriting and Investment Income

China

PICC Property & Casualty is the largest non-life insurance company in mainland China, providing a broad range of property and casualty insurance products. Its offerings include motor vehicle, commercial property, cargo, liability, accidental injury and health, agriculture, credit, surety, and homeowners insurance. The company also offers reinsurance and insurance agency services. It is headquartered in Beijing, China, and was incorporated in 2003.

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PICC Property & Casualty (2328 HK)

PICC P&C (2328 HK) - Interim DPS +41.7% YoY a +VE Surprise

PICC P&C reported better-than-expected 1H26 results, with net profit rising 32% YoY to RMB32.3bn, translating into 80.0% YoY increase in 2Q26 (vs....

CMB International

China Insurance - 1-8M26: Weak Sales Momentum Persisted in Life and P&C Auto Insurance

Total insurance premiums stayed broadly flat YoY at RMB4.82tn, with August monthly premium sliding 10.3% YoY to RMB530bn, mainly dragged by the...

CMB International

PICC P&C (2328 HK) - Underwriting Resilience Persists Despite Investment Headwinds

PICC P&C reported 1Q26 results, with net profit down 23.7% YoY to RMB8.63bn, slightly below market estimates; while the combined ratio (COR) was...

CMB International

PICC P&C (2328 HK) - Non-Auto CoR Sees Headroom for Improvement

PICC P&C reported FY25 results, with net profit rising 25.5% YoY to RMB40.4bn, slightly below our estimate of RMB41.3bn (link), as 2H net profit...

CMB International

PICC P&C (2328 HK) - 3Q25 Review: Dual Strength in Underwriting and Investment Income

PICC P&C delivered robust 3Q25 results with net profit reaching RMB15.8bn, up 91.5% YoY, inline with the range in profit alert of 57%-122% (CMBI est).

CMB International

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