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

Equity Bottom-Up

<ul><li>Prudential unveiled the long-awaited capital management update of US$2.0bn share buyback plan which will be completed no later than mid-2026, in addition to the annual dividend growth of 7%-9% in FY24E, as announced at year start.</li><li>The first tranche of US$700mn buyback will operate from 24 Jun 2024 to no later than 27 Dec 2024 throughout 2H24.</li><li>Under our estimates, this would reduce the company’s ordinary shares by c.78mn in FY24E, and c.224mn in total to 2,530mn shares outstanding by mid-2026, not taking into account of other buybacks, if any, relevant to employee and agent share schemes and/or scrip dividends in future. </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.

Prudential unveiled the long-awaited capital management update of US$2.0bn share buyback plan which will be completed no later than mid-2026, in addition to the annual dividend growth of 7%-9% in FY24E, as announced at year start.The first tranche of US$700mn buyback will operate from 24 Jun 2024 to no later than 27 Dec 2024 throughout 2H24.Under our estimates, this would reduce the company’s ordinary shares by c.78mn in FY24E, and c.224mn in total to 2,530mn shares outstanding by mid-2026, not taking into account of other buybacks, if any, relevant to employee and agent share schemes and/or scrip dividends in future. 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.

Prudential Plc. (2378 HK) - US$2bn Share Buybacks Brace for Sustainable Shareholders Return

<ul><li>Prudential reported strong FY23 results with new business profit (NBP) jumping by 45% YoY (CER) to US$3.13bn, beating consensus by 6.4%, thanks to +3ppt NBP margin expansion to 53% in full year.</li><li>The Group’s NBP margin (NBM) sequentially improved in 2H23 to 57% from 49% in 1H23, driven by a trend of margin recovery in 2H in almost all key markets, except the mainland JV CPL, whose NBP fell by 70% YoY in 2H23, adversely affected by tanked bancassurance sales and unfavourable economic sentiment that dragged down demand for protections.</li><li>Hong Kong sustained strong momentum into 4Q23 with NBP up by 3.3x YoY in 2H23, reflecting its market-first position for mainland Chinese visitors (MCVs). </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.

Prudential reported strong FY23 results with new business profit (NBP) jumping by 45% YoY (CER) to US$3.13bn, beating consensus by 6.4%, thanks to +3ppt NBP margin expansion to 53% in full year.The Group’s NBP margin (NBM) sequentially improved in 2H23 to 57% from 49% in 1H23, driven by a trend of margin recovery in 2H in almost all key markets, except the mainland JV CPL, whose NBP fell by 70% YoY in 2H23, adversely affected by tanked bancassurance sales and unfavourable economic sentiment that dragged down demand for protections.Hong Kong sustained strong momentum into 4Q23 with NBP up by 3.3x YoY in 2H23, reflecting its market-first position for mainland Chinese visitors (MCVs). 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.

Prudential Plc. (2378 HK) - NBP Beat Driven by Better 2H Margin

Hong Kong

Prudential Public Limited Company provides long term savings and protection products. The Company offers life and health insurance for long term business including asset management services. Prudential serves customers in Asia and Africa.

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Prudential (2378 HK)

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

Prudential Plc. (2378 HK) - NBP Beat Driven by Better 2H Margin

Prudential reported strong FY23 results with new business profit (NBP) jumping by 45% YoY (CER) to US$3.13bn, beating consensus by 6.4%, thanks to...

CMB International

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