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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<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>Sunshine Insurance Group (6963 HK, NR) reported FY25 results, with net profit rising 16% YoY to RMB6.31bn, translating into an uplift of 27% YoY in 2H25.</li><li>The increase was mainly due to a one-off deferred income tax adjustment (-79.1% YoY), upon the transition to IFRS 9 &amp;17.</li><li>Pre-tax profit slid 12% YoY to RMB7.1bn, with the 2H25 figure down 16% YoY, as both insurance service and investment results lagged in contributions. </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.

Sunshine Insurance Group (6963 HK, NR) reported FY25 results, with net profit rising 16% YoY to RMB6.31bn, translating into an uplift of 27% YoY in 2H25.The increase was mainly due to a one-off deferred income tax adjustment (-79.1% YoY), upon the transition to IFRS 9 &amp;17.Pre-tax profit slid 12% YoY to RMB7.1bn, with the 2H25 figure down 16% YoY, as both insurance service and investment results lagged in contributions. 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 - Sunshine Insurance FY25: Strong NBV momentum; One-off tax gain lifted net profit

<ul><li>The NFRA announced Dec premiums for life and P&amp;C segments.</li><li>Total premiums reached RMB 6.11tn as of year-end, up 7.4% YoY on top of a high base, translating to 5.4% YoY increase in Dec to RMB 357bn, reversing the monthly downward trend since Sep 2025.</li><li>Personal life and P&amp;C premiums scaled up by 9.1%/2.6% YoY to RMB 4.65tn/1.47tn as of end-FY25, implying a rise of 6.3%/3.8% YoY in Dec 2025, marginally improving by 6.9pct/3.8pct MoM respectively. </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 announced Dec premiums for life and P&amp;C segments.Total premiums reached RMB 6.11tn as of year-end, up 7.4% YoY on top of a high base, translating to 5.4% YoY increase in Dec to RMB 357bn, reversing the monthly downward trend since Sep 2025.Personal life and P&amp;C premiums scaled up by 9.1%/2.6% YoY to RMB 4.65tn/1.47tn as of end-FY25, implying a rise of 6.3%/3.8% YoY in Dec 2025, marginally improving by 6.9pct/3.8pct MoM respectively. 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 - Dec Life and P&C premiums marginally improved

<ul><li>The NFRA announced to raise the cap for Chinese insurers’ equity asset allocation ratio corresponding to the comprehensive solvency ratio (CSR) by 5% for whose CSR ranging from (150%, 200%), (250%, 300%) and above 350%.</li><li>The financial regulator eased equity investment upside for Chinese insurers to broaden incremental capital injection to the real economy in joint with other efforts to shore up the market sentiment, in our view.</li><li>From a top-down perspective, we reckon the action could bring RMB1.66tn incremental funds to the stock market if the industry expanded the equity allocation to the upper limit of 30% of total insurance funds by end-FY24.</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 announced to raise the cap for Chinese insurers’ equity asset allocation ratio corresponding to the comprehensive solvency ratio (CSR) by 5% for whose CSR ranging from (150%, 200%), (250%, 300%) and above 350%.The financial regulator eased equity investment upside for Chinese insurers to broaden incremental capital injection to the real economy in joint with other efforts to shore up the market sentiment, in our view.From a top-down perspective, we reckon the action could bring RMB1.66tn incremental funds to the stock market if the industry expanded the equity allocation to the upper limit of 30% of total insurance funds by end-FY24.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 - Raised Cap for Insurer’s Equity Asset Allocation Could Unleash Max. RMB 1.7tn...

<ul><li>Life growth diverged in Dec among listed peers, yet the market trends weakened overall in Nov-Dec, due to eased momentum of 2025 jumpstart sales.</li><li>Total life premium of six H-share listed insurers fell 2.5% YoY to RMB 82.3bn in Dec, -1.9pct MoM compared to Nov.</li><li>Listed life peers’ premium growth ranged from a peak of increase by 19% YoY (NCI) to a decline of 45% YoY (Sunshine Life) in Dec, as the contribution of agency FYP varied.</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 growth diverged in Dec among listed peers, yet the market trends weakened overall in Nov-Dec, due to eased momentum of 2025 jumpstart sales.Total life premium of six H-share listed insurers fell 2.5% YoY to RMB 82.3bn in Dec, -1.9pct MoM compared to Nov.Listed life peers’ premium growth ranged from a peak of increase by 19% YoY (NCI) to a decline of 45% YoY (Sunshine Life) in Dec, as the contribution of agency FYP varied.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 - 11/12M Monthly: Life Sales Diverged During the Jumpstart

China

Sunshine Insurance Group Co. Ltd. is a Chinese company primarily engaged in providing a wide range of insurance products, including life, health, accident, and property and casualty insurance. It also offers asset management and healthcare services. The company was founded in 2005 and is headquartered in Wan Chai, Hong Kong.

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Sunshine Insurance (6963 HK)

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

China Insurance - Sunshine Insurance FY25: Strong NBV momentum; One-off tax gain lifted net profit

Sunshine Insurance Group (6963 HK, NR) reported FY25 results, with net profit rising 16% YoY to RMB6.31bn, translating into an uplift of 27% YoY in...

CMB International

China Insurance - Dec Life and P&C premiums marginally improved

Total premiums reached RMB 6.11tn as of year-end, up 7.4% YoY on top of a high base, translating to 5.4% YoY increase in Dec to RMB 357bn,

CMB International

China Insurance - Raised Cap for Insurer’s Equity Asset Allocation Could Unleash Max. RMB 1.7tn...

The NFRA announced to raise the cap for Chinese insurers’ equity asset allocation ratio corresponding to the comprehensive solvency ratio (CSR) by...

CMB International

China Insurance - 11/12M Monthly: Life Sales Diverged During the Jumpstart

Life growth diverged in Dec among listed peers, yet the market trends weakened overall in Nov-Dec, due to eased momentum of 2025 jumpstart sales.

CMB International

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