External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

PICC Property & Casualty H / Equity Bottom-Up

<ul>
<li>PICC P&amp;C delivered 579% YoY growth in underwriting (UW) profit in FY22, translating into RMB2.1bn UW gains in 2H22 vs RMB3.9bn UW losses in 2H21.</li>
<li>The insurer managed to lower its combined ratio (CoR) by 2.0pts YoY to 97.6% from 99.6% in FY21, outperforming the industry average (99.0%) across major peers.</li>
<li>The underwriting (UW) margin continued to improve YoY for the fourth consecutive quarter, leading 2H22 CoR to 99.1% (-2.8pts YoY) and 4Q22 CoR to 100.7% (-0.9pts YoY).</li>
</ul>
<p><em>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.</em></p>


PICC P&amp;C delivered 579% YoY growth in underwriting (UW) profit in FY22, translating into RMB2.1bn UW gains in 2H22 vs RMB3.9bn UW losses in 2H21.
The insurer managed to lower its combined ratio (CoR) by 2.0pts YoY to 97.6% from 99.6% in FY21, outperforming the industry average (99.0%) across major peers.
The underwriting (UW) margin continued to improve YoY for the fourth consecutive quarter, leading 2H22 CoR to 99.1% (-2.8pts YoY) and 4Q22 CoR to 100.7% (-0.9pts 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) – Remained UW profitable in 2H22