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>The NAFR announced Life and P&amp;C premium income of all registered insurers in Sep, showing trends that: 1) the liability side of the sector continued to improve, despite recent regulatory tightening on channels, products and agent behaviour.</li><li>Personal life reversed a negative monthly YoY from -0.2% in 8M23 to +0.9% in 9M23 (Fig 1), and P&amp;C strengthened growth to +5.9% YoY in 9M23 (vs +3.2% YoY in 8M23), driven by an upward auto growth of 6.9% YoY in 9M23; 2) total investment assets expanded to RMB27.2tn in 9M23, up 8.5% from 12M22, with allocation in bonds increased to 44.0% in 9M23 (vs 43.6% in 8M23), and in stocks and equity funds down to 12.8% (-0.1pct from 8M23, Fig 15).</li><li>We believe the upward trend in long-term yields, evidenced by GCNY10 staying above 2.7% since mid Oct (Fig 18), will continue to benefit investment returns and asset performances of the sector, to serve as a shore-up for the sector’s valuation.</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 NAFR announced Life and P&amp;C premium income of all registered insurers in Sep, showing trends that: 1) the liability side of the sector continued to improve, despite recent regulatory tightening on channels, products and agent behaviour.Personal life reversed a negative monthly YoY from -0.2% in 8M23 to +0.9% in 9M23 (Fig 1), and P&amp;C strengthened growth to +5.9% YoY in 9M23 (vs +3.2% YoY in 8M23), driven by an upward auto growth of 6.9% YoY in 9M23; 2) total investment assets expanded to RMB27.2tn in 9M23, up 8.5% from 12M22, with allocation in bonds increased to 44.0% in 9M23 (vs 43.6% in 8M23), and in stocks and equity funds down to 12.8% (-0.1pct from 8M23, Fig 15).We believe the upward trend in long-term yields, evidenced by GCNY10 staying above 2.7% since mid Oct (Fig 18), will continue to benefit investment returns and asset performances of the sector, to serve as a shore-up for the sector’s valuation.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.

Equity Bottom-Up

ZhongAn Online P&C Insurance C / Equity Bottom-Up

<ul><li>Zhong An came out with a net profit turnaround at RMB2.21mn in 1H23 from a restated net loss of RMB6.36mn compared to the last first-half, thanks to an increase in total investment income.</li><li>Such rise was driven by RMB573mn net gain on fair value changes in onshore insurance funds and a continuously improving CoR, further down to 95.8% with claim and expense ratios both declined (-0.6pct/- 0.1pct) year-over-year.</li><li>This result was aligned to the earnings alert the company released a week ago informing its 1H23 earnings were no less than RMB200mn.</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.

Zhong An came out with a net profit turnaround at RMB2.21mn in 1H23 from a restated net loss of RMB6.36mn compared to the last first-half, thanks to an increase in total investment income.Such rise was driven by RMB573mn net gain on fair value changes in onshore insurance funds and a continuously improving CoR, further down to 95.8% with claim and expense ratios both declined (-0.6pct/- 0.1pct) year-over-year.This result was aligned to the earnings alert the company released a week ago informing its 1H23 earnings were no less than RMB200mn.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.

ZhongAn (6060 HK) – Strong Investment and UW Profits Drive 1H23 Earnings Turnaround

<ul><li>Zhong An recorded a combined ratio of 98.5% in FY22 with an improvement of 1.1pts YoY, translating to an increase of 1.9 pts YoY or 1.3pts HoH in 2H22.</li><li>The insurer’s underwriting (UW) profit grew 338% YoY to RMB329mn, with premium income +16.1% YoY at year end.</li><li>The outperformed UW margin was driven by lower loss and channel fee ratios under technology-driven cost efficiency from both health and digital lifestyle ecosystems.</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.

Zhong An recorded a combined ratio of 98.5% in FY22 with an improvement of 1.1pts YoY, translating to an increase of 1.9 pts YoY or 1.3pts HoH in 2H22.The insurer’s underwriting (UW) profit grew 338% YoY to RMB329mn, with premium income +16.1% YoY at year end.The outperformed UW margin was driven by lower loss and channel fee ratios under technology-driven cost efficiency from both health and digital lifestyle ecosystems.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.

ZhongAn (6060 HK) – Better profits achieved across 3 business lines

<ul><li>Zhong An will report FY22 results on 21 March (Tue) after market close.</li><li>We expect to see HoH improvement of combined ratio in 2H22 as well as narrowed losses from virtual banking and technology export business.</li><li>Over the weekend, Zhong An issued a profit alert, stating that the company will report a net loss of RMB1.3bn1.5bn for FY22. </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.

Zhong An will report FY22 results on 21 March (Tue) after market close.We expect to see HoH improvement of combined ratio in 2H22 as well as narrowed losses from virtual banking and technology export business.Over the weekend, Zhong An issued a profit alert, stating that the company will report a net loss of RMB1.3bn1.5bn for FY22. 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.

ZhongAn (6060 HK) – FY22 preview: 2H22 UW margin improvement

<ul><li>The 2023 jumpstart performance YTD of Chinese life insurers are divergent according to our channel check.</li><li>While most insurance companies continued suffering from new business declines given the weaker-than-expected pre-sale performance amid COVID outbreaks in Dec 2022, China Life recorded a decent FYP growth thanks to its early launch of pre-sale since Oct 2022.</li><li>We also note that the NBV momentum of CPIC and Ping An elevated substantially since midJan 2023, driven by: 1) enhanced agent productivity on the back of proactive agency reform and 2) consistent strong demands for savings products. </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 2023 jumpstart performance YTD of Chinese life insurers are divergent according to our channel check.While most insurance companies continued suffering from new business declines given the weaker-than-expected pre-sale performance amid COVID outbreaks in Dec 2022, China Life recorded a decent FYP growth thanks to its early launch of pre-sale since Oct 2022.We also note that the NBV momentum of CPIC and Ping An elevated substantially since midJan 2023, driven by: 1) enhanced agent productivity on the back of proactive agency reform and 2) consistent strong demands for savings products. 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 – Divergent jumpstart performance among life insurers

China

ZhongAn Online P & C Insurance Co., Ltd. operates as an insurance company. The Company develops and sells health, airline, and automotive insurance, and other products. ZhongAn Online P & C Insurance also offers online consumer finance services.

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ZhongAn Online P&C Insurance C (6060 HK)

China Insurance – 9M23 Monthly

We believe the upward trend in long-term yields, evidenced by GCNY10 staying above 2.7% since mid Oct, will continue to benefit investment returns

CMB International

ZhongAn (6060 HK) – Strong Investment and UW Profits Drive 1H23 Earnings Turnaround

This result was aligned to the earnings alert the company released a week ago informing its 1H23 earnings were no less than RMB200mn.

CMB International

ZhongAn (6060 HK) – Better profits achieved across 3 business lines

Zhong An recorded a combined ratio of 98.5% in FY22 with an improvement of 1.1pts YoY, translating to an increase of 1.9 pts YoY or 1.3pts HoH in...

CMB International

ZhongAn (6060 HK) – FY22 preview: 2H22 UW margin improvement

We expect to see HoH improvement of combined ratio in 2H22 as well as narrowed losses from virtual banking and technology export business.

CMB International

China Insurance – Divergent jumpstart performance among life insurers

The 2023 jumpstart performance YTD of Chinese life insurers are divergent according to our channel check.While most insurance companies continued...

CMB International

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