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 H / Equity Bottom-Up

<div><div><div><div><ul><li>In 9M22, PICC P&amp;C’s net profit increased 30% YoY to RMB25.9bn, translating to 98% YoY profit growth in the third quarter.</li><li>Underwriting (UW) profit grew 246% YoY in 9M22 (vs +53% YoY in 1H22), as the 3Q22 UW profits turned positive given a QoQ increase of RMB2.85bn compared to a RMB2.2bn respective loss resulted in 3Q21.</li><li>The substantial improvements in UW profits can be credited to a descending combined ratio (-2.4ppt YoY in 9M22, -4.7ppt YoY in 3Q22) and robust premium growth (+10% YoY in 9M22, +11% YoY in 3Q22). </li></ul></div></div></div></div><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>

In 9M22, PICC P&amp;C’s net profit increased 30% YoY to RMB25.9bn, translating to 98% YoY profit growth in the third quarter.Underwriting (UW) profit grew 246% YoY in 9M22 (vs +53% YoY in 1H22), as the 3Q22 UW profits turned positive given a QoQ increase of RMB2.85bn compared to a RMB2.2bn respective loss resulted in 3Q21.The substantial improvements in UW profits can be credited to a descending combined ratio (-2.4ppt YoY in 9M22, -4.7ppt YoY in 3Q22) and robust premium growth (+10% YoY in 9M22, +11% YoY in 3Q22). 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) – Continual UW Margin Improvement

Thematic (Sector/Industry)

<div><div><div><div><ul><li>Major listed insurers reported August premiums data, showing that P&amp;C premium income growth remained strong in August.</li><li>Our channel check suggests that life insurers’ new business momentum diverged in July-August.</li><li>Thanks to the turnaround in core agency scale on the back of proactive channel reform, CPIC’s agency FYP YoY growth turned positive in July-August, up from the double-digit decline in 1H22.</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></div></div></div></div>

Major listed insurers reported August premiums data, showing that P&amp;C premium income growth remained strong in August.Our channel check suggests that life insurers’ new business momentum diverged in July-August.Thanks to the turnaround in core agency scale on the back of proactive channel reform, CPIC’s agency FYP YoY growth turned positive in July-August, up from the double-digit decline in 1H22.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 Financials Weekly – CPIC agency FYP growth picked up in Jul-Aug

China

PICC Property and Casualty Company Limited provides insurance services. The Company provides property loss insurances, liability insurances, credit insurances, accidental injury insurances, short term health insurances, guarantee insurances, and other insurance products. PICC Property and Casualty also operates investment businesses.

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PICC Property & Casualty H (2328 HK)

PICC P&C (2328 HK) – Continual UW Margin Improvement

In 9M22, PICC P&C’s net profit increased 30% YoY to RMB25.9bn, translating to 98% YoY profit growth in the third quarter.

CMB International

China Financials Weekly – CPIC agency FYP growth picked up in Jul-Aug

Thanks to the turnaround in core agency scale on the back of proactive channel reform, CPIC’s agency FYP YoY growth turned positive in July-August

CMB International

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