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

China Pacific Insurance / Equity Bottom-Up

<ul><li>CPIC released 3Q results with NPAT up 65.5% YoY to RMB38.3bn, at mid-point of announced profit alert (link) to rise by 60%-70%. 3Q NPAT grew 173.6% YoY to RMB13.2bn, driven by a surge in investment income and net fair value gains on top of a low base in 3Q23.</li><li>Headline NBV rose 37.9% YoY to RMB14.2bn in 9M24, translating to the 3Q NBV on a like-for-like basis surged 75.3% YoY to RMB5.2bn.</li><li>In 1Q-3Q24, we see accelerated growth of +30.7%/+13.5%/+75.3% YoY from the insurer’s quarterly NBV. </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.

CPIC released 3Q results with NPAT up 65.5% YoY to RMB38.3bn, at mid-point of announced profit alert (link) to rise by 60%-70%. 3Q NPAT grew 173.6% YoY to RMB13.2bn, driven by a surge in investment income and net fair value gains on top of a low base in 3Q23.Headline NBV rose 37.9% YoY to RMB14.2bn in 9M24, translating to the 3Q NBV on a like-for-like basis surged 75.3% YoY to RMB5.2bn.In 1Q-3Q24, we see accelerated growth of +30.7%/+13.5%/+75.3% YoY from the insurer’s quarterly NBV. 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.

CPIC (2601 HK) - 3Q NBV Growth Accelerated; Expect Par Sales to Outgrow

<ul><li>CPIC delivered robust 1H results. Group net profit grew 37.1% YoY to RMB 25.1bn, translating to a nearly doubled 2Q net profit at RMB13.3bn, leading peers once again after 1Q bottom-line first turned into positive growth among CN insurers.</li><li>Life and P&amp;C net profit was up 43.0%/18.6% YoY to RMB 20bn/4.8bn, supported by strong underwriting and better-than-expected investment.</li><li>Life NBV remained strong in 2Q, rising 13.5% YoY to RMB3.8bn on top of a solid comparative. </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.

CPIC delivered robust 1H results. Group net profit grew 37.1% YoY to RMB 25.1bn, translating to a nearly doubled 2Q net profit at RMB13.3bn, leading peers once again after 1Q bottom-line first turned into positive growth among CN insurers.Life and P&amp;C net profit was up 43.0%/18.6% YoY to RMB 20bn/4.8bn, supported by strong underwriting and better-than-expected investment.Life NBV remained strong in 2Q, rising 13.5% YoY to RMB3.8bn on top of a solid comparative. 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.

CPIC (2601 HK) - Steam Ahead with Doubled 2Q Net Profit and Strong NBV Uptrend

<ul><li>CPIC turned to positive VNB growth by +30.7% YoY in 1Q24, outpacing peers i.e. China Life / Ping An +26.3%/+20.7% YoY in the corresponding period.</li><li>The strong VNB momentum was driven by margin expansion to an est.15.8%, +3.7pct YoY (CMBI est), and a slight increase in FYP by 0.4% YoY to RMB32.8bn (Fig.3).</li><li>The Group’s net profit to S/H grew by +1.1% YoY to RMB 11.8bn in 1Q24, surpassing peers being the first among listed CN insurers to realize positive net profit growth. </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.

CPIC turned to positive VNB growth by +30.7% YoY in 1Q24, outpacing peers i.e. China Life / Ping An +26.3%/+20.7% YoY in the corresponding period.The strong VNB momentum was driven by margin expansion to an est.15.8%, +3.7pct YoY (CMBI est), and a slight increase in FYP by 0.4% YoY to RMB32.8bn (Fig.3).The Group’s net profit to S/H grew by +1.1% YoY to RMB 11.8bn in 1Q24, surpassing peers being the first among listed CN insurers to realize positive net profit growth. 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.

CPIC (2601 HK) - VNB Growth Accelerated; NP Turned Positive YoY

Thematic (Sector/Industry)

<ul><li>Life premium growth eased in Oct as expected, due to the release of front-loaded demands in Jul/Aug prior to the PIR cut, which dragged the rise of 10M24 premiums.</li><li>Except CPIC Life (+2.3% YoY), other life peers’ premiums declined in Oct, as China Life/Ping An Life/New China Life/PICC Life slid 2.6%/2.0%/0.2%/2.8% respectively.</li><li>Health momentum remained strong, where Ping An Health and PICC Health grew 10.5%/2.6% YoY in Oct following a six-month increasing streak. </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 premium growth eased in Oct as expected, due to the release of front-loaded demands in Jul/Aug prior to the PIR cut, which dragged the rise of 10M24 premiums.Except CPIC Life (+2.3% YoY), other life peers’ premiums declined in Oct, as China Life/Ping An Life/New China Life/PICC Life slid 2.6%/2.0%/0.2%/2.8% respectively.Health momentum remained strong, where Ping An Health and PICC Health grew 10.5%/2.6% YoY in Oct following a six-month increasing streak. 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 - Life Premium Retreated as Expected, P&C Grew with Auto Sales Momentum

<ul><li>Chinese life insurers saw strong monthly premium growth in Aug on top of low bases, since the print of six H-share listed life peers rallied by 50% YoY to RMB 139bn in Aug, +41.2pct from last month, lifting the cumulative amount to RMB1,430bn, up 6.3% YoY in 8M24.</li><li>New China Life/Sunshine Life/PICC Life doubled the premium by +122%/104%/95% YoY in August (Fig.1), driven in part by the low base effect of PIR cut to 3.0% beginning in Aug 23, and the “stop-sale” impact of PIR cut for traditional life policies to 2.5% since Sep 24, in our view.</li><li>China Life/Ping An Life/CPIC Life grew premium income by 29%/38%/53% YoY in August, indicating respective highest monthly YoY growth year-to-date as well. </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.

Chinese life insurers saw strong monthly premium growth in Aug on top of low bases, since the print of six H-share listed life peers rallied by 50% YoY to RMB 139bn in Aug, +41.2pct from last month, lifting the cumulative amount to RMB1,430bn, up 6.3% YoY in 8M24.New China Life/Sunshine Life/PICC Life doubled the premium by +122%/104%/95% YoY in August (Fig.1), driven in part by the low base effect of PIR cut to 3.0% beginning in Aug 23, and the “stop-sale” impact of PIR cut for traditional life policies to 2.5% since Sep 24, in our view.China Life/Ping An Life/CPIC Life grew premium income by 29%/38%/53% YoY in August, indicating respective highest monthly YoY growth year-to-date as well. 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 - 8M24 Monthly: Life Jumped on Top of Low Base

China

China Pacific Insurance (Group) Company, Ltd. is an integrated insurance services provider. The Company offers life and property insurance products through its subsidiaries.

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China Pacific Insurance (2601 HK)

CPIC (2601 HK) - 3Q NBV Growth Accelerated; Expect Par Sales to Outgrow

CPIC released 3Q results with NPAT up 65.5% YoY to RMB38.3bn, at mid-point of announced profit alert to rise by 60%-70%. 3Q NPAT grew 173.6% YoY to...

CMB International

CPIC (2601 HK) - Steam Ahead with Doubled 2Q Net Profit and Strong NBV Uptrend

We revise up our price target to HK$28.3 (previous HK$24.8), implying FY24E 0.4x P/EV and 0.9x P/BV. Reiterate BUY; maintain the stock as our...

CMB International

CPIC (2601 HK) - VNB Growth Accelerated; NP Turned Positive YoY

CPIC turned to positive VNB growth by +30.7% YoY in 1Q24, outpacing peers i.e. China Life / Ping An +26.3%/+20.7% YoY in the corresponding period.

CMB International

China Insurance - Life Premium Retreated as Expected, P&C Grew with Auto Sales Momentum

Life premium growth eased in Oct as expected, due to the release of front-loaded demands in Jul/Aug prior to the PIR cut, which dragged the rise of...

CMB International

China Insurance - 8M24 Monthly: Life Jumped on Top of Low Base

Chinese life insurers saw strong monthly premium growth in Aug on top of low bases, since the print of six H-share listed life peers rallied by 50%...

CMB International

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