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)

Thematic (Sector/Industry)

China Financials / Thematic (Sector/Industry)

<ul><li>Listed insurers reported 4M24 premiums with resilience shown among six life peers, of which the total premiums grew by +0.4% YoY to RMB 854.1bn swinging to a positive reading after three consecutive months in first quarter (Fig.1).</li><li>In Apr, total premiums of six listed life peers rose by +7.9% YoY to RMB 107.2bn (vs +3.0%/+6.6% YoY in Feb/Mar), despite a high base due to the PIR cut in 2Q23.</li><li>For life peers, we see divergence in growth, and regard it as progression in channel and product mix enhancement after the outpaced 1Q24 results. </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>

Listed insurers reported 4M24 premiums with resilience shown among six life peers, of which the total premiums grew by +0.4% YoY to RMB 854.1bn swinging to a positive reading after three consecutive months in first quarter (Fig.1).In Apr, total premiums of six listed life peers rose by +7.9% YoY to RMB 107.2bn (vs +3.0%/+6.6% YoY in Feb/Mar), despite a high base due to the PIR cut in 2Q23.For life peers, we see divergence in growth, and regard it as progression in channel and product mix enhancement after the outpaced 1Q24 results. 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 - 4M24 Life Diverged in Face of High Base