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

China Pacific Insurance / Equity Bottom-Up

<ul><li>CPIC achieved positive VNB growth for three consecutive quarters with 16.6% YoY growth reported in 1Q23, outperforming major peers (i.e. Ping An/China Life +8.8%/+7.7% YoY).</li><li>The strong VNB momentum in 1Q23 was primarily driven by margin expansion resulted from favourable changes in product and duration mix, thanks to improved agent productivity and capability on back of the Group’s ongoing agency reform.</li><li>The headcount of highly productive agency force that contributed above 90% of the insurer’s VNB modestly rebounded QoQ in 1Q23, whereas major peers are still weighing on a downward trend in agent scale (vs Ping An/China Life -9.2%/-0.9% QoQ). </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>

CPIC achieved positive VNB growth for three consecutive quarters with 16.6% YoY growth reported in 1Q23, outperforming major peers (i.e. Ping An/China Life +8.8%/+7.7% YoY).The strong VNB momentum in 1Q23 was primarily driven by margin expansion resulted from favourable changes in product and duration mix, thanks to improved agent productivity and capability on back of the Group’s ongoing agency reform.The headcount of highly productive agency force that contributed above 90% of the insurer’s VNB modestly rebounded QoQ in 1Q23, whereas major peers are still weighing on a downward trend in agent scale (vs Ping An/China Life -9.2%/-0.9% QoQ). 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) – Margin Expansion Driven by Improving Agency Quality