J.P. Morgan ASEAN FTM 15 May 26 Asia Insurance Forum Highlights: From risk to growth bias; SIA: Strong beat; Sea Ltd: Reiterate OW post 1Q but lower MT ests; MY Hospitals field trip takeaways; PLDT 1Q underwhelms

Research evidence excerpt

J.P. Morgan ASEAN FTM 15 May 26 Asia Insurance Forum Highlights: From risk to growth bias; SIA: Strong beat; Sea Ltd: Reiterate OW post 1Q but lower MT ests; MY Hospitals field trip takeaways; PLDT 1Q underwhelms

Asia Pacific Equity Research

ASEAN First to Market 15 May 2026

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JPM Asia Insurance Forum Highlights (MW Kim/Jemmy S Huang/Madhukar Ladha/Matthew Hughart)

From risk to growth bias: Takeaways and picks as investor interest perks up

This year's JPM Asia Insurance Forum attracted record client interest with 3x the number of investor meetings vs. last year, and

5x vs. two years ago. The tone of sector dialogue has shifted materially from a year ago: whereas discussions then were

dominated by solvency capital risk and dividend uncertainty, this year's conversations centred on business growth momentum

and capital returns. Scheduled solvency capital framework upgrades across markets attracted considerable investor attention.

Beyond solvency, the breadth of discussion topics was notably wider than in prior years, spanning private credit (level 3 asset

treatment), LLM opportunities and risks, financial volatility management under IFRS 17/9, bancassurance dynamics in China

and India under open architecture, and equity market risk budgeting for Chinese insurers. Mid-year equity top picks: China

Life-H, Ping An-H, KGI, MaxF, SBI Life, Samsung Life, and Thai Life. Among fixed income investors, upgraded solvency

frameworks are a focus, given the implications for fundamentals and new bond issuance; overall, the forum reinforced our

positive view on Hong Kong credits.

Singapore Airlines (Karen Li, CFA) (SIA SP, OW, PT S$7.50), Singapore

4QFY25/26: Strong beat, as operational strength continues to shine, offsetting Air India drag