Pru - Positive Catalyst Watch; French banks feedback; Equity Strategy; Tryg; Economics H2 Outlook: Financials Sector Specialist Commentary Banks · Insurance · Diversified Financials

Research evidence excerpt

Pru - Positive Catalyst Watch; French banks feedback; Equity Strategy; Tryg; Economics H2 Outlook: Financials Sector Specialist Commentary Banks · Insurance · Diversified Financials

Gigi Sparling - Specialist Sales - European Financials AC (44-20) 7134-0355 Europe Specialist Sales J P M O R G A Nghislaine.sparling@jpmorgan.com

J.P. Morgan Securities plc 13 July 2026

Pru - Positive Catalyst Watch; French banks feedback; Equity Strategy;

Tryg; Economics H2 Outlook

Gigi Sparling

+44 207 134 0355

ghislaine.sparling@jpmorgan.com

5 Key Highlights Today:

1. Prudential: Placing on Positive Catalyst Watch

2. French Banks - Paris Tour Feedback.

3. Equity Strategy - Q2 Earnings Preview.

4. Tryg - Growth momentum remains in focus, earnings impact broadly neutral for now.

5. Western European 2H26 outlook: Our 10 calls.

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The Detailed Highlights

Post results, Newswires & Away from Us

Global Financials wrap, Trading Recap and Colour

Global Financials Research Links

Global Macro Research Links

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J.P. Morgan Financials Contacts

PRUDENTIAL: Placing on Positive Catalyst Watch. Despite trimming estimates for lower investment returns and market

movements, Farooq and Bingdi’s forecasts remain 3% ahead of consensus in 2026 and 6% ahead in 2027. The team also expect

Prudential management to make reassuring statements on the impact of Decree 837 thus far on Mainland Chinese Visitor (MCV)

demand for offshore life insurance products sold in HK where whilst the sales process may have more friction we don’t expect the

regulator to ban compliant life insurance sales through lawful channels. Farooq and Bingdi place Prudential on Positive Catalyst

Watch into its 1H26 results and reiterate our Overweight rating.