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REAL-TIME GLOBAL RESEARCH

1H26 Preview: Continued Solid Momentum while VNB Growth a Key to Track

Published: 2026-07-30Institution: Morgan StanleyCompany / ticker: 2318.HKPages: 9Original language: EnglishEvidence page: 5

Research evidence excerpt

1H26 Preview: Continued Solid Momentum while VNB Growth a Key to Track

nsurance Group Co Ltd, China Taiping Insurance Holdings Co Ltd, FWD Group Holdings Ltd, New China Life Insurance Company Ltd, PICC Group,

Ping An Insurance Group Co of China Ltd, ZhongAn Online P & C Insurance Co Ltd.

Within the last 12 months, Morgan Stanley has either provided or is providing non-investment banking, securities-related services to and/or in the past has entered into an agreement to provide

services or has a client relationship with the following company: AIA Group Ltd, China Life Insurance Co Ltd, China Pacific Insurance Group Co Ltd, China Taiping Insurance Holdings Co Ltd, FWD

Group Holdings Ltd, New China Life Insurance Company Ltd, PICC Group, PICC P&C Company Ltd, Ping An Insurance Group Co of China Ltd, ZhongAn Online P & C Insurance Co Ltd.

The equity research analysts or strategists principally responsible for the preparation of Morgan Stanley Research have received compensation based upon various factors, including quality

of research, investor client feedback, stock picking, competitive factors, firm revenues and overall investment banking revenues. Equity Research analysts' or strategists' compensation is not

linked to investment banking or capital markets transactions performed by Morgan Stanley or the profitability or revenues of particular trading desks.

Morgan Stanley and its affiliates do business that relates to companies/instruments covered in Morgan Stanley Research, including market making, providing liquidity, fund management,

commercial banking, extension of credit, investment services and investment banking. Morgan Stanley sells to and buys from customers the securities/instruments of companies covered in

Morgan Stanley Research on a principal basis.

The English excerpt is extracted automatically from the cited source page and may contain layout or recognition errors. It is never batch translated.

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