《大行報告》瑞銀中國平安(02318.HK)仍為保險股首選友邦(01299.HK)評級「買入」
瑞銀發表研究報告指與中國平安(02318.HK)、友邦(01299.HK)及業界會面後,了解到中國對危疾的潛在重新定義將支持承保利潤;風險導向的償付能力體系第二階段對人壽保險影響較少;在新的稅務規則下,投資者可能會低估人壽保險公司的盈利增長;對於財產和意外險保險公司而言,非洲豬流感對綜合成本率的影響應該比市場預期更為溫和,但是汽車保險市場的渠道競爭仍然激烈;此外,友邦保險正在向天津和石家莊擴張。
該行指中國平安仍然是行業首選,其獨特的代理能力及健康生態系統的連通性難以被本地同行複製,給予「買入」評級,目標價107元。此外,友邦處於有利位置可把握中國市場需求,給予「買入」評級,目標價93元。
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