大和:新华保险(1336.HK)VNB利润率令人失望 降目标至35港元
大和发表研究报告表示,新华保险(1336.HK)上半年新业务价值(VNB)利润率令人失望,而其未来产品计划、利润率前景疲软及新管理层的发展策略亦不清晰,故将其评级由“买入”下调至“持有”,目标价则由50港元降至35港元。

该行指,新保上半年VNB利润率下跌12.6点子,令该行及市场均失望,管理层指于银行保险渠道的利润率下跌为预期之内,虽然首年定期保费(FYRP)及在此渠道的健康险增长差过预期,但公司对现时的VNB利润率水平仍感到舒服,而增加经纪人数将成为未来数年的优先工作。
大和又指,新保过去一个月委任了新主席及新行政总裁,新管理层目标维持稳定的行业地位,于未来3至5年保持一线的保险公司,但仍未有清晰的执行策略,若新保能保持稳定的策略及顺畅的执行,以及平衡业务量的增长及稳定的利润率,该行将会对新保的看法转为更正面。
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